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Indian Indices Open Flat
Tue, 19 Jul 09:30 am

Major Asian stock markets have opened the day on a mixed note with the stock market in China trading lower by 0.6%. While, stock markets in Japan is trading higher by 0.7%. Benchmark indices in Europe ended their previous session in red with stock markets in France ending the day lower by 0.3%. The rupee is trading at 67.10 per US$.

Indian stock markets have opened the day on a flattish note. The BSE Sensex is trading marginally lower by 17 points (down 0.1%) and the NSE Nifty is trading lower by 2 points (down 0.03%). While, both BSE Mid Cap and BSE Small Cap are trading higher by 0.2%.

Baring stocks from fast moving consumer goods (FMCG) sector, major sectoral indices have opened the day on a positive note. Stocks from metal and realty sector are witnessing buying interest.

Hindustan Unilever Ltd reported its results for the quarter ended June 2016. Net sales grew marginally by 3.6% YoY during the quarter. The slower growth was on account of subdued demand from rural areas. Two consecutive years of deficit rainfall has dampened the rural incomes, in-turn affecting the company's volumes. The company's volumes too grew by just 4% during the quarter as compared to a year ago.

However, this year monsoons are predicted to be normal and the country so far has received surplus rainfall. Hence, volumes may pick-up going forward. Further, commodity prices have started to show a reversal pattern, which may grow the company's sales by value.

The net profits of the company grew by 9.8% to Rs 11.7 billion during the quarter. A pick-up in the rural demand, coupled with rising commodity prices will be the key things to watch out for going forward. The stock is trading down by 2.2%.

In another news update, Bharti Airtel and Idea Cellular have dropped data tariffs as they brace for competition from Reliance Industries telecom venture Reliance Jio Infocomm Ltd.

Reliance Jio has claimed to offer data speeds that are 10 times faster as compared to peers and at a cost that is much cheaper than the current standards. Reportedly, both Idea Cellular and Bharti Airtel have cut data tariffs by 67% each on its 5 Gigabyte (GB) data offering. The prices for a 5 GB data offering post the 67% discount now stands at just Rs 650.

The lower data tariffs and call charges will in-turn impact the profitability of these companies. Profitability is set to come under pressure for these companies as pricing wars is expected to take place post Reliance Jio Infocomm's launch.

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Mar 23, 2018 (Close)