Indian Indices Open in Green

Tue, 2 Feb 09:30 am

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Barring China, major Asian stock markets?have opened the day on a negative note with stock markets in South Korea and Singapore trading down by 0.6% and 0.5% respectively. Major indices in Europe and US ended their previous session in red. The rupee is trading at 67.67 per US$.

Indian stock markets have opened the day on a positive note. The BSE Sensex?is trading higher by 47 points (up 0.2%) and NSE Nifty?is trading higher by 10 points (up 0.1%). Both, BSE Midcap?and BSE SmallCap?are trading higher by 0.2% each. Barring oil & gas sector, major sectoral indices have opened the day in green. Stocks from telecommunication and pharmaceutical sectors are witnessing maximum buying interest.

Tech Mahindra reported its results for the quarter ended December 2015. The company's sales grew by 1.2% QoQ in constant currency terms. Demand from telecom business, which generates about half of Tech Mahindra's revenue remained subdued. This vertical previously contributed 52.9% to the overall revenues, has now come down to 51.3%. According to the company management, the revenues were impacted due to furloughs and project ramp downs.

However, on the brighter side there was an improvement in cash flows as well as operating margins. The cash flows improved significantly on the back of reduction in the debtor days. The debtor days reduced to 104 days in the current quarter as compared to 108 in the previous quarter. Further, margins too improved by 0.3% to 16.9% owing to lower expenditure. Reportedly, the management will be taking cost controlling measures to improve the margins. However, net profits of the company dropped 3.7% QoQ as the current quarter did not have the benefit of exceptionally higher other income that the September quarter witnessed.

As per an article in leading financial daily, recently released car sales data indicates tepid performance for the month of January. This was after 14 consecutive months of positive growth. The overall car sales was dragged down due to flat sales from Maruti Suzuki, that enjoys a 47% market share. Maruti Suzuki reported a low single digit growth of 0.8% in the month of January. The company attributed the decline to lesser number of working days in the month on account of holidays. Further even, Tata Motors reported a decline of 18% in the domestic sales of its passenger vehicles for the month in consideration.

However, Mahindra and Mahindra (M&M) posted a good set of numbers with volumes increasing by 13%. The growth was led by the increasing sales from TUV300 and the recently launched KUV100. The company posted a double digit growth inspite of facing a recent setback from Supreme Court's decision to ban diesel vehicles above 2000cc capacity.

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