Indian Markets Trade below Dotted Line

Thu, 14 Jan 11:30 am

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After opening the day in deep red, the Indian indices recouped losses to some extent but continue to trade negatively. Sectoral indices are trading on a mixed note with stocks from the auto, metal and capital goods sector witnessing maximum selling pressure. IT stocks are trading in the green.

The BSE Sensex is trading down 107 points (down 0.4%) and the NSE Nifty is trading down 34 points (down 0.4%). The BSE Mid Cap index is trading down by 0.9% and the BSE Small Cap index is trading down by 1%. The rupee is trading at 67.12 to the US$.

Banking stocks are trading on a negative note with IDBI Bank and Indian Bank leading the losses. As per a leading financial daily, State Bank of India (SBI) has secured a US$ 500 million loan from Korean EXIM Bank. The same is secured to help fund companies from the East Asian nation setting up units in India.

This Line of Credit will help SBI arrange long term foreign currency funds. These funds will then be utilized to finance Korean companies that are going to set up manufacturing units here in India. Moreover, the funds will also be utilized by Indian corporates sourcing goods from joint ventures or subsidiaries of Korean companies having manufacturing set up in India. The loan will have a maturity of maximum 15 years. With the signing of this line of credit, the total facility from K-EXIM for SBI will be US$ 1 billion.

The above development is likely to support the government's 'Make in India' mission and will also allow Korean companies to be a part of it.

On a separate note, SBI has also opened its first branch in Seoul, South Korea. The decision follows from the continuous increase in trade following the Comprehensive Economic Partnership Agreement, which was signed between New Delhi and Seoul in 2009. The branch will be offering a range of services to corporates in trade finance, bilateral and syndicated loans and corporate deposits etc., apart from retail banking.

As per an economic daily, Bharat Heavy Electricals Limited (BHEL) has announced that it commissioned power generation capacity of 5,010 MW (mega watt) in the first three quarters of the current financial year(FY16). Notably, this is the highest ever capacity addition achieved by the company for the corresponding period in any financial year. Further, projects aggregating to 2,270 MW have also been synchronised by BHEL during the above mentioned period which are available for capacity addition.

In the same period, BHEL has also commissioned 524 MW of industrial sets and 125 MW of overseas projects. This has resulted in the highest ever overall capacity addition of 7,929 MW in the first nine months of a financial year.

BHEL is the market leader in Indian power equipment sector. It has commissioned hydro sets worth 730 MW till date, which is almost the same as the total hydro capacity addition of 736 MW in the country during the entire financial year 2014-15.

While the company is foreseeing nascent signs in recovery of investments in the economy, one shall wait a few more quarters to see investments infrastructure picking-up meaningfully. The revival in power sector is said be on track. As Rahul Shah, Managing Editor, Microcap Millionaires states in result analysis report of the company (subscription required), "Restructuring of discoms can give a boost to industry, with the recent rescue package announced by cabinet being a positive, and is a big milestone for power sector reforms in the country. It may also propel a revival in the power sector." Presently the stock of BHEL is trading down by 2.1%.

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