Energy Stocks Lead the Gains

Fri, 27 May 01:30 pm

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After opening the day in the green, the Indian indices booked further gains and went on to extend their uptrend in the post-noon trading session. Sectoral indices are trading on a positive note with stocks from the oil & gas, healthcare and IT sectors witnessing maximum buying interest.

The BSE Sensex is trading up 225 points (up 0.9%) and the NSE Nifty is trading up 68 points (up 0.8%). The BSE Mid Cap index and the BSE Small Cap index are also trading on a positive note, up by 1.2% and 0.7% respectively. Gold prices, per 10 grams, are trading at Rs 28,784 levels. Silver price, per kilogram is trading at Rs 39,101 levels. Crude oil is trading at Rs 3,303 per barrel. The rupee is trading at 67.04 to the US$.

Power stocks are trading on a positive note with Reliance Power and Reliance Infra leading the gains. As per an article in Economic Times, the government has constituted a committee to look into the sharp rise in non-performing assets (NPAs) of state-run power sector financers namely- Power Finance Corporation (PFC) and Rural Electrification Corporation (REC) - over the last financial year. The three-member committee will comprise independent directors of the companies and a senior official of the power ministry.

This comes as the gross non-performing assets (NPAs) of PFC stood at 3.2% of its loan assets as on March 31 this year against 1.16% a year ago. Net NPAs rose to 2.55% of the loan assets as on March 31 2016 from 0.93% in the year-ago period. As for REC, gross NPAs stood at about 1.71% of its loan assets as on March 31 this year against 0.74% a year ago. Further, net bad loans stood at 1.36% as against 0.54% a year ago.

Earlier this month the Reserve Bank of India (RBI) has cautioned banks from lending more to power distribution companies. The regulator advised select state-owned banks to exercise caution in giving new loans to these utilities and have reminded them that any additional exposure to discoms would result in ever-greening and invite supervisory measures

It was noted that banks' total credit outstanding to discoms stands at Rs 4,370 billion. Also, the outstanding dues of state utilities payable to central generating power stations have increased 16% in the last one year. All of this is witnessed despite about 18 states agreeing to join Ujwal Discom Assurance Yojana (UDAY) and eight states issuing bonds of about Rs 1,000 billion recently.

One shall note that the UDAY scheme was brought up by the government to bring a turnaround in the State Electricity Boards (SEBs) that have been caught up in a vicious cycle of high debt and operational losses. The scheme allows power distribution companies (discoms) in select states to convert their debt into state bonds. The effect of this initiative will take time to reflect in the financials of power utilities. However, the above data points out that it has failed to provide the much needed relief so far. Having said that, one shall watch out further steps that government takes to make the scheme successful.

Moving on to the news from pharmaceuticals space. Glenmark Pharmaceuticals has launched 'Digihaler', the country's first Digital Dose Inhaler (DDI).

The company stated that the next-gen inhaler will provide accurate digital dose counter along with low dose warning indicator to enable asthma and chronic obstructive pulmonary disease (COPD) patients to track adherence to their therapy. The development comes on the back of patients' compliance being a challenge globally when it comes to chronic disease treatment.

Glenmark Pharmaceuticals manufactures and markets generic formulation products and active pharmaceutical ingredients, both in the domestic and international markets. The company recently received final approval from the US health regulator US Food and Drug Administration (US FDA) to sell Rufinamide, which is used to treat seizures caused by Lennox-Gastaut syndrome. The company reported 13-fold jump in its consolidated net profit to Rs 1 billion for the quarter ended March 31, 2016. For the year ended March 31, 2016, the company has posted a 47% YoY rise in its net profit at Rs 7 billion. Its current portfolio consists of 113 products authorized for distribution in the US marketplace and 63 ANDA's pending approval with the USFDA. Presently the stock of the company is trading up by 2.7%.

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