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- Indian Stock Market News February 9, 2016
IT Stocks Under Pressure Tue, 9 Feb 11:30 am
After opening the day on a dismal note, the Indian markets continue to trade in a similar trend. Barring oil & gas, major sectoral indices are trading on a negative note with stocks from the information technology and metal space facing the maximum brunt.
The BSE Sensex is trading lower by 290 points (down 1.2%) and the NSE Nifty is trading lower by 85 points (down 1.2%). The BSE Mid Cap index and the BSE Small Cap index are trading lower by 1.2% and 1% respectively. The rupee is trading at 67.81 to the US$.
As per an article in leading financial daily, Mahindra & Mahindra's (M&M) new utility vehicle named 'KUV 100' is proving to be a threat to rivals such as Maruti Suzuki and Hyundai Motor India. KUV 100 is a compact sports utility vehicle and is giving direct competition to the passenger vehicles in the hatchback segment. Reportedly, the car is priced at Rs 4.5 lakh and is loaded with latest features and technology. Growing aspirations of the youth, may lead to shift of demand in the compact sports utility vehicle segment from the hatchback segment. The customers could possibly be willing to pay a bit more and grab a compact SUV as compared to the traditional hatchbacks. In the absence of any real competition, the KUV100 is targeting buyers of hatchbacks who did not have an SUV option earlier.
Maruti has stated that it does not have any immediate plans to get into the compact SUV space. The company will watch the developments in this space and then take any actions on this front. Sales from KUV 100 will be the key things to watch out for going forward in order to track the traction in the compact sports utility segment.
In an important decision, telecom regulator struck down the differential prices for internet services offered by telecom players to mobile users. This could come as a big blow to Facebook as well as telecom operators in India. Telecom operators association and Cellular Operators' Association of India (COAI) expressed its displeasure over the regulators rules.
However, the regulator has upheld the principles of net neutrality. Earlier there were talks of providing discriminatory/ differential tariffs for access to different websites and services. However, regulator stated that the differential pricing is not in the interest of the consumers and the growth of the internet.
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