Sensex Trades Flat; Capital Goods & Pharma Stocks Witness Selling Pressure

Tue, 25 Jul 11:30 am

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After touching record highs in the morning trade, Indian markets witnessed some selling momentum to trade flat. Losses are largely seen in capital goods stocks and pharma stocks.

The BSE Sensex is trading lower by 17 points and the NSE Nifty is trading lower by 5 points. The BSE Mid Cap index is trading up by 0.4% while the BSE Small Cap index is trading flat. The rupee is trading at 64.44 to the US$.

In news from economic sector, amid the concern of country's growing trade deficit with China, the foreign direct investment (FDI) inflows into the country increased 23% YoY in the first two months of the current fiscal.

The cumulative foreign direct investment in April-May was US$10.02 billion, or about Rs 645.24 billion, compared with US$8.12 billion, or about Rs 522.89 billion, a year earlier.

Commerce and industry minister Nirmala Sitharaman pointed that the government has put in place an investor-friendly policy for FDI and except for a small negative list most sectors are open for 100% FDI. She added that the government reviews FDI policy on an ongoing basis with a view to liberalise and simplify the policy to provide ease of doing business in the country leading to larger FDI inflows.

While talking about the trade with China, the minister said that trade deficit with China is a matter of concern. She further said that efforts are being made to increase overall exports by diversifying the trade basket with emphasis on manufactured goods, services, resolution of market access issues and other non-tariff barriers. India's trade deficit with China in 2016-17 had declined slightly to US$51.08 billion, from US$52.69 billion in 2015-16. It was at US$48.48 billion in 2014-15.

Rising Foreign Direct Investments Augurs Well for India

Foreign Direct Investments (FDI) plays an important role in the economic development of a country. It is a source of long term capital that helps build critical infrastructures in the economy. It also aids in technology knowledge transfers, fosters innovation and helps raise productivity too. In short, having a steady flow of FDI inflows would help India to achieve necessary investments that will help accelerate economic growth and development.

In addition, the inflows act as a catalyst for domestic industrial development. Since 2014, the Modi led government has laid a great emphasis on welcoming global best practices to be employed in India.

Moving on to news from media sector... Zee Entertainment Enterprises Ltd reported a 16% increase in net profit for the quarter ended June as it benefited from an increase in advertising revenue.

Net profit rose to Rs 2.51 billion from Rs 2.17 billion in the year-ago period. The broadcast network posted a 2% decline in revenue to Rs 15.4 billion from Rs 15.71 billion a year ago.

As per an article in The Livemint, advertisement revenue rose 6% to Rs 9.66 billion, while that from subscriptions declined 9.3% to Rs 4.79 billion on account of sale of its sports business.

In September, Zee Entertainment Enterprises Ltd announced the sale of its sports network TEN Sports to Sony Pictures Network in an all-cash deal worth US$385 million.

Zee Entertainment Enterprises Ltd share price is presently trading down by 2.1% on the BSE.

In news from automobile sector, Ashok Leyland share price is trading on an encouraging note (up 0.5%) after the company bagged an order worth Rs 6.5 billion from KSRTC for 3019 buses.

This order, one of the largest from a State Transport Undertaking for a single OEM, would be executed in the current financial year which would help the company in furthering its leadership position in buses.

Ashok Leyland failed to meet market expectations and reported a 61.7% drop in its net profit for the June quarter, on a year on year basis, due to disappointing sales during the period especially in the medium and heavy vehicle categories.

The firm also suffered from an impairment loss of Rs 125.6 million on loans (including interest) to a subsidiary and a foreign exchange loss of Rs 26.7 million on swap contracts as against a gain of Rs 496.7 million from the year-ago period.

The company's market share in commercial vehicles stands at 34.7%, gaining 8 percentage points over the last four years. It has gained market share in 12 of the last 13 quarters, led by the success of its intelligent exhaust gas recirculation (IEGR) technology.

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