Global Cues Weigh on Markets

Thu, 16 Jun Closing

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Indian equity markets languished in the red today reflecting negative sentiments across the globe. At the closing bell, the BSE Sensex closed lower by 201 points, the NSE Nifty finished lower by 66 points. The S&P BSE Midcap the S&P BSE Small Cap finished down by 0.4% and 0.6% respectively. Losses were largely seen in banking and capital goods sectors.

Asian markets finished broadly lower today with shares in Japan leading the region. The Nikkei 225 is down 3.05%, while Hong Kong's Hang Seng is off 2.1% and China's Shanghai Composite is lower by 0.5%. European markets are trading lower today with shares in Germany off the most. The DAX is down 0.72%, while France's CAC 40 is off 0.69% and London's FTSE 100 is lower by 0.58%.

The rupee was trading at 67.21 against the US$ in the afternoon session. Oil prices were trading at US$ 47.49 at the time of writing.

Engineering stocks finished on a negative note with Manugraph India and Opto Circuits leading the losses. According to a leading financial daily, Crompton Greaves is all set to sell its global automation business ZIV in order to increase focus on its India businesses. The company plans to sell at a valuation of US$112 million (Rs 7.54 billion) by September 2016.

The sale of its automation business comes against the backdrop of the company selling its transmission and distribution business abroad to US-based private equity firm First Reserve International at an enterprise value of around Rs 8.66 billion on a debt-free, cash-free basis. The company also, in April last year, had sold its consumer electronics business for Rs 20 billion to a clutch of private equity firms and listed it on the Indian stock exchanges. The group's promoter company had sold its power business to Adani group in 2015. Crompton Greaves finished the day down by 1.4% on the BSE.

The engineering industry in India has grown tremendously over the years. But that growth has been marked by extreme volatility. Over the last eight years, the sector has seen numbers ranging from an output growth of 48% YoY in one year, to a contraction of 6% YoY in another. In our recent edition of The 5 Minute WrapUp Premium, we have discussed the factors one should look for when picking an engineering stock (Subscription Required).

Moving on to news from the power sector. Tata Power's fully-owned subsidiary Tata Power Renewable Energy Ltd has reportedly issued Non-Convertible Debentures (NCDs) worth Rs 5.75 billion on a private placement basis.

The NCDs carry a spread of 0.14% above HDFC Bank's six months marginal cost of funds based lending rate (MCLR). The bank's six months MCLR is at 9.1%. The proceeds from the NCDs will be used to prepay existing higher cost debt of the renewable energy company. The NCDs have been rated AA(SO) by CARE Ltd.

In another development, public sector power generator NTPC has traded 3.7 million units of surplus power on Indian Energy Exchange (IEX) till date according to an article in The Economic Times. Reportedly, NTPC has traded surplus power from its four thermal power stations including Vindhyachal and Unchahar at the IEX for the first time.

The decision for sale of power through exchange is based on the amendment issued to Tariff Policy in January, allowing the generating companies to sell surplus power in the market with the consent of beneficiary and share the incremental gain with them.

Selling pressure was seen across the power stocks today with Gujarat Industrial Power and GVK Power and Infra bearing the majority of the brunt.

The power sector is going through troubled times. The State Electricity Boards (SEBs) that buy power from generators are reeling under huge losses and bloated debt. The government program 'Ujwal Discom Assurance Yojana' (UDAY) for SEBs holds hope to revitalize the power sector (Subscription Required). This is because unlike the previous bail-out packages that were provided for debt restructuring, UDAY offers a framework for the long-term revamp of SEB operations.

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