A Firm End to a Volatile Day

Fri, 22 Jul Closing

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Amidst much volatility in today's trading session, Indian equity markets closed in the green on firm European cues. Except IT, all the other sectors closed the day in green today. Stocks from the infrastructure, metals and power pack were in favor today. At the closing bell, the BSE Sensex closed higher by 93 points, the NSE Nifty finished higher by 31 points. The S&P BSE Midcap finished up by 1% while the S&P BSE Small Cap finished up by 0.8%.

Asian markets finished broadly lower today with shares in Japan leading the region. The Nikkei 225 is down 1.09% while China's Shanghai Composite is off 0.86% and Hong Kong's Hang Seng is lower by 0.16%. European markets are higher today with shares in London leading the region. The FTSE 100 is up 0.30% while France's CAC 40 is up 0.22% and Germany's DAX is up 0.18%.

The rupee was trading at 67.14 against the US$ in the afternoon session. Oil prices were trading at US$ 44.67 at the time of writing.

Oil & Gas stocks finished on a firm note with Cairn India and Petronet LNG leading the gains. According to a leading financial daily, ONGC Videsh, the overseas investment arm of ONGC has raised US$1 billion through debt instruments issued in global markets. The company raised US$400 million through senior unsecured notes due 2022 and US$600 million of senior unsecured notes due 2026. The notes are guaranteed by ONGC and have been assigned a Baa2 rating by Moody's and BBB- by S&P.

The transaction is the largest achieved by an Indian insurer in 2016 and the First Dual tranche insurance from India in 2016. The 5.5 year and 10 year notes were oversubscribed 2.2 and 2.3 times respectively across 185 accounts.

The company will use the issue proceed to refinance a part of the bridge loan availed for the acquisition of a 15% equity stake in JSC Vankorneft, Russia. The interest rate is lower than 4.625% OVL had paid on a US$2.23 billion 10-year bond issue in July 2014 to finance its Mozambique gas field acquisition.

In another development, ONGC will have to reportedly shell out Rs 3.92 billion and Oil India Ltd over Rs 11 billion after the government ordered them to pay royalty at gross crude oil price. ONGC is already paying royalty at revised terms to Gujarat which is the third major oil producing state.

ONGC finished flat while Oil India finished down by 0.3% on the BSE.

Moving on to news from FMCG sector. According to an article in The Economic Times, ITC Ltd has planned multiple projects with an outlay of Rs 250 billion over the next five years. The company will focus on nutrition, health and well-being of the FMCG business.

The company's will progressively enter the food business. The products will address widespread concerns of Indian population in areas like diabetes, cognition, gut and cardiovascular health. The company will reportedly soon enter the premium coffee segment under the Sunbean brand.

ITC is making rapid progress in cultivation of medicinal and aromatic plants. The company will increasingly enhance its leadership in the farm-to-fork value chain. The company will also enter perishables, including fruits and vegetables and will establish cost-effective regional cold chains across the country, as per the reports. ITC also has engaged with farmers to implement an integrated farm management program to grow high quality super safe spices.

ITC started off financial year 2016-17 with profit growth of a 10% at Rs 23.84 billion in April-June quarter compared with Rs 21.66 billion in same period last fiscal. Revenue on standalone basis increased 8.3% to Rs 132.53 billion during the quarter from Rs 122.32 billion in corresponding period of last fiscal.

The company's cigarette business (Subscription Required) which contributes 62% of the total revenue registered a 6.4% growth in revenue. While company's FMCG revenue which includes dairy, personal care products, apparel and packaged foods, grew by up 9.5%. The stock of ITC finished the trading day on a negative note (down 0.5%) on the BSE.

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