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Sensex Opens Firm; Oil & Gas Stocks Buck the Trend
Fri, 10 Mar 09:30 am

Asian equity markets are higher today as Japanese and Hong Kong shares show gains. The Nikkei 225 is up 1.33% while the Hang Seng is up 0.10%. The Shanghai Composite is trading up by 0.05%. Stock markets in the US finished their previous session marginally higher.

Meanwhile, Indian share markets have opened the day on a positive note tracking global cues and as exit polls show the ruling Bharatiya Janata Party winning in the Uttar Pradesh assembly elections. The BSE Sensex is trading higher by 115 points while the NSE Nifty is trading higher by 39 points. The BSE Mid Cap index and BSE Small Cap index both have opened the day up by 0.4% & 0.5% respectively.

Sectoral indices have opened the day in green with consumer durables stocks and information technology sector leading the pack of gainers. The rupee is trading at 66.77 to the US$.

Oil & gas stocks have opened the day on a mixed note with Chennai Petroleum and Gujarat State Petronet being the most active stocks in this space. According to an article in a leading financial daily, ONGC's arm, OPaL (ONGC Petro Additions) has started exports to Singapore from its Dahej plant.

The OPal is a joint venture promoted by ONGC, GAIL and Gujarat State Petroleum Corporation. This plant was commissioned by Prime Minister Narendra Modi on March 7.

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Reportedly, the first consignment of butadiene was shipped to Singapore, and the company wants to export more products benzene, etc. to other countries as well for which it will be floating tenders. The arm has exported almost 50% of productions.

Further, the project will result in the growth of new downstream plastic processing industries in the country, generating further investment of Rs 400 billion and over 20,000 indirect employment opportunities, giving major thrust to government's Make in India programme, the reports noted.

In another development, Oil India Limited (OIL) has signed an MoU with the University of Houston (UH), with the "intent" of augmenting its reserves base and maximising recovery from its ageing oilfields.

The major focus of the MoU is collaboration in the areas of Improved Oil Recovery and Enhanced Oil Recovery (EOR) for augmenting the production from matured fields, improvement in drilling and well intervention practices, seismic interpretation and reservoir characterisation studies, and unconventional hydrocarbon studies.

Reportedly, this collaboration will help OIL to further consolidate and upgrade the various initiatives the company has undertaken to improve production and contribute significantly to the energy security of the country.

ONGC share price opened down by 0.3% while Oil India share price opened the day up by 0.6%.

Moving on to the news from stocks in power sector. Tata Power share price opened the day on an optimistic note after it was reported that Tata Power's arm Tata Power Delhi Distribution Ltd has joined hands with telecom equipment maker Nokia for modernising electrical grids with advanced communications network.

Nokia will provide Tata Power-DDL with Internet-protocol/multiprotocol label switching network to support the management of its electrical grids in North and North-West Delhi.

With this deployment, Tata Power-DDL has become the first power utility in India to successfully implement teleprotection service using Line-Differntial Relay (LDR) over an IP/MPLS network.

Further, the expenses for setting up a fast charging station are almost Rs 1 lakh; while for slow charging station Rs 50,000 investment is required. The company currently distributes electricity in North and North-West Delhi.

In past few years, Tata Power was boosted by a tailwind of dropping coal prices and it is now on a course for clocking double-digit return on equity in fiscal year 2017. In the first nine months of FY2015-16 it had recorded a profit in excess of Rs 5 billion.

Tata Power's consolidated Net profit

Tata Power's consolidated Net profit

The chart above illustrates Tata Power's consolidated net profit (adjusted for minority interest) and estimates.

To know more about the company's financial performance, subscribers can access to Tata Power's latest result analysis and Tata power stock analysis on our website.

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Jul 20, 2017 03:35 PM

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