Sensex Up 50 Points, Metal & Power Stocks Shine

Tue, 1 Nov 01:30 pm

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The Indian share markets continue to trade flat with positive bias during the noon trading session with metal & power stocks witnessing majority of the buying activity. Meanwhile, losses are largely seen in consumer durables & IT sector.

The BSE Sensex is trading higher by 50 points (up 0.2%) while the NSE Nifty is trading higher by 30 points (up 0.3%). The BSE Mid Cap index is trading up by 0.3% while BSE Small Cap index is trading up by 0.2%. Gold prices, per 10 grams, are trading at Rs 30,072 levels. Silver price, per kilogram is trading at Rs 42,719 levels. Crude oil is trading at Rs 3,148 per barrel. The rupee is trading at 66.69 to the US$.

Oil & gas stocks are trading on a mixed note with Cairn India and Chennai Petroleum leading the gains. As per an article in Business Standard, Indian Oil Corporation (IOC) has hiked prices of non-subsidized Liquefied Petroleum Gas (LPG), or cooking gas. The subsidized cooking gas has been hiked by Rs 2 per cylinder. This is the sixth such hike in four months since July this year.

Post the price revision, effective from 1 November, every 14.2 Kilogram cylinder of subsidized LPG will cost Rs 430.64 in Delhi as compared to the existing rate of Rs 428.59. Similarly, cylinder prices will cost Rs 432.64 in Kolkata, Rs 460.27 in Mumbai, and Rs 418.14 in Chennai.

One must note that, the prices of petroleum and LPG cylinders are revised at every fortnight by the oil corporations. The three major oil corporations, Indian Oil Corporation, Hindustan Petroleum and Bharat Petroleum, restructure the prices as per the flexibility given to them by the government. The retailers take into account the international price of the oil over the past 15 days.

In another development, it was reported that, Reliance Industries Ltd (RIL) and one of its foreign partners, Niko Resources, may be slapped with a penalty of around US$1.2 billion. RIL was alleged to migrate gas from an Oil and Natural Gas Corporation (ONGC)-owned block in the Krishna-Godavari basin for commercial purposes.

Reportedly, the penalty figure is calculated by taking into account the capital and operational expenditure RIL must have incurred while taking out the migrated gas. ONGC had brought the migration to the directorate's notice in July 2013. It had earlier argued that the quantification of the penalty should be done on the basis of the migrated gas that RIL produced.

According to a leading financial daily, Brickwork Ratings India has downgraded <>Tata Steel Ltd as part of a review. Following the sudden ouster of Cyrus Mistry as chairman of Tata Sons, the rating agency downgraded credit ratings for Tata Steel's (TSL) non-convertible debentures and perpetual debt to negative from stable.

Reportedly, Brickwork Ratings revised the rating to BWR AA with Negative Outlook from BWR AA+ with Stable Outlook for the unsecured Non-Convertible Debenture (NCD) issues. Further, it also revised rating to BWR AA- with Negative outlook from BWR AA with Stable outlook for the unsecured subordinated perpetual Debt Issue of TSL. The revised rating however continues to place the company in the high degree of safety category with regard to the services to debt.

The agency said the rating revision reflected uncertainty over vital decisions such as cost cutting, deleveraging the balance sheet because of the unprofitable UK operations and the restructuring its European business.

Radhika, our ValuePro editor has written a full series about which Tata Group companies are investment worthy and which are not.

Shares of Tata Steel were trading up by 3%.

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