Sensex Trades in Green; Yes Bank & Maruti Suzuki Top Gainers

Mon, 9 Dec 12:30 pm

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Share markets in India have erased early losses and are presently trading on a positive note.

Sectoral indices are trading mixed with stocks in the IT sector and FMCG sector witnessing selling pressure, while automobile stocks and metal stocks are witnessing buying interest.

The BSE Sensex is trading up by 105 points while the NSE Nifty is trading up by 36 points. The BSE Mid Cap index is trading up by 0.8%, while the BSE Small Cap index is trading up by 0.2%.

The rupee is trading at 71.16 against the US$.

Speaking of Indian stock markets, Vijay Bhambwani states why he is positive about the markets and the Indian economy for the next 11 months.

As per Vijay, the US election season is set to have a big impact on India. In the video below, he covers what to expect over the next 11 months. Tune in to find out more...

In news from the telecom sector, shares of Vodafone Idea plunged over 10% today after Chairman Kumar Mangalam Birla had said that the company might have to shut down its operations if it did not receive any relief from the government.

Birla said the Aditya Birla Group would not invest any money in the company in the absence of relief from the government. "There is no sense that good money should follow bad money," he stated.

Birla said the company would have to opt for insolvency route in the absence of relief.

In other news, Vodafone Idea has removed cap from free outgoing calls on other networks under new plans for prepaid customers that came into effect from December 3.

It earlier capped outgoing calls to other telecom operators at 1,000 minutes in the 28-day plan, 3,000 minutes in the 84-day plan and 12,000 in the 365-day plan. Beyond this limit, customers were required to pay 6 paisa per minute for outgoing calls made to other networks.

The third-largest telco in the country has to pay Rs 530.4 billion following the October 24 Supreme Court verdict that broadened the definition of adjusted gross revenue (AGR) to include non-core items.

The government has also said that the amount could go up.

How this all pans out remains to be seen. Stay tuned for more updates from this space.

Moving on to news from the automobile sector, Maruti Suzuki share price is witnessing buying interest today after the company increased its production in November.

The company increased its production in November by 4.3%, after having reduced output for nine straight months due to lower demand.

In a regulatory filing, Maruti said, "the company produced a total of 141,834 units in November as against 135,946 units in the year-ago month. Passenger vehicles' production last month stood at 139,084 units as against 134,149 units in November 2018, an increase of 3.67%."

Production of utility vehicles such as the Vitara Brezza, XL6 and Ertiga increased 18% year-on-year to 27,187 units in November, while that of compact hatchback cars such as the Wagon R, Celerio and Baleno increased 18.8% year-on-year to 78,133 units.

The company also announced that it will stop producing diesel vehicles from 1 April 2020.

The automaker had cut its production by 20.7% in October to 1.19,337 units. Similarly, in September it had reduced its production by 17.5% to 1,32,199 units.

Automobile sales in the domestic market have been on a decline since the September 2018 due to an overall slowdown in consumption and liquidity crisis at financial institutions after the collapse of Infrastructure Leasing and Financial Services.

Speaking of the auto sector, note that India's automobile industry is bracing itself for a unique challenge in the first quarter of 2020 when the transition of BS-IV to BS-VI emission norms has to be made at the stroke of midnight on 31 March 2020.

No BS-IV vehicle could be sold from 1 April 2020, which means automakers would have to reduce their inventory on BS-IV models to zero by then.

The exercise is likely to see companies show extra caution in dispatching cars to dealers in the next few months, which may cause a continuation of the decline in wholesale numbers.

However, despite the slowdown in the auto sector, the sales volume of electric vehicles (EVs) are growing at a robust pace.

Sale of Electric Vehicles in India Projected to Go Up 10x in the Next Two Decades

Electric vehicles are very much on their way to invading Indian roads. The threat of disruption in this era is something you cannot ignore.

The recently announced government incentives will give a further boost to EV sales.

The coming one year will be a real test for India's auto companies.

It will also tell us if this slowdown is temporary or if there has been a structural change in the sector.

In our view, companies in the sector adapting their business models to the rapidly changing environment will survive and thrive.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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Indian Share Market Update: Top Gainers and Losers