Markets Finish in Red

Tue, 5 Jul Closing

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   Pre-Open   

   09:30 am   

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   01:30 pm   

After trading flat during the morning session, Indian indices witnessed selling pressure towards the end amid weak European markets. At the closing bell, the BSE Sensex closed lower by 112 points, the NSE Nifty finished lower by 35 points. The S&P BSE Midcap & the S&P BSE Small Cap also finished down by 0.1% each. Losses were largely seen in metal and capital goods' stocks.

Asian markets finished mixed as of the most recent closing prices. The Shanghai Composite gained 0.60%, while the Hang Seng & the Nikkei 225 fell 1.53% and 0.67% respectively. European markets are broadly lower today with shares in Germany off the most. The DAX is down 1.53% while France's CAC 40 is off 1.48% and London's FTSE 100 is lower by 0.23%.

The rupee was trading at 67.40 against the US$ in the afternoon session. Oil prices were trading at US$ 47.70 at the time of writing.

Power stocks finished the day on a negative note with Power Grid Corp. and Gujarat Industrial Power leading the losses. According to a leading financial daily, power generation has grown by 9.5% this year so far, which is almost double of 5.65% achieved during 2004 to 2014. The power industry has made a near two fold growth from the previous year.

The Power Minister Piyush Goyal has said that power generation growth was recorded at 5.65% during 2004 to 2014, 5.02% in 2012-14 and 7.03% in 2014-16. Goyal further said that there was 87% reduction in energy shortage in the two years of governance from 110 million units (mu) to 14 million units (mu).

As per the Vidyut Pravah application to monitor power demand on the basis of data provided by states, the electricity deficit came down to 14 mu in July this year from 110 mu in the same month in 2014 and 62 mu in 2015 . Also, the power is available (Subscription Required) across the country at Rs 2.31 per unit in most states.

In another development, NTPC will not import any coal this year for the second year running. It plans to source its entire requirement of 155 million tonnes domestically to run 40 GW of thermal capacity. NTPC is looking to simplify its coal supply logistics now that it has government clearance to get its coal from sources that reduces cost. Cheapest coal would be sent to the most efficient plants so generation cost declines.

Moving on to news from cement sector. As per a leading financial daily, Ultratech Cement has struck a deal with Jaypee Group to bag the cement assets of the company for Rs 162 billion. Jaypee Group's cement operations have a total capacity of 17.2 million tonnes per annum (MTPA) spread across Uttar Pradesh, Madhya Pradesh, Himachal Pradesh, Uttarakhand and Andhra Pradesh.

In addition, UltraTech will acquire a 4 MTPA grinding unit that is currently being constructed in Uttar Pradesh. The company will pay an additional Rs 4.7 billion for completing the unit.

The Jaypee Group had a consolidated debt of Rs 582.5 billion as of March 2016. Jaiprakash Associates owes over Rs 300 billion to a consortium of lenders led by ICICI Bank and the sale of its cement business (Subscription Required) is very crucial for the promoters to continue in business. Jaiprakash Associated is the flagship company of Jaypee Group. Jaiprakash Associates finished the day up by 28% on the BSE.

Meanwhile, the Ramco Cements has received Environment Clearance (EC) for expansion of its captive power plant at Alathiyur in Tamil Nadu at a cost of about Rs 214 million. The company has proposed augmenting of the power generation capacity of the Captive Power Plant (CPP) at Alathiyur by adding 6 MW turbines based on air-cooled condensers, taking the total power generation to 42 MW.

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