Markets Continue to Trade Lower

Mon, 28 Mar 01:30 pm

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Following a negative trend since the opening of the trading day, the Indian indices continued to remain under pressure in the post noon trading session. All the sectoral indices are trading below the dotted line with realty, consumer durables and metal stocks leading the losses.

The BSE Sensex is trading lower by 183 points and the NSE Nifty is trading lower by 44 points. The BSE Mid Cap index and the BSE Small Cap index are trading lower by 0.7% and 0.8% respectively. The rupee is trading at 66.86 to the US$.

Selling activity is witnessed across majority of the FMCG stocks with Pidilite Industries and Emami Ltd leading the losses. According to a leading financial daily, ITC has acquired the entire equity share capital of Technico Agri Sciences, India, from Technico, Australia, for Rs 1.21 billion. Prior to acquisition, Technico Agri Sciences was a wholly owned subsidiary of Technico, which in turn is a wholly owned subsidiary of the company. Consequently, Technico Agri Sciences has become a direct subsidiary of the company with effect from March 22, 2016.

Technico Agri Sciences is in the Agricultural Bio-Technology business primarily of growing and selling TECHNITUBER seed potatoes and field generated seed potatoes.

ITC has business interests in cigarettes, hotels, paperboards and specialty papers, packaging, agri-business, packaged foods and confectionery, information technology, branded apparel, personal care, stationery, safety matches and other FMCG products. The scrip of ITC is currently trading down by 0.2% on the BSE. In our recent edition of Vivek Kaul's Diary, we have explained why the government should focus on selling its stake in ITC.

Shares of NTPC are trading on an optimistic note (up 0.5%) after it was reported that the company has commissioned the Unit - 4 of 195 MW of Muzaffarpur Thermal Power Station of Kanti Bijlee Utpadan Nigam (A subsidiary Company of NTPC) on March 24, 2016. With this, the total installed capacity of Muzzafarpur Thermal Power Station has become 610 MW and the total installed capacity of NTPC group has become 45,993 MW. The plant is owned by Kanti Bijlee Utpadan Nigam Ltd, a joint venture between NTPC and Bihar State Power Generation Company Ltd, in which the two companies have 64.57% and 35.43% shares, respectively.

In another development, NTPC also commissioned Unit I of 250 MW capacity of the Nabinagar Thermal Power Station in Bihar. The power plant is owned by a subsidiary of NTPC called the Bhartiya Rail Bijlee Company Ltd. NTPC now has a total installed capacity of 45,798 MW. During the fiscal 2015-16, NTPC's generation capacity has increased by 1,200 MW. The company recently reported an 8% YoY decline in revenues for the quarter ended December 2015, while profits declined by 19% YoY (Subscription Required).

Power stocks are trading in the red with JSW energy and Neyveli Lignite bearing majority of the brunt.

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