Share Markets Open the Week on a Strong Note

Mon, 3 Oct Closing

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Indian equity markets surged in today's trade as expectations of a rate cut by the central bank lifted the sentiments. Auto makers such as Maruti Suzuki and Hero Motocorp rallied after reporting strong sales for September. At the closing bell, the BSE Sensex stood higher by 377 points, while the NSE Nifty finished up by 127 points. Mid-Caps and Small Caps performed the worst. The S&P BSE Mid Cap & the S&P BSE Small Cap finished up by 2.4% and 2.7% respectively. Gains were largely seen in consumer durables stocks and realty stocks.

Asian markets finished broadly higher with shares in Hong Kong leading the region. The Hang Seng is up 1.23%, while Japan's Nikkei 225 is up 0.91% and China's Shanghai Composite is up 0.21%.

European stock markets opened the trade with minor gains, lingering concerns over Deutsche Bank still weighed on the minds of some investors. The leaders of some of Germany's largest firms have rallied to defend Deutsche Bank, after a week of market turmoil in which the bank's shares hit record lows on fears it will be crippled by a US$14bn (£10.5bn) penalty from the US authorities.

The rupee was trading at 66.53 against the US$ in the afternoon session. Oil prices were trading at US$ 48.73 at the time of writing.

Share price of Bharat Heavy Electricals Limited (BHEL) surged (up 1.9%) in today's trade after the company bagged two contracts worth Rs 4.3 billion for Renovation & Modernization (R&M) of Hydro Electric Plants (HEPs). The R&M order is of 6x60 MW Balimela HEP of Odisha Hydro Power Corporation (OHPC) and the 3x60 MW Bairasiul HEP of National Hydro Power Corporation (NHPC).

The units at both Balimela and Bairasiul have been in operation for over 35 years and the R&M of these units will result in restoration of output capacity, improvement in efficiency and reduction in auxiliary power consumption, in addition to leading to better plant availability.

BHEL's scope of work in the orders envisages design, engineering, manufacturing, supply, dismantling, erection, testing and commissioning of critical parts of Turbines, Generators, Governors, Controls & Instrumentation, Protection and Balance of Plant. Major equipment for these contracts will be manufactured and supplied by BHEL's plants at Bhopal, Jhansi and Bengaluru.

The stock price of BHEL has surged more than 20% in the last six months.

Moving on to news on mining sector. According to a leading financial daily, Vedanta Resources has paid more than US$2 billion (nearly Rs 133.05 billion) in taxes, royalties, license fees and other payments to India in the last financial year ended March 2016.

In total, the firm has paid about US$2.18 billion (nearly Rs 145.02 billion) in taxes, royalties, license fees and other payments to countries where it does business, most of which was paid to India (around US$2.11 billion or nearly Rs 140.37 billion) in 2015-16.

The company has paid around US$1.53 billion (nearly Rs 101.78 billion) to India in taxes, royalties, license fees and other payments for its subsidiary oil firm Cairn India, while it has paid close to US$530 million (nearly Rs 35.26 billion) for the zinc miner Hindustan Zinc Ltd (HZL) in the last fiscal. Similarly, Vedanta has paid more than US$54 million for Vedanta Copper in India.

Meanwhile, Vedanta will invest up to Rs 30 billion in copper operations to double the capacity to 800,000 tonnes by 2019, making the firm India's largest producer of the metal.

Copper, which accounts for over 30% of Vedanta's total revenue, is an important industrial metal with extensive use in sectors such as power, telecom, consumer durables and electrical goods. The company has been granted around 250 acres of land by the Tamil Nadu government in the special economic zone area in Titucorin, where it will set up another smelter of 400 kilo tonnes capacity. Vedanta ended the day on a strong note (up 4%) on the BSE.

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