Power Stocks Lead the Gains

Thu, 24 Dec 01:30 pm

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After opening flat, the Indian indices witnessed some marginal movements and continued to trade near the dotted line. Sectoral indices are trading mixed with stocks from the capital goods and power sectors leading the gains.

The BSE Sensex is trading lower by 5 points (0.02%) and the NSE Nifty is trading down by 4 points (0.1%). The BSE Mid Cap index and the BSE Small Cap are trading positively, both up by 0.5%. Gold prices, per 10 grams, are trading at Rs 25,067 levels. Silver price, per kilogram, is trading at Rs 34,215 levels. Crude oil is trading at Rs 2,491 per barrel. The rupee is trading at 65.97 to the US$.

Stocks in the mining space are trading on a mixed note with MMTC and Vedanta leading the gains. As per a leading financial daily, Coal India Ltd (CIL) has signed a memorandum of understanding (MoU) with Indian Railways. The same is with an investment of Rs 50 billion for the procurement of 2,000 wagons to meet the company's rising transportation needs. The development comes as the production of Coal India has grown by 8.8% during April-November 2015 and the company is eyeing to achieve its target of producing 1 billion tonnes of coal by 2020.

As per the signed MoU, CIL is intending to make an initial investment of Rs 5 billion. The same will go up to Rs 50 billion in order to procure 2,000 wagons with 25 tonne axle load capacity. Indian Railways, for this, has already modified the 22.9 tonne axle load wagons to the newly designed 25 tonne axle load wagons with 9% extra carrying capacity. It is all set to introduce 5,000 such wagons by February next year.

To note, Indian Railways used to load an average of 186 rakes of coal per day from Coal India sidings till the end of November in 2014-15. Further to that, in the current year, the loading from Coal India sidings has increased to 205 rakes per day. This records an increase of 10.3% during April-November, 2015.

Coal India Ltd is a 'Maharatna' Public Sector Undertaking (PSU) under Ministry of Coal, Government of India. The company has its headquarters at Kolkata, West Bengal. The company is the largest coal producing company in the world based on their raw coal production. Presently its stock is trading up by 0.6%.

Meanwhile, Sun Pharmaceutical Industries has informed that its wholly owned subsidiary Sun Pharma Laboratories has raised Rs 10 billion. Funds were raised on a private placement basis by allotment of 10,000 unsecured redeemable non-convertible debentures of face value of Rs 10 lakh each.

The debentures will be listed on BSE under two series with series 1 debentures comprising of 5,000 debentures amounting to Rs 5 billion and having a tenor of 24 months. Further, the series 2 debentures will comprise of 5,000 debentures amounting to Rs 5 billion with a tenor of 39 months.

On a separate note, the company has recently entered into a tripartite research and option agreement with Israel-based Weizmann Institute of Science and Spain's Health Research Institute of Santiago de Compostela (IDIS). The purpose of the venture is to develop breakthrough products for the treatment of neurological diseases like brain stroke; as well as glioblastoma, a lethal brain cancer.

Sun Pharmaceutical Industries is an international specialty pharma company. It manufactures and markets pharmaceutical formulations as branded generics, as well as generics in India, the US and several other markets across the world. The company's recent performance has been impacted by supply constraints at Halol, loss of market share in some of its key products in US, muted growth in the domestic business and currency volatility in emerging markets.

The domestic market grew by just 1% YoY for the quarter (subscription required). This was largely on the back of inventory rationalization, weak acute segment and withdrawal of bonus schemes. Stock of the company is currently trading up by nearly 0.2%.

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