Sensex Ends Lower; Dr. Reddy's & Tata Steel Top Losers

Wed, 31 Jan Closing

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Indian share markets ended marginally lower ahead of Union budget. At the closing bell, the BSE Sensex finished lower by 69 points. While, the NSE Nifty finished lower by 22 points. Meanwhile, the S&P BSE Midcap Index and S&P BSE Small Cap Index ended down by 1.3% & 0.8% respectively.

Barring energy stocks and Bank stocks, all the sectoral indices ended the day in red with healthcare stocks and FMCG stocks leading the losses.

Overseas, Asian stock markets finished mixed as of the most recent closing prices. The Hang Seng gained 0.86%, while the Nikkei 225 led the Shanghai Composite lower. They fell 0.83% and 0.21% respectively. European markets are mixed today. The DAX is up 0.48% while the CAC 40 gains 0.38%. The FTSE 100 is off 0.02%.

The rupee was trading at Rs 63.69 against the US$ in the afternoon session.

In news from the FMCG sector, Dabur India share price finished the day down on a negative note ahead of the company's quarterly earnings to be declared later in the day.

As per the street estimates, consolidated profit of the company during the quarter is expected to increase 17.4% to Rs 3.5 billion and revenue to rise 11.1% to Rs 20.6 billion compared to year-ago.

It is an important quarter for the company as last quarter showed improvement in oral care & foods business and it will be interesting to see if that improvement continues in Q3 aided by low base.

Meanwhile, Dabur has taken Marico Ltd to the Delhi High Court for allegedly violating trademark and copyright laws by comparing their hair oil products and denigrating its Dabur Amla in a print advertisement.

Marico Ltd share price finished down by 1.6%.

Meanwhile, Godrej Consumer Products Ltd (GCPL) reported a 22.1% jump in consolidated net profit to Rs 4.3 billion for the third quarter ended 31 December 2017.

The company's net profit for the October-December quarter last year stood at Rs 3.5 billion. Total income of the company during the period under review increased by 6.5% to Rs 26.7 billion as compared to Rs 20.6 billion in the corresponding period last fiscal.

Godrej Consumer Products share price finished the day down by 0.5%.

Moving on to news from automobile sector. As per an article in The Livemint, Mahindra and Mahindra Ltd (M&M) is planning to start a business that will operate a fleet of electric cars and turn its electric vehicle (EV) manufacturing unit into a supplier of parts to EV makers.

The company plans to turn its unit Mahindra Electric Mobility Ltd into a supplier of batteries, starter motors, power electronics and transmission to its parent and other vehicle makers.

Also, it was recently reported that Maruti Suzuki is looking for lithium suppliers for a battery plant in Gujarat, planning to build a brand new electric car for India and working with its dealers to set up vehicle charging networks as part of its initiative to build an electric car business portfolio.

As the momentum in favour of vehicles running on green technologies such as electricity gathers pace, the traditional business models of the automotive industry are expected to change.

In another development, as per an article in The Economic Times, M&M has decided to revamp its digital platform by engaging with experts BCG, Microsoft and Dassualt.

It is to be noted that the company currently gets 6% of its sales lead from online platform and was the first one to vehicles through e-commerce platform. The company expects about 15% of its retail sales to be generated through online platform in FY-19 from current 7-8%.

With rising role of digital platforms, the company's marketing spend on digital platform has more than doubled in the last three years. Digital spends already account for 15% of Mahindra's advertising spends today.

The Growing Importance of E-Commerce

The growing clout of e-commerce is slowly turning it into a formidable distribution channel that's hard for companies to ignore. This is reflected in the sales growth clocked in various distribution channels as per Euromonitor.

M&M share price finished the day up by 0.2%.

Vakrangee Ltd share price continued to take a beating as it plunged 20% amid reports the company has come under market regulator scanner for alleged price and volume manipulation of its own scrip at the BSE and the NSE.

Reportedly, the trading of the Vakrangee scrip was analysed by both the exchanges from 1 January 2016, to 30 June 2016, and 1 September 2016, to 15 June 2017, following which it was suspected that certain entities were trading the scrip and increasing its market gross.

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