Indian Indices Up Over 2%

Mon, 15 Feb 01:30 pm

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After opening the day in the green, the Indian indices witnessed further gains and are presently trading on a firm note. Sectoral indices are trading on a positive note with stocks from the metal, realty and capital goods sectors leading the gains.

The BSE Sensex is trading up 573 points (up 2.5%) and the NSE Nifty is trading up 183 points (up 2.6%). The BSE Mid Cap index is trading up 3.4% while the BSE Small Cap index is trading up by 3.5%. Gold prices, per 10 grams, are trading at Rs 28,835 levels. Silver price, per kilogram is trading at Rs 36,887 levels. Crude oil is trading at Rs 2,009 per barrel. The rupee is trading at 68.12 to the US$.

Stocks in the mining space are trading on a positive note with NMDC and Vedanta witnessing maximum buying interest. Coal India Limited (CIL) has reported its results for the quarter ended December 31, 2015. The company has reported 3.3% fall in its net profit at Rs 6.7 billion during the quarter on a YoY basis. The company's total income has decreased by 10% YoY to Rs 8.8 billion for the quarter under review.

On the consolidated basis, the company has reported 14% rise in its net profit after taxes, minority interest and share of profit of associates at Rs 37 billion for the quarter. Total income of the company increased by 5% YoY to Rs 209 billion.

The company further reported that a joint venture company- Rashtriya Coal Gas Fertilizers Ltd- was incorporated in November last year through an agreement between CIL, the Rashtriya Chemicals and Fertilizers Ltd, GAIL (India) Ltd and the Fertilizer Corporation of India. The JV company has an authorised share capital of Rs 500 million. Of this CIL will be holding 26%.

The company's output during the April-December period of the current fiscal went up to 373.5 million tonnes (MT), from 342.4 MT a year ago.

On a separate note, Coal India is planning to acquire coal mines in South Africa in partnership with local government amid falling prices of assets globally. The company, which accounts for over 80% of the domestic coal production, has targeted one billion tonnes of dry fuel output by 2020. It is set for a record production of 550 million tonnes this fiscal.

After much deliberation and delay, the Mines and Minerals (Development and Regulation) Act, 1957 has been revised and the government has passed the Mines and Minerals Amendment Bill, 2015. In our recent edition of the 5 Minute WrapUp Premium, we have looked at the impact of the Act on various mining and metal companies (subscription required).

Presently the stock of Coal India is trading up by 6%.

Steel stocks are trading on a positive note with Jindal Steel and Tata Steel leading the gains. As per a leading financial daily, Tata Steel SEZ, a wholly owned subsidiary of Tata Steel is planning to invest about Rs 20-25 billion for development of infrastructure at Gopalpur in Odisha in the near term.

The company has already spent Rs 10 billion to set up a 55,000 TPA (tonnes per annum) high carbon ferro chrome plant and development of infrastructure. The SEZ has received clearance from Odisha government for setting up an industrial park.

Tata Steel, the flagship company of the Tata group is the first integrated steel plant in Asia and is now the world's second most geographically diversified steel producer and a Fortune 500 Company.

This is the first time that the Tata group is coming up with a Special Economic Zone (SEZ). The company stated that Defence equipment makers will also be a big focus for the SEZ, adding that more companies in defence sector are expected to come following the government initiative to encourage manufacturing as part of Make in India campaign. The company is in discussions with investors in China and some South-East Asian countries have evinced their interest for investing in the SEZ. According to the management of the company, the industrial park will start putting up factory sheds in 3-4 months period and clearance for setting up unit will be given within 15 days period.

Presently the scrip of Tata Steel is trading up by nearly 13%.

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