Indian Indices Open Firm

Mon, 3 Oct 09:30 am

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Major Asian stock markets have opened the day on a positive note with the stock market in

Japan and Hong Kong are trading higher by 1% and 1.4% respectively. Stock markets in the US and Europe too ended their previous session on Friday in green with benchmark indices in Germany ending the day higher by 1%.

The rupee is currently trading at 66.6 per US$.

Indian stock markets have opened the day on a positive note. The BSE Sensex is trading higher by 131 points (up 0.5%) and NSE Nifty is trading higher by 55 points (up 0.6%). Both, BSE Mid Cap and BSE Small Cap are trading higher by 0.5% and 0.7% respectively.

Major sectoral indices have opened the day in green with stocks from automobile and realty sector witnessing buying interest.

As per an article in Livemint, Central Electricity Regulatory Commission (CERC) which formulates the tariff regulation for the power sector has tightened National Thermal Power Corporation (NTPC) fuel cost recovery norms for some plants.

CERC has approved a lower energy charge rate than was sought by NTPC. This may possibly lead to significant under-recoveries and dent the earnings of the company. However, NTPC is expected to contest this decision in the higher courts.

Going forward, the trend in power demand will be the key metric to watch out for. The government has launched the 'Ujwal Discom Assurance Yojana (UDAY)' scheme; which would provide a certain amount of financial relief to the State Electricity Boards (SEBs).

This in-turn will aid the SEBs to buy more power from the generation companies. Currently, on account of their poor financial health, SEBs is reluctant to buy power from the power generators.

Having said that, the situation at SEBs will only improve if they engage in tariff hikes. While some states have taken tariff hikes recently, many states have yet not taken the same on account of political pressures. The increase in tariff hike does not bode down well with the political parties as it takes a toll on their vote bank.

To add to this, these SEBs had aggregate technical and commercial losses of 24.6% in 2013-14. And this ratio hasn't improved significantly since then. This means that a major portion of the power that is used is not paid for.  Unless these issues are addressed, the situation at the SEBs is not going to change drastically even after implementation of UDAY. This in-turn is a bad signal for the company as their main customers are these SEBs.

Click here to read our latest result update on the company. The stock is trading lower by 0.07%.

In another news update, Tata Motors is planning to increase the prices of its passenger vehicles in the upcoming festive season.

The price rise would help the company to partially offset the rise in the input costs. This in-turn will help it to maintain their operating margins.

The company has not taken a price hike since long. Whereas, other industry players have taken a price hike a couple of times in the past twelve months.

The company sells a range of passenger vehicles, including the entry level small car Nano, newly launched hatchback Tiago and crossover vehicle Aria at a price range of Rs 2.15 lakh to Rs 16.3 lakh.

Going forward, the demand for Jaguar Land Rover (JLR) and an improvement in the fundamentals of its Indian business will be the key things to watch out for. The stock is trading higher by 1.6%.

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