Indian Markets Register Gains

Tue, 12 Apr 11:30 am

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After opening the day marginally higher, the Indian Markets have added to their early gains. Sectoral indices are trading on a positive note with stocks from the healthcare and auto sectors leading the gains.

The BSE Sensex is trading up 87 points (up 0.4%) and the NSE Nifty is trading up 24 points (up 0.3%). The BSE Mid Cap and the BSE Small Cap indices are trading in the green, both up by 0.9%. The rupee is trading at 66.46 to the US$.

As per an article in Economic Times, the Indian government has nudged states to enhance capital expenditure and invest more in rural areas and infrastructure. Finance secretary Ratan Watal on Monday said that states are requested to align their focus on the thrust provide in the Union Budget to promote investment and growth in the rural sector. He also stated that it is imperative to step up capital expenditure at state level.

One shall note that the Union Budget 2016-17 laid a lot of emphasis on boosting infrastructure spending - mainly towards the power, new and renewable energy (NRE) and the transport space. The hope is that this will translate into a capex revival over time.

Also, the recent 0.25% rate cut by the RBI can provide some aid to debt-laden companies which would mean increased investment by these companies in the coming days. We have discussed this in a detailed manner in one of the premium editions of The 5 Minute WrapUp. You can read the same here (subscription required).

While the above promises provided much needed relief to the investment scenario in India, there stand many hurdles before the capex cycle really turn up well. The corporate investment scenario in India has remained dull. With over capacities built up, the asset turnover of India Inc. has fallen close to its decadal low. While the government is making attempts to do its bit by upping investments, the fact of the matter is that there is a lot of catching up to do when compared to the past.

Stocks in the energy space are trading on a positive note with Petronet LNG and BPCL leading the gains.

In another news update it was reported that Bharat Petroleum Corporation (BPCL) has received an approval to acquire Petronet India's (PIL) 26% equity in Petronet CCK (PCCKL) at a total cost of Rs 786 million. Post this acquisition the holding of BPCL will go up to 99.96% in Petronet CCK.

Petronet CCK (PCCKL) is a subsidiary company promoted by BPCL and PIL. The company owns and operates a petroleum product pipeline from Kochi to Karur in Tamil Nadu via Coimbatore for transportation of petroleum products. The present installed capacity of the pipeline is 3.3 million metric tonnes per annum (MMTPA).

Currently, BPCL has a stake of 73.96% in the equity capital of PCCKL. PIL has a stake of 26% and the balance is held by Financial Institutions (FIs).

BPCL is engaged in the business of exploration, production and retailing of petroleum and petrol related products. Further, the retail business unit of BPCL is into marketing of petrol, diesel and kerosene. Among the oil marketing companies, BPCL seems to be well placed with decent returns on equity and capital and acceptable debt to equity ratio. To know our view on the stock of the company, you can read the entire result analysis report here (subscription required).

Presently the stock of BPCL is trading up by 1.6%.

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

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