Automobile Stocks in Demand

Wed, 17 Aug 11:30 am

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After opening the day on a flat note, the Indian stock markets continued to trade in a similar fashion. Barring stocks from information technology sector, all the major sectoral indices are trading on a positive note with automobile sector stocks leading the gains.

The BSE Sensex is trading higher by 70 points (up 0.2%) and the NSE Nifty is trading marginally higher up by 7 points (up 0.1%).The BSE Mid Cap and the BSE Small Cap indices have surged and are trading higher by 0.6% and 0.7% respectively. The rupee is trading at 66.77 to the US$.

As per an article in a leading financial daily, wind energy sector is losing its shine as solar energy is taking a center stage. Two reasons have primarily led to the downfall in the wind energy sector. One being, the withdrawal of taxation benefits in wind energy. Second being, the government's increased focus on solar energy and the recent policy changes.

In the wind energy sector, the government has proposed to end generation-based incentives (GBI) for independent power producers (IPPs) and reduce the accelerated depreciation (AD) benefits to 40% from the current 80%. Further, the government is also looking to move to a new system of reverse bidding for certain wind energy projects versus the current cost plus mechanism.

To add to this, the cost of solar equipment has fallen way more as compared to the wind turbine generator. Reportedly, over the past five years, wind turbine generator (WTG) costs have fallen by around 20% while those of solar modules have fallen by about 80%.

Solar energy is the flavor of the season. However, investors should not get carried away by the hype surrounding solar power projects. Recently, we had written an article stating the major flaws in the US$ 100 billion solar sector. Click here to read this interesting piece.

In another news update, Power Grid Corporation of India (PGCIL) reported its results for the quarter ended June 2016. The company's net profit grew by 32% YoY to Rs 18 billion during the quarter. The profits grew on the back of robust project capitalization of Rs 297 billion in the trailing four quarters.

However, the company could only capitalize Rs 25 billion in the quarter ended June. There were minor delays in the completion of Champa-Krukshetra and second pole of Agra-NE line. Both the lines are now expected to be completed in the second quarter of FY17.

Further, the revenues from telecom and consultancy business grew by 25% YoY and 35% YoY during the quarter.

Increasing competitive scenario and success in Tariff Based Competitive Bidding Projects (TBCB) will be the key things to watch out for going forward. The stock is trading down by 0.4%.

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