Markets Give Up Early Gains

Thu, 17 Dec 11:30 am

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   09:30 am   

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After opening the day on a positive note, the Indian Indices erased their early gains and moved southwards to trade in the red. Sectoral indices are trading on a mixed note with pharma stocks leading the gains and automobile stocks leading the losses.

The BSE-Sensex is trading down 40 points (down 0.2%) and the NSE-Nifty is trading down 10 points (down 0.1%). The BSE Mid Cap index is trading higher by 0.6% while the BSE Small Cap index is trading up 0.8%. The rupee is trading at 66.65 to the US$.

Power stocks are trading mixed with JSW Energy and Tata Power leading the gainers. As per a leading financial daily, the government is planning to double the power transmission capacity in southern part of the country in the next three years. For this, the government is planning to present an amended tariff policy soon to guarantee pick up in more transmission projects via bidding.

Power and Coal minister Piyush Goyal, regarding this, said that many efforts are being made to improvise the transmission sector across various parts of the country. Adding to this he stated that it is for the first time that a government has spent Rs 100 billion to set up transmission and distribution in Northeastern areas of the country.

These reforms come as power distribution companies (DISCOMs) across the country are operating on huge debts. Ironically, some of them do not even have the money to buy power.

Tracking this situation, various initiatives have been taken by the government to aid this dire state of discoms. One of such is a scheme named Ujwal Discom Assurance Yojana (UDAY). Under the scheme the government has allowed state governments, which own the discoms, to take over 75% of the debts as of September 30, 2015 over two years - 50% in 2015-16 and 25% in 2016-17.

Stocks in the engineering space are also trading mixed with Manugraph India and Everest Kanto Cylinder witnessing maximum buying interest. Reportedly, infrastructure major Larsen and Toubro's (L&T) subsidiary L&T Infrastructure Development Projects (L&T IDPL) has received second tranche investment of Rs 10 billion from the Canada-based investment firm Canada Pension Plan Investment Board (CPPIB).

This comes as L&T and Canada Pension Plan Investment Board (through its Singapore subsidiary) had signed an agreement in June 2014 to make investment of Rs 20 billion into L&T Infrastructure Development Projects in two tranches.

As a part of this agreement, this second tranche investment of Rs 10 billion has been made by CPPIB by subscribing to compulsorily convertible preference shares of L&T IDPL.

To remember, the first tranche investment of Rs 10 billion was made on December 16, 2014 and the second was to be invested after 12 months from date of initial investment.

L&T is a technology, engineering, construction and manufacturing company. It operates in three segments Engineering & Construction Segment, Electrical & Electronics segment, Machinery & Industrial Products, and others. The company in its results for second quarter of financial year 2015-2016 (2QFY16) has reported 10.6% YoY growth in sales while net profits have grown 15.6% YoY. Here is our analysis of the results (subscription required). If you are interested in the stock, then this is a must read!

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