Share Markets in India Open Higher Tracking Positive Global Cues

Wed, 29 Mar 09:30 am

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Asian equity markets are higher today as Japanese and Hong Kong shares show gains. The Nikkei 225 is up 0.03% while the Hang Seng is up 0.29%. The Shanghai Composite is trading up by 0.08%. US & European equities closed higher in their previous trading session.

Meanwhile, share markets in India have opened the day on a positive note. The BSE Sensex is trading up by 71 points while the NSE Nifty is trading up by 27 points. The BSE Mid Cap index and BSE Small Cap index both have opened up by 0.3%.

All sectoral indices have opened the day in green with realty sector and capital goods sector leading the pack of gainers. The rupee is trading at 65.09 to the US$.

Oil & gas stocks are trading mixed with Gujarat State Petronet and MRPL being the most active stocks in this space. As per an article in a leading financial daily, Cairn India and Vedanta Ltd have received all regulatory approvals for their merger, except the Reserve Bank of India's nod for issue of preference shares.

Reportedly, the company has now received all the required approvals in relation to the Scheme of Arrangement between Vedanta Ltd and Cairn India Ltd, except the approval of RBI for issuance of Redeemable Preference Shares to the non-resident shareholders of Cairn.

The approvals include transfer of participating interest of Cairn India in fields like the giant Rajasthan oilfield and Ravva oil and gas fields in Krishna Godavari basin to Vedanta Ltd.

Under the proposal, minority shareholders of Cairn India will receive one equity share and one redeemable preference share of Vedanta Ltd for every share they hold in Cairn India. The deal would lead to issue of approximately 752 million equity shares and equal number of preference shares to the minority shareholders of Cairn India.

Further, with this transaction, Vedanta Resources' stake in Vedanta Ltd is expected to decrease to 50.1% from 62.9% currently. However, the Scheme will be made effective and record date for issue of the company shares pursuant to the scheme, would be set upon receipt of the RBI approval, the reports noted.

Notably, merging Cairn India with itself would provide Vedanta access to the oil explorer's cash and help reduce its debt burden (subscription required). Vedanta took majority control of Cairn India for US$8.67 billion in 2011 and holds 59.9% in it through its various units.

Cairn India share price & Vedanta share price opened the day up by 0.7% & 0.5% respectively.

Moving on to the news from stocks in power sector. As per an article in a leading financial daily, National Thermal Power Corporation Limited (NTPC)'s board of directors has accorded investment approval for Talaipalli Coal Mining Project (18 million tonnes per annum) at an appraised current estimated cost of Rs 30.04 billion.

According to the reports, coal mining is integral to NTPC's fuel security strategies. NTPC realises that greater self-reliance on coal will go a long way in ensuring the sustained growth of power generation.

Moreover, NTPC has been allotted coal blocks namely Pakri-Barwadih, Chatti-Bariatu, Kerandari, Dulanga, Talaipalli and Chatti-Bariatu (South), Banai, Bhalumunda and Mandakini B. These mines have total geological reserves of around 7.15 billion tonnes. These blocks have a production potential of 107 mtpa catering to a requirement of 20,000 MW.

Notably, NTPC has produced 4.7% more power in the 11 months of the current financial year than the previous financial year. Thereby helping the Indian economy grow at a healthy 7% in the fourth quarter in spite of demonetisation in November.

Additionally, NTPC coal stations clocked highest-ever daily generation of 749.63 MUs on 22 March 2017 over previous highest of 742.51 MUs in 2016.

Further, the renewable energy sector, and especially solar, has seen their fortunes change at a rapid pace. Leaps in technology have made renewables increasingly cheaper to produce (Subscription required) relative to traditional thermal power (coal-based). While thermal is still the cheapest to set up, the gap has quickly narrowed in the past few years and is now down to a whisker.

Costs of Setting Up Various Types of Power Plants

Rahul Shah, Co-head of Research, pointed out that a few of the renewable energy projects are already running into financial troubles. Can we rule out a similar fate for the other projects? In his view, investors should not get carried away by the hoopla surrounding renewable energy projects. It's a much-needed initiative to reduce the pollution levels across the country. However, investors in this space must be extremely cautious.

NTPC share price began trading up by 0.6%.

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