Energy Stocks Lead the Losses

Wed, 23 Mar 01:30 pm

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After opening the day on a flattish note, the Indian indices registered losses and have continued to remain under pressure in the post noon trading session. Sectoral indices are trading on a negative note with stocks from the energy, consumer durables and banking sectors bearing the maximum brunt.

The BSE Sensex is trading lower by 118 (down 0.5%) and the NSE Nifty is trading down by 33 points (down 0.4%). The BSE Mid Cap index is trading down by 0.2% while the BSE Small Cap index is trading up by 0.1%. Gold prices, per 10 grams, are trading at Rs 28,856 levels. Silver price, per kilogram, is trading at Rs 37,722 levels. Crude oil is trading at Rs 2,750 per barrel. The rupee is trading at 66.90 to the US$.

Stocks in the engineering space are trading on a mixed note with Kalpataru Power leading the gains and Jindal Drilling leading the losses. As per a leading financial daily, Larsen & Toubro's (L&T) construction arm - L&T Constructions has won orders worth Rs 32 billion across its various businesses.

Out of the total, orders worth Rs 20 billion have been bagged by the company under the buildings & factories business. This is a major turnkey high rise residential project and has been bagged from a leading developer in Mumbai. The scope involves civil, structural, mechanical, electrical, plumbing and finishing works for six towers each with 55 to 60 floors.

Further, the company has secured contract worth Rs 7 billion under power transmission & distribution business. In the domestic market, a major turnkey order has been received from Power Grid Southern Interconnector Transmission System (a subsidiary of PGCIL) for the construction of a 400 kV double circuit transmission line. Another order has been won from <>Power Grid Corporation of India (PGCIL) for the construction of a 765kV double circuit transmission line at Cuddapah.

On the international front, Larsen & Toubro (Oman) LLC has received a turnkey order from Oman Electricity Transmission Company. The order is for the construction of 400 kV reactor transformers and associated works at Sur and Izki substations.

Under metallurgical & material handling business, the company has won order worth Rs 1.7 billion that includes its first direct order to execute an Ash Handling Plant (AHP). The order covers high concentration slurry disposal systems on an engineering, procurement and construction (EPC) basis from <>NTPC Limited for the Tanda Thermal Power Project in Uttar Pradesh. With this order, L&T makes its first foray into the AHP business with direct customers.

Moreover, an additional order worth Rs 3 billion has been received from an ongoing job of the heavy civil infrastructure business.

Larsen & Toubro is a major technology, engineering, construction, manufacturing and financial services conglomerate, with global operations. The company addresses critical needs in key sectors - Hydrocarbon, Infrastructure, Power, Process Industries and Defense - for customers in over 30 countries around the world. To get more idea on the business and financials of the company, you can read our latest issue of ValuePro Contenders here (subscription required).

Presently the stock of L&T is trading up by 0.2%.

In another news update it was reported that <>Bharat Petroleum Corporation (BPCL) is planning to spend about Rs 100 billion in FY17 to expand and upgrade its refining capacity and augment the marketing infrastructure.

The company stated that the petroleum product consumption had grown by 10% till January this fiscal year. An expansion underway at Kochi refinery will take about 40% of the BPCL's planned capex for 2016-17. It further stated that the refinery is adding 6 million tonne per annum (MTPA) to the existing capacity of 9.5 MTPA. One shall note that the company's total capacity is about 27.5 MT.

Further, another Rs 10 billion would go towards upgrading other refineries of the company. This will help in producing higher grade fuels that meet Euro IV and VI emission norms. One shall note that the government wants all state refiners to make available Euro IV fuels across the country next year and Euro VI by 2020.

BPCL is into exploration, production and retailing of petroleum and petrol related products. The retail business unit of BPCL is into marketing of petrol, diesel and kerosene. Presently the stock of the company is trading down by 0.5%.

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