Indian Indices Open Flat

Wed, 28 Sep 09:30 am

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Major Asian stock markets have opened the day on a negative note with the stock market in

Hong Kong and Japan are trading lower by 0.7% and 1.6% respectively. Stock Markets in Europe ended their previous session in red with benchmark indices in Germany ending the day lower by 0.3%. While, benchmark indices in US ended their previous session on a positive note.

The rupee is trading at 66.47 per US$.

Indian stock markets have opened the day on a flattish note. The BSE Sensex is trading marginally higher by 40 points (up 0.1%) and NSE Nifty is trading higher by 18 points (up 0.2%). Both, BSE Mid Cap and BSE Small Cap are trading higher by 0.4% each.

Major sectoral indices have opened in green with stocks from metal and oil & gas sector are witnessing buying interest.

As per an article in Livemint, large cement companies are trading at valuations that are far higher than their historic average. Despite the expensive valuations, few leading brokerages are still bullish on cement stocks at current valuations.

Reportedly, one of the leading brokerage firm projects cement sector to post a robust 31%CAGR EBIDTA over the period from 2016 to 2019.

Their main hypothesis behind this robust projection is that capacity addition will happen at a relatively sedate pace in the next few years, while demand will grow at around 7%, resulting in improving capacity utilization and hence increased pricing power for the industry.

It is also imperative to note, prices of one of their main raw material-petroleum coke (petcoke) is on an increasing trend. Petcoke prices have nearly risen by 80% over the past six months. This could put pressure on the margins.

However, we strongly believe that in the long run stock prices adjust to the earnings. For which demand of the cement needs to pick up well. Unless the demand in the real estate and construction activities recovers, it would be difficult for the rally in the cement stocks to sustain.

In another news update, the spectrum auctions have left the government wealthy but the shareholders poorer.

As per an article in Business Standard, in the last seven years since the 2010 3G Spectrum auction, the central government has earned around Rs 2,830 bn worth of non-tax revenues from telecom operators, but the combined market capitalisation of listed firms has been stagnant.

Reportedly, the country's five listed telecom operators- Bharti Airtel, Idea Cellular, Reliance Communications, Tata Tele Maharashtra and Mahanagar Telephone Nigam - are currently valued at Rs 1,710 bn, down from their combined market capitalisation of around Rs 1,840 bn in March 2010, before the auctions in 2010.

Further, India's top telecom companies have signaled their intent to participate in the upcoming spectrum auction.

The spectrum auction is going to be the largest in India's history. The auction would start from 1 October 2016.

A 25% upfront will have to be made for all bands under 1000MHz. While, a 50% upfront would be required for 1,800 MHz, 2,100MHz, 2,300MHz and 2,500MHz bands. The balance will have to be paid on two-year moratorium and ten year's installment.

In the event of aggressive bidding, the stressed balance sheet of telecom operators (TELCOS) will come under further pressure. Saddled with a huge pile of debt, this additional burden will put profitability under pressure. This in-turn will dent the returns for the shareholders of the company.

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