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Telecom Stocks Lead the Losses
Mon, 6 Jun 01:30 pm

After opening the day on a positive note, the Indian indices registered losses and went on to trade near the dotted line in the post-noon trading session. Sectoral indices are trading on a mixed note with stocks from the consumer durables and telecom sectors bearing the maximum brunt.

The BSE Sensex is trading lower by 22 points (0.1%) and the NSE Nifty is trading lower by 6 points (0.1%). The BSE Mid Cap index is trading up by 0.1%, while the BSE Small Cap index is up by 0.3. Gold prices, per 10 grams, are trading at Rs 29,401 levels. Silver price, per kilogram, is trading at Rs 39,220 levels. Crude oil is trading at Rs 3,292 per barrel. The rupee is trading at 66.91 to the US$.

As per an article in Livemint, the production of solar photovoltaic modules, a basic raw-material used while generating solar energy, remains insufficient. Owing to this scarcity, the solar energy developers have to import this raw-material which exposes them to the currency risks. This does not bode well with the country's aim to create 100 gigawatt capacity by 2022.

Further, industry experts said that having self-sufficiency in solar panel manufacturing should be an important element of the Make in India initiative as it can have an impact on energy security as far as renewable sources are concerned.

Recently, on the lines of solar power we have written an article stating the major flaw in the US$ 100 billion solar sector. You cannot miss to read this interesting piece. Click here to access it.

Stocks in the textiles apace are trading on a mixed note with Vardhaman Holdings leading the gains and Raymond leading the losses. As per a leading financial daily, Grasim Industries has suspended production of Viscose Staple Fibre (VSF) at its Nagda plant in Madhya Pradesh (MP). The suspension comes on the back of water shortage caused by deficient rain last year. The company has suspended production from 5th June 2016 in a phased manner and said that it will be resumed on the arrival of monsoon and availability of adequate water.

The company said that it has built up adequate VSF stock. The company will continue to cater to the requirements of all its customers from its available stock as well as supplies from other VSF Plants located at Kharach and Vilayat (Gujarat) and Harihar (Karnataka). Backed by this, VSF sales are not likely to be affected.

Grasim Industries is the flagship company of the Aditya Birla Group. The company is engaged in two businesses viz. viscose staple fibre (VSF) and cement. In its results for the quarter ended March 2016, the company reported a sharp jump in its sales and net profit by 46.5% YoY and 573.5% YoY respectively. To know our view on Grasim Industries, you can read our result analysis (subscription required).

Presently the stock of the company is trading up by 0.6%.

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Mar 16, 2018 (Close)