Sensex Opens Flat; Coal India Down 1%

Mon, 16 Jan 09:30 am

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Asian markets are lower today. The Nikkei 225 is down 1.07% while the Hang Seng is down 1.13%. The Shanghai Composite is trading down by 1.42%. Stock markets in the US & Europe ended their previous session on a positive note.

Meanwhile, Indian share markets have opened the trading day on a flat note with a negative bias. The BSE Sensex is trading lower by 35 points while the NSE Nifty is trading lower by 17 points. The BSE Mid Cap index and BSE Small Cap index both have opened the day down by 0.1%. The rupee is trading at 68.23 to the US$. Sectoral indices have opened the day mixed with consumer durables and realty stocks witnessing maximum buying interest. While, IT and capital goods stocks are trading in the red.

Mining stocks have opened the day on a mixed note with GMDC and Moil Ltd trading in the red. According to an article in a leading financial daily, Coal India Ltd (CIL) announced that its subsidiary Central Coalfields Ltd (CCL) has increased its coking coal prices and will earn additional revenue of Rs 899.8 million for the remaining period of the current fiscal. CIL's arm Bharat Coking Coal Limited (BCCL) raised coking coal price by about 20%, which is likely to help the PSU earn an additional revenue of Rs 7 billion for the remaining part of 2016-17 and Rs 29.9 billion in 2017-18.

Reportedly, as per the Coal Consumers Association of India (CCAI), hike in coal prices by CIL's subsidiaries will impact power consumers as energy cost will firm up by Rs 0.20-0.40 per unit while the increase in coking coal and washery grade prices by Central Coalfields will affect the sluggish steel sector.

One must note that, power producers such as NTPC, DVC, West Bengal Power Development Corporation Ltd and the state boards of Punjab, Haryana and Uttar Pradesh all source coal from these subsidiaries. They also also supply coal to SAIL, besides fertiliser units and coal washeries.

Moreover, for the first time in the history of CIL, a particular quality has been linked to the import parity price and it has been increased by 99% at one go. However, in its observation, CCAI said, though the Centre is discouraging import of coal, consumers are compelled to import the dry fuel due to pricing reasons.

The overall impact is huge on power houses buying coal from BCCL as well as steel industry which is reeling under dampening demand. The government is discouraging imports, while Coal India is providing import substitute from domestic sources. However, power utilities along with steel and related industries buying coal from BCCL and CCL will now be compelled to source from imported options.

Coal India ltd share price opened the day down by 1%.

In another news update, it was reported that, India's gold imports registered a sharp fall of 55% by value (in dollar terms) in the month of December 2016 as compared to the previous month.

In November, gold imports spurted 23.24% to US$4.36 billion from US$3.54 billion in November 2015 and US$3.50 billion in October this year. The November spike was widely believed to rise in gold purchases in the initial days of demonetisation.

A decline in gold imports pushed down the trade deficit to US$ 10.4 billion during the month under review as against US$ 11.5 billion in December 2015. The country's total official gold imports declined to 60 tonnes in April-July of this fiscal, much lower than 250 tonnes in the year-ago period. Overall, India imported 650 tonnes of the precious metal in 2015-16.

Gold forms a significant part of India's total import bill and the sharp drop in demand in that segment meant that overall imports rose just 0.45% on a year-on-year basis.

There isn't much gold production in India. We import almost all of it. How much? In the financial year 2015-16, India imported about 750 tonnes. This puts pressure on our trade balance. Also, the imported gold isn't put to productive use in the economy.

Gold Set to Outshine Equities in 2016

However, considering the turmoil in the global markets, gold prices have seen a steady rise with increasing demand for physical gold as an investment. It remains to be seen if the rally in gold can continue its steep climb up going forward.

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