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Indian Markets Crash
Thu, 11 Feb Closing

The Indian equity markets slumped more than 3% today to their lowest level since May 2014 and headed for a fourth consecutive session of losses amid weak European markets. The sentiments were also hurt after Fed chair Janet Yellen kept options open for more US rate hikes. At the closing bell, the BSE Sensex finished lower by 807 points, while NSE Nifty finished lower by 239 points. The S&P BSE Mid cap and S&P BSE Small Cap fared the worst and finished lower by 3.2% and 4.6% respectively.

All BSE sectoral indices finished significantly in the red. Among them, realty index plunged the most by 6%, followed by infrastructure (down 5.4%), power (down 4.8%) and oil & gas (down 3.8%). Major Sensex losers were Adani Ports (down 7%), BHEL (down 6%), Tata Motors (down 5.5%), ONGC (down 5.3%) and M&M (down 4.8%), while the only gainer was Cipla (+0.4%).

European share index plunged to its lowest level in 2-1/2 years on Thursday, on account of a renewed slump in banks and miners, with French Bank Societe Generale sliding after disappointing results. The CAC 40 is down 3.86%, while Germany's DAX is off 3.03% and London's FTSE 100 is lower by 2.69%. Hong Kong's Hang Seng index, which resumed trading today after being shut, fell 3.85%. Nikkei 225 and the Shanghai Composite were shut today. The rupee was trading weak at 68.02 against the US$ in the afternoon session.

According to an article in The Economic Times, Bharat Heavy Electricals Ltd (BHEL) has won a Rs 35 billion order from NTPC for supply of power equipment. As per the deal, BHEL will set up 2x800 MW steam generator island package at Telangana Super Thermal Power Project.

The project is located within NTPC's Ramagundam power station in Karimnagar district of Telangana. BHEL's scope of work involves design, engineering, manufacture, supply, construction, erection, testing & commissioning and civil works for the Steam Generator island package. The key equipment for the contract will be manufactured at BHEL's Trichy, Ranipet, Hyderabad, Jhansi and Bengaluru plants and the company's power sector division shall be responsible for civil works and erection/commissioning of the equipment.

India's engineering exports to its neighboring countries, including China, have seen a massive fall in 2015. Over the last eight years, the has seen numbers ranging from an output growth of 48% YoY in one year, to a contraction of 6% YoY in another. In our recent edition of the 5 Minute WrapUp Premium, we have explained what factors to take into consideration when picking an engineering company stock (Subscription Required).

Mining stocks languished in the red with Vedanta Ltd and Gujarat NRE Coke leading the losses. According to a leading financial daily, Coal India plans to start using drones to conduct aerial surveys of blocks that come up for exploration and to assess the extent of greenery restored after mines are closed, helping it to cut costs and save time.

The company has approached the Ministry of Home Affairs and the civil aviation department to go ahead with the drone project, which involves using remote controlled aerial vehicles fitted with resolution cameras and gadgets that can capture pictures and collect data of vast areas from 300 meters to 500 meters above the ground. According to the reports of the officials, deploying drones isn't as expensive as manually collecting such data.

Coal India also plans to use drones to assess the level of coal stocks at its yards to help determine how much has been liquidated or added.

In other news, Coal India is planning to acquire coal mines in South Africa in partnership with local government amid falling prices of assets globally. The company, which accounts for over 80% of the domestic coal production, has targeted one billion tonnes of dry fuel output by 2020. It is set for a record production of 550 million tonnes this fiscal. Coal India finished the trading day down by 3% on the BSE.

After much deliberation and delay, the Mines and Minerals (Development and Regulation) Act, 1957 has been revised and the government has passed the Mines and Minerals Amendment Bill, 2015. In our recent edition of the 5 Minute WrapUp Premium, we have looked at the impact of the Act on various mining and metal companies (Subscription Required).

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Mar 16, 2018 (Close)