Indian Share Markets Open Marginally Higher; SAIL Gains 1.3%

Wed, 18 Jan 09:30 am

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Asian markets are lower today as Japanese and Hong Kong shares are trading in the red. The Nikkei 225 is down 0.26% while the Hang Seng is up 1.07%. The Shanghai Composite is trading up by 0.19%. Stock markets in Europe & the US ended their previous session on a weak note.

Meanwhile, Indian share markets have opened the trading day marginally higher. The BSE Sensex is trading higher by 89 points while the NSE Nifty is trading higher by 25 points. The BSE Mid Cap index and BSE Small Cap index both have opened the day up by 0.2%. The rupee is trading at 68.05 to the US$. All sectoral indices have opened the day in green with consumer durables, realty and metal stocks witnessing maximum buying interest.

Steel stocks have opened the day on a mixed note with Jindal Saw and Tayo Rolls trading in the red. According to an article in a leading financial daily, the steel Ministry clarified that the government will not go in for any "distress" sale of three Steel Authority of India (SAIL)'s subsidiaries. The Salem Steel Plant, Visvesvaraya Iron and Steel and Chandrapur Ferro-Alloy will see the government look for a management that can turn these units around.

Earlier, the government had in-principle approved strategic disinvestment of SAIL's Bhadrawati, Salem and Durgapur (alloy steel plants).

Considering disinvestment strategy, the government's disinvestment target has become all the more difficult to achieve. The dismal financials of public sector banks, laden with bad loans, has pulled down the overall performance of the public sector enterprises in the country. The aggregate profits of 66 listed public sector firms, having sales turnover of at least Rs 500 million, eroded by 44% in FY16.

Overall Performance of PSUs

Among them banks were the worst performers. Even the industrial sector witnessed pain with seven out of the total of 30 firms slipping in to the red in FY16. These include the likes of large companies such as BHEL and SAIL.

Reportedly, there is no proposal of strategic disinvestment for more units of SAIL. This announcement of strategic disinvestment means a minimum of 51%. So, it all depends on efficiency. It is under very initial stages, the reports noted.

SAIL share price opened the day up by 1.3%.

In another development, it was reported that, Tata Power has become the largest renewable energy company in the country. The company has crossed the 3,000 megawatt (MW) mark in terms of operating capacity from non-fossil sources.

Tata Power's total operating capacity from renewable electricity-generation sources has touched 3,060 MW. Of the total operating capacity, wind energy tops the chart with 1,074 mw of operating capacity, followed by 918 mw of solar, 693 mw of hydro power and 375 mw of waste-gas based generation, the company stated.

Taking a step further towards building a greener portfolio last year, the company has revised its share of non-fossil fuel based capacity up to 35-40% by 2025. As compared to the previous year, there has been significant increases in the capacity for electricity production from renewable sources.

Moreover, the increase in its non-fossil based operational capacity shot up considerably due to Tata Power Renewable Energy Limited (TPREL) acquiring Welspun Renewables Energy Private Limited (WREPL) during FY16. Further, the company is also seeking to grow its renewable portfolio in India and in select international markets through organic and inorganic opportunities.

Speaking of renewable energy space in India, Bhavita Nagrani, our Research analyst has recently shared her views on how the rise of the renewables is changing the dynamics of the power industry (Subscription Required). She has also compared the costs of setting up various types of power plants in these times and how the Indian central government has been pushing hard for more renewable energy capacity.

Tata Power share price opened the day up by 0.8%.

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