PSU, Oil & Gas Stocks Rally

Mon, 25 Jul 01:30 pm

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Indian Indices moved higher during the post noon trading session with investors indulging in some strong buying activity. Sectoral indices are trading in green with stocks from the PSU and oil & gas leading the gains.

The BSE Sensex is trading higher by 200 points (up 0.7%) and the NSE Nifty is trading higher by 59 points (up 0.7%). The BSE Mid Cap index is trading higher by 0.8% while the BSE Small Cap index is trading higher by 1%. Gold prices, per 10 grams, are trading at Rs 30,746 levels. Silver price, per kilogram, is trading at Rs 46,070 levels. Crude oil is trading at Rs 2,984 per barrel. The rupee is trading at 67.29 to the US$.

As per an article in a leading financial daily, Indian Oil Corporation (IOC) is considering to buy Gujarat State Petroleum Corp's (GPSC) stake in Mundra LNG import terminal in Gujarat. Mundra terminal worth 45 billion is currently under-construction.

GSPC has offered 50% stake in the terminal to IOC. Presently, GSPC LNG holds 50% interest in the project. Adani Group holds 25% while the remaining 25% is to be offered to a strategic partner.

Reportedly, IOC wants GSPC to remain as a part of the project. The terminal is not linked with any pipeline for shipping gas to consumers. To place a pipeline to the adjoining grid, it requires state government support and with GSPC on board.

But GSPC is planning to sell the 5 million tonnes a year LNG import terminal project together with storage and re-gasification facilities. The Mundra terminal is expandable up to 10 million tonnes per annum in near future, the reports stated.

Moving on to the news from banking sector. According to an article in The Economic Times, The Reserve Bank of India (RBI) has imposed a penalty of Rs 50 million on Bank of Baroda (BoB).

The penalty follows the RBI carrying out investigation and noting deficiencies which were reflective of weaknesses and failures in internal control mechanisms. As per the BSE filling, discrepancies with respect to certain AML (anti-money laundering) provisions such as monitoring of transactions, timely reporting to FIU (Financial Intelligence Unit), and assigning of UCIC (unique customer identification code) to customers were identified.

Reportedly, Bank of Baroda has assured that it has implemented corrective action plan to reinforce internal controls and ensure that such instances do not repeat.

The observation came as part of inspection done by the central bank after last year's BoB case in which Rs 61 billion import remittances were effected by its Ashok Vihar branch. All the remittances were made to Hong Kong, the reports stated.

The bank said it has fully cooperated with the RBI during the process, leading to the conclusion of its findings.

Subscribers can also access to BoB's latest result analysis our website (subscription required).

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