Indian Markets Trade in the Green

Thu, 30 Jun 11:30 am

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After opening the day on a positive note, the Indian stock markets continued to trade in the green. Sectoral indices are trading on a positive note with stocks from the banking, auto and realty sectors leading the gains.

The BSE Sensex is trading up 208 points (up 0.8%) and the NSE Nifty is trading up 60 points (up 0.7%). The BSE Mid Cap index is trading up by 0.8%, while the BSE Small Cap index is trading up 0.9%. The rupee is trading at 67.59 to the US$.

Stocks in the mining space are trading on a mixed note with Hindustan Zinc and National Mineral Development Corporation (NMDC) leading the gains. As per a leading economic daily, India's coal imports fell by about 5% in April-May to 35.85 million tonnes (MT). This was due to rise in domestic production.

The fall in imports during the above two months helped the government save around Rs 43 billion equivalent of foreign exchange.

Coal is a primary fuel used for electricity generation. Although the state owned Coal India has a monopoly in mining and related activities, it is not able to meet the growing energy needs of the country. And as a result, India still needs to import thermal coal.

As per the industry body Indian Chamber of Commerce, coal and allied industries in India would need an investment of over 10,000 billion to achieve the coal production target of 1.5 billion tonne by 2019-20. An addition of 700 million tonne (MT) of coal production capacity by the above period would require an investment between Rs 130-150 billion on coal mines itself.

One must note that the ministry has taken initial steps towards commercial mining and sale of coal in India. The ministry has declared to allot the mines to states that would be free to sell the mined coal to interested industries. For this, the Centre has identified 16 coal mines with an estimated annual capacity of around 40 MT.

A state would be able to own a mine in other states as well and use it for commercial purposes. The coal ministry has already invited applications from state utilities with allotments expected to be made in August after the coal ministry scrutinizes the applications and makes the allocations.

We think commercial mining of coal is a step in the right direction. The move, coupled with the above projected investments, could open up many avenues in the mining sector and will pave way for further reforms.

Most of the stocks in the energy space are trading on a positive note with Mangalore Refinery and Petrochemicals Limited (MRPL) and Castrol India witnessing maximum buying interest. As per a leading financial daily, GAIL India has begun supplying gas to the Indian unit of the world's largest automotive aluminum wheel producer Wanfeng Group.

The gas supplied is imported liquefied natural gas (LNG). The company is supplying this gas to Wanfeng Group through Sultanpur-Neemrana gas pipeline. Reportedly, it will supply 25,500 standard cubic meters per day of gas for five years.

As per the sources, gas supplies to Wanfeng Group is provided as a part of government's programme to push for manufacturing in the country through the 'Make-in-India' initiative.

GAIL (India) Ltd is India's flagship natural gas company. It is an integrated energy company along the natural gas value chain with global footprints. In its results for the quarter ended March 2016 the company reported 18.3% year on year (YoY) decline in sales and 50.8% YoY growth in the bottom-line for the quarter. To know our latest view on GAIL, you can read our result analysis (subscription required).

Presently the stock of the company is trading up by 0.7%.

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