Sensex Down 103 Points in Noon Session

Wed, 28 Jun 01:30 pm

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Indian share markets continued to trade on a negative note during the noon session amid weak global markets. Consumer durables stocks and capital goods stocks witnessed majority of the selling pressure. Metal stocks and realty stocks traded in green.

The BSE Sensex is trading lower by 103 points and the NSE Nifty is trading lower by 21 points. Meanwhile, the BSE Mid Cap index & the BSE Small Cap index is up by 0.2% & 0.1% respectively. The rupee is trading at 64.46 to the US$.

Airlines stocks continue to surge wit Interglobe Aviation share price and Spice Jet Ltd share price trading up by 2.2% and 3.1% respectively.

India's aviation industry is on a high-growth trajectory. According to International Air Transport Association (IATA), India has moved up two places to become the fourth largest aviation market in terms of passenger number. It's expected to become the third-largest by 2020.

Indian Aviation Spreading its Wings

The latest DGCA data support the growth story. Domestic air passenger traffic surged nearly 17.4% YoY to 10.2 million in May 2017. In May 2016, this figure was 8.7 million. The aviation industry has reported passenger traffic growth of 17.6% during the first five months of the current calendar year.

Interestingly, the state-run carrier Air India, which is in the news for likely privatisation, improved its market share marginally in May 2017. The carrier's share rose to 13% from 12.9% in April, though still below 14% that it had in January.

Although greater air travel is becoming a new normal, investors need to understand the industry dynamics before buying up aviation stocks.

In news from automobile sector, TVS Motor Company has entered into partnership with Abans Auto a leading distributor in Sri Lanka. Through this tie-up, TVS King, the 200 cc passenger three-wheeler, will be launched in the Sri Lankan market.

As a part of the agreement, the Company will leverage Abans Auto's network of over 200 showrooms and appointed dealers in strategic locations around Sri Lanka. Furthermore, Abans Finance will provide finance schemes to the customers of TVS Motor Company at affordable rates.

Meanwhile, TVS Motor Company and Royal Enfield have become the latest to pass on expected benefit of goods and services tax (GST) to customers by lowering prices of their vehicles.

Taxes on motorcycles are expected to reduce in most states with the implementation of GST from 1 July 2017, although benefits vary from state to state.

Under GST, most of the two-wheelers will attract a tax rate of 28%, lower than total tax incidence of around 30% at present. Motorcycles with engine capacity of over 350 cc, however, will attract an additional cess of 3%.

In news from engineering sector, BHEL has secured an order for setting up a 15 MW Solar Photovoltaic (SPV) power plant on Engineering, Procurement and Construction (EPC) basis, in Gujarat.

The order has been placed on BHEL by Gujarat Alkalies and Chemical (GACL) for setting up the SPV Power Plant at Gujarat Solar Park at Charanka in Gujarat. Significantly, this will be the company's first ground-mounted Solar PV project in the state of Gujarat.

The company is presently executing over 180 MW of ground-mounted and rooftop Solar PV projects across the country.

BHEL share price was trading up by 0.8% at the time of writing.

In another development, global ratings agency Moody's Investors Service in its latest report has said that the renewable energy market in India is likely to experience strong growth over many years, as the country is moving towards meeting its commitments under the Paris Climate Change agreement on climate change

It noted that the country is aiming to achieve 40% of cumulative installed capacity through from non-fossil fuel-based energy resources by fiscal year 2030 from a current level of 30%. Adding further, it said that the country also plans to expand its renewable energy installed capacity to the tune of 175 gigawatts (GW) by 2022 from the current capacity of 57GW. It added that such growth will be driven by the public and private sector.

The report however said that the key offtakers for most renewable projects are state-owned distribution companies, and these firms typically demonstrate weak financial profiles. It also said that this situation poses a key challenge for developers and while there is no history of defaults under power purchase agreements, payment delays are quite common.

Moody's report pointed out that the overall policy framework for renewable energy is still evolving and noted that adherence to renewable purchase obligations has been low till now, leading to lower demand for renewable energy.

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