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Indian Indices Continue to Rally
Thu, 3 Mar Closing

Indian equity markets continued to rally for the third straight day amid strong global markets. At the closing bell, the BSE Sensex closed higher by 364 points, while the NSE Nifty finished higher by 106 points. The S&P BSE Midcap and the S&P BSE Smallcap too finished higher by 0.6% and 1.4% respectively. Major sectoral indices have ended the day on a positive note with stocks from the capital goods and metal sector witnessing maximum buying interest.

Major Asian stock markets ended the day on a positive note. European markets are trading on a mixed note. The CAC 40 is trading down by 0.3%. Whereas, London's FTSE 100 is trading up by 0.2%. The rupee was trading at Rs 67.37 against the US$ at the time of writing.

As per an article in Business Standard, Maruti Suzuki is exploring export opportunities for its recently launched premium crossover 'S-Cross'. Reportedly, the company has shipped a small number of its first crossover vehicle to Nepal and Bhutan. S-Cross, positioned between a sports utility vehicle and a sedan, was launched in August last year at a price beginning Rs 8.34 lakh (ex-showroom, Delhi). The company and its suppliers have invested Rs 6 billion in developing this model.

The model was introduced in two diesel options of 1.6 litre and 1.3 litre engines last year to be retailed exclusively through its new retail outlet chain Nexa. However, there were pricing issues with regards to the 1.6 litre variant. Reportedly, the company had to cut price by Rs 2 lakh for the 1.6-litre variant, where customers did not see much value at the launch price. Despite the pricing issues, the company has managed to sell about 21,000 units of the S-Cross in domestic market within seven months of the launch.

Going forward, Maruti Suzuki aims to reach sales volume target of 2 m units over the next five years and in this regard plans to launch 20 new models in the same period. The company has also outlined a capex of Rs 30 bn in FY16, which will be towards new product launches, R&D, marketing expenses and maintenance. As far as the Gujarat plant is concerned, work is progressing as per schedule and the first phase (capacity of 250,000 units) is expected to commence by March 2017.

In another news update, the government has imposed a penalty of Rs 3.2 billion on telecom operators for violating rules with regards to verification of subscribers. However, till date only Rs 0.6 billion has been recovered on this front. A penalty of Rs 0.4 billion was imposed on Idea Celluar as well as Bharti Airtel.

Reportedly, Telecom Enforcement Resources and Monitoring (TERM) Cells carry out sample verification of customer acquisition form and related documents of the acquired customers from telecom operators. This brings out non-compliant cases where Department of Telecom (DOT) guidelines pertaining to verification of subscribers were violated by telecom operators. And subsequently a penalty is imposed.

The telecom companies have already made large investments in 3G and 4G spectrums. Additionally, penalties will have an impact on the financials of these companies.

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Feb 23, 2018 (Close)