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A Dull End to the Week
Fri, 19 Feb Closing

Indian equity markets recovered from their early losses and finished the week marginally in the green owing to firm European markets. At the closing bell, the BSE Sensex finished higher by 60 points while NSE Nifty finished higher by 19 points. The S&P Small Cap also finished above the dotted line (up 0.2%). Meanwhile, the S&P BSE Mid Cap bucked this trend and finished lower by 0.1%. Gains were largely seen in auto and power stocks. Selling activity was witnessed in capital goods and energy sector.

Asian markets finished broadly lower today with shares in Japan leading the region. The Nikkei 225 is down 1.42% while Hong Kong's Hang Seng is off 0.41% and China's Shanghai Composite is lower by 0.10%. European markets are trading on a positive note today. The FTSE 100 is up 0.23% while the CAC 40 gains 0.11%. Meanwhile, the DAX is off 0.05%. The rupee was trading at Rs 68.49 against the US$ at the time of writing.

Rallis India has reportedly received green clearance by the Union Environment Ministry for setting up of an Rs 2 billion manufacturing unit in Gujarat. The environment clearance has been subject to some conditions for setting up of an agro-chemical manufacturing plant in Bharuch district, Gujarat.

As per the proposal, the company will set up a manufacturing plant with a capacity to produce 52,000 tonnes per annum (TPA) agrochemical technical products and 10,000 TPA of agrochemical formulations along with 6 MW captive power plant at Dahej SEZ in Bharuch district. Rallis India has three technical manufacturing plants and one formulation plant in various parts of Gujarat and Maharashtra. The company which is an enterprise of Tata Group is also in the business of producing seeds, plant growth nutrients and agri services. Rallis India finished the trading day up by 0.2%.

Agrochemical stocks over the last few months have witnessed significant stock price correction. Aberrant monsoons and soft demand and realizations have led to weak investor sentiments. However, the structural upside for the companies remains intact. In our recent edition of The 5 Minute Wrap Up Premium, we have discussed what the future holds for Agrochemical Companies (Subscription Required).

Oil & Gas stocks languished the day in red as oil prices fell as a record build in U.S. crude stocks fueled concerns about global oversupply, offsetting moves by oil producers including Saudi Arabia and Russia to cap oil output. IOC and BPCL were the leading losers.

According to an article in The Economic Times, Indian Oil Corporation (IOC) may yield a 40% stake in country's largest refinery project slated to come up on the western coast of Maharashtra. The 60 million tonne a year refinery will require an investment of Rs 1500 billion. Meanwhile, Bharat Petroleum (BPCL) and Hindustan Petroleum (HPCL) may own 20% each in the refinery. Reportedly, Engineers India (EIL) may have a 5% stake and the balance will be split between the financial institutions and the state of Maharashtra.

The project will be developed in two phases, with 40-million tonne capacity being completed in the first. A petrochemical unit will also likely be set up along with the refinery

In another development, a 50:50 joint venture of IOC and Adani Gas Ltd is implementing a domestic and commercial piped natural gas connection in Kochi. The project is the first of its kind in the state of Kerala. The project envisages supply of domestic, commercial, industrial and transportation sectors in the Ernakulam geographical area covering about 3504 sq km. The companies will be investing about Rs 4.35 billion in the project over a period of five years to set up pipeline network and connect about 40,700 PNG connections in phases.

India is a net exporter of petroleum products but rising domestic demand and lower international prices have slowed exports. The export of petroleum products was down 18% in December and 11% during April-December 2015. The domestic consumption of petroleum products grew 9.5% during April-December.

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Nov 24, 2017 (Close)

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