Realty & Metal Stocks Tumble

Mon, 12 Sep 01:30 pm

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Indian equity markets continue to witness selling activity in the noon session on weak global markets and renewed talk of a possible rate hike by the Federal Reserve as early as this month. Barring IT sector, all the sectoral indices are trading in red. Losses are largely seen in realty and metal stocks.

The BSE Sensex is trading lower by 378 points and the NSE Nifty is trading lower by 125 point. The BSE Small Cap index is down by 2.3%, while the BSE Mid Cap index is down by 1.5%. The rupee is trading weak at 66.68 to the US$.

Power stocks are witnessing heavy selling activity with GVK Power and Infra and Reliance Infra leading the losses. According to a leading financial daily, Tata Power and ICICI Venture have entered into a collaboration to invest in operational and almost ready power projects. Tata Power's wholly-owned subsidiary Tata Power International Pte Limited and ICICI Venture today announced the creation of a platform company to facilitate investment in power projects (Subscription Required).

As per the reports, ICICI Bank will make 10% investment in equity capital. Tata Power will be a strategic partner and will provide operations and maintenance services to assets acquired by the platform. It was further reported that ICICI Bank will invest in pro-rata with other stakeholders based on period capital calls.

The platform company will raise an initial capital of up to US$ 850 million to be contributed by the sponsors and partner investors either directly or through their affiliates. The platform targets acquisition of controlling stakes in power generating companies, both conventional thermal, hydroelectric and transmission assets in India.

India expects about US$250 billion investments into India's power and coal sector in the next four years as the government plans to come out with new norms for the industry.

Moving on to news from automobile sector. Tata Motors reported a 16% rise in global sales at 86,288 units, including that of Jaguar Land Rover (JLR) vehicles, in August. The company had sold 74,639 units in August 2015.

In the passenger vehicles category, global sales stood at 56,104 units last month as against 44,956 units during the same period a year ago, up 25%.

Sales of luxury brand Jaguar Land Rover grew 28% to 42,260 units in August compared with 33,103 units in the same month last year. Sales of commercial vehicles remained flat at 30,184 units from 29,683 units in the year-ago month.

Industry analysts feel sales are likely to remain buoyant in the coming months (Subscription Required) on account of a slew of positive factors such as good monsoon and upcoming festival season.

Meanwhile, the company along with its domestic partner TMT Motors of Vietnam, announced the launch of its first product in the country - the Tata SuperAce, a versatile mini-truck. The company has launched the vehicle in the Vietnam market, a year after foraying into Vietnam.

Tata Ace family has surpassed over 1.5 million sales globally since 2005. With the 'SuperAce', the company is perfectly positioned to fuel the potential growth, encouraging first time commercial vehicles customers to enter and successfully compete in the transportation space.

Tata Motors sells the model in Indonesia, Philippines, Thailand, South Africa, Sri Lanka, Bangladesh, Ghana, and India. Tata motors have opened the trading day down by 3.3% on the BSE.

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