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Indian markets continue to trade firm
Tue, 22 Jul 01:30 pm

Indian stock markets continued trade in the upward trajectory led by strong buying in the index heavyweights stocks during the previous two hours of trade. Except capital goods, all sectoral indices are trading in the positive territory. Energy and metals stocks are finding maximum buying opportunites.

The BSE-Sensex is trading up by 250 points and the NSE-Nifty is trading up 64 points. The BSE Mid Cap index is trading up 0.4% and the BSE Small Cap index is trading up 0.6% today. The rupee is trading at 60.23 to the US dollar.

Most energy stocks are trading firm today led by Reliance Industries and Gujarat Gas, whereas Petronet LNG is trading weak. As per a leading business daily, Gas Authority Of India Ltd. (GAIL), which had earlier resisted plying Indian made LNG importing vessels, has agreed to allow indigenously made vessels in its USD 7.5 bn 20 years LNG importing plan as per the government stern direction. The earlier resistance was mainly due to the India lacking experience and technical competence in building highly specialized vessels. Also in case of delay in the delivery of ships, GAIL will have to pay billion dollars of penalty and liabilities to the seller in the US as well as gas buyers back home. The company has issued tender offer to hire nine newly build LNG ships in a lot of three ships each. And in each lot one ship will be built in India which will get delivery time of 6 years as compared to 3 years for foreign shipbuilders. This move is likely to boost the Indian shipping industry. Gail stock is trading up by 0.5%.

All steel stocks are also trading firm except Tata Steel, which is trading marginally lower. Tata Steel plans to raise up to USD 3.2 bn for repayment of debt and capital expenditure for its new plant in Odisha. For this, the company has already started the process of raising foreign currency debt. The fund raising is supposed to be in a combination of bonds and loans. The company has to repay debt worth about Rs 37 bn in 2014 and Rs 297 bn in 2015. As of FY14, the company has net debt of Rs 705 bn with debt to equity ratio of 1.9 times. The company raised huge debt earlier to fund its acquisition in the midst of slowdown in its European business.

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