IT Stocks Plunge

Fri, 15 Jul 01:30 pm

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Indian indices are trading marginally lower during the post noon trading session. Sectoral indices are trading on a mixed note with stocks from the metal and auto trading in green while IT and power are bearing the maximum brunt.

The BSE Sensex is trading lower by 61 points (down 0.2%) and the NSE Nifty is trading lower by 9 points (down 0.1%). The BSE Mid Cap index is trading higher by 0.6% while the BSE Small Cap index is trading lower by 0.2%. Gold prices, per 10 grams, are trading at Rs 31,059 levels. Silver price, per kilogram, is trading at Rs 47,570 levels. Crude oil is trading at Rs 3,027 per barrel. The rupee is trading at 67.08 to the US$.

As per an article in The Economic Times, India and Bangladesh have agreed to jointly build the 1,320 megawatt (MW) coal-fired power plant at Rampal in Bangladesh. A US$1.49bn contract in this regard has been awarded to Bharat Heavy Electricals (BHEL).

Reportedly, the contract will set up two thermal power plants of 660 MW each for the Bangladesh-India Friendship Power Co. (Pvt.) Ltd (BIFPCL). BIFPCL is an equal joint venture between India's NTPC Ltd and Bangladesh Power Development Board. BHEL was selected by BIFPCL following an international open bidding process.

Backed by funding from Indian Exim Bank, the project construction is expected to commence in three to four months. Presently, Bangladesh is buying power from ONGC Tripura Power Co. Ltd.

Further, the contract scope involves engineering procurement construction (EPC) package for the main plant in the project.

Moreover, because of geographical proximity, both the nations have advantages in closer cooperation in energy, infrastructure and trade.

During the fourth quarter of FY 2015-16, BHEL reported a 21% YoY decline in sales, and a 60% YoY fall in net profits. To know our view on BHEL, you can read our result analysis (subscription required).

The scrip of BHEL was trading down by 0.5% at the time of writing.

Moving on to the news from consumer durables sector. According to a leading financial daily, Titan Company Ltd is acquiring 62% stake in Carat Lane for Rs 3.57 billion.

Titan is going to acquire 1,91,42,545 equity shares representing approximately 62% of Carat Lane share capital.

The Chennai-based Carat Lane is an online e-commerce jewelry company targeting young customers. Further, Carat Lane had revenue of Rs 1.4 billion in 2015-16, up from Rs 1.3 billion in 2014-15.

Reportedly, Titan will benefit from the significant capabilities in the e-commerce space as a result of the acquisition. This will be accompanied with a brand, a customer segment and a business model.

Going forward, with the existing online players will Titan's deal sustain the competition in this space will be a key thing to watch out for.

Subscribers can access Titan Company Ltd.'s latest result analysis (subscription required) on our website.

Titan Company Ltd was trading up by 2.2% while writing.

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