Oil & Gas Stocks in the Lead

Fri, 16 Sep 01:30 pm

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Indian Indices continued to book profits during the post-noon trading session amid strong international markets. Barring metal stocks, major sectoral indices are trading on a positive note with stocks from the FMCG, oil & gas leading the gains.

The BSE Sensex is trading higher by 307 points (up 1%) while the NSE Nifty is trading higher by 87 points (up 1%). The BSE Mid Cap index is trading higher by 1% and BSE Small Cap index is trading higher by 0.9%. Gold prices, per 10 grams, are trading at Rs 30,860 levels. Silver price, per kilogram is trading at Rs 45,497 levels. Crude oil is trading at Rs 2,908 per barrel. The rupee is trading at 66.88 to the US$.

Oil & gas stocks are trading on a mixed note with IOC & Chennai Petroleum Ltd heading the gains. In the bi-weekly review of fuel prices, oil companies raised the cost of petrol by 58 paise a litre. However, diesel price was slashed by 31 paise a litre.

Consequently, petrol per litre from Friday will cost Rs 64.21 in Delhi, Rs 67.42 in Kolkata, Rs 69.13 in Mumbai and Rs 63.76 in Chennai. Similarly, diesel per litre will cost Rs 52.59 in Delhi, Rs 54.89 in Kolkata, Rs 58.10 in Mumbai and Rs 54.06 in Chennai.

One shall note that, Petrol and diesel prices are deregulated in India. This means they are linked to market rates. Further, Indian Oil Corp (IOC), Bharat Petroleum Corp and Hindustan Petroleum Corp revise rates of the fuels on the 1st and 16th of every month based on the average oil price and foreign exchange rate in the preceding fortnight.

Meanwhile, it was reported that, India's fuel demand in August rose 11.4% from a year earlier, driven by a spurt in transportation fuels. Both diesel and petrol led the way, growing at 14% and 25% respectively on a YoY basis during the month.

Apparently, the ban on diesel vehicles in the National Capital Region and increased sales of two-wheelers and passenger vehicles led to a surge in petrol consumption that hit a new high, the report noted.

Considering oil & gas sector, government is looking to merge 13 state oil companies to create a giant corporation. The idea is that the creation of such a giant firm will catapult India into a much bigger league. Whether this highly ambitious plan will be successfully executed is a big question.

Moving on to the news from IT sector. As per an article in a leading financial daily, Wipro Limited and Reltio announced a partnership to develop faster and cost effective Master Data Management (MDM) solutions. Reltio is an enterprise data-driven applications and offers modern data management Platform as a Service (PaaS).

Reportedly, this agreement will allow the use of new MDM architecture with big data technologies. This will help to deliver pre-configured, industry-specific data models in an accelerated timeframe. Further, it will also help customers stave off scale and performance challenges by leveraging next generation technologies such as Big Data, NoSQL, Analytics, and Machine Learning.

Going forward, whether Wipro's expertise in MDM along with Reltio's products help customers reap the benefits of the early adoption and provide them with a future-proofed investment will be the key thing to watch out for.

In another development, Wipro has set up a research facility to develop software applications using blockchain. Blockchain, in simple terms, is a universal ledger that maintains records and manages transactions through a reliable publicly accessible database. The technology eliminates the need of a central authority (for example a bank) to authenticate a transaction.

As per the reports, Wipro is working on a few projects using blockchain technology for its banking clients. The technology can offer an alternative to the current global money-transfer network SWIFT. Moreover, leveraging blockchain technology will enable companies such as Wipro and its local rivals, Infosys and TCS, to help their clients cut costs and improve productivity, the reports noted.

Wipro was trading up by 0.1% at the time of writing.

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