Sensex Ends Marginally Positive; Energy Stocks Up 2%

Thu, 19 Jan Closing

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The Indian share markets finished the day on flat note amid mixed Asian cues. At the closing bell, the BSE Sensex closed higher by 51 points, whereas the NSE Nifty finished higher by 18 points. The S&P BSE Midcap and the S&P BSE Small Cap finished up by 0.4% & 0.3% respectively. Sectoral indices finished the day on a mixed note with healthcare and banking stocks leading the losses. PSU, energy, and consumer durables stocks led the gainers.

Asian markets finished mixed. The Nikkei 225 gained 0.94%, while the Shanghai Composite and the Hang Seng index were lower. They fell 0.36% and 0.21% respectively. European markets are lower today with the market in London off the most. The FTSE 100 is down 0.57% while France's CAC 40 is off 0.24% and Germany's DAX is lower by 0.13%.

The rupee was trading at 68.17 against the US$. Crude Oil was trading at US$ 52.19 at the time of writing.

According to an article in The Economic Times, India received US$ 1.77 billion foreign direct investment (FDI) in non-conventional energy sector from April 2014 to September 2016.

As per the data, most the bigger investments have come from Mauritius, Malaysia, Philippines, Singapore, Japan, Germany, Spain, US and Seychelles. Further, the renewable energy sector has witnessed the highest-ever solar power and wind power capacity addition since April 2014.

One must note that, the government has revised its target of renewable energy capacity to 175 Gigawatt by end of 2022, making it the largest expansion plan in the world, providing plenty of opportunities for investors.

Over the past two years, foreign direct investment in India's electricity sector was US$ 1.32 billion. According to the power minister, more than US$ 250 billion will be invested in renewable power generation and transmission in India over the next five years, a figure that could reach US$1 trillion by 2030.

Speaking of renewable energy space in India, Bhavita Nagrani, our Research analyst has recently shared her views on how the rise of the renewables is changing the dynamics of the power industry (Subscription Required). She has also compared the costs of setting up various types of power plants in these times and how the Indian central government has been pushing hard for more renewable energy capacity.

In another development, Vedanta Resources and micro irrigation company Jain Irrigation Systems Ltd (JISL) are raising foreign funds by selling dollar bonds to overseas investors.

Reportedly, Vedanta has some loans maturing next year and they are selling these bonds to refinance those loans. Further, Vedanta is also planning to raise funds to refinance its existing debt with buying back existing bonds worth nearly US$2 billion, scheduled to mature next two years.

Both the companies have followed Bharat Petroleum (BPCL), Adani Ports and Special Economic Zone (APSEZ) and State Bank of India (SBI) in raising foreign funds. Further, Indian dollar-denominated bond sales are set to accelerate in 2017 as mergers and acquisitions and the cheapest borrowing costs in more than two years drive issuance.

So far this month, Indian companies have raised US$1.1 billion in dollar bonds. BPCL's Singapore unit issued US$ 600 million of 10-year US currency notes and Adani Ports & Special Economic Zone Ltd sold US$ 500 million worth of bonds.

Dollar bond sales from local borrowers fell to US$ 8 billion in 2016 versus US$8.4 billion in 2015. That came amid a backdrop of the Federal Reserve's rate increase in December, the rupee's slump and India's demonetization policy in November.

With domestic bond yields falling in line with policy rate changes, raising funds via NCDs has become a cheaper source.

Loans Raised Through NCDs Highest in Last Seven Years

The chart above illustrates the total funds mobilised by Indian companies through NCDs during the first six months of this fiscal is just mind boggling. The loans raised have increased multifold times in just the first six months of FY17. It's the highest in at least seven years. However, we believe that the NCD route may look attractive, but one must take a decision on case to case basis keeping the risk of the issue into consideration.

Vedanta's share price ended the day up by 0.37%.

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