Sensex Opens Flat; Titan Rallies Over 8%

Mon, 5 Jun 09:30 am

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Asian equity markets are trading mixed today following an attack in central London at the weekend. The Shanghai Composite is off 0.27%, while the Hang Seng is down 0.11%. The Nikkei 225 is trading up by 0.14%. US equities rose to record levels on Friday as Wall Street shrugged off a jobs report that came in well below expectations.

Meanwhile, share markets in India have opened the day on a flat note. The BSE Sensex is trading lower by 27 points while the NSE Nifty is trading higher by 4 points. The BSE Mid Cap and BSE Small Cap index both have opened the day up by 0.3%.

Barring FMCG stocks, metal stocks and information technology stocks, all sectoral indices have opened the day in green with consumer durable stocks and realty stocks leading the gainers. The rupee is trading at 64.42 to the US$.

Coal India share price opened the day down by 1.3% after it was reported that the government's policy think-tank NITI Aayog decided to break up the seven subsidiaries of Coal India after stalling it for past two years.

NITI Aayog suggested coal mining should be based on competition leading to the determination of the fossil fuel's market price.

Jewellery stocks are witnessing a surge today following the government's announcements of GST rates on gold. Titan Company share price rose over 8%. Meanwhile, PC Jeweller share price was quoting at Rs 535, up 6.35% on the BSE. Tribhovandas Bhimji Zaveri share price, on the other hand, is up by 5.43% on the BSE.

The GST Council on Saturday announced that the rate on gold and gold jewellery would be at 3%. Having said that, the import duty of 10% stays, which will be over and above the 3%.

India is on a high. And our reference is not just to the Sensex. But is all really well? Our macro guru, Vivek Kaul, does not think so. For those investing based on macro clues, these are times to be a little sceptical.

In fact, Vivek has unearthed underlying trends that he believes could trigger off a series of crisis which could have a big impact on all of us. Click here to find out more.

Power stocks opened the day on a mixed note with GVK Power & Infra and NHPC Ltd leading the gainers. In the latest development, National Thermal Power Corporation (NTPC) announced that it has commissioned 117 MW out of 250 MW of Mandsaur Solar Power Project.

With this, the installed capacity of NTPC's solar power projects has become 737 MW. The total installed capacity of NTPC on a standalone basis has become 44311 MW and that of NTPC group has become 51527 MW.

Earlier in April, the company had commissioned Unit 1 of 660 MW of Solapur Super Thermal Power Project. With this, the commissioned capacity of NTPC and NTPC Group had become 44194 MW and 51410 MW respectively.

Speaking of the renewable energy sector, and especially solar, has seen their fortunes change at a rapid pace. Leaps in technology have made renewable 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.

Meanwhile, NTPC has forayed into electric vehicle charging business and has set up charging stations at multiple locations. The first charging stations have been set up at its offices in Noida and Delhi.

The objective behind setting up electronic vehicle charging points is to promote clean energy transportation.

Further, the project is in line with the Narendra Modi government's vision to have only electric vehicles in India by 2030 to reduce pollution as well as cut fuel import costs. The idea is that by 2030, not a single petrol or diesel car should be sold in the country, the reports noted.

NTPC share price began trading up by 0.3%.

Moving on to the news from stocks in the pharma sector. As per an article in a leading financial daily, Cipla has fulfilled the closing condition in relation to the divestment of Cipla Agrimed Proprietary (Cipla Agrimed), South Africa and Cipla Vet Proprietary (Cipla Vet), South Africa.

Earlier in March, the company had entered into an agreement, through its wholly owned subsidiary Inyanga Trading 386 Proprietary (Inyanga), with the group companies of Ascendis Health, South Africa for divesting its animal health business in South Africa and Sub-Saharan Africa.

Consequently, Cipla Vet and Cipla Agrimed have ceased to be subsidiaries of Inyanga Trading 386 Proprietary with effect from 1 June 2017.

As the M&A activity has been heating up globally, the M&A activity in the Indian pharma space has been on the rise in recent times. At the end of the day, whether the company is able to derive value from the acquisitions and augment the overall performance will be the key thing to watch out for going forward.

To know more about the company's financial performance, subscribers can access to Cipla's latest result analysis and Cipla stock analysis on our website.

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

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