Sensex Opens Marginally Lower; Ceat Tyre Plunges 6% on Weak Q1

Fri, 4 Aug 09:30 am

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Asian stocks markets are lower today as Japanese and Hong Kong shares fall. The Nikkei 225 is off 0.35%, while the Hang Seng is down 0.04%. The Shanghai Composite is trading up by 0.24%. US markets closed mixed. S&P 500 lost 0.22% to 2,472 points, weighed down by Amazon.com, Apple and other technology stocks.

Meanwhile, Indian share markets too have opened the day marginally lower. The BSE Sensex is trading lower by 45 points and the NSE Nifty is trading lower by 15 points. S&P BSE Mid Cap and S&P BSE Small Cap are trading up by 0.4% and 0.2% respectively.

Software stocks have opened the trading day on a firm note with Wipro share price and TCS share price leading the gains.

As per a leading financial daily, Infosys will acquire Brilliant Basics, a London-based product design and customer experience (CX) company, for an undisclosed amount. The acquisition is expected to close during the July- September 2018 quarter.

Infosys has digital studios across Bengaluru, Pune, New York, London and Melbourne. The addition of Brilliant Basics will enhance the company's expertise in the financial services, retail and telecom sectors across Europe and the Middle East.

Since Vishal Sikka has taken over as CEO, Infosys has made four acquisitions in an effort to kick-start its foray into new technology areas such as Cloud computing and use of automation, as well as increase its margins in traditional outsourcing services through the use of modern technologies.

Sikka refers to this as 'Renew and New' strategy, with an aim to hit US$20 billion by 2020-21.

Infosys share price opened the trading day up by 0.4% on the BSE.

In another development, Tyre maker Ceat Ltd reported a 98.6% decline in its consolidated net profit at Rs 13.8 million for the June quarter due to destocking by trade partners ahead of the goods and services tax (GST) rollout and higher expenses.

The company had posted a net profit of Rs 1.03 billion during the corresponding period of the previous fiscal. Total income during the period also declined to Rs 16.38 billion compared to Rs 16.51 billion in the corresponding quarter of last fiscal.

As per the reports, sales had dropped due to lower offtake by dealers since May in the run-up to the GST rollout. The impact had been felt particularly in the medium and heavy vehicles in the commercial vehicle segments.

As per Hindu Business Line, the company has planned Rs 28 billion expansion plan in multiple locations over the next five years.

Ceat share price plunged 6% in morning trade.

Moving on to news from airline stocks. As per an article in The Livemint, India led global markets with a domestic air traffic growth of about 20.3% in June.

However, the very strong upward trend in traffic has slowed since the country's unexpected 'demonetization' in November 2016. India's streak of year-on-year double-digit traffic growth may have ended in June as per International Air Transport Association.

For the first six months of 2017, the industry experienced a 12-year high in traffic growth (7.9%) and a record first half load factor of 80.7%.

Domestic Airlines Fly High in Foreign Skies

Meanwhile, India's aviation industry is on a high-growth trajectory. India's domestic air passenger traffic has almost doubled in the past six years. This is on the back of strong economic growth and emergence of low-fare airlines. Indian carriers have now set their sights on International traffic. Indian carriers have been slowly increasing their market share. It is important to note that foreign carriers still dominate international traffic to and from India.

As per the report by rating agency ICRA, the share of domestic airlines in India's international traffic increased from 30.1% in FY14 to 35.1% in FY17.

Airline stocks opened the trading day on a firm note with Jet airways share price and Spicejet share price leading the gains.

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