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Markets continue in red
Wed, 4 May 01:30 pm

The benchmark indices in the Indian stock market continued in the red in the last two hours of trade. Stocks from Auto, Software, Technology and Realty space are trading weak, while those from Oil & Gas and PSU space are trading firm.

The BSE-Sensex is down by 115 points while NSE-Nifty is trading 47 points below yesterday's closing. BSE Midcap and BSE Small cap indices are also down by 0.9% and 0.8% respectively. The rupee is trading at 44.52 to the US dollar.

Most of the Software stocks are trading in the red with Patni Computers, Mphasis and HCL Technologies leading the pack of losers. However, the stock of CMC Ltd is getting some buying interests. As per a leading financial daily, Wipro is likely to sell off its water business as a part of group's strategy to streamline businesses and ensure focus on the growing units. The company had entered the water business in 2008 through the acquisition of water treatment firm Aquatic. It currently executes water treatment projects for large industrial customers that include United Breweries, PepsiCo and Coca Cola. Initially the company invested in this business with sustainability theme. However, it is facing tough competition with several large and well established players. Hence, it intends to move out and focus on other areas. As of now, the company Board does not have a formal proposal regarding the same. The stock of Wipro is trading in the red.

Energy stocks are trading mixed with ONGC and BPCL leading the pack of gainers. However, Petronet LNG and GAIL are trading in the red. As per a leading financial daily, Bharat Petroleum Corporation Limited (BPCL) will raise the capacity at recently commissioned Bina refinery in Madhya Pradesh. The plan is to upgrade from current capacity of 6 m tonnes (1, 20,000 barrels per day) to 9 m tonnes. The refinery was commissioned this year in the month of January. The project is being built by Bharat Oman Refineries Ltd. (BORL), a joint venture between BPCL and Oman Oil Corporation (OOC) at a cost of Rs 114 bn.

Under the first phase, the expansion of the capacity to 9 m tonnes is estimated to cost Rs 20 bn and will take around three years. In the second phase, the plan is to take the capacity upto 15 m tonnes. The second phase plan will be contingent upon certain conditions like availability of enough water. BPCL is waiting for right market conditions to come out with an initial public offering (IPO) of the unit. A public offering of about 25% of equity shares is planned. Post IPO, the stakes of BPCL and OOC in BORL will stand at 49% and 26% respectively.

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Mar 21, 2018 (Close)