Indian Indices Extend Losses; Yes Bank & Tata Steel Top Losers

Thu, 19 Sep 12:30 pm

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Share markets in India have extended early losses and are presently trading deep in the red. Despite the cool-off in global oil prices, benchmark indices struggled as foreign investors continue to remain net sellers.

Barring telecom sector, all sectoral indices are trading on a negative note with stocks in the metal sector and IT sector witnessing maximum selling pressure.

The BSE Sensex is trading down by 296 points while the NSE Nifty is trading down by 88 points. The BSE Mid Cap index is trading down by 0.6% and the BSE Small Cap index is trading down by 0.8%.

The rupee is trading at 71.15 against the US$.

In news from the telecom sector, Vodafone Idea share price is in focus today. Stock of the company rose over 15% in early trade today after Telecom Regulatory Authority of India (TRAI) floated consultation paper to postpone scrapping interconnect usage charges (IUC).

On Wednesday, the regulator floated a fresh consultation paper to see if there is a need to revise the applicable date for scrapping IUC, given the continuing imbalance in inter-operator traffic.

The paper also seeks to discuss with stakeholders what parameters should be looked at to decide on an alternate date, if any.

Buying interest was also seen as latest subscriber data showed Vodafone Idea leading with 380 million subscribers, followed by Reliance Jio with 339.8 million, and Bharti Airtel with 328.5 million users.

However, Vodafone Idea's subscriber base fell 3.39 million in July from 3.83 million users in June.

In other news, the Digital Communications Commission (DCC) is scheduled to meet later today to deliberate on a roadmap for the roll out wireless technology 5G, and to auction airwaves this year. The panel will also review the government's plan to roll out public Wi-Fi hotspots.

TRAI had earlier sent its suggestions in August last year and stood by its spectrum pricing proposal again in July this year after the panel urged it to take a relook.

The government did not auction any spectrum in fiscals 2017-18 and 2018-19. In 2016-17, the government had raised Rs 657.9 billion through spectrum sale, a fraction of the Rs 5.63 trillion worth of spectrum at base price, it had put up for sale.

In July, the telecom regulator had said it would stick to its earlier stand on the pricing for next spectrum auctions, as it believes that the auction is an open process and players other than existing licensees could also participate.

Note that the telecom sector has seen intense disruption after Jio's entry in September 2016, which brought down data prices and made voice calls free.

Operators, which have been complaining of high reserve prices set by the telecom regulator, are hoping that the panel may decide to lower 5G spectrum prices.

How this all pans out remains to be seen. Meanwhile, we will keep you updated on the latest developments from this space.

Moving on to news from the automobile sector, Tata Motors on Wednesday announced the launch of a new platform, TACNet 2.0, to tap start-ups and technology firms as it seeks to harness new solutions in the automobile and mobility ecosystem.

The company in a press release said that TACNet 2.0 (Tata Motors Automobility Collaboration Network 2.0) will help develop a centre of automobility innovation through partnerships for new technologies and business models.

The new platform will allow the company to engage with start-ups and technology firms to connect with them, spark innovative solutions in the automotive technologies and mobility ecosystem and explore synergies.

Tata Motors share price is presently trading up by 1.1%.

To know more about the company, you can read Tata Motors' latest result analysis and Tata Motors' 2018-19 annual report analysis on our website.

Note that multiple factors have affected the auto sector of late. The liquidity crisis faced by NBFCs, regulatory changes leading to increased costs, new emission norms...they have all taken their toll.

Automobile sales have fallen every month for almost a year now, except for October when the numbers were flat. In June, nine out of India's 11 main passenger vehicle makers reported a double-digit decline in sales.

However, it is interesting to note that despite the slowdown in the auto sector, the sales volume of electric vehicles (EVs) are growing at a robust pace.

Sale of Electric Vehicles in India Projected to Go Up 10x in the Next Two Decades

Electric vehicles are very much on their way to invading Indian roads. The threat of disruption in this era is something you cannot ignore.

The recently announced government incentives will give a further boost to EV sales.

The coming one year will be a real test for India's auto companies.

It will also tell us if this slowdown is temporary or if there has been a structural change in the sector.

In our view, companies in the sector adapting their business models to the rapidly changing environment will survive and thrive.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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