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Indian Indices Erase Gains; Banking and Power Stocks Under Pressure
Wed, 22 Jan 12:30 pm | Monish Vora, TM Team

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Share markets in India have erased early gains and are presently trading lower amid high selling pressure in PSU and banking stocks.

The BSE Sensex is trading down by 154 points, while the NSE Nifty is trading down by 41 points.

The BSE MidCap index is trading down by 0.1%, while the BSE SmallCap index is trading up by 0.2%.

Barring IT stocks and healthcare stocks, all sectoral indices are trading on a negative note with stocks in the power sector and banking sector witnessing most of the selling pressure.

The rupee is currently trading at 71.19 against the US$.

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In news from the capital goods sector, Havells India on Tuesday posted a 2.8% increase in its consolidated net profit at Rs 2,002.2 million for the quarter ended December 31, 2019.

The company had reported a net profit of Rs 1,957.2 million during the October-December period of 2018-19.

The company's total income declined to Rs 22.9 billion as compared with Rs 25.5 billion in the year-ago period.

The company's standalone EBITDA stood at Rs 2,673 million in Q3FY20 as against Rs 2,946 million in Q3FY18. EBITDA margin grew to 11.8% in Q3FY19 from 11.6% in Q3FY18.

Commenting on the quarter results, the company's Chairman and Managing Director Anil Rai Gupta said the slowdown in industrial products impacted company's sales while the consumer segment remained stable.

Shares of the company declined close to 5% in early trade today, taking the stock down to a 52-week low on the NSE.

Havells India share price is presently trading down by 1.4%.

To know more about the company, you can read Havells India's latest result analysis on our website.

Moving on to news from the railways sector, as per an article in a leading financial daily, in the first eight months of the current fiscal year, as many as 6.6 million Indian Railways tickets which were booked online got automatically cancelled as they failed to get confirmation.

Reportedly, as many as 65,68,852 waitlisted tickets booked on the Indian Railway Catering and Tourism Corporation (IRCTC) portal automatically got cancelled between the months of April and November 2019 in the current fiscal year.

According to the article, the figure revealed shows that the Railway Ministry is struggling to cope with the huge rush of passengers in some trains across the Indian Railways network.

Union Railway Minister Piyush Goyal recently stated that the demand of the ticket seekers in some of the trains is more than 150%.

Earlier this month, he had said that the railways wants to attract an investment of Rs 50 lakh crore in next 12 years to expand the facilities in passenger and goods trains through modernization. He stressed the need for support of the private sector to accelerate development of the railways.

Goyal said that due to inadequate investments in railways in the past, the government machinery faced the burden.

The railways' experimentation with private participation in running of trains started last year when it allowed its subsidiary - the IRCTC to run the Tejas Express on the Lucknow-Delhi route.

According to the news reports, the train posted a profit of Rs 7 million in its first month of operation and had run with an average occupancy of 80-85% since it began operations on October 5.

Speaking of the railways sector, here's what Tanushree Banerjee wrote about Indian railways in one of the recent editions of The 5 Minute WrapUp...

  • Investment in Indian railways has always been lacking in the past. This has meant a stretched infrastructure with more than 60% of routes being over utilised.

    The poor image of Indian railways meant a price hike was never an option for the government.

    All this has changed in the recent years.

    Since 2014, investment in the Indian railways has increased at a rapid pace.

This is evident in the chart below...

Massive Reforms Underway in the Indian Railways

The government's aim to modernize more than 100 stations to world class standards and by provide amenities like wi-fi, quality food and beverage services will improve passenger experience.

Improved services will also help the government justify fare increases in the future.

Tanushree believes such reforms are the need of the hour for the Indian economy.

In one of her recent articles, she wrote about a safe stock for the next decade.

It's the StockSelect recommendation for this month and Tanushree believes it can be one of the best performers in the next decade.

If you've subscribed to StockSelect, here's the link to the report.

If you're aren't a member, sign up for StockSelect here.

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!

Read the latest Market Commentary

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