Indian Indices Trade in the Red

Tue, 22 Mar 01:30 pm

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After opening the day on a flattish note, the Indian indices further registered losses and moved below the dotted line in the post noon trading session. Sectoral indices are trading on a mixed note with stocks from the FMCG, telecom, IT and banking sectors bearing the maximum brunt.

The BSE Sensex is trading lower by 156 (down 0.6%) and the NSE Nifty is trading down by 64 points (down 0.6%). The BSE Mid Cap index is trading marginally higher while the BSE Small Cap index is trading flat. Gold prices, per 10 grams, are trading at Rs 29,209 levels. Silver price, per kilogram, is trading at Rs 38,180 levels. Crude oil is trading at Rs 2,774 per barrel. The rupee is trading at 66.72 to the US$.

Power stocks are trading mixed with Torrent Power leading the losses and Reliance Infra leading the gains. As per a leading financial daily, National Thermal Power Corporation (NTPC) has commissioned the Unit-I of 250 megawatt (MW) of Nabinagar Thermal Power Station of Bhartiya Rail Bijlee company (BRBCL), a subsidiary company of NTPC.

With this development, the total installed capacity of Nabinagar Thermal Power Station has become 250 MW and the total installed capacity of NTPC group has become 45,798 MW.

Bhartiya Rail Bijlee Company Ltd (BRBCL) was incorporated on November 22, 2007 with 74:26 equity contribution from NTPC and Ministry of Railways, respectively. It was formed for setting up of four units of 250 MW each of coal based power plant at Nabinagar, Bihar.

The investment approval of the project was accorded in January, 2008. The 90% power from this project is to be supplied to Railways to meet the traction and non-traction power requirements.

On a separate note, the decision to shift the power generation unit of NTPC from the Rajiv Gandhi combined cycle power plant at Kayamkulam to Ernakulam may not fructify for now. This is because there are no signs of executing the proposal, either at the plant site or at the political level.

NTPC is engaged in generating power. Currently, NTPC is facing subdued demand from the state electricity boards (SEBs) owing to their poor financials. Moreover, the government has recently launched the ' HYPERLINK "https://www.equitymaster.com/5MinWrapUp/charts/index.asp?date=11/06/2015&story=1&title=Relief-to-power-distribution-companies&utm_source=TM&utm_medium=website&utm_campaign=MCOM&utm_content=market-commentary" Ujwal Discom Assurance Yojana' to provide relief to SEBs. However, such schemes will not have an immediate effect on their financials. The improvement would be gradual.

However, even if problems of the power sector get partially sorted out, NTPC is likely to be the biggest beneficiary. To know why, read our latest research report update on the company here (subscription required). Presently the stock of the company is trading marginally up.

Automobile stocks are trading on a mixed note with Maharashtra Scooters and Force Motors leading the losses. In another news update it was reported that Mahindra & Mahindra (M&M) is targeting a fivefold jump in annual turnover from the powertrain segment to US$1 billion in the next six years. The company expects that its focus on high-capacity gensets and full-fledged engines will help to achieve this target.

To achieve this target, the company is going to develop gensets with capacity to generate 125 KV to 1 MW in the coming years. Moreover, the company has also secured the rights to make a 9.3-litre diesel engine from former commercial vehicle partner Navistar. This engine will be used in high-powered gensets and big mining trucks.

One shall note that M&M created the powertrain business by recently merging its Powerol genset and engine businesses. The company is aiming to make gensets targeted at the telecom, retail, marine and industrial customers and engines for heavy construction machinery. It doesn't have any products for some of these sectors at present.

To know our view on the stock of the company, read our analysis of the third quarter results here (subscription required).

Presently the stock of M&M is trading up by 2.3%.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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