Metal Stocks Favored the Most

Mon, 25 Jan 01:30 pm

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After opening the day on a positive note, the Indian indices continued their rally during the post noon trading session. Sectoral indices are trading on a positive note with stocks from the metal and pharma sectors leading the gains.

The BSE Sensex is trading up 115 points (up 0.5%) and the NSE Nifty is trading up 31 points (up 0.4%). The BSE Mid Cap index is trading up 0.9% while the BSE Small Cap index is trading up by 1.5%. Gold prices, per 10 grams, are trading at Rs 26,331 levels. Silver price, per kilogram is trading at Rs 34,450 levels. Crude oil is trading at Rs 2,177 per barrel. The rupee is trading at 67.72 to the US$.

Stocks in the power space are trading on a positive note with PYC India and Adani Power leading the gains. As per a leading financial daily, Tata Power's 100% subsidiary- Tata Power Renewable Energy (TPREL), has issued and allotted unsecured, non-convertible debentures (NCDs) for an amount of Rs 4.3 billion. The NCDs have been issued on a private placement basis.

As per the company, the proceeds from these NCDs will be primarily used to prepay existing high cost debt in TPREL.

The NCDs will carry a spread of 0.13% above base rate of State Bank of India (fully floating) payable annually and are guaranteed by the company. The NCDs have been rated AA (SO) by CARE.

Furthermore, on a separate note, Tata Power has terminated a Share Purchase Agreement (SPA) with Ideal Energy Projects for acquisition of 100% stake in a 270 megawatt (MW) thermal power project in Maharashtra.

Earlier, an agreement was reached between Tata Power and Ideal Energy for the stake sale in December 2014. As per the terms of the SPA, the acquisition was subject to fulfillment of certain conditions. The company made all efforts to arrive at a workable solution to salvage a stressed asset along with key stakeholders. However, the stakeholders could not conclude, which led to non-fulfillment of the aforesaid conditions precedent. In view of this, the company has decided not to pursue this opportunity any further and has confirmed the termination of the SPA.

Tata Power is India's largest integrated power company with a growing international presence. While the lower demand for power has weighed on the company's performance, it is optimistic about the future performance backed by plans to expand its presence overseas. The company has identified four geographies for driving its growth in the future. These geographies are Africa, South East Asia, Middle East and South Asian Association for Regional Cooperation (SAARC). To know our views on the stock of the company, you can read our result analysis report here (subscription required). Presently the stock of the company is trading up by 0.3%.

Pharma sectors are also trading firm with Elder Pharma and J.B. Chemicals witnessing maximum buying interest. As per a leading financial daily, Cipla has announced completion of the sale of its entire holding in Hong Kong-based Biomab Holding to Biomab Brilliant for US$ 2.5 million. The company has completed the transfer formalities in relation to the divestment of its entire 25% stake in Biomab Holding Ltd.

Last year, Cipla had entered into an agreement to sell its entire 25% stake in Biomab Holding to Biomab Brilliant Ltd to focus on biological segment under its arm Cipla BioTec. Post this divestment, the company's biological business would be consolidated under Cipla BioTec that would focus on research, development, manufacturing and marketing of biosimilars, in the field of cancer, auto-immune diseases, respiratory diseases and diabetes.

Cipla focuses on development of new formulations and has a wide range of pharmaceutical products. It offers prescription drugs, bulk drugs, animal products and pesticides. Presently its stock is trading up by 0.3%.

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