Power Stocks Lead the Gains

Fri, 8 Jan 01:30 pm

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After opening firm, the Indian indices continued to trade in the green during the post noon trading session. Sectoral indices are trading on a positive note with stocks from the energy, IT and power sectors leading the gains.

The BSE Sensex is trading up 153 points (up 0.6%) and the NSE Nifty is trading up 48 points (up 0.6%). The BSE Mid Cap index is trading up 1.2% while the BSE Small Cap index is trading up by 1.3%. Gold prices, per 10 grams, are trading at Rs 25,872 levels. Silver price, per kilogram is trading at Rs 33,844 levels. Crude oil is trading at Rs 2,278 per barrel. The rupee is trading at 66.67 to the US$.

Energy stocks are trading on an encouraging note with Gujarat State Petronet and Gujarat Gas leading the gainers. As per an article in Economic Times, power and fertilizer companies will benefit from the deal between Qatar's RasGas and <>Petronet LNG. The deal is likely to help these companies in buying more gas at cheaper rates from the state-run company and boost their margins.

The major impact is likely to be on the fertilizer industry. The decrease in RasGas LNG prices would lead to decrease in subsidy receivables (subscription required) and working capital requirements of these companies. Further, it will lead to a decrease in interest cost due to lower working capital needs in case of delays in subsidy payments. This can in turn is expected to aid their profitability. The benefit is also likely to be passed on to gas transmission and marketing companies.

To note, Petronet LNG renegotiated a major deal with its Qatar-based supplier Rasgas in December. The deal was regarding lowering in the costs of gas shipments and avoidance of a US$ 1.5 billion penalty fee for lifting less gas then agreed. On December 30, the contract was reworked which lowered the price of the imported fuel by 50%. With this, the price of gas is now expected to decline to US$ 6-7 per million British thermal units (Btu) from US$ 12 per million Btu earlier.

Presently the stock of Petronet LNG is trading up by 0.9%.

Stocks in the automobile space are also trading firm with Tata Motors and Escorts witnessing maximum buying interest. As per a leading financial daily, Mahindra & Mahindra (M&M) is planning to roll out two more passenger cars/utility vehicles this financial year. With this, the company will complete its planned launch of 10 vehicles during 2015-16.

The first launch will be KUV 100 which will be rolled out on January 15. The second launch is said to be of new Quanto. While the KUV 100 will come packed with a petrol engine option, the Quanto will be upgraded.

Recently, the company launched a premium pickup Imperio that sports SUV looks with car like comforts and gives better performance. The same was launched with four variants of two single cabin options and two double cabin options.

While many companies in the automobile space have made new launches recently, the ban on registration of diesel vehicles came as a shock for these players. One of our charts shows how automakers are affected by these regulatory changes. Read it here.

Scrip of M&M is trading up by 0.7% on the BSE.

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