Metal Stocks Out of Favour

Mon, 23 Nov 01:30 pm

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After opening the day firm, the Indian Indices are currently trading on a flat note. Sectoral indices are trading mixed with stocks from the metal and FMCG sectors leading the losses.

The BSE-Sensex is trading lower by 35 points (0.1%) and the NSE-Nifty is trading down by 6 points (0.1%). The BSE Mid Cap index is trading up by 0.4% while the BSE Small Cap is trading up by 0.6%. Gold prices, per 10 grams, are trading at Rs 25,140 levels. Silver price, per kilogram, is trading at Rs 33,320 levels. Crude oil is trading at Rs 2,721 per barrel. The rupee is trading at 66.39 to the US$.

Energy stocks are trading mixed with Petronet LNG and Gujarat Gas Ltd leading the gains. As per an article in Economic Times, Petronet LNG is close to renegotiate a major deal with its Qatar-based supplier Rasgas. The deal pertains to lowering in the costs of gas shipments and avoidance in a US$ 1.5 billion penalty fee for lifting less gas then agreed.

Petronet LNG had reduced its purchases from Rasgas by about a third this year due to rise in prices. This has made the company liable for a US$ 1.5 billion penalty. The company has a 25-year contract with Rasgas to annually buy 7.5 million tonnes of liquefied natural gas (LNG).

Under the new deal, Rasgas will also grant relief to Petronet from paying a US$1.5 billion penalty. This will be on the condition that the Indian firm lifts full volumes in subsequent years.

Petronet currently pays about US$12-US$13 per million British thermal units (mmBtu) for Qatari LNG under deal that began in 2004, compared with around US$7-US$8 per mmBtu for LNG in the spot market. The company has been increasingly substituting costly Qatari LNG with spot shipments. However, the proposed revision should allow it to step up Qatari imports as prices fall.

Stocks in the banking space are also trading mixed with Andhra Bank and Syndicate Bank leading the gainers. As per a leading financial daily, PNB Housing Finance, a subsidiary of Punjab National Bank (PNB), is planning to raise US$75 million from International Finance Corporation (IFC), a member of the World Bank Group.

As reported, the investment will be done by the way of subscription to a secured fixed or floating rate non-convertible debenture (NCD) issued by the company. The funds raised will be used to finance construction of green residential buildings that are certified by recognized green building certification standards.

Punjab National Bank is a state-owned commercial bank located in New Delhi. The Bank is one of the Big Four Banks of India. It recently declared its results for the second quarter (2QFY15) and first half for the financial year (1HFY15). While the net interest income increased by mere 3.4% YoY for the quarter, the net profits shot up by 13.8% YoY. The profits for first half were up by 11.2% YoY. Here is our detailed analysis of the results.

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