MidCaps Buck Weak Trend

Tue, 16 Aug Closing

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Indian equity markets continued to trade in red in the afternoon session. At the closing bell, the BSE Sensex stood lower by 88 points, while the NSE Nifty finished down by 30 points. Meanwhile, the S&P BSE Mid Cap finished up by 0.6% and S&P BSE Small Cap indices finished flat. Losses were largely seen in IT & auto stocks.

Asian markets finished broadly lower today with shares in Japan leading the region. The Nikkei 225 is down 1.62%, while China's Shanghai Composite is off 0.49% and Hong Kong's Hang Seng is lower by 0.09%. European markets are trading mixed to lower. Shares in Germany are off as the DAX drops 0.21%. The FTSE 100 is down 0.08%, while the CAC 40 in France is unchanged.

The rupee was trading at 66.90 against the US$ in the afternoon session. Oil prices were trading at US$ 45.99 at the time of writing.

As per an article in a leading financial daily, Bharat Heavy Electricals Ltd (BHEL) has secured an order for setting up of Solar Photovoltaic (SPV) Power Plants on engineering, procurement and construction basis from West Bengal State Electricity Distribution Corporation (WBSEDC).

Reportedly, the order at Rs 1.7 billion for installation of 30 MW (3×10 MW) SPV was placed in a letter of intent by WBSEDC.

Notably, BHEL also bagged EPC orders from Neyveli Lignite Corporation and Bharat Electronics for setting up of a 65 MW SPV Power plant in Tamil Nadu this year. Moreover, a 15 MW SPV Power plant in Telengana is currently under execution.

BHEL had earlier bagged EPC orders from NTPC for a 50 MW SPV plant in Andhra Pradesh and Madhya Pradesh each. This also takes the company further into the domain of SPVs power plants, a direction that the BHEL intends to increasingly foray into over the long term. BHEL finished the day down by 0.7% on the BSE.

In another development, L&T has been identified as Implementation Partner to convert Nagpur into the country's first large-scale integrated Smart City as per a Letter of Intent from Maharashtra government. This is in line with the government's vision to use vanguard technology for creating smart solutions to improve quality of life of citizens.

The scope of work in Phase 1 for L&T's Smart World Communications business vertical, which is a part of L&T Construction, will cover laying of 1,200 km of optical fiber network backbone, creating 136 City Wi-Fi hotspots at key locations, establishing 100 digital interactive kiosks and developing city surveillance systems with 3800 IP based cameras. L&T finished the day on an encouraging note (up 1.2%) on the BSE.

According to an article in The Financial Express, ONGC, IOC and BPCL have booked 60% of the capacity of Swan Energy Ltd's upcoming floating LNG terminal off the Gujarat coast. This will give Swan Energy much-needed backing to complete the Rs 56 billion project.

ONGC, IOC and BPCL have agreed to take one million tons per annum capacity each on the 5 million tons a year floating LNG terminal planned at Jafrabad port in Gujarat. Gujarat State Petroleum Corp Ltd (GSPC) too is in talks to take 1.5 million tons capacity in the floating, storage and regasification unit (FSRU).

The companies hiring the capacity will bring their own LNG from abroad and pay Swan a tolling fee. Swan Energy is building the project in joint venture with Exmar of Belgium. Exmar is known as a pioneer in floating regasification solutions for having introduced world's first FSRU in 2005.

ONGC and IOC own 12.5% stake each in Petronet LNG Ltd, which owns and operates a 10 million tons a year liquefied natural gas (LNG) import terminal at Dahej in Gujarat. This terminal is being expanded to 15 million tons by next month. While Petronet expanded the Dahej terminal on premise of leasing out the capacity to third parties, the company also has a 5 million tons a year LNG import facility at Kochi on the west coast.

As per the reports, GSPC is building its own LNG terminal in joint venture with Adani Group at Mundra in Gujarat by 2017. Also on the west coast is an under-utilized 5 million tons Dabhol LNG import terminal, operated by state gas utility GAIL India Ltd.

Oil & Gas stocks were in demand today as oil prices surged near five week highs and also fuelled by talks that oil producing nations may take action, possibly freezing output, to rein in inflating oversupply. BPCL and Cairn India led the pack of gainers.

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