Sensex & Nifty Marginally Higher; Oil & Gas Stocks Rise; ONGC Up by 1.8%

Thu, 6 Oct 01:30 pm

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Indian share markets are trading marginally higher during the post-noon trading session amid firm Asian markets. Sectoral indices are trading mixed with stocks from PSU, oil & gas sector leading the gains. While, healthcare & IT stocks are trading lower.

The BSE Sensex is trading higher by 90 points (up 0.3%) while the NSE Nifty is trading higher by 29 points (up 0.3%). The BSE Mid Cap index is trading up by 0.5% and BSE Small Cap index is trading up by 0.6%. Gold prices, per 10 grams, are trading at Rs 29,824 levels. Silver price, per kilogram is trading at Rs 42,464 levels. Crude oil is trading at Rs 3,297 per barrel. The rupee is trading at 66.65 to the US$.

Stocks from oil & gas sector are trading on a positive note with only Castrol India Ltd and Gujarat State Petronet trading in the red. As per an article in a leading financial daily, the Indian government approved a deal on purchasing a 11% share in Russia's oil company Vankorneft by Oil and Natural Gas Corporation (ONGC)'s ONGC Videsh Limited (OVL). OVL will be paying an amount of US$ 930 million for acquiring stake in Vankorneft.

Reportedly, the acquisition of stake in Vankorneft will provide 3.2 Million Metric Ton of Oil Equivalent (MMTOE) to OVL by 2017. It will also enable Indian PSUs to acquire new technologies from Rosneft.

It must be noted that, OVL had completed the formalities on acquisition of 15% stake in Vankorneft at a cost of US$ 1.3 billion which gave OVL 4.11 MMTOE. Further, this move is in line with ONGC's stated objective of adding high quality international assets to India's Exploration and Production portfolio. thereby augmenting India's energy security.

Moreover, Oil India Limited (OIL), Indian Oil Corporation Limited (IOCL) and Bharat PetroResources Limited (BPRL) recently had acquired 23.9% stake in Vankorneft. It was acquired a cost of US$ 2020.35 million which will give them 6.56 MMTOE, the reports noted.

In the oil & gas sector, the 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.

Currently, shares of ONGC are trading up high by 1.8%.

Moving on to news from FMCG sector. As per an article in Livemint, Dabur India Ltd will introduce the make-up and beauty brand, Jaquline USA to India.

Reportedly, Dabur will market Jaquline USA through NewU, a retail chain owned by its subsidiary H&B Stores. The NewU stores are lifestyle retail stores under the company name of H&B Stores Ltd, which is a 100% subsidiary of Dabur India Ltd. It operates about 70 stores across the country.

Further, the launch also marks the India entry of Jaquline USA, a brand owned by Fem Care Pharma in the US. The new brand Jaquline USA will feature a range of make-up & beauty products.

Notably, the overall beauty and personal care market in India is estimated at Rs 747 billion by retail sales value. Whether, Dabur's foray further boosts its presence in the beauty care market will be the key thing to watch out for going ahead.

In another development, it was reported that, India's fast moving consumer goods (FMCG) is currently valued at US$ 49 billion. The market is expected to grow to US$104 billion by 2020. The contributing factors would be a steady economic growth, rising share of organised retail, improving awareness, and a favourable demographic dividend, the reports noted.

Further, the share of online sales of FMCG products globally accounted for around 5% in 2015. However, India only accounts for a share of just 0.68% of the global FMCG market. Nevertheless, globally FMCG sector is expected to grow at CAGR of 4.4%, which when compared to India is slower. were trading up by 1.5%.

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