Sensex Continues to Rise; Tata Group Stocks Surge

Thu, 8 Dec 01:30 pm

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Indian share markets continued to trade strong during the noon session amid firm global markets. All the sectoral indices are trading in green. Auto and metal stocks witnessed majority of the buying activity.

The BSE Sensex is trading higher by 367 points and the NSE Nifty is trading higher by 118 points. Meanwhile, the BSE Mid Cap index & the BSE Small Cap index is up by 1.2% respectively. The rupee is trading at 67.87 to the US$.

According to a leading financial daily, Bharat Petroleum Corporation (BPCL) has inked a Consortium Agreement with Indian Oil Corporation (IOC) and Hindustan Petroleum Corporation (HPCL) on December 07, 2016 to carry out pre-project activities for setting up of a West Coast Refinery & Petrochemical project of approximately 60 MMTPA capacity in the State of Maharashtra through a Joint Venture Company.

The refinery will be India's biggest refinery built at a cost of Rs 30 billion. IOC will hold a 50% stake in the project while BPCL and HPCL will have 25% each. As per the reports, Saudi Aramco of Saudi Arabia are also interested in taking a stake in the project, but nothing has been finalized as yet.

The mega west coast refinery will produce petrol, diesel, LPG, ATF and feedstock for petrochemical plants in plastic, chemical and textile industries in Maharashtra. India has a refining capacity of 232.06 million tonnes (mt), which exceeded the demand of 183.5 mt in 2015-16. According to the International Energy Agency (EA), this demand is expected to reach 458 mt by 2040.

Shares of oil exploration companies are on the rise after the Organization of Petroleum Exporting Countries (OPEC) last week agreed to cut output for the first time since 2008. However, analysts don't see a major upside as investors remain uncertain about these companies' prospects and as they do not expect oil prices to gain significantly from current levels.

The OPEC production cut will help oil prices but upside will be capped as shale gas production will start coming into the market at higher levels. Indian oil exploration and production companies have their own problems of corporate action, government subsidies etc.

In last year, shares of IOC have risen 42%, ONGC has gained 33%, Oil India has gained 13.3%, and Cairn India has surged 98%.

Share Price of IOC and ONGC in Last One Year

Moving on to news stocks in automobile sector. Tata Motors' share price is presently trading up by 3.9% after the company's subsidiary - Jaguar Land Rover (JLR) has reported its best ever November retail sales of 47,588 vehicles, up 2% compared to November 2015. The year-on-year growth in retail volumes was driven by strong sales of the new Jaguar XF (with the addition of the long wheel base XFL in China) and F-PACE as well as continuing solid sales of the Land Rover Discovery Sport and Range Rover Sport.

Jaguar Land Rover delivered solid retail sales growth across the majority of key regions for November year on year, with China (up 42%) and North America (up 20%) partially offset by softer sales in the UK (down 13%), Europe (down 6%) and in other overseas markets, which include Russia and Brazil (down 25%). Jaguar Land Rover sold 527,937 vehicles in the first 11 months of 2016, 21% up on the same period in the previous year. The Jaguar brand continues to show strong growth, primarily driven by XF and F-PACE.

Meanwhile, on the domestic front, Tata Motors snatched a small lead over Mahindra & Mahindra as the third largest passenger vehicle seller in India, in November. Tata Motors sold 12,736 units in November compared with 12,707 units sold by Mahindra & Mahindra in the same period.

Also, for the fourth consecutive month in November, Mahindra lost the country's largest utility vehicle seller status to Maruti Suzuki India. Mahindra had a tough November as most of its products sold in rural and semi urban markets took a knock because of demonetisation.

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