Indian Share Market Opens Flat

Tue, 8 Nov 09:30 am

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Barring Japan, major Asian stock markets have opened the day on a positive note. Stock market in Indonesia and China are trading higher by 0.9% and 0.4% respectively.

Stock markets in Europe and the US ended their previous session on an encouraging note with benchmark indices in US ending the day higher by 2%.

The United States of America (USA) will vote for the much awaited presidential elections later in the day today with the results expected to be out by tomorrow morning.

The rupee is currently trading at 66.71 per US$.

Indian share markets have opened the day on a flattish note. The BSE Sensex is trading higher by 78 points (up 0.3%) and NSE Nifty is trading higher by 42 points (up 0.5%). Both, BSE Mid Cap and BSE Small Cap are trading higher by 0.3% each.

Major sectoral indices have opened the day on a positive note with stocks from automobile sector are witnessing maximum buying interest.

ICICI Bank reported its results for the quarter ended September 2016. The key takeaway from the results is the growing concern over their bad loan scenario. Fresh slippages during the quarter amounted to a massive Rs 80.2 billion. This in-turn led to the banks gross non-performing asset (NPA) doubling to Rs 321.7 billion at the end of September quarter as compared to a year ago period. As a percentage to total loans, the ratio of gross NPAs stood at 6.8% at the end of September quarter as compared to 3.7% in the year ago period.

The bank had created a watch list of loans worth Rs 440.6 billion at the end of the March quarter. The watch list comprises of loans which are at a risk of slipping into the non-performing asset category. This watch list now stands at Rs 324.9 billion as at September 2016 as about Rs 91.1 billion of loans from the watch list have gone bad between April and September.

Further, the bank's exposure to stressed sectors continues to be in the lower double digits. Loans to stressed sectors such as iron, steel, power, mining stood at 11.9% as at September end. However, the company is working on a strategy to reduce the exposure towards these sectors.

On account of higher slippages, provisions rose to 651% YoY to Rs 70.8 billion during the quarter, which in-turn dragged the profitability of the company. Profits grew marginally by 2.4% YoY aided by gains made from the sale of ICICI Bank shares in its life insurance arm.

A check on the asset quality and the watch list will be the key things to watch out for. The share price of ICICI Bank is trading higher by 2.8%.

In another news update, spot electricity rates continue to remain high in the Southern part of India as compared to other geographies. The spot rate of electricity in South on the Indian Energy Exchange (IEX) stood at Rs 2.75 per unit as compared to Rs 2.49 in the north and Rs 2.4 in the eastern and western parts. The prices in the southern region remain high mainly on the back of congestion in the transmission corridor. Having said that, the spot prices have reduced significantly as compared to a few years back.

Another important point to note here is that the off take from renewable projects is reducing on the back of lower spot prices of electricity.  The spot price at the power exchange market is hovering somewhere around Rs 2.41/ KWH.

Whereas, tariffs in some of the agreements that these DISCOMS have signed with renewable developers are as high as Rs 7/KWH. Burdened with a huge pile of losses, the DISCOMs are increasingly shifting to purchase cheaper power from the power exchanges. This puts into jeopardy the massive renewable projects that are scheduled to come up going forward.

Owing to this, stranded capacities could build up in-turn hampering the return ratios. Reportedly, solar power offtake is already seeing curtailment in the state of Rajasthan and Tamil Nadu.

Recently, we had written an article stating the major flaw in the US$ 100 billion solar sector. Click here to read this interesting piece.

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