Indian Markets Surge

Wed, 16 Dec 11:30 am

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After opening on a positive note, the Indian Indices surged and are trading well above the dotted line in the morning session amid strong international markets. Majority of the sectoral indices are trading in the green. The buying interest is the highest in oil & gas and realty stocks.

The BSE-Sensex is trading up by 184 points. The NSE-Nifty is trading up by 54 points. The BSE Mid Cap index is trading up 0.9% and the BSE Small Cap index is trading up 0.7%. The rupee is trading at 67.04 to the US$.

According to a leading financial daily, Bharat Heavy Electricals (BHEL) has added one more coal-based power plant to the grid by successfully commissioning a 500 MW thermal generating unit in West Bengal. The 500 MW (Unit 3) was commissioned at the upcoming Sagardighi Thermal Power Extension Project of West Bengal Power Development Corporation (WBPDCL), located at Sagardighi in Murshidabad district of West Bengal. This is the first unit of Phase II (2x500 MW) of the power plant and the second unit is also in advance stage of completion. BHEL has been a major partner of West Bengal in the power development programme of the state. 73% of the coal based generating capacity of West Bengal is equipped with BHEL supplied sets.

BHEL has also established its engineering prowess in the past through successfully delivering higher rated supercritical units of 660 MW, 700 MW and 800 MW ratings with a high degree of indigenization. BHEL has already commissioned 3,750 MW of power plants in the utility sector in the current financial year (FY16) and is on track to achieve the target set by the government for the year.

2015 has been a disappointing year for the Indian engineering industry. Majority of the stocks from the space have underperformed, barring a few exceptions. The broader issue surrounding the sector is that of the economic recovery not panning out as anticipated and the investment cycle not picking up with stalled projects yet to kick off in a big way. In our recent article of 'The 5 Minute Wrap Up Premium', we had outlined the engineering stocks which have underperformed the Sensex and what is expected of engineering sector going forward (Subscription Required).

Buying activity is witnessed across majority of the banking stocks with Yes Bank and Union Bank leading the gains. According to a leading economic daily, HDFC Bank has issued and allotted senior, unsecured, redeemable, long Term, non-Convertible Bonds in the nature of debentures amounting to Rs 29.75 billion (29,750 Bonds of face value Rs 1,000,000 each) on a private placement basis.

The highlight of HDFC Bank's financial performance in the first half of FY16 is the pickup in credit growth. While the bank had started sporting a healthy growth in deposits over past few quarters, the loan book expansion has been most encouraging this quarter. The bank declared the results for the second quarter of financial year ending March 2016 (2QFY16). The bank reported 21.2% YoY and 20.5% YoY growth in net interest income and net profits respectively in 2QFY16. Here is our analysis of the results (Subscription Required).

The stock of HDFC Bank was trading up by 1% on the BSE at the time of writing.

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