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Sensex Opens Firm; Realty & FMCG Stocks Gain

Tue, 24 Apr 09:30 am

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Asian share markets are higher today as Chinese and Hong Kong shares show gains. The Shanghai Composite is up 2% while the Hang Seng is up 1.3%. The Nikkei 225 is trading up by 0.7%. US stocks fell on Monday as tech shares declined, while investors fretted over higher interest rates. Wall Street also zeroed in on the busiest week of the earnings season.

Back home, India share markets opened the day on a firm note. The BSE Sensex is trading up by 151 points while the NSE Nifty is trading up by 18 points. The BSE Mid Cap index and BSE Small Cap index opened the day up by 0.4% & 0.3% respectively.

Sectoral indices have opened the day on a mixed note with realty stocks and FMCG stocks witnessing buying interest. While, IT stocks & metal stocks have opened the day in red. The rupee is trading at 66.22 to the US$.

In the news from the IT sector. Tata Consultancy Services Ltd (TCS) on Monday surpassed the US$100 billion mark in market value, becoming only the second Indian firm after Reliance Industries Ltd to do so.

Notably, TCS has added US$10.9 billion in revenue over the past seven years. That is roughly the size of India's second largest IT services firm Infosys Ltd, which ended FY18 with US$10.9 billion in revenue.

Over the past few years, TCS has pulled away from its nearest rival, widening the revenue gap from US$1.5 billion in 2008 to US$8.15 billion in 2018.

The gap between TCS and Infosys captures the resurgence in the Mumbai-based company's fortunes since N. Chandrasekaran, the current chairman of Tata Sons Ltd, took over as CEO in November 2009.

Reportedly, with TCS signing up several large new deals, the gap between India's top two software services providers is only likely to widen.

In the March quarter, TCS claims to have won over 450 small digital deals with a total value of over US$1 billion. TCS's deal wins in digital-the fuzzy umbrella term which each company uses to classify revenue generated from areas generally classified as social, mobile, analytics, cloud computing and Internet of Things-is higher than the US$905 million worth of total deal wins, including rebids and new wins, by Infosys in the quarter.

TCS share price opened the day down by 0.5%.

Moving on to the news from telecom space. As per an article in The Economic Times, Bharti Airtel has announced massive network roll-out plans for FY18-19 to further expand its high speed mobile data footprint across the state of Gujarat.

As a part of its network expansion program - Project LEAP, Airtel announced its plans to add more than 6000 new sites in FY 2018-19. This will be done along with the deployment of an additional 2000 KMs of optic fiber across Gujarat.

While stepping up the data capacities and taking services deeper into rural and unconnected areas, the massive roll-out would mean addition of 16 new sites every day to Airtel's future-ready network in Gujarat.

This network expansion will follow the massive ramp up of Airtel's network in FY 2017-18 which witnessed over 6600 new sites being deployed across Gujarat, extending Airtel's mobile broadband footprint in the State to 20000 towns & villages.

With this roll-out, the number of Airtel's mobile sites in Gujarat would go up by 25% to 29,000, further enhancing the network speeds and voice quality.

The addition of fresh optic fiber would extend Airtel's fiber backbone to 13,800 KMs, supporting the growth of high speed data services in the region.

One shall note that, one of the biggest and most resilient telecom companies in India, Bharti Airtel, has been the victim of loss of pricing power in the sector.

Bharti Airtel's Sliding Valuations

Sliding operating margins had a direct impact on the company's return on equity over the past decade. And the poor operating numbers apart from debt heavy balance sheet weighed on the valuations.

Bharti Airtel share price opened the day down by 1%. The stock will be in focus today as it is set to announce results for quarter ended March today.

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