Sensex Opens Higher; Realty & Metal Stocks Gain

Wed, 14 Feb 09:30 am

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Asian stocks are lower today as Chinese and Hong Kong shares fall. The Shanghai Composite is off 0.25% while the Hang Seng is down 0.60%. The Nikkei 225 is trading down by 0.64%. US stocks posted a three-day winning streak on Tuesday as the major averages continued to recover from the correction levels reached last week.

Back home, India share markets opened on a positive note. The BSE Sensex is trading higher by 85 points while the NSE Nifty is trading higher by 30 points. The BSE Mid Cap index and BSE Small Cap index opened the day up by 0.8% & 0.9% respectively.

Barring PSU stocks and bank stocks, all sectoral indices have opened the day in green with metal stocks and realty stocks witnessing maximum buying interest. The rupee is trading at 64.28 to the US$.

Realty stocks opened the day on a mixed note with Peninsula Land & PVP Ventures leading the gainers. DLF share price surged 1.7% in the opening trade after the company reported a nearly 42-fold rise in its consolidated net profit at Rs 40.9 billion for the December 2017 quarter, driven by deemed gain from stake sale in rental arm to GIC.

Its net profit stood at Rs 981.4 million in the year-ago period.

Total income, however, fell to Rs 18.6 billion in the third quarter of 2017-18 fiscal from Rs 21.8 billion in the corresponding period of the previous year.

DLF has made an exceptional gain of Rs 85.7 billion, mainly on the back of promoters' stake sale in rental arm DLF Cyber City Developers Ltd (DCCDL).

In December 2017, promoters concluded the sale of entire 40% stake in DCCDL for Rs 119 billion.

This deal included sale of 33.3% stake in DCCDL to GIC for Rs 89 billion and buyback of remaining shares worth Rs 30 billion by DCCDL.

Further, DLF's income from operations fell 30% to Rs 20.6 billion in the quarter in consideration, from Rs 29.5 billion in the corresponding period of the last fiscal.

Finance costs rose to Rs 7.6 billion during the period in question, from Rs 6.7 billion in the third quarter of last year.

Instead, tax expenses in the December quarter fell sharply to Rs 515.8 million from Rs 2388.8 million.

Moving on to the news from steel sector. As per an article in a leading financial daily, SAIL has invited bids from companies for strategic sale of its Alloy Steels Plant at Durgapur.

The government had last year cleared outright sale of state-owned SAIL's three special steel units -- Salem Steel Plant, Alloy Steels Plant and Visvesvaraya Iron and Steel Plant.

Reportedly, bids for Alloy Steels Plant in Durgapur are to be submitted by 11 April 2018.

As part of the strategic disinvestment, Alloy Steels Plant will be transferred to the strategic investor, on a going concern basis, which is by way of slump sale through business transfer agreement.

Notably, the total capacity of the Alloy Steels Plant is 0.25 million MT per annum of liquid steel and 0.18 million MT per annum of saleable steel.

Meanwhile, the disinvestment target for FY18 is Rs 725 billion. This is the highest target set so far for any year. The government has already collected Rs 523.9 billion so far higher than previous year collection of Rs 455 billion.

Higher Revenue from Disinvestment?

As per an article in Business Standard, the department of investment and public asset management (DIPAM) is looking to not only to achieve FY18 target, but also aiming to take disinvestment proceeds beyond Rs 900 billion. With this, any shortfall from other revenue items, including GST could be made up by disinvestment.

This optimism is mainly due mega deal of ONGC acquiring HPCL, which could get the exchequer Rs 300 billion. Similarly, there are a number of IPOs lined up which includes the likes of Ircon, Hindustan Aeronautics, Bharat Dynamics, and Mazgaon Dockyards. DIPAM is also working on OFS proposals which includes Indian Oil, Oil India, NHPC, and REC.

Not to mention, extra dividend from the PSUs in addition to disinvestment. With this, the slippage of the deficit could pretty much be negligible, provided there is no major gap in terms of GST collections.

It will be interesting to see how the government approaches disinvestment in the coming months.

SAIL share price opened the day up by 1.7%.

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