Telecom Stocks Lead the Losses

Fri, 8 Apr 01:30 pm

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After opening the day on a flattish note, the Indian indices witnessed a choppy trading session continued to trade near the dotted line. Sectoral indices are trading on a mixed note with stocks from the capital goods and power sectors leading the gains. Telecom stocks are however trading in the red.

The BSE Sensex is trading lower by 3 points (down 0.01%) and the NSE Nifty is trading higher by 14 points (up 0.2%). The BSE Mid Cap index and the BSE Small Cap index are trading higher by 0.5% and 0.6%, respectively. Gold prices, per 10 grams, are trading at Rs 28,910 levels. Silver price, per kilogram is trading at Rs 36,232 levels. Crude oil is trading at Rs 2,555 per barrel. The rupee is trading at 66.65 to the US$.

Shares of Tata Power are trading on an optimistic note (up 1.4%) after it was reported that the company's Singapore subsidiary Tata Power International has signed an agreement with KS Orka Renewables for the sale of its 50% stake in OTP Geothermal (OTP). The aggregate cash consideration for TPIPL's 50% stake is US$30 million.

The sale is subject to customary conditions precedent (CPs) including approvals from relevant Indonesian government authorities. Reportedly, the company targets to complete the sale in next three months.

OTP, a 50:50 joint venture with Origin Energy, holds a 95% interest in Indonesia's PT Sorik Marapi Geothermal Power (SMGP). SMGP is currently pursuing development of 240 MW Sorik Marapi Geothermal Power Project in North Sumatra. The transition is expected to benefit the project development. According to the reports, the company has significant investments in Indonesia (Subscription required) and remains committed to development of Indonesian power and energy sector. The company's other investments in Indonesia include investments in PT Kaltim Prima Coal, PT Arutmin Indonesia and PT Baramulti Suksessarana Tbk.

Power stocks are trading on a mixed note with KSK Energy leading the losses and NTPC 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).

In another news update it was reported that cash-rich public sector firms ONGC, NTPC and Coal India are asked to adopt one shut urea plant each for revival. This is said to cost about Rs 180 billion over the next four years.

Furthermore, state gas utility GAIL India Ltd has been asked to expedite the pipeline from Jagdishpur in Uttar Pradesh to Haldia in West Bengal. This is to provide connectivity to the shut urea plants at Gorakhpur in Uttar Pradesh, Barauni in Bihar and Sindhri in Jharkhand.

It was noted that besides these, the revival of other two closed urea plants at Talcher in Odisha and Ramagundam in Telangana has already started.

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