Oil & Gas Stocks Bleed

Wed, 10 Aug 01:30 pm

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Following a negative trend since morning, the Indian indices have continued to remain under pressure in the post noon trading session. Sectoral indices are trading on a negative note with stocks from the consumer durables, oil & gas sectors bearing the maximum brunt.

The BSE Sensex is trading lower by 227 points (down 0.8%) and the NSE Nifty is trading lower by 76 points (down 0.9%). The BSE Mid Cap index & BSE Small Cap index are both trading up 0.8%. Gold prices, per 10 grams, are trading at Rs 31,492 levels. Silver price, per kilogram is trading at Rs 47,168 levels. Crude oil is trading at Rs 2,836 per barrel. The rupee is trading at 66.72 to the US$.

Environment Minister Anil Madhav Dave recently announced that India will launch extensive research into solar power use with the vision of ending the burning of wood forever.

Notably, India is amongst the top 122 fortunate countries where sunlight is available 10 months of the year. The onset of this research initiative by India would bring about a revolution in this field, he added.

Rahul Shah, Co-head of Research, pointed out that a few of the solar projects are already running into financial troubles. Can we rule out a similar fate for the other solar projects? Click Here to read more.

The Minister also said that India was leading on the commitment given during the Paris meet on carbon emission. Under the Paris agreement, the developed countries have committed to mobilize US$100 billion per year and increase it beyond US$100 billion per year post 2020.

Speaking of solar industry, we have compared the power generation costs from solar versus the other sources (Subscription Required) in one of the premium editions of The 5 Minute Wrap Up.

Moving on to the news from chemical & fertilizers sector. According to an article in a leading financial daily, Tata Chemicals Limited sold off its business of sale and distribution of urea and customized fertilizers to Europe-based Yara for Rs 26.7 billion.

The plant located in Uttar Pradesh has an annual production of 0.7 million tonnes ammonia and 1.2 million tonnes urea.

Reportedly, the agreement will be subject to regulatory approvals and sanctions by the relevant courts in India.

Further, this process of divestment by Tata Chemicals is in line with the strategic direction of the company to continue to strengthen the fertilizer businesses (Subscription Required) by partnerships with world class companies. It will allow the urea business to have the benefit of International network of Yara and its global expertise, the reports noted.

Going forward, whether this acquisition unleashes the potential to improve agricultural productivity further will be the key thing to watch out for.

In view of Tata Chemicals' financials, Radhika Pandit, Managing Editor of ValuePro has spoken about Tata Chemicals' performance recently (Subscription Required).

Subscribers can also access to latest result analysis on our website.

Tata Chemicals was trading up by 8% at the time of writing.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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