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Sensex Ends Lower; Tata Steel & Vedanta Top Losers
Wed, 18 Jul Closing | Rini Mehta, TM Team

Indian share markets erased early gains to end lower today, as the opposition parties tabled a no-confidence motion against Prime Minister Narendra Modi's government. At the closing bell, the BSE Sensex finished lower by 147 points and the NSE Nifty finished down by 28 points. Meanwhile, the S&P BSE Midcap Index ended down by 1.3% while S&P BSE Small Cap Index ended down by 1%.

Except for oil & gas stocks, all sectoral indices ended the day in red with metal stocks and realty stocks leading the losses.

Irrespective of the market sentiment, the BSE Sensex is scaling new highs. But look around you.

How many investors do you still see getting richer every day? Fewer than what you saw at the start of the year? Very few?

Well, the Sensex has gained Rs 60 trillion in market cap since 2004. That's a huge number. Nearly a third of the country's GDP. But how many investors have really benefitted from this rally? Very very few.

Mainly because most never joined. Even today less than 20% of Indian households invest directly or indirectly in stocks.

Also, because most of those who joined burnt their fingers with bad quality stocks. So, every time there was a sharp correction, these investors were the worst affected.

In the three big crashes since 2004, the Sensex lost about 31 trillion of market cap. And most of the investors who were scarred never bothered returning.

Sensex Gained Rs 60 Trillion and Lost Rs 31 Trillion of Market Cap Since 2004

Globally, Asian stock markets finished mixed as of the most recent closing prices. The Nikkei 225 gained 0.4%, while the Shanghai Composite led the Hang Seng lower. They fell 0.4% and 0.2% respectively. European markets are higher today with shares in Germany leading the region. The DAX is up 0.9% while London's FTSE 100 is up 0.7% and France's CAC 40 is up 0.6%.

The rupee was trading at Rs 68.57 against the US$ in the afternoon session.

In the news from the aviation sector. The air travel demand in India continues to be high with the domestic air passenger traffic registering a growth of 18.4% in the month of June 2018.

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According to the Directorate General of Civil Aviation (DGCA) data, domestic airlines flew 11.3 million passengers in June, over to 9.6 million passengers carried in the same period last year.

The data report also showed that the domestic air passenger count has rose 22% during January-June 2018.

Indian airlines carried 68.5 million passengers during period under review as against 56.2 million during the corresponding period of previous year.

Besides, in terms of passenger load factor (PLF), SpiceJet were leading among all with 93.3% PLF during the month of June 2018, followed by Go Air (88.6%) and IndiGo (88.3%).

In terms of on time performance (OTP), IndiGo has taken again lead from the rest with 84.1% of its flights arriving and departing as per schedule from four metro airports, Mumbai, Delhi, Hyderabad and Bengaluru, followed by SpiceJet (81.2%) and Jet Airways+JetLite (78.8%).

During June 2018, a total of 677 passenger related complaints had been received by the scheduled domestic airlines. The number of complaints per 10,000 passengers carried for the month of June 2018 has been around 0.6.

Moving on to the news from the cement sector. Ultratech Cement share price fell over 1.3% after the company started off the financial year 2018-19 on a weak note as profit during the April-June quarter fell 32.9% to Rs 5.98 billion due to dismal margin performance.

Bottomline numbers for the quarter ended June 2017 stood at Rs 8.9 billion.

The company had acquired cement plants from Jaiprakash Associates and Jaypee Cement Corporation on 29 June 2017. Hence the figures for the three months ended 30 June 2018 are not comparable with the previous corresponding periods.

Revenue from operations grew by 30.6% to Rs 86.6 billion compared to Rs 66.3 billion in same period last fiscal.

Sales volume in Q1 jumped 34% to 16.8 million tonnes YoY.

The company said notwithstanding the hike in fuel prices, it achieved an operating EBITDA of Rs 929 per tonne compared to Rs 922 per tonne in Q4FY18.

EBITDA (earnings before interest, tax, depreciation and amortisation) increased 4% to Rs 16.2 billion but margin contracted 474 basis points to 18.8% due to rise in depreciation expenses (up 57% YoY), finance cost (161%), power & fuel cost (53%) and freight & forwarding expenses (40%).

Key concerns highlighted by the company in its filing are rising cost pressures, likely increase in interest rates and sluggish demand in the Tier-II and III urban housing and commercial segment.

Meanwhile, UltraTech said board has approved a scheme of arrangement amongst Century Textiles and Industries, the company and their respective shareholders and creditors. Century will demerge its cement business into the company.

Century's cement business consists of three integrated cement units in Madhya Pradesh, Chhattisgarh and Maharashtra and a grinding unit in West Bengal.

As per the scheme, UltraTech will issue one equity share for every 8 equity shares of Century to the shareholders of Century.

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NIPPON LIFE INDIA AMC Surges by 10%; BSE 500 Index Up 1.2% (Today's Market)

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NIPPON LIFE INDIA AMC share price has surged by 10% and its current market price is Rs 433. The BSE 500 is up by 1.2%. The top gainers in the BSE 500 Index are NIPPON LIFE INDIA AMC (up 10.0%) and AUROBINDO PHARMA (up 19.0%). The top losers are OBEROI REALTY and FINOLEX CABLES .

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