Sensex Opens Flat; Energy Stocks Rally on Soaring Oil Prices

Thu, 1 Dec 09:30 am

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Asian markets are higher today as Japanese and Hong Kong shares show gains on upbeat views a day after OPEC reached its first deal since 2008 to cut oil production. The Nikkei 225 is up 2.26% while the Hang Seng is up 0.77%. The Shanghai Composite is up by 0.52%. Stock markets in Europe closed their previous session on a strong note.

Meanwhile, Indian share markets have opened the day on a flat note. <>BSE-Sensex is trading higher by 46 points and <>NSE-Nifty is trading higher by 15 points. Meanwhile, both S&P BSE Mid Cap and S&P BSE Small Cap are trading higher by 0.3% and 0.5% respectively. The rupee is trading at 68.53 against the US$. Barring auto and FMCG sector, all the sectoral indices have opened in green. Oil & Gas sector witnessed majority of the buying activity.

According to an article in The Financial Express, Tata Power will sell its 30% stake in Indonesia-based coal company PT Arutmin for a sharply lower consideration of US$ 246.64 million.

The sale consideration is now revised from the earlier value of US$ 390 million, pursuant to closing adjustments relating to certain prior period liabilities. This includes settlement of past claims with mining contractor, pursuant to a court order (about USD 80 million as company's share) and other statutory liabilities (about USD 50 million).

Meanwhile, the company reported a turnaround in second quarter profits. Tata Power yesterday posted a consolidated net profit of Rs. 3.36 billion for the quarter ended on September 30, 2016, on better performance by key Indian subsidiaries as well as Indonesian coal mines.

The company had posted a consolidated net loss of Rs 958 million in the July-September period of previous fiscal. Total income from operations (net) declined to Rs. 72.08 billion in the quarter under review from Rs. 76.66 billion in the year-ago period.

Tata Motor's Performance in Last 4 Quarters

The firm benefited from higher coal prices, dividend income and low finance costs. Barring two units, all key subsidiaries generated operating profits and several reported better operating profits. The recent rebound in coal rates is also likely to benefit Tata Power in the current quarter also.

Tata Power's share price opened the trading day up by 1.3% on the BSE.

In another development, according to Telecom Secretary J.S. Deepak, the Indian telecom sector has received foreign direct investment (FDI) of US$10 billion in the first eight months of the current fiscal. The FDI was US$1.3 billion in 2014-15 and US$2.9 billion in 2015-16.

He stated that Unstructured Supplementary Service Data (USSD) needs to be simplified. The USSD service is used by people using feature phones to check the balance in their bank accounts and transfer money.

The sectoral regulator Telecom Regulatory Authority of India (TRAI) has recently lowered the USSD tariff to a maximum of 50 paise per transaction, from the earlier rate of Rs 1.50 per session.

At a time when the country is undergoing a demonetisation drive of higher denomination Rs 500 and Rs 1,000 notes, every day more and more people are logging into online payment modes and online banking transactions. He was also of the opinion that The burden of enabling IFSC (Indian Financial System Code) and other should move from the payers to the recipient.

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