Energy & Power Stocks Rally

Thu, 22 Sep 01:30 pm

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After opening the session on a strong note, Indian equity markets continue to trade higher amid strong global markets. Barring IT sector, all the sectoral indices are trading in green. Gains are largely seen in oil & gas and power stocks.

The BSE Sensex is trading higher by 227 points and the NSE Nifty is trading higher by 75 point. The BSE Mid Cap index is up by 0.8%, while the BSE Small Cap index is up by 0.7%. The rupee is trading weak at 67.02 to the US$.

According to a leading financial daily, the government is chalking out a plan to eliminate coal import in the country in next three-four months in order to facilitate consumption of the excess fuel created by Coal India.

According to Coal Minister Piyush Goyal, there is an availability of almost 20 days stock and there is not a single plant in the country which is shut due to shortage of coal.

It was earlier reported that the government has decided to push back its target of coal production of one billion tonne by 2020 as it does not have takers for the produce. Coal India had set a target of 598 MT of production in 2016-17.

In other news, Coal India is also reportedly looking at acquiring assets abroad and eyeing assets in SAARC (South Asian Association for Regional Cooperation) and in other areas. The company is currently exploring options in Indonesia, South Africa and Australia.

While it is in talks with the Indonesian government, it has already signed a memorandum of understanding (MoU) with the South African government for acquisition of mines. The company has already surrendered licenses in Mozambique and has requested the government there to give alternative area. Coal India is trading down by 0.5% on the BSE.

After much deliberation and delay, the Mines and Minerals (Development and Regulation) Act, 1957 had been recently revised and Rajya Sabha approved the amended Mines and Minerals Development and Regulation (MMDR) Bill, 2016. In a recent edition of The 5 Minute WrapUp Premium, we looked at the impact of the Act on various mining and metal companies (Subscription Required).

Moving on to news from steel sector. According to an article in The Economic Times, Steel Authority of India Limited (SAIL) is aiming to increase its top-line by 20% to 14.52 million tonnes (MT) this fiscal from 12.1 MT a year-ago. The company is also targeting to increase production by 20% to 17.16 MT in FY17 from 14.3 MT in FY16.

Ramp-up of production from the new units is not only increasing production quantum and leading to better quality of products, but has also helped SAIL in reducing cost of production. Meanwhile, the company has also taken up new projects to improve its product mix and profitability.

As per the reports, higher production from the new units and rationalizing production from cost intensive routes has resulted in reduction in variable cost of production by 10% in January-March of 2015-16 compared to the first quarter of 2015-16 and the same trend continues.

In another development, the setting up of a US$1 billion joint venture factory by the ArcelorMittal and SAIL will be finalized by December according to Steel Minister Chaudhary Birendra Singh.

The proposed JV will construct facilities for manufacturing automotive steel which will offer technologically advanced steel products for India's rapidly growing automotive sector.

India is forecast to become the world's third largest automobile manufacturing nation by 2026, with passenger vehicles likely to grow to over 7 million in the next 10 years.

SAIL is presently trading up by 1.6% on the BSE.

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