Market Movers: Reliance Jio's new move leaves telecom bulls frustrated

market movers, reliance industries, bharti airtel, india vix, ongc, market analysis, stock market

MUMBAI: Just as investors were rubbing their hands at the prospect of price hikes in the telecom sector, Reliance Jio’s latest move has thrown a spanner in the works.

The country’s largest telecom company seems to be in no mood for price hikes and instead is adamant on acquiring more customers after it unveiled new offers for its popular prepaid recharge options. Jio will now offer 20 per cent cashback on popular pre-paid recharge options, which means Jio’s plans are now almost 30 per cent cheaper than the rivals.

This is a major setback for

Bharti Airtel

and, in particular, for Vodafone Idea, which is banking on price hikes to salvage its operations after the relief provided by the government. No surprise then that Bharti Airtel’s stock sank nearly 4 per cent, while those of Vodafone Idea ended 3 per cent lower.

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Stock score of Reliance Industries Ltd moved down by 1 in a month on a 10-point scale.

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Stock score of Reliance Industries Ltd is 5 on a scale of 10. View Stock Analysis »

Reliance Industries’ shares meanwhile closed nearly 1 per cent up and helped recoup much of the losses in the benchmark indices.

VIX is signaling trouble ahead

While the benchmarks may have managed to trim down their day’s losses substantially with help from RIL and Kotak Mahindra Bank, the volatility gauge is suggesting that investors’ troubles have just started.

The volatility gauge India VIX ended higher for the second successive day and was perched above the 18 points-mark, which suggests that market’s route could become more volatile as investors contend with prospects of slowdown in China, US Fed’s tapering and possible normalisation of liquidity by the Reserve Bank of India in the coming weeks.

Power stocks surge on inflow buzz

Shares of Power grid Corporation surged over 4 per cent as traders tried to front-run possible inflows from index funds and CPSE ETF on Wednesday. Brokerage firm Edelweiss Securities said that the adjustments to the Nifty CPSE index that come into effect on Thursday could see inflows worth $17.5 million in the stock when the readjustment happens on Wednesday from CPSE ETF managers.

Similarly, NHPC’s stock closed nearly 2 per cent higher as Edelweiss Securities expects inflows in the scrip from CPSE ETF because of the readjustment to the CPSE index.

ONGC

rises with oil, but for how long?

The state-owned oil and gas producer’s shares ended higher for the second day tracking the rise in global crude oil prices. The Brent Futures traded above the $80 per barrel mark for the first time in three years with Goldman Sachs forecasting that the commodity could trade at $90/barrel as soon as December.

Rise in oil prices will boost ONGC’s earnings but analysts are not convinced that the gains in the black diamond will sustain for long given pressures on demand from the rise of electric vehicles.

Coal India firing on all cylinders

The rate at which Coal India’s shares are rising, makes us wonder if the stock will do the unthinkable – trade above its initial public offering price of Rs. 245. For as long as investors can remember, the beleaguered coal company has not been able to trade above its IPO price reflecting the magnitude to which it has lost money for its IPO investors.

However, with the stock is on a run following brightening near-term prospects for the coal industry. An attempt to test the IPO price cannot be ruled out. Global coal prices are surging thanks to China and the company seems confident of initiating price hikes in the FSA segment going ahead. The stock closed 4 per cent higher at Rs. 174.1.

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