Indian Indices Continue Downtrend; Telecom Sector Down 1.4%

Tue, 29 Aug 11:30 am

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After opening the day in the red, Indian share markets witnessed further losses and are presently trading on a negative note. Sectoral indices are trading on a mixed note with stocks from the telecom sector and power sector witnessing maximum selling pressure.

The BSE Sensex is trading down 256 points (down 0.8%) and the NSE Nifty is trading down 77 points (down 0.8%). Meanwhile, the BSE Mid Cap index is trading down by 0.2%, while the BSE Small Cap index is trading down 0.3%. The rupee is trading at 63.99 to the US$.

In the news from IT space, Infosys said that some of the promoters of the company would participate in the upcoming share buyback of the company.

The above offloading of shares in the form of buyback by some of the promoter members bears significance in the wake of recent tussle between Vishal Sikka and the founders.

How the development pans out remains to be seen. Meanwhile, we'll keep you updated on news in this regard.

Infosys announced a Rs 130 billion share buyback on August 19, a day after Vishal Sikka resigned from the company.

The company will buy back up to 11,30,43,478 crore shares aggregating up to 4.92% of the paid-up equity capital via tender route at a price of Rs 1,150.

At the time of writing, Infosys share price was trading down by 0.7%.

Speaking of share buybacks, many buybacks, mainly from the IT sector are set to hit a new record this financial year. As per Prime Database, in the first five months of FY18, at least twenty companies have offered to buy back shares worth Rs 480 billion. This is evident in the chart below:

Share Buybacks on Record Spree

As per Rahul Shah, co-head of Research, investors should not assume buybacks are always good. Here's an excerpt of what he wrote in a recent edition of The 5 Minute Wrapup:

• The reason behind the buyback must be investigated. At the end of the day, an increase in earnings should be more a function of the inherent robustness of the business, as that's what will help it continue to grow at a healthy pace.

The topic also brings us to ask: Do buy-backs offer an arbitrage opportunity for retail investors? Ankit Shah has answered this question in a recent edition of Equitymaster Insider. You can access the issue here.

In other news, as per an article in the Economic Times, the government is considering to advance the date of the presentation of the Budget by a fortnight or so.

However, it is unlikely to change the financial year to January-December, for which the proposal was in consideration. This is because the newly implemented Goods and Services Tax (GST) will take some time to settle down and accordingly change in financial year at this juncture will add more complexity.

This year, the government had presented the Budget on February 1, ending the decades-old practice of presenting the annual exercise in the last week of February. India currently follows April-March financial year and till now the government used to present its Budget proposals on February 28.

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