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Indian Markets Tumble
Mon, 26 Oct 11:30 am

After opening the day on a firm note, the Indian Indices lost their shine and are trading in the red. Sectoral indices are trading mixed with banking and oil and gas stocks leading the losers. However, capital goods and auto stocks are trading in the green.

The BSE-Sensex is trading lower 28 points (down 0.1%) and the NSE-Nifty is trading down 16 points (down 0.2%). The S&P BSE Midcap index and the S&P BSE Smallcap index are also trading negatively, down by 0.3% and 0.4% respectively. The rupee is trading at 64.98 to the US$.

As per an article in Economic Times, the Indian government is considering a move to double 5% import duty on aluminum. This is in a bid to salvage Rs 1.2 lakh crore of bank-financed capex investments by domestic players like Vedanta and Hindalco. The same is also a move to protect the 7.5-lakh jobs jeopardized by cheap imports that have captured well over half the market.

The issue will be recommended to the finance ministry that an additional 5% duty to be imposed on aluminum import to take the effective duty to 10%. Moreover, duty on all other non-ferrous metal scrap like copper, lead, nickel, tin and zinc is at par with the prime metal.

On a separate note, each producer is building a case for slapping anti-dumping safeguards on aluminum imports, stressing that the sector is in bigger trouble than steel, on which anti-dumping duties were imposed recently.

Telecom stocks are trading mixed with MTNL and AGC Networks witnessing maximum buying interest. According to a leading financial daily, telecom major Bharti Airtel has reported results for the quarter ending September 30, 2015. The company has reported a 10.1% rise in its net profit for the period on a YoY basis. This was helped by rising data usage. Revenue rose 4.3% YoY as the company ended the quarter with 340 million customers across India, South Asia and Africa.

However, the consolidated net profit was down 2% on a sequential basis for the quarter. The same was impacted by slower revenue growth, a weak operational performance and a slight increase in finance cost but these were mitigated to an extent by an exceptional gain and a lower tax rate (all on a sequential basis).

Further, the Africa net loss widened to US$ 170 million from US$ 124 million a year ago. Net interest costs rose to Rs 10.53 billion from Rs 6.87 billion a year earlier. The scrip of Bharti Airtel is presently trading down by 2%.

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