Markets Trade Marginally Lower

Wed, 13 Jul 11:30 am

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   09:30 am   

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After opening the trading day on a lackluster note, Indian markets are trading marginally negative amid mixed Asian markets. Sectoral indices are trading mixed with realty and power stocks leading the losses, while metal and oil & gas stocks are in demand.

The BSE Sensex is trading lower by 40 points and the NSE Nifty is trading lower by 20 points. The BSE Mid Cap index is trading down by 0.6% while the BSE Small Cap index is trading lower by 0.8%. The rupee is trading at 67.19 to the US$.

Energy stocks are trading on a firm note with ONGC and Cairn India leading the gains. According to a leading financial daily, Cairn Energy has raised a US$ 5.6 billion compensation demand from the Indian government for a breach in an investment treaty. Cairn initiated arbitration proceedings after the Indian authorities demanded Rs 102.47 billion from Cairn Plc.

The I-T Department had in January 2014 sent a draft tax assessment of Rs 102.47 billion to Cairn Energy on alleged capital gains it made on its 2006 transfer of Indian assets to a new subsidiary, Cairn India, and subsequent listing of the firm. Cairn had raised US$ 2 billion from what was then India's biggest IPO.

The compensation demand will reportedly hurt India's international business reputation.

Cairn Energy has transferred control of its Indian subsidiary, Cairn India, to Vedanta group, but had retained a 10% holding for some time but these shares were frozen by the tax department, leading to a huge fall in market value of Cairn (Subscription Required).

The stock price of Cairn India is presently trading up by 5.6%.

According to a leading financial daily, Tata Power has decided to raise Rs 35 billion through issuance of non-convertible debentures (NCDs) in one or more tranches on a private placement basis.

The tenor of these securities will not exceed 3 years (Debentures) from the date of issue on private placement basis. The board of company at its meeting held on July 11, 2016 has approved for the same.

The Company together with its subsidiaries and jointly controlled entities has an installed gross generation capacity of 9184 MW and a presence in all the segments of the power sector. Tata power is presently trading down by 0.5%.

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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