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Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
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Indian Share Market Opens Flat
Tue, 1 Nov 09:30 am

Major Asian stock markets have opened the day on a positive note with stock markets in Hong Kong and Singapore is trading higher by 1.3% and 0.5% respectively. Benchmark indices in Europe and the US ended their previous session in red with stock market in UK ending the day lower by 0.6%. The rupee is trading at 66.78 per US$.

Indian share markets have opened the day on a flattish note. The BSE Sensex is trading marginally higher by 35 points (up 0.1%) and the NSE Nifty is trading higher by 27 points (up 0.3%). Both, BSE Mid Cap and BSE Small Cap are trading higher by 0.2% and 0.1% respectively.

Major sectoral indices have opened the day on a firm note with stocks from telecom sector are witnessing maximum buying interest.

As per an article in Livemint, Nestle reported its results for the quarter ended September 2016. The company's net profits doubled to Rs 2.6 billion from Rs 1.2 billion a year ago. Revenues too grew by 35.1% YoY to Rs 23.4 billion.

The company's flagship brand Nestle Maggi has been able to regain its lost market after the Food Safety and Standards Authority of India (FSSAI) had put a ban on the noodle brand citing excess monosodium glutamate and lead content. In last November, when the company relaunched Maggi its market share stood at 10.9%.

Further, the company is aggressively pushing to introduce new products in the market to boost growth. The company has introduced four new variants to maggi noodles named as Maggi Hotheads.

To add to this the company has introduced a variety of new products in its confectionary, milk products and beverages segment. In all, the company has introduced 25 new products. This will drive the growth in the topline going ahead.

Traction from new products coupled with the re-gain of market share from Maggi noodles will be the key things to watch out for going forward. The share price of Nestle is trading lower by 0.5%.

In another news update, while on one hand where the renewable energy capacity additions are taking place at a robust place, the off-takes from the distribution companies (DISCOMS) is far from encouraging.

This puts into jeopardy the massive renewable projects that are scheduled to come up going forward. Owing to this, stranded capacities could build up in-turn hampering the return ratios. Reportedly, solar power offtake is seeing curtailment in the state of Rajasthan and Tamil Nadu.

The DISCOMS are instead buying a cheaper power from the power exchange market at spot prices. The spot price at the power exchange market is hovering somewhere around Rs 2.41/ KWH.

Whereas, tariffs in some of the agreements that these DISCOMS have signed with renewable developers are as high as Rs 7/KWH. Burdened with a huge pile of losses, the DISCOMs are increasingly shifting to purchase cheaper power from the power exchanges. This could hurt the solar developers.

Recently, we had written an article stating the major flaw in the US$ 100 billion solar sector. Click here to read this interesting piece.

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Jul 27, 2017 12:09 PM

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