Oil & Gas Stocks Rally

Tue, 19 Jul 01:30 pm

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Indian equity markets continue to trade range bound in the noon session amid mixed trends in the international markets. Sectoral indices are trading on a mixed note with stocks from the energy and PSU sectors leading the gains. FMCG and realty stocks are leading the losses.

The BSE Sensex is trading higher by 10 points and the NSE Nifty is trading higher by 8 points. The BSE Small Cap index is trading lower by 0.1% and while the BSE Mid Cap index is trading flat. The rupee is trading at 67.10 to the US$.

Oil & gas stocks are witnessing maximum buying activity with Indian Oil Corporation and HPCL leading the gains. According to a leading financial daily, Oil and Natural Gas Corporation (ONGC) and Oil India (OIL) will have to pay higher royalty following the government decision that oil producers would have to pay royalty to crude oil producing states such as Assam, Gujarat, Andhra Pradesh, Rajasthan and Tamil Nadu at pre-discount rates.

The government decision now means ONGC and Oil India would have to pay royalty to states based on their gross realization on crude sales and not on the net price. The order implies that ONGC and Oil India are faced with an additional royalty burden of more than US$1 billion.

From April 2003, ONGC started paying royalty to the central government for its offshore fields at the post-discount price, while for onshore fields, it paid royalty on the pre-discount price.

ONGC and Oil India are currently trading up by 1.5% and 0.8% respectively.

Moving on to news from FMCG sector. According to a leading financial daily, Dabur India has acquired South Africa-based Discaria Trading, a firm engaged in manufacturing and trading of cosmetics for an undisclosed amount. The company's wholly-owned subsidiary Dabur International has acquired 100% share capital of Discaria Trading.

This marks Dabur's entry in the high-potential South Africa market. The company currently has manufacturing in Nigeria and Egypt, which caters to the North and East African markets.

Reportedly, Dabur plans to set up a greenfield manufacturing facility in South Africa following this acquisition. Dabur is likely to sell its Namaste range of hair care products , which caters to ethnic African population, and cosmetics under the Vatika hair care and DermoViva skin care brands.

In another development, Hindustan Unilever (HUL) has proposed to make an investment of about Rs 10 billion towards the setting up of a new manufacturing unit in the vicinity of its existing factory premises in Doom Dooma, Assam. This investment is subject to receipt of requisite approvals and clearances. The new unit, that is envisaged to be commissioned in early 2017, will augment the production capacity of Personal Care products for HUL.

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