BSE Mid Cap Surge Upwards

Tue, 22 Mar 11:30 am

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After opening the day on a flattish note, the Indian Markets have continued to trade in a similar fashion. Sectoral indices are trading on a mixed note with stocks from the capital goods and oil & gas witnessing buying interest. However, stocks in telecommunication and FMCG space are witnessing selling pressure.

The BSE Sensex is trading lower by 40 points (down 0.1%) and the NSE Nifty is trading lower by 15 points (down 0.2%). However, the BSE Mid Cap and BSE Small Cap indices have surged upwards and are trading higher by 0.7% and 0.4% respectively. The rupee is trading at 66.50 to the US$.

As per an article in Livemint, the government is preparing a financial package to revive the steel sector. Not only the financial package will help the steel industry but also it would help the banking industry. Banks have advanced a significant chunk of money to this sector.

The finance and steel ministries are working together and the package will be finalized in the next two months. Few of the options being considered includes bringing in fresh equity into these companies by external or international investors. Reportedly, there has been a fair degree of interest from international investors to invest in this sector.

Further, talks of government infusing equity into these stressed companies and en-cashing it after they turn around is also being considered. The government has already provided certain relief to the steel industry by imposing a minimum import price (MIP) on 173 steel products for a period of six months. The MIP will protect the domestic industry from the cheap Chinese imports.

Any financial package would support the recovery of the steel industry which is currently facing a lot of stress on account of excess capacities and over leveraged balance sheets.

In another news update, hopes that the state government will revive capital expenditure (capex) are fading away. Seven major states have announced their budgets so far. These states have cut down on their capex investments by a significant amount.

Reportedly, the total aggregate capex of seven states is estimated to expand at 3% in FY17 as against 36% in FY16. Further, these states include Tamil Nadu, Uttar Pradesh, Gujarat, Rajasthan, Kerala, Madhya Pradesh, and Bihar, and account for slightly over two-fifths of the country's gross domestic product. However, states which are going for elections have budgeted for higher capex.

Recently, the majority of state government have announced the adoption of the Ujwal Discom Assurance Scheme (UDAY). Adoption of this scheme will lead to the transfer of loans to the extent of 75% of state electricity boards (SEBs) in the kitty of the state government. This will put an additional burden on the finances of the state governments which in-turn would hamper their capex investment decisions.

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