Positive Global Cues Lift Indian Market

Wed, 15 Jun Closing

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Indian equity markets flourished in green today as buying activity was seen across capital goods, power and PSU stocks. Positive global markets also boosted the market sentiments in the final hour of trade. At the closing bell, the BSE Sensex closed higher by 331 points, while the NSE Nifty finished higher by 98 points. The S&P BSE Midcap and the S&P BSE Small Cap finished up by 0.6% and 0.8% respectively.

Asian markets finished broadly higher today with shares in China leading the region. The Shanghai Composite is up 1.58% while Hong Kong's Hang Seng is up 0.39% and Japan's Nikkei 225 is up 0.38%. European markets are broadly higher today with shares in France leading the region. The CAC 40 is up 1.49% while Germany's DAX is up 1.01% and London's FTSE 100 is up 0.88%.

The rupee was trading at 67.16 against the US$ in the afternoon session. Oil was trading at US$ 47.96 at the time of writing.

Buying was seen across majority of the auto stocks with Maruti Suzuki and Hero Motocorp leading the gains. Shares of Tata Motors finished the trading day on an optimistic note (up 0.7%) after it was reported that the company's subsidiary -- Jaguar Land Rover (JLR) commissioned its US$ 750 million (Rs 24 billion) manufacturing facility and Education Business Partnership Centre in Rio de Janeiro, Brazil. This new facility will build both, the Range Rover Evoque and Land Rover Discovery Sport models for its Brazilian customers. It will have a maximum capacity of 24,000 vehicles but will produce less than 10,000 units this year.

JLR's new factory at Itatiaia in Rio de Janeiro is the first wholly-owned overseas facility outside of Britain pursuant to its global expansion strategy. As of now, the company operates a Chinese joint venture factory, which was set up in 2014.

JLR, which sold just over half a million cars globally last year, is rapidly expanding its model line-up (Subscription Required) and will have a production capacity of up to 1 million units by around 2020 with a new plant in Slovakia adding to existing output.

The plant also includes Jaguar Land Rover's first overseas Education Business Partnership Centre which will provide a range of classroom activities for up to 12,000 local children each year. Brazil is one of the top 15 markets for the company. Range Rover Evoque, Range Rover Sport and Land Rover Discovery are reportedly the largest selling vehicles in Brazil. The company has 35 dealers covering all the main territories of the country.

Moving on to news from power sector. As per The Economic Times, Tata Power will purchase 25% of Resurgent Power for US$300 million as part of a consortium to primarily buy both coal-fired and hydro power assets in India.

The new joint venture with overseas sovereign and pension funds is part of Tata Power's plan to quickly build a sizable coal and hydro power portfolio. The company reportedly plans to cut down non-performing assets of power producers (Subscription Required) in their books by hawking these assets to cash-rich companies.

Resurgent Power is founded by a consortium of two sovereign funds from Middle East, an overseas pension fund from Canada and local private equity fund ICICI Ventures. Kuwait Investment Authority, Oman State General Reserve Fund, Canadian pension fund Caisse de depot placement du Quebec and local private equity fund ICICI Ventures own the consortium.

The three global funds will invest US$ 500 million and will own 65% stake, while ICICI Ventures will own the remaining 10% stake. Reportedly, the company will be capitalized up to US$ 850 million and can raise up to three times debt of the equity capital.

Tata Power recently HYPERLINK "https://www.equitymaster.com/tm/tm.asp?date=06/14/2016&title=Flat-End-to-the-Day" agreed to acquire renewable energy company Welspun Renewables Energy Pvt Ltd for an enterprise value of Rs 92.5 billion, the largest transaction in the renewable energy space. The acquisition created a clean energy portfolio of 2.3 gigawatts (up from 1.2 GW) for the power major. Tata Power finished up by 1.1% on the BSE.

Power stocks closed on a strong note with Torrent Power and CESC leading the pack of gainers.

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