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IT stocks continue to lead gains
Thu, 19 Jul 01:30 pm

The Indian equity markets continued to trade in a range bound manner during the previous two hours of trade. Barring stocks from the FMCG space, all sectoral indices are trading firm led by the IT and consumer durables spaces.

The Sensex today is trading up by about 110 points (0.6) and NSE-Nifty is trading up by about 30 points (up 0.5%). Both, the BSE Mid Cap and BSE Small Cap indices are trading by about 0.4% and 0.6% respectively. The rupee is trading at 55.34 to the US dollar.

Power stocks are currently trading firm led by Adani Power and JSW Energy. A leading business daily recently reported power major National Thermal Power Corporation (NTPC) is looking at importing 16 m tonnes (mt) of coal this fiscal up. This figure would be higher by about one-third from last fiscal's coal imports. However, as per the company, despite increasing the imports, NTPC is within its blending requirement of 10%. It is believed that the company's coal requirements have moved up in recent times as capacities new capacities have been added in the last one year. During 1QFY13 (first quarter of financial year 2012-2013), NTPC added 2,160 mega watt (MW). In the recent past, NTPC issued tenders of imported coal for its power stations through international bidding process, As for the fuel supply agreements with Coal India for 4,300 MW, NTPC is believed to be procuring the same through the old memorandum of understanding mechanism. For the full year FY13, NTPC's capital expenditure is targeted at Rs 210 bn against Rs 174 bn in FY12.

Oil & gas stocks are trading firm led by Cairn India and Bharat Petroleum Corporation Ltd. As per a leading financial daily, Gas Authority of India Ltd (GAIL) has agreed to supply 2.5 million metric standard cubic meters per day (mmscmd) of re-gassified LNG to Andhra Pradesh. Reportedly, the gas-based power plants in Andhra Pradesh have been producing 1170 MW lower electricity due to gas shortage. This has adversely impacted the industries operating in the state. As uncertainty over natural gas supply from KGD6 oil fields continues to loom, the state had been scouting for alternate supplies and had requested GAIL for help. The gas supply from GAIL will enable the state to produce 500 MW of additional electricity.

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Feb 23, 2018 (Close)