Telecom Stocks the Most Favored

Thu, 26 Nov 01:30 pm

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After opening the day in the green, the Indian Indices continued to trade positively during the post noon trading session. Sectoral indices are trading on a mixed note with stocks from the telecom, realty and consumer durables sectors leading the gains.

The BSE-Sensex is trading up 152 points (up 0.6%) and the NSE-Nifty is trading up 43 points (up 0.5%). The BSE Mid Cap index is trading up 0.3% while the BSE Small Cap index is trading up by 0.5%. Gold prices, per 10 grams, are trading at Rs 25,287 levels. Silver price, per kilogram is trading at Rs 33,954 levels. The rupee is trading at 66.64 to the US$.

Stocks in the telecom space are trading firm with MTNL and Reliance Communications witnessing maximum buying interest. As per a financial daily, Idea Cellular has entered into an agreement with Videocon Telecommunications for acquiring right to use spectrum of the latter's leadership telecom circles in Gujarat and Uttar Pradesh (West) for Rs 33 billion. This agreement is for a quantum of 2x5 MHz contiguous blocks of 1800 MHz in each service areas with right to use spectrum until December, 2032.

This is the first officially announced spectrum trading deal in India. The same could be marked as the beginning of a long-awaited consolidation in the market. With this, Idea Cellular intends to use the total 10 MHz of airwaves in the 1800 MHz band rights for which were acquired from Videocon for 4G in the two regions. Post this deal, Idea's 4G spectrum footprint is said to expand to 12 circles covering more than 75% of its current revenue and over 72% of existing 170 million subscribers on the voice location register (VLR). As reported, these 12 circles contribute 60% of the telecom industry's mobility revenue.

Idea Cellular is India's third largest mobile operator and amongst the top 10 country operators in the world with traffic of over 15 billion minutes a day. The company during in its second quarter for FY16 has reported a 14.8% YoY increase in revenues. Net profit grew 7.1% YoY during the quarter. If you are interested in the stock, here is our detailed analysis of the results.

Presently, its stock is trading up by 2.8% on the BSE.

Engineering stocks are trading mixed with Jyoti Structure and Ingersoll Rand leading the gains. Larsen & Toubro has announced that its Power Transmission and Distribution Business has won orders worth Rs 10.3 billion in the international and domestic markets in November 2015.

In the international market, the company's fully owned subsidiary Larsen & Toubro Saudi Arabia LLC, has bagged an order which is valued at US$ 108 million. The same is for the construction of five 132 kV substations at Hail area from the National Grid, Saudi Arabia, a subsidiary of Saudi Electricity Company. The projects in the order are in the central province of Saudi Arabia and are scheduled to be completed in 24 months.

For domestic market, the company has bagged an order from the Odisha Power Transmission Corporation (OPTCL). The order is for engineering, supply, erection and commissioning of several KMs of underground EHV & HV cable networks, compact substations and other distribution elements in the city of Bhubaneswar, Odisha.

L&T in its second quarter (2QFY16) has reported 10.6% YoY growth in sales. Net profit grew by 15.6% YoY during the quarter due to exceptional gains during the quarter. Recurring net profit, i.e. excluding exceptional gains, fell by 20.4% YoY. Most of the topline performance during the quarter was boosted by a good show in the company's power, IT & technology, financial services and developmental projects segments. Here is our detailed analysis of the results.

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