Indian Indices Open Flat

Wed, 21 Sep 09:30 am

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Major Asian stock markets have opened the day on a mixed note with the stock market in Singapore is trading marginally lower by 0.3%. While, the stock market in Japan is trading marginally higher by 0.3%. Benchmark indices in Europe and the US ended their previous session in green. The rupee is trading at 67.01 per US$.

Indian stock markets have opened the day on a flattish note. The BSE Sensex is trading marginally higher by 36 points (up 0.1%) and the NSE Nifty is trading higher by 10 points (up 0.1%). Both, BSE Mid Cap and BSE Small Cap are trading higher by 0.3% and 0.6% respectively.

Major sectoral indices have opened the day on a positive note with stocks from realty sector witnessing maximum buying interest.

As per an article In Livemint, players like Bharti Airtel, Idea Cellular, Vodafone are not presently reacting to Relaince Jio's aggressive tariff.

Mr Mittal, chairman of Airtel in a recent interview stated that it is not possible to compete on pricing with Jio at the present stage as Jio is offering services for free till 31 December 2016.

However, the decision to not reduce the tariffs may lead to these operators losing some part of their market share to Jio as it sends a message to customers that their service provider is not interested in retaining them.

It is imperative to note that Jio wants to target the medium and high end segment of the market wherein the subscriber base is only 38%. However, these 38% subscribers account for almost 68% of the overall revenues of the industry.

Having said that, operators such as Airtel and Vodafone are making efforts to retain their high end value customers. This strategy will possibly help these companies to not lose significant market share to Jio in a category which Jio is targeting.

The incumbents are offering higher usage limits at lower tariffs. Besides, some segmented pricing offers have been tweaked for higher value customers.

Thus the incumbents at present are concentrating on retaining their high Average Revenue Per User (ARPU) customer and are willing to let go of low ARPU customers. The low ARPU segment accounts for just 32% of the overall revenues of the telecom industry.

As written in the article, Incumbents may appear calm right now as far their pricing response goes. But it appears to be the proverbial calm before the storm.

In another news update, stocks of tyre companies are clocking new highs almost every day. Reportedly, within a period of three months the stocks of Apollo Tyres Ltd has gone up by 48.3%, MRF Ltd by 36.9%, Ceat Ltd by 35% and JK Tyre by a whopping 70.5%.

The rally has been triggered mainly on account of lower rubber prices. Rubber prices are hovering at levels as seen a year ago. Further, there has been a sharp 20% drop in rubber price (RSS-Grade 4) in the last six weeks.

Rubber is the main constituent required in making a tyre and its prices play an important part in determining the profitability of the company.

However, for a rally to sustain it will be important that the sales volumes pick-up too. Sales volume of tyre companies is dependent on auto sales in the economy. The sales volume of tyre companies has been flat for the past two years. For profitability to spurt, it will be essential that the sales volumes increase.

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