Oil & Gas Stocks Out of Favour

Tue, 24 May 01:30 pm

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After opening the day on a flattish note, the Indian indices continued to trade near the dotted line during the post-noon trading session. Sectoral indices are trading on a mixed note with stocks from the oil & gas and telecom sectors leading the losses.

The BSE Sensex is trading up by 54 points (up 0.2%) and the NSE Nifty is trading up by 10 points (up 0.1%). The BSE Mid Cap index is trading down 0.5%, while the BSE Small Cap index is trading down by 0.7%. Gold prices, per 10 grams, are trading at Rs 29,614 levels. Silver price, per kilogram is trading at Rs 39,444 levels. The rupee is trading at 67.78 to the US$.

Crude oil is trading at Rs 3,249 per barrel, down by 0.1%. Crude oil witnessed slight losses today as the dollar index rose against a basket of major currencies. However, these losses are followed by gains witnessed during the last week. Crude oil prices rose to fresh 2016 highs during the last week. The gains came in after reports stated a slowdown in US drilling and an increase in Chinese crude refinery processing.

One shall also note that the US Energy Information Administration (EIA) during last week stated that demand for oil worldwide is set to grow by 270,000 barrels per day (bpd) in 2016. These developments led to a surge in oil prices recently. So now that the prices are recovering, does it make sense to bet on oil? Are crude oil companies a good long-term investment? Read the recent edition of The 5 Minute Wrapup titled 'This Could Be the Biggest Buying Opportunity Out There' to know what Richa Agarwal, research analyst at Equitymaster, has to say in this regard.

Also, Vivek Kaul, editor of Vivek Kaul's Diary, recently shared his views on what the Modi government will do if oil prices continue to go up.

To keep a regular tab on the movements in crude oil prices, you can read weekly market commentary from the Daily Profit Hunter team. Their weekly commentary tracks the developments in the global economy as well as equity, currency and commodity markets.

Stocks in the power space are trading on a mixed note with Neyveli Lignite and National Thermal Power Corporation (NTPC) leading the gains. Tata Power reported its results for the fourth quarter ended March 31, 2016. During the quarter, the company's net profit grew 126% on a YoY basis at Rs 3.6 billion. This was aided by strong operational performance and low fuel cost. Also, lower tax expense helped the profitability levels.

Consolidated net sales during the quarter rose about 19% YoY to Rs 93 billion. This was due to increase in revenue from power, coal, and other businesses. The revenue from the power business, the largest division, rose 17% YoY to Rs 70 billion. Coal business revenue rose 8% YoY to Rs 20 billion.

Tata Power is India's largest integrated power company with a total generation capacity of 9,184 megawatt (MW) across its thermal, hydro, solar and wind power projects. The company aims to increase non-fossil sources of power to 30-40% by 2025, up from its earlier target of 20%. Presently the stock of the company is trading up by 1.6%.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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