Realty & PSU Stocks Trade in the Green

Mon, 4 Jul 01:30 pm

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   09:30 am   

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The Indian Indices continue to remain firm in the post-noon trading session amid strong international markets. Sectoral indices witnessed healthy buying interest with stocks from the realty and PSU leading the gains.

The BSE Sensex is trading higher by 186 points (up 0.7%) and the NSE Nifty is trading up by 52 points (up 0.6%). The BSE Mid Cap index is trading higher by 0.7% while the BSE Small Cap index is trading higher by 1%. Gold prices, per 10 grams, are trading at Rs 31,761 levels. Silver price, per kilogram, is trading at Rs 47,383 levels. Crude oil is trading at Rs 3314 per barrel. The rupee is trading at 67.20 to the US$.

Stocks in the energy sector are trading on a mixed note with ONGC and Oil India Ltd trading in the green. As per an article in a leading financial daily, GAIL India has agreed to extend financial support to Ratnagiri Gas and Power for building a breakwater.

Reportedly, this will allow the company to award the contract for the much-delayed project. One must note that GAIL India holds 25.5% stake in the project. Further, GAIL has invited bids for Dabhol LNG terminal as it cannot operate without a breakwater structure. A breakwater is a barrier built out into the sea to protect a coast or harbor from the force of waves.

Also, government of India eyes at doubling the LNG import terminal in order to meet the growing demand for refineries, fertilizer and power plants.

In another development, GAIL is reportedly going to inject around Rs 200 billion over the next five-six years to build a gas pipeline network in South India. GAIL is also building a 1,104km gas pipeline that will traverse across Kochi, Koottanad, Bangalore and Mangalore.

To know our view on GAIL, you can read our result analysis (subscription required).

GAIL India Ltd was trading down by 0.1% at the time of writing.

Moving on to the news from pharmaceuticals sector. According to a leading financial daily, the pharmaceutical market in India is expected to be worth US$ 55 billion by 2020 as against the current size of US$ 18 billion.

India is the largest provider of generic drugs globally with 20% of exports in terms of volume.

As per the report, India's cost of production is significantly lower than that of the US and that gives a competitive edge to India over others.

Moreover, pharmaceutical exports to the US are rising due to the increasing demand for high quality generic drugs in the market. However, the growth rate for exports of pharma is declining, due to increasing US Food and Drug Administration (FDA) scrutiny on the quality of pharma products manufactured in India.

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