Flat End to the Day, SBI Loses 1.6%

Thu, 27 Oct Closing

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Indian share markets ended the day on a flattish note. At the closing bell, the BSE Sensex stood higher by 80 points, while the NSE Nifty finished flat. The S&P BSE Mid Cap & the S&P BSE Small Cap finished lower by 1% and 0.8% respectively.

Asian markets finished on a mixed note as of the most recent closing prices. Stock markets in Hong Kong and Taiwan ended the day lower by 0.8% and 0.7% respectively. While, stock markets in Indonesia ended the day higher by 0.3%. At the time of writing, European markets are trading on a negative note with stock markets in France trading lower by 0.3%.

The rupee was trading at 66.8 against the US$ in the afternoon session.

Hero MotoCorp reported its results for the quarter ended September 2016. The company reported the highest ever net profit in it's history during this quarter. Net profits grew by 27.7% YoY to Rs 10 billion during the quarter.

Revenues too grew by 15% YoY to Rs 84.8 billion during the quarter. The company posted healthy revenues on the back of the ongoing festive season demand. Further, normal monsoon too played its part in boosting consumer sentiments to buy two-wheelers.

Operating margins too widened by 1.29% YoY to 16.2% during the quarter on the back of soft commodity prices and cost controls.

Going forward, the company intends to step up the pace of new product launches. In this regard, the first two scooters developed by the company's in-house R&D team is a positive sign.

On the capex front, the company will be investing in its R&D centre as well as the Gujarat plant and has guided for a capex of Rs 11-13 billion in FY17. The first phase of the Gujarat plant (capacity of 750,000 units) is expected to come on stream in the latter half of FY17.

Emerging competition from Honda Motorcycle and Scooters India Pvt Ltd will be the key things to watch out for. The share price of Hero MotoCorp closed the day trading lower by 3.1%.

In another news update, ITC too reported its results for the quarter ended September 2016. The company's revenues grew by 9.6% YoY during the quarter. While, operating profits and net profits grew by 7% and 10.5% respectively during the quarter as compared to a year ago.

Revenues from the cigarette business grew by 7% YoY during the quarter. Operating profit at the cigarette business grew by 8.4% YoY and the operating margins improved by 0.43% YoY to 37.7% during the quarter.

The non-cigarette packaged consumer goods business too grew by a healthy 13% YoY. However, subdued growth from the non-consumer business such as agriculture and hotel business dragged the overall performance of the company.

As cigarette business contributed to four fifth of the company's profits, the performance of this division will be the key things to watch out for. There is always the potential in the new Goods and Service Tax (GST) regime to levy taxes on cigarettes over and above the peak GST rate. If this were to happen, it could possibly have an impact on the company's earnings. The share price of ITC closed the day trading higher by 1.9%.

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