Indian Indices Trade Near the Dotted Line

Fri, 20 May 11:30 am

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After opening the day on a flattish note, the Indian stock markets registered light gains and continued to trade near the dotted line. Sectoral indices are trading on a mixed note with stocks from the power and consumer durables sectors leading the gains. Realty and pharma stocks are trading in the red.

The BSE Sensex is trading up by 64 points (up 0.3%) and the NSE Nifty is trading up by 13 points (up 0.2%). The BSE Mid Cap index is trading up by 0.2%, while the BSE Small Cap index is trading down by 0.3%. The rupee is trading at 67.40 to the US$.

Stocks in the engineering space are trading mixed with Thermax and TRF leading the losses. As per a leading financial daily, Bharat Heavy Electricals (BHEL) has successfully commissioned 250 megawatt (MW) thermal power plant in Maharashtra. The unit has been commissioned at Parli Thermal Power Station (TPS), located in Beed district in the Marathwada region of Maharashtra.

One shall note that this is the eighth coal-based unit commissioned by BHEL at Parli TPS. Notably, the entire thermal power generating units of 210/250 MW commissioned at Parli TPS, under the expansion program of Mahagenco, commencing from the 1980s, have been set up by BHEL.

The company has been a major partner in the power development programme of the state and has contributed to more than 16,000 MW of power generation capacity in Maharashtra. This is recorded as its highest power generation capacity in any single state.

In the state government sector of Maharashtra, the company has contributed more than 10,000 MW that accounts for around 75% of its installed power generating capacity. Presently the stock of the company is trading up by 0.7%.

PSU banking stocks are trading on a mixed note with Corporation Bank and Syndicate Bank leading the losses. In another news update it was reported that Punjab National Bank (PNB) is looking to offload stake in its subsidiary PNB Housing Finance (PNBHF) to over 30%. The development comes as the latter goes for an initial public offer (IPO) of equity later this year. At present, PNB holds 51% stake in PNBHF.

On a separate note, PNB reported its results for the quarter ended March 2016. The bank posted a record loss of Rs 53.6 billion during the quarter as compared to a net profit of Rs 3 billion a year ago.

The gross non-performing asset (NPA) more than doubled to Rs 558.1 billion as compared to a year ago. As a % of total advances, gross NPAs shot up by 6.35% YoY to 12.9%. However, the worst is not over. The management stated that there could be further deterioration in the asset quality. The provisions too increased sharply as the company set aside money to provide for the bad loans. Reportedly, the provisions increased by almost two fold to Rs 85.9 billion on a sequential basis.

Presently the stock of Punjab National Bank is trading down by 0.5%.

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