Auto Stocks Lead the Gains

Tue, 29 Mar 01:30 pm

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After opening the day in the green, the Indian indices witnessed a choppy trading session and are presently trading near the dotted line. Sectoral indices are trading on a mixed note with stocks from the auto and metal sectors leading the gains. Healthcare stocks are however trading in the red.

The BSE Sensex is trading lower by 22 points and the NSE Nifty is trading higher by 2 points. The BSE Mid Cap index and the BSE Small Cap index are trading lower by 0.1% and 0.3% respectively. The rupee is trading at 66.67 to the US$.

Shares of Torrent Power are trading on an optimistic note (up 1.4%) after it was reported that the company has entered into a contract with a leading wind turbine generator manufacturing group for development of the 197.40-MW project.

The said capacity will be developed across three sites in Kutch and Bhavnagar districts in the state of Gujarat. This project is expected to be commissioned progressively by March 2017 and shall have off take arrangements for fulfillment of Renewable Power Purchase Obligations.

The company had forayed into renewable energy generation in the year 2012 commissioning the 49.60 MW wind power project at Lalpur in Jamnagar, Gujarat. Subsequently, the company has also commissioned (through its wholly-owned subsidiary) the 51 MW solar power project at Charanka Solar Park, Gujarat in 2015. Reportedly, it is also implementing the 81 MW Solar Power Project at Kamrej, Surat and the 136.80 MW Wind Power Project in Rajkot and Surendranagar districts of Gujarat.

Power stocks are trading on a positive note with Gujarat Industries Power and JSW Energy leading the gains.

The Indian power sector has been in one big mess over the past few years and the companies which are directly or indirectly dependent on the power companies too have been performing poorly. In our recent edition of The 5 Minute Wrap Up Premium, we have discussed the problems faced by the power companies and what lies ahead for the sector (Subscription Required).

Buying activity is witnessed across majority of the banking stocks with City Union Bank and Axis Bank leading the charts. According to a leading financial daily, HDFC Bank is all set to raise up to Rs 50 billion by way of infrastructure bonds. CRISIL has assigned AAA/Stable rating to the bond issuance and the rating on the bank's other debt instruments has been reaffirmed at 'AAA/Stable'.

Last year, HDFC Bank had raised Rs 30 billion by issuing bonds on a private-placement basis. Reportedly, the bank will be raising money to enable it to participate in the pickup in credit demand that was expected both from the corporate and the retail sector. The management had earlier stated that the bank will be looking at lending to projects in the infrastructure space which approximately accounts for up to 15% of the bank's book. The banks' interest in raising money via long-term bonds had picked up after the Reserve Bank had made changes in the regulation, announcing that bonds with tenor of more than seven years would be exempted from cash and statutory reserve requirements, if the proceeds were used to fund new long-term infrastructure projects and affordable housing. The script of HDFC Bank was trading up by 1% on the BSE at the time of writing.

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