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Lower Oxygen Supplies to Affect 5 Sectors, Tata Steel's Blockchain Transaction, and Buzzing Stocks Today
Fri, 23 Apr Pre-Open | Monish Vora, TM Team

Indian share markets ended on a positive note yesterday.

At the closing bell yesterday, the BSE Sensex stood higher by 375 points (up 0.8%).

Meanwhile, the NSE Nifty closed higher by 110 points (up 0.8%).

JSW Steel and ICICI Bank were among the top gainers.

Titan Company and Shree Cements, on the other hand, were among the top losers.

The BSE Mid Cap index and the BSE Small Cap index ended up by 0.3% and 0.6%, respectively.

Sectoral indices ended on a mixed note with stocks in the metal sector and finance sector witnessing most of the buying interest.

FMCG stocks, on the other hand, witnessed selling pressure.

Shares of Navin Fluorine and Balrampur Chini hit their respective 52-week highs.

At 8:00 am today, the SGX Nifty was trading down by 77 points, or 0.5% lower at 14,325 levels. Indian share markets are headed for a negative opening today following the negative trend on SGX Nifty.

Gold prices for the latest contract on MCX were trading down by 0.3% today at Rs 48,100 per 10 grams at the time of closing stock market hours yesterday.

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Top Stocks in Focus Today

Among the buzzing stocks today will be KEC International.

Global infrastructure major KEC International announced it has secured new orders worth Rs 12.5 billion across various business segments including Power Transmission & Distribution (T&D), Railways, Civil Construction and Cables.

The company said it has secured orders for T&D projects worth Rs 6.3 billion in India, SAARC, Middle East, and the Americas. In the railways business, it said it has bagged orders worth Rs 4.5 billion while in the civil business it has secured orders worth Rs 1.1 billion for infrastructure work. New orders awarded in the cables business stood at Rs 630 million.

Hero MotoCorp share price will also be in focus today as the company has halted manufacturing at all its plants in light of the ongoing surge in spread of Covid-19 across the country. The shutdown, which is temporary and includes the global parts centre (GPC), is a first by a two-wheeler maker in this financial year.

The Delhi-based maker of Splendor stated that it will utilize these shut-down days to carry out necessary maintenance work in the manufacturing plants. Each plant and GPC will remain shut for four days, in a staggered manner between April 22 - May 1 basis the local scenario.

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Lower Oxygen Supplies to Temporarily Impact Five Sectors

With demand for medical oxygen soaring, the central government has barred industrial use (except by nine sectors) from April 22, 2021.

Demand for medical oxygen is estimated to have rocketed five-fold in the second week of April versus pre-pandemic levels as Covid-19 infections took off, Crisil said on Wednesday.

The consequent higher supply of medical oxygen will save lives, but will have a bearing on some sectors, the rating agency said

The disruption in the supply of oxygen for industrial use would temporarily impact the revenues of small and mid-sized companies into metal fabrication, automotive components, shipbreaking, paper, and engineering.

These typically do not have captive oxygen plants and source their requirement through merchant suppliers for operations such as welding, cutting, cleaning and chemical processes.

Setting up an air-separation plant or importing oxygen requires significant lead time and involves relatively prohibitive cost, so is not a viable option. That leaves them more vulnerable compared with larger peers.

Oxygen is consumed by the industry in two ways - onsite, and merchant sales. Onsite is through captive plants for process-driven industries (including the nine sectors exempted by the government), which account for 75-80% of oxygen manufactured in India.

The balance 20-25% is supplied through merchant sales (called liquid oxygen) through cryogenic tanks and cylinders. The healthcare sector consumes 10% of merchant sales, and others the rest.

How this pans out remains to be seen. Meanwhile, stay tuned for more updates from this space.

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Tata Steel and HSBC Execute Blockchain-Enabled Paperless Transaction

Moving on to news from the steel sector...

Tata Steel, along with HSBC, has executed a blockchain-enabled paperless trade transaction.

According to the company, this is a global first for the steel industry.

The live financial transaction involved the export of steel by Tata Steel to Universal Tube & Plastic Industries, UAE, a press release said on Wednesday.

The end-to-end paperless transaction was made possible by a unique collaboration pivoted by Tata Steel across the spectrum over the Contour and essDOCS platforms. The letter of credit was issued by HSBC UAE for Universal Tube & Plastic Industries, UAE (importer), with HSBC India as the advising and negotiating bank for Tata Steel, India (exporter).

This transaction validates the commercial and operational viability of blockchain as an alternative to conventional exchanges for paper-based documentation.

Tata Steel has also signalled its intent to explore similar opportunities in other geographies as well.

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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Stock Market Updates

Sensex Trades Marginally Lower, Dow Futures Up by 174 Points (Today's Market)

May 14, 2021 12:30 pm

BSE Sensex is trading down by 29 points, while the NSE Nifty is trading down by 39 points.

Sensex Opens Flat; Asian Paints Rallies 7% Post Q4 Results (Today's Market)

May 14, 2021 09:30 am

Indian share markets open flat. The BSE Sensex opened down by 33 points, while the Nifty is trading lower by 14 points.

ADANI TOTAL GAS Share Price Down by 5%; BSE 500 Index Down 0.1% (Today's Market)

May 14, 2021 09:34 AM

ADANI TOTAL GAS share price is trading down by 5% and its current market price is Rs 1,330. The BSE 500 is down by 0.1%. The top gainers in the BSE 500 Index are ASIAN PAINTS (up 6.7%) and BANK OF INDIA (up 5.7%). The top losers are ADANI TOTAL GAS (down 5.2%) and VINATI ORGANICS (down 7.1%).

JINDAL STEEL & POWER Share Price Down by 5%; BSE METAL Index Down 2.4% (Today's Market)

May 14, 2021 09:32 AM

JINDAL STEEL & POWER share price is trading down by 5% and its current market price is Rs 466. The BSE METAL is down by 2.4%. The top losers are JINDAL STEEL & POWER (down 5.3%) and NMDC (down 5.3%).

BANK OF INDIA Share Price Up by 5%; BSE BANKEX Index Up 0.3% (Today's Market)

May 14, 2021 09:28 AM

BANK OF INDIA share price is trading up by 5% and its current market price is Rs 77. The BSE BANKEX is up by 0.3%. The top gainers in the BSE BANKEX Index is BANK OF INDIA (up 5.2%). The top losers is HDFC BANK (down 0.2%).

GRINDWELL NORTON Share Price Up by 8%; BSE CAPITAL GOODS Index Up 0.4% (Today's Market)

May 14, 2021 09:26 AM

GRINDWELL NORTON share price is trading up by 8% and its current market price is Rs 1,259. The BSE CAPITAL GOODS is up by 0.4%. The top gainers in the BSE CAPITAL GOODS Index is GRINDWELL NORTON (up 7.7%). The top losers are L&T (down 0.3%) and V GUARD INDUSTRIES (down 0.4%).

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