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Sensex Trades Over 200 Points Lower, Dow Futures Up by 16 Points
Fri, 18 Jun 12:30 pm

Share markets in India are presently trading on a negative note.

The BSE Sensex is trading down by 267 points, down 0.5% at 52,056 levels.

Meanwhile, the NSE Nifty is trading down by 90 points.

Adani Ports and HUL are among the top gainers today. UPL and JSW Steel are among the top losers today.

The BSE Mid Cap index is trading down by 1.2%.

The BSE Small Cap index is trading down by 1.5%.

On the sectoral front, all sectors are trading in red with stocks from the metal sector, witnessing most of the selling pressure

US stock futures are trading higher today, indicating a positive opening for Wall Street.

Nasdaq Futures are trading up by 35 points (up 0.3%) while Dow Futures are trading up by 16 points (up 0.1%).

The rupee is trading at 74.13 against the US$.

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Gold prices are trading up by 0.2% at Rs 47,051 per 10 grams.

In global markets, spot gold rates were up 0.6% at US$ 1,784.16 per ounce, after having fallen nearly 5% this week.

Tracking global prices, gold prices also edged higher in Indian markets today. Gold futures on MCX were up 0.3% at Rs 47,112 per 10 grams in early trade, following a Rs 1,500 plunge in the previous session.

To know more about gold, check out our article on how to invest in gold here: How to Invest in Gold?

Moving on to stock specific news...

Among the buzzing stocks today is Power Grid Corporation.

State-owned Power Grid Corporation of India (PGCIL) posted over 6% rise in its consolidated net profit at Rs 35.3 bn for the March 2021 quarter, mainly on the back of higher revenues. The company's consolidated net profit stood at Rs 33.1 bn in the March 2020 quarter.

Its total income during the quarter also increased to Rs 108.2 bn, from Rs 105.1 bn in the year-ago period.

The board of directors of the company recommended a final dividend of Rs 3 per share for the financial year 2020-21, subject to the approval of shareholders at its ensuing annual general meeting (AGM). The final dividend would be paid within 30 days from the date of its declaration at the AGM.

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This final dividend is in addition to the first interim dividend of Rs 5 per share paid on 8 January this year, and second interim dividend of Rs 4 per share paid on 30 March.

Thus, the total dividend, including interim dividend, for the financial year 2020-21 stands at Rs 12 per share (face value at Rs 10 each). The company's board also recommended the issue of bonus shares in the ratio of 1:3 - one equity bonus share for every three existing equity shares of Rs 10 each held by the shareholders.

The date on which such bonus shares shall be credited or dispatched will be informed to the stock exchanges in due course.

We will keep you posted on more updates from this space. Stay tuned.

At the time of writing, Power Grid Corporation shares were trading down by 0.9% on the BSE.

Speaking of stock markets, India's #1 trader, Vijay Bhambwani explains why the words of the US Fed matter to global markets, in his latest video for Fast Profits Daily.

Tune in here to find out more:

Moving on to news from the mining sector...

Coal India Issues Letter of Award (LoA) For Coal Bed Methane Project In Jharkhand

Coal India (CIL) has issued a Letter of Acceptance to a coal bed methane (CBM) developer to extract CBM within its leasehold area.

CBM is the unconventional form of natural gas found in coal seams.

The bid for Jharia CBM Block-I of Bharat Coking Coal (BCCL), the Jharkhand-based subsidiary of CIL, was won by the CBM developer through a global bidding process.

BCCL will invest around 20% in the project, which is estimated to entail an estimated capital of Rs 18.8 bn as per the project feasibility report. The remaining would be put up by the CBM developer.

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Central Mine Planning and Design Institute, the consulting arm of CIL, will be the principal implementing agency for CIL's CBM development.

In a press statement issued by the company, a senior executive said -

    This is a big step for Coal India. It is the first time that the company has taken up CBM extraction on its own in its leasehold area.

    CBM extraction is a part of our diversification portfolio under clean coal initiatives.

    Useful exploitation of CBM would not only lead to its efficient use as energy fuel but would also prevent its release into atmosphere during coal mining.

Jharia CBM Block-I, spread over 27 square kilometres, has a CBM resource of over 26 BCM. Average production capacity is pegged at 1.3 m metric standard cubic metres per day once the commercial operation kick starts.

With the life span of this methane extraction project spread over 25 years, the development and production are expected to start from 2026.

CIL has also floated global bids looking for developers for two more projects having a combined resource potential of 2.7 BCM (Billion Cubic Metres).

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

Speaking of the current stock market scenario, note that the BSE Smallcap index touched life-time high recently.

Despite the index being up more than 157% since the March 2020 lows, Richa Agarwal, lead Smallcap Analyst at Equitymaster, believes smallcap stocks are set for a massive up move in 2021 and beyond.

Here's why...

As per Richa, the smallcap to Sensex ratio is a good metric to gauge while coming to some conclusions about relative valuations.

So, what is this indicator suggesting now?

As you can see from the chart below, the ratio currently stands at 0.46 times, as compared to long term average of 0.43 times.

Here's what she wrote about it in a recent edition of Profit Hunter:

    In the last one year, the smallcaps have done well to cover the gaps with the large peers.

    But it could be premature to call this a peak.

    In the previous two rounds, the average ratio has been 0.57, suggesting more upside from these levels.

Richa believes if you focus on the quality of business, margin of safety in valuations, and an optimum asset allocation, you are likely to create huge wealth for yourself.

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!

Read the latest Market Commentary


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