Dull End to the Week

Fri, 30 Sep Closing

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After trading near the dotted line in the noon session, Indian markets finished the trading day marginally higher amid mixed global markets. At the closing bell, the BSE Sensex closed higher by 38 points, whereas the NSE Nifty finished up by 30 points. Meanwhile, mid-caps and small caps rallied in today's trade. The <>S&P BSE Midcap& the S&P BSE Small Cap finished up by 2% and 2.1% respectively. Gains were largely seen in realty and oil & gas stocks.

Asian markets finished mixed as of the most recent closing prices. The Shanghai Composite gained 0.21%, while the Hang Seng led the Nikkei 225 lower. They fell 1.86% and 1.46% respectively. European markets are lower today with shares in France off the most. The CAC 40 is down 1.42% while Germany's DAX is off 1.10% and London's FTSE 100 is lower by 0.98%.

The rupee was trading at Rs 66.66 against the US$ in the afternoon session. Oil prices were trading at US$ 47.25 at the time of writing.

According to an article in The Economic Times, Tata Steel plans to produce 11.3 million tonnes (mt) of steel this fiscal year. The company had an output of 10.3 million tonnes last year. It is expecting to produce 9.8 mt of crude steel from its 10 mt plant at Jamshedpur. Tata Steel has committed to production of 1 mt at the 3 mt plant commissioned this May at the company newest steel plant at Kalinganagar in Odisha.

The year hasn't been the best for Tata Steel which continued to report consolidated losses (Subscription Required). The company's Managing Director wants the two Tata Steel operations, Europe and India, to be judged as separately as their respective challenges and markets are. In a year when steel prices remained under intense pressure, Tata Steel India managed to post an operating profit margin of 20-21%.

After a subdued first quarter, Tata Steel is reportedly taking solace in positive demand it is seeing from areas such as railways and power transmission. Demand is also improving in the rural areas as sales of tractors and motorcycles have been on the rise for the last three months. Indian steel consumption is expected to increase 5-6% this financial year.

While iron ore prices have fallen significantly, those of met coal, another key raw material, have doubled in the last few weeks. Tata Steel imports about two-thirds of its coal requirements, while the rest being met by its coalmines at Jharia in Jharkhand.

The Indian steel industry has been able to persuade the government to introduce a minimum import price to discourage dumping of steel, mainly by China. But the minimum price didn't really do much for domestic steel prices that has remained subdued. Tata Steel finished up by 1.8% on the BSE.

Moving on to news from power sector. NTPC is reportedly on course to implementing the country's largest 1 GW (1000 MW) solar photo-voltaic power generation park at Kadiri in Anantapur district of Andhra Pradesh (AP). Phase one of the project of 250 MW has been completed and has commenced power generation. The balance 750 MW will be completed by next fiscal, once all the clearances are secured and power purchase agreements inked.

The power generation major NTPC has an installed capacity of 265 MW of solar photo-voltaic power generation in the South, which includes a 250 MW solar PV unit at Anantapur, a 5 MW unit at Port Blair in the Andaman & Nicobar Islands and a 10 MW solar PV plant in Ramagundam.

When completed, the Anantapur solar power park will be the largest single location solar unit in the country with an installed capacity of 1 GW. Another mega solar park of 1 GW is also being co-developed near Kurnool in Andhra Pradesh, where NTPC will be engaged with the state government and its utilities.

The company is also at an advanced stage of evaluating potential in setting up wind power projects with the southern states offering immense scope in wind energy. The company soon expects to finalize the plans.

The company recently announced the listing of its Rs 20 billion Green Masala Bonds on the Singapore Stock Exchange. The Masala bonds will be used for financing renewable energy projects. NTPC finished the day down by 0.7% on the BSE.

Power stocks finished on a firm note with Torrent Power Ltd and PTC India Ltd leading the gains.

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