Sensex Trades Over 500 Points Higher; Dow Futures Up by 147 Points

Wed, 3 Mar 12:30 pm

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Share markets in India are presently trading on a strong note.

The BSE Sensex is trading up by 586 points, up 1.2% at 50,882 levels.

Meanwhile, the NSE Nifty is trading up by 190 points.

Tata Steel and Adani Ports & SEZ is among the top gainers today. Hero MotoCorp and Maruti Suzuki are among the top losers today.

The BSE Mid Cap index trading up by 1.3%.

The BSE Small Cap index is trading up by 1.6%.

On the sectoral front, stocks from the automobile sector are witnessing most of the buying interest.

On the other hand, stocks from the mining sector are witnessing most of the selling pressure.

US stock futures are trading higher today, indicating a positive opening for Wall Street.

Nasdaq Futures are trading up 98 points (up 0.8%) while Dow Futures are trading up by 147 points (up 0.5%)

The rupee is trading at 73.02 against the US$.

Gold prices are trading down 0.5% at Rs 45,340 per 10 grams.

Gold prices in India today struggled near 10-month lows amid weak global cues. On MCX, gold futures were down 0.1% to Rs 45,500 per 10 grams, their sixth day of decline in previous seven days.

Speaking of the precious yellow metal, how lucrative has gold been as a long-term investment in India?

The chart below shows the annual returns on gold over the last 15 years...

As you can see, barring just two years - 2013 and 2015, gold has delivered positive returns in 13 of the last 15 years.

The recent price volatility in the bullion market has rattled many traders. Even with the recent volatility in prices, gold remains among the best performing commodities this year to combat the fallout from the coronavirus pandemic.

To know more about gold, check out our article on how to invest in gold here: How to Invest in Gold?

Moving on to stock specific news...

Among the buzzing stocks today is Coal India.

As a result of state-run Coal India's (CIL) drive for import substitution, imports by domestic coal-based power plants declined by 55% till January 2021 to 9 million tonnes (MT) compared to 20 MT during the same period last financial year.

Coal India said in a statement that coal consumers had opted for around 71 MT of indigenous coal ending February of FY21. Predominant among them was a robust 43.5 MT increase in e-auction bookings during April to February period compared to the same period in 2020.

Interestingly, bookings under special forward auction, meant exclusively for power sector consumers, posted a 27% growth at 33 MT during April-February over the same period in 2020. The increase in real terms was 7 MTs against 26 MTs of 2020.

Power Sector consumers, who benefitted from the import substitution drive include CESC, Andhra Pradesh Power Development Corporation, Adani Power and GMR group. Non-regulated sector (NRS) consumers include Vedanta, Jindal Steel and Power, NALCO, Hindalco Industries and Tata Steel BSL.

The slew of measures undertaken by CIL includes allowing its coal companies to sign a memorandum of understandings (MoUs) under import substitution with 17 power plants linked with them.

Additional coal was offered to the non-regulated sector (NRS) against fuel supply agreements up to 100% of the annual contracted quantity (ACQ). The trigger level for the power sector also increased from 75% to 80%.

ACQ for power plants was enhanced to 100% of normative requirement from 90%. Additional coal was allocated to state and central generating companies under the flexi-utilization policy enabling them a reduction in coal imports.

CIL also waived off performance incentive to the consumers of the power sector, for the supply of coal beyond the trigger level since the beginning of the fiscal. This helped the consumers opting additional quantities of coal at a lower cost from CIL, the company said.

Had CIL not launched such measures, the choice for consumers would have been to reach out for imported coal. Small consumers and traders who do not have long term contracts with CIL opt for e-auction sales with the other alternative being imported coal.

We will keep you posted on more updates from this space. Stay tuned.

At the time of writing, Coal India share price was trading up by 1.6% on the BSE.

Speaking of the stock markets, India's #1 trader, Vijay Bhambwani talks about why it's prudent to be extra cautious during the month of March, in his latest video for Fast Profits Daily.

Tune in to the video below to find out more:

Moving on to news from the ipo space...

Easy Trip Planners to Raise Rs 5.1 Billion Through IPO

Delhi based online travel agency Easy Trip Planners plan to raise Rs 5.1 billion through an initial public offering (IPO). The issue opens for subscription on March 8, 2021, and closes on March 10, 2021.

The company aims to raise R 5.1 billion through its public issue which is a complete offer for sale. Promoters Nishant Pittie and Rikant Pittie, holding 49.8% and 49.7% respectively in the company, will sell up to Rs 2.5 billion worth of shares each.

The company and selling shareholders in consultation with merchant bankers will decide the price band and the minimum bid today (March 3, 2021) and the anchor book will open on Friday (March 5, 2021).

EaseMyTrip.com is operated by Easy Trip Planners Private Limited.

For the calendar year 2021, Easy Trip will be the tenth issue, after Indian Railway Finance Corporation, Indigo Paints, Home First Finance Company, Stove Kraft, Brookfield India REIT, Nureca, RailTel Corporation of India, Heranba Industries and MTAR Technologies.

The company has been consistently profitable since incorporation, and according to the CRISIL report, it was the only profitable online travel agency among the key online travel agencies in India during FY18-FY20, in terms of net profit margin.

Its market share in the total Indian online travel agency industry in terms of gross booking revenues and gross booking revenues for the airline ticketing segment was approximately 4.6%, and 5.5%-6.5%, respectively, in FY20.

Easy Trip Planners was founded in 2008, an online travel agency market with offices across various Indian cities, including Noida, Bengaluru, Mumbai and Hyderabad. Its international offices (as subsidiary companies) are located in Singapore, the UAE, the UK and in January 2016, it opened its overseas branch in the Maldives.

How this IPO sails through remains to be seen. Meanwhile, stay tuned for more updates from this space.

And to know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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