Markets Positive Ahead of Monetary Policy

Tue, 7 Jun 09:30 am

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Major Asian stock markets have opened the day on a positive note with stock markets in Japan and Singapore are trading higher by 0.6% and 0.5% respectively. Benchmark indices in Europe and the US ended their previous session on an encouraging note. The rupee is trading at 66.96 per US$.

Indian stock markets have opened the day on a firm note. The BSE Sensex is trading higher by 78 points (up 0.3%) and the NSE Nifty is trading higher by 30 points (up 0.4%). Both, BSE Mid Cap and BSE Small Cap are trading higher by 0.2% and 0.3% respectively.

Major sectoral indices have opened the day in green with stocks from banking and automobile sector witnessing buying interest.

As per an article in Livemint, National Thermal Power Corporation (NTPC) will spend Rs 300 billion in the current fiscal year to set up additional power generation capacities. The company is planning to raise Rs 200 billion to meet this capital spending.

Poor financial conditions of the state electricity board (SEB) coupled with the excess supply situation have led to lower utilization levels of the power plants in the past two-three quarters. Hence, building up of additional capacities may lead to a situation of excess capacities and dampen the return ratios and utilization levels.

Further, the company is also diversifying into the business of fertilizer production. It is a regulated industry where the government pays a subsidy for selling plant nutrients at state-set prices.

Reportedly, the gap between the government fixed price and the cost of production plus a 12% return on investments is granted as a subsidy. The business of fertilizers is completely new for the company. Though it will form a marginal part of the company's turnover, it will be interesting to see how the company performs on this front. The stock is trading up by 0.7%.

In another news update, JP Morgan Global Composite Manager's Index (PMI) came in at a three-month low in the month of May. The index tracks both the manufacturing and services sectors in the world economy.

Further, what is more worrying is that the rate of growth in all-industry output and new orders so far during 2016 is among the weakest in the preceding three years. Continuous contraction in exports in India is one measure to gauge the situation prevailing in the global economy.

What is important to note that even after eight years of the beginning of the financial crisis and after unprecedented stimulus measures, the world economy remains mired in low growth. This just goes on to validate our view that zero interest rates and negative interest rates will not help the global economies to recover.

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