Sensex Flat; Infosys Down on Q2FY17 Results

Fri, 14 Oct 11:30 am

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After opening the day on a flat note, the Indian share markets have continued to trade near the dotted line. Sectoral indices are trading on a mixed note with energy sector stocks and capital goods sector stocks witnessing maximum buying interest. IT stocks and consumer durable stocks are trading in the red.

The BSE Sensex is trading up 42 points (up 0.2%) and the NSE Nifty is trading up 8 points (up 0.1%). The BSE Mid Cap index is trading up by 0.7%, while the BSE Small Cap index is trading up by 0.6%. The rupee is trading at 66.85 to the US$.

India's second largest software firm Infosys has announced its second quarter results for FY17. The company reported a 3.1% QoQ (quarter-on-quarter) growth in sales and a 1.7% QoQ rise in the net profit for 1QFY17.

In rupee terms, consolidated sales increased by 3.1% QoQ during 1QFY17. In constant currency terms, sales were up 3.9% QoQ. Operating profit (EBITDA) was up 6.4% QoQ. The operating margin improved to 27.3%.

The other income was higher by 0.9% QoQ while the profit before tax (PBT) was up 5.6% QoQ. The consolidated net profit came in at Rs 35.17 bn, up 1.7% QoQ.

The company has declared an interim dividend of Rs 11 per share to be paid out on 26 October, 2016.

Presently the stock of Infosys is trading down by 1.1%.

The Reserve Bank of India (RBI) governor Urjit Patel stated some of his thoughts on investments flows at the BRICS seminar in Goa yesterday. Speaking at the seminar, Patel highlighted political risk as an emerging challenge faced by BRICS countries in attracting investments.

In his first public speech after being named RBI governor, Urjit Patel said that black swan events like Brexit, the US presidential election and political realignment in Europe could affect policies of Brazil, Russia, India, China and South Africa, which constitute the BRICS.

Apart from above, the RBI governor highlighted other challenges, including global headwinds and managing spillovers on account of policies adopted by central banks.

Separately, Finance Minister Arun Jaitley also spoke at the BRICS and stated that the government was looking for taxation-level co-operation among BRICS members.

In another news update from global financial markets, Chinese trade data came in lower than expected. Data released yesterday showed Chinese imports in dollar terms contracted 1.9% YoY during last month. Further, exports dropped by a 10% YoY in September as against a 2.8% contraction in August.

The data suggested to weaker Chinese demand both at home and abroad. It also revived concerns over the latest depreciation in China's yuan currency.

Earlier, last week, China declared to cut red tape and ease rules for foreign investors in order to boost the economy and counter a decline in private investment. Not only that, but the Chinese government has also decided to block new projects in sectors that are plagued by overcapacity. Some of these sectors in China are steel, coal, and aluminum.

While the above measures will boost the investment environment, the above steep decline in exports can bring troubles for the Chinese economy. We believe China needs to do better to come out of the ongoing economic slowdown. While stimulus measures by Chinese government had provided some aid, sluggish demand and excess capacity are threatening to reverse China's economic engine, which had been moving at a frenzied pace.

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