Metal Stocks Outperform Today

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After hovering around the dotted line around noon, the Indian equity markets were under some pressure towards the end as the BSE Sensex closed lower by 43 points, while the NSE Nifty closed lower by 7 points. On the other hand, the S&P BSE Midcap and the S&P BSE Smallcap indices closed on a firm note and were up by 0.6% and 0.8% respectively. Stocks across the board ended on a mixed note with those from the IT, banking and auto space leading the losses; while metal, realty and oil & gas stocks were in favor.

Asian markets finished lower today with shares in Hong Kong leading the region. The Hang Seng is down 0.65% while Japan's Nikkei 225 is off 0.42% and China's Shanghai Composite is lower by 0.26%. European markets are mixed. The FTSE 100 is higher by 0.31%, while the German and French markets are down 0.40% and 0.33% respectively. The rupee was trading at 66.54 against the US$ in the afternoon session.

Shares of Bharat Heavy Electricals Limited (BHEL) finished the trading day on an encouraging note after it was reported that the company has successfully commissioned the first 600 Mega Watt (MW) coal-based thermal power plant in the state of Telangana. Significantly, the unit, commissioned at Kakatiya Thermal Power Project (TPP) at Chelpur in Warangal District of Telangana, is the highest rating unit in the state. One coal-based unit of 500 MW rating, commissioned by BHEL in 2010, is already operational at Kakatiya TPP.

So far, BHEL has contracted 21 sets of 600 MW each, out of which 14 have already been commissioned. The company has a major contribution in Telangana's Power Sector, with 84% of the coal-based power stations, amounting to 4,580 MW. BHEL executed 500 MW unit at Kakatiya TPP of TSGENCO which was ranked first with a Plant Load Factor (PLF) of 93.75% among all state sector power stations in 2014-15.

Global economic crisis and the Chinese slowdown has dealt a heavy blow to demand for Indian engineering products. India's engineering exports to its neighboring countries, including China, have seen a massive fall in 2015. BHEL closed the day up by 0.6%. It is to be noted that the stock price of BHEL has dropped 26% in the last three months.

As per a leading financial daily, Coal India produced 52.07 million tonnes (mt) of coal in the month of December 2015, surpassing its target of 51.08 mt. However, it fell short of its offtake target with an achievement rate of 97%. Its total offtake was placed at 48.16 mt against a target of 49.46 mt.

During the April-December period, the company produced 373.45 mt showing a growth of 9.1% over the same period in the previous year. In the nine months, the total offtake, however, improved by 9.8% to 389.29 mt. Reportedly, Central Coalfields, South Eastern Coalfields and Mahanadi Coalfields registered 13.3%, 11.9% and 12.6% sales growth, even as sales at the remaining five coal producing subsidiaries grew at a slower pace. Coal India recently announced the second quarter results of financial year 2015-2016 (2QFY16). While the topline increased by 8.2% YoY, bottomline grew at 16% YoY during the quarter (Subscription Required).

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