Indian Markets Drift Southwards

Tue, 29 Dec 01:30 pm

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After trading in the positive during early trade, the Indian indices gave up their gains and went on to trade in the red during the post noon trading session. Sectoral indices are trading on a mixed note with stocks from the capital goods, realty and FMCG sectors bearing the maximum brunt.

The BSE-Sensex is trading lower by 31 (down 0.1%) and the NSE-Nifty is trading down by 20 points (down 0.3%). The BSE Mid Cap index is trading up by 0.3% while the BSE Small Cap index is trading down by 0.3%. Gold prices, per 10 grams, are trading at Rs 25,240 levels. Silver price, per kilogram, is trading at Rs 33,742 levels. Crude oil is trading at Rs 2,465 per barrel. The rupee is trading at 66.28 to the US$.

Stocks in the power space are trading mixed with KSK Energy leading the losses and Reliance Infra leading the gains. As per an article in Economic Times, the government is in the process of granting electricity transmission connectivity to 20 power plants with a generation capacity of 11,000 MW (mega watt). This records a substantial development in the sector during the current fiscal as against the last year. The quantum of applications granted during 2013 and 2014 were only to the order of 1,300 MW and 1,450 MW respectively.

During the current fiscal, connectivity for 5,500 MW has already been granted. Furthermore, electricity transmission capacity of southern states has been increased by 71% during the last 18 months. The same was undertaken with the commissioning of new lines.

With all of these many initiatives, the average transfer capacity of south India is expected to increase to 18,000 MW by 2019-20. This will be as against the present capacity of 5,900 MW.

The power sector's woes have been going on for a while now. First it was the concern related to the distribution companies and their massive losses due to poor collection efforts, high debt on books as well as issues relating to power theft. Later came in the many problems surrounding fuel prices and supply. With all these concerns, the government felt it necessary to take concrete steps in improving the health of these distribution companies. A chain of reforms were undertaken for the revival of this sector. Some of them to be named are easing coal and gas availability, providing zero cost loans to state distribution companies (discoms), expediting project clearances and a push to renewable energy. One hopes that the sector is finally on the road to recovery.

Stocks in the engineering space are also trading mixed with EMCO Ltd and TRF Ltd leading the losses. As per a leading financial daily, Larsen & Toubro's (L&T) subsidiary - L&T Infotech is looking to raise over Rs 20 billion through an initial public offering (IPO) in the fourth quarter of the current fiscal (Q4FY16). As stated by the company, the issue proceeds will be used to fund its future growth plans.

The company had filed a draft red herring prospectus with the Securities and Exchange Board of India (SEBI) for the IPO in September 2015. The issue comprises an offer for sale of up to 1.75 crore equity shares of the face value Rs 1 each by Larsen & Toubro.

Indian markets have been flooded with IPOs in the recent times. Further with SEBI notifying new norms for e-IPOs, the primary markets are likely to witness a heightened activity in the coming days. However, should you buy into this IPO boom? One of our recent articles from The 5 Minute WrapUp attempts to answer this question. You can read it here.

Presently the stock of L&T is trading down by 0.4%.

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