Sensex Opens on a Firm Note; Jet Airways Slumps 4% on Weak Q2 Result

Fri, 8 Dec 09:30 am

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Asian stock markets are higher today as Japanese and Hong Kong shares show gains. The Nikkei 225 is up 1.22% while the Hang Seng is up 0.80%. The Shanghai Composite is trading up by 0.21%. Meanwhile, US markets rose in previous trade as technology stocks regained some of the ground they lost in the past week.

Meanwhile, Indian share markets too have opened the day on a firm note. BSE Sensex is trading higher by 182 points and NSE Nifty is trading higher by 43 points. S&P BSE Mid Cap is trading up by 0.5% and S&P BSE Small Cap is trading up by 0.7%.

Gains are largely seen in bank stocks, metal stocks and realty stocks. The rupee is trading at Rs 65.30 against the US$.

In news from automobile sector, as per an article in The Livemint, TVS Motor Co Ltd has bought a 14.78% stake in Ultraviolette Automotive Pvt. Ltd.

Ultraviolette Automotive Pvt. Ltd is a Bengaluru-based startup working on electric two-wheelers and energy infrastructure. The transaction was valued at a little over Rs 50 million.

TVS is the second two-wheeler manufacturer after Hero MotoCorp Ltd to acquire a stake in an EV technology startup. Hero invested Rs 2.05 billion in EV startup Ather Energy Pvt. Ltd in October 2016.

Meanwhile, TVS is developing an electric scooter code-named U218 as other two-wheeler makers such as Bajaj Auto Ltd, Honda Motorcycle and Scooter India Pvt. Ltd, Mahindra 2 Wheelers Ltd and India Yamaha Motor Pvt. Ltd are all set to launch electric two-wheelers in 2018.

In another development, TVS Motor Company is aiming to sell 10,000 units of its newly launched Apache RR 310, a 310 cc super-premium bike, in its first year.

TVS Motor's entry into the new segment comes four years after a tie-up agreement between the Indian motorcycle major and Germany's BMW Motorrad. Following the 2013 agreement between the two entities, TVS Motor has infused an investment around Rs 4 billion

TVS Motor share price opened the trading day up by 1.1% on the BSE.

Moving on to news from airline stocks. Jet Airways share price slumped 4% in early trade after the company saw its net profit for the second quarter of financial year 2017-18 fall to Rs 496.3 million in comparison to Rs 5.49 billion recorded last year for the corresponding period last fiscal.

Despite posting a profitable quarter, the second-largest air carrier saw its profit fall by 91% in the September quarter of the current fiscal. The fall in the profit has been attributed to the inability to offset the rise in jet fuel prices.

The revenue from operations grew three per cent year-on-year to Rs 56.27 billion in the quarter that ended on September 30 this year, as against Rs 54.53 billion for the same period last fiscal.

Jet airways is reportedly planning to expand its domestic footprint in India and might bid for the up-for-sale Air India.

In another development, as per Livemint, Ajay Singh, the promoter of low-fare airline SpiceJet Ltd, has pledged more shares over the past few months to help the airline's finances. The number of promoter shares pledged rose to 24.37% of 599,450,183 total shares by the end of September from 20.19% at the end of June.

Spicejet share price opened on a flat note.

The aviation industry has been on a high the past year. Warren Buffett invested upwards of US$2 billion a piece into the four largest US airline stocks - American Airlines Group Inc, Delta Air Lines Inc, Southwest Airlines Co, and United Continental Holdings Inc. When crude prices crashed, the lower cost of air turbine fuel suddenly changed the economics of the aviation business.

Market Share of Indian Domestic Airlines - 2017 (%)

Despite recent positives, the airlines industry back home is plagued by cutthroat competition and rock-bottom fares. As a result, Indigo has been the only profitable airline in India in the recent past.

It'll take more than Buffett's endorsement of the US airlines to see a clear runway for the Indian aviation industry.

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