Energy Stocks Lead the Losses

Thu, 21 Jan 01:30 pm

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After opening strong, the Indian indices have slipped and are trading on a negative note during the post noon trading session. Sectoral indices are trading on a negative note with stocks from the energy, auto and oil & gas sectors bearing the maximum brunt.

The BSE Sensex is trading lower by 110 (down 0.5%) and the NSE Nifty is trading down by 26 points (down 0.4%). The BSE Mid Cap index is trading lower by 0.2% while the BSE Small Cap index is trading up by 0.2%. Gold prices, per 10 grams, are trading at Rs 26,471 levels. Silver price, per kilogram, is trading at Rs 34,690 levels. Crude oil is trading at Rs 1,926 per barrel. The rupee is trading at 68.08 to the US$.

Stocks in the power space are trading on a mixed note with Tata Power and RattanIndia Power witnessing maximum selling pressure. As per an article in Economic Times, there has been a sharp fall in prices of solar EPC (engineering, procurement and construction) contracts. The same is witnessed on the back of a significant drop in global commodity prices and fierce competition among domestic cash-strapped power project contractors. This in turn has benefitted power asset owners and consumers.

As stated, EPC contractors quoted the lowest ever prices of around Rs 56 million a megawatt for solar power projects of NTPC in Rajasthan (260 MW) and Madhya Pradesh (250 MW) in the first-ever reverse auctions in the domestic content category.

The development comes at a time when global and domestic solar power developers have been aggressively participating in the auctions. They are seen pushing down solar power tariffs to the lowest-ever levels of Rs 4.34 per unit in the latest auctions in Rajasthan.

There are many factors behind the continued decline in solar tariffs. These include lower imported module prices and competitive interest from project developers.

EPC contracts are benefitted by the above developments. Their rising project activity coupled with growing experience is enabling delivery of projects in shorter time. This will also aid in India's plan to achieve a target of 100 gigawatt of solar power by 2022. Notably, NTPC had floated tenders for 1,750MW under the developer mode and 2,760MW under EPC mode as a part of this plan.

Stocks in the pharma space are trading on a mixed note with Glenmark Pharma and Elder Pharma leading the losses. As per a leading financial daily, Natco Pharma has signed a non-exclusive licensing agreement with the Medicines Patent Pool (MPP) and Bristol-Myers Squibb to manufacture and sell generic versions of Daclatasvir. The company has said that it will market the drug under its own brand NATDAC, and through its strategic partners in India.

Daclatasvir is discovered and developed by Bristol-Myer Squibb. It is the first-in-class NS5A inhibitor used in combination with Sofosbuvir to treat patients with chronic hepatitis C virus.

The agreement will allow Natco Pharma to expand its access to these chronic hepatitis C medicines in 112 developing countries. The company will also be able to set its own price for the generic products it produces. This will definitely aid the company is expanding its geographical presence.

Presently the stock of Natco Pharma is trading up by 4.3%.

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