Realty & IT Sectors Lead Gains

Mon, 20 Jun 01:30 pm

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After opening the day on a flat note, the Indian indices registered gains and continued to trade in the green during the post-noon trading session. Sectoral indices are trading on a positive note with stocks from the realty and information technology (IT) sectors leading the gains.

The BSE Sensex is trading up 163 points (up 0.6%) and the NSE Nifty is trading up 46 points (up 0.6%). The BSE Mid Cap index is trading up 0.2% while the BSE Small Cap index is trading up by 0.3%. Gold prices, per 10 grams, are trading at Rs 30,560 levels. Silver price, per kilogram is trading at Rs 41,852 levels. Crude oil is trading at Rs 3,335 per barrel. The rupee is trading at 67.37 to the US$.

Stocks in the engineering space are trading on a mixed note with Shanthi Gears and Opto Circuits leading the losses. As per an article in the Economic Times, German industrial conglomerate Siemens AG and Spain's Gamesa Corporación Tecnológica SA have agreed to merge their wind power operations. This binding deal would create one of the world's largest wind-turbine makers.

The combined business will have 21,000 employees and an installed power base of 69 gigawatts (GW). Siemens will hold a 59% stake in the merged entity, while Gamesa will hold the balance 41%. As part of the merger, Siemens will fund a cash payment of Euros 3.75 per share, which will be distributed to Gamesa's shareholders upon completion of merger.

The new company will have its legal domicile in Spain and will remain listed in Spain.

The Indian subsidiary of Gamesa contributes close to 29% of the global sales. Siemens is a top player in offshore wind energy space. While Gamesa has very little presence in this segment, the global strength of Siemens in terms of its technology and reach could bring lot of synergies for the Indian subsidiary of Gamesa. Gamesa would also benefit from the enlarged profits that would accrue on balance sheet of the combined outfit post-merger.

Reportedly, India intends to scale up its wind energy capacity to 60 gigawatts by 2022 from around 27 gigawatts currently. The above development bodes well for Siemens. It will increase the renewable energy base and aid the profitability of the company in the coming days. One must note that Piyush Goyal- minister of power, coal and renewable energy had earlier stated that India has a US$250 billion investment opportunity in the renewable energy space. Further, the India Government has set a target of 175 GW of renewable energy capacities by 2022 with a capital outlay of US$160 billion including equity of US$40 billion. (1 gigawatt = 1,000 megawatts)

Presently the stock of Siemens is trading down by 0.8%.

Moving on to the news from Chemicals & Fertilizers space. Tata Chemicals Ltd has temporarily closed down two units of Di-ammonium Phosphate (DAP) at Haldia plant in West Bengal. The company has decided to supply DAP to its customers from inventory in hand and imports with effect from 19 June 2016.

However, production of Single Super Phosphate (SSP) will remain unaffected. The company will notify the exchange as and when production of DAP resumes. Also, during FY16 the prices of DAP have declined to US$340-350 per tonne from US$440 per tonne previous year.

Tata Chemicals reported consolidated net profit of Rs 2.42 billion in Q4 March 2016 compared with consolidated net loss of Rs 0.74 billion (Subscription Required) in the previous year. Net sales rose 8.7% in Q4 March 2016.

The company derives around 90% of its topline from two segments: fertilisers and inorganic chemicals. In our recent articles, we have discussed ValuePro /em> portfolio> (Subscription Required). The stock of Tata Chemical is trading down by 0.6% at the time of writing.

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