Volatile Day of Trading

Tue, 19 Jul Closing

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After having witnessed a fairly volatile day with the index crossing the dotted line multiple times, the Indian stock markets ended the day marginally in the green amid mixed international cues. At the closing bell, the BSE Sensex closed higher by 41 points, the NSE Nifty finished higher by 20 points. The S&P BSE Midcap finished up by 0.2% & the S&P BSE Small Cap finished down by 0.1%. Gains were largely seen in oil & gas and PSU stocks.

Asian markets finished mixed as of the most recent closing prices. The Nikkei 225 gained 1.37%, while the Hang Seng and the Shanghai Composite fell 0.6% and 0.23% respectively. European markets are trading with a negative bias with shares in Germany leading the losses. The DAX is down by 1.2%, while the markets in Paris and London were down by 0.9% and 0.5% respectively.

The rupee was trading at 67.15 against the US$ in the afternoon session. Oil prices were trading at US$ 45.81 at the time of writing.

Shares of Torrent Power slipped 0.8% in today's trade after it was reported that the company has slashed Fuel and Power Purchase Price Adjustment (FPPPA) charges for the second quarter of FY17. The company has reduced the charges for its power consumers in the cities of Ahmedabad, Gandhinagar and Surat.

The FPPPA charge was cut to Rs 0.80 per unit for the September quarter as against Rs 1.98 per unit in the corresponding quarter of the previous year, witnessing a reduction of Rs 1.18 per unit. This will result in a reduction of about 17% in power bills.

This announcement follows the reduction in FPPPA to Rs 1.30 per unit, already implemented by Torrent in first quarter of the current fiscal year. The FPPPA charge varies quarter-to-quarter, in accordance with a formula approved by the power regulator, Gujarat Electricity Regulatory Commission.

Earlier, the company had to buy costly LNG from abroad and even source power from other companies. However, cheaper LNG has changed the scenario and its medium and long term contracts in the recent past have reportedly made it at a stage where it can pass on the benefits to the consumers.

Meanwhile, NTPC is aiming to generate 248 billion units during the current financial year. In this regard, the company has signed a Memorandum of Understanding with Government of India. Further, the company has a capital expenditure target of Rs 300 billion. NTPC finished up by 0.5%.

Cement stocks finished the day on a positive note with Heidelberg Cement and JK Lakshmi Cement leading the gains. According to an article in The Economic Times, Shree Cement has won the bid for coal linkages from state-run Coal India subsidiary, South Eastern Coalfields for 80,000 tonnes annually. The company will get the supply of the dry fuel mainly from New Kusmunda mine in Chhattisgarh for Rs 970 per tonne.

In May, the company announced that it will set up a clinker plant with 2.8 million tonnes per annum (MTPA) capacity at its integrated cement plant in Raipur, Chhattisgarh.

Reportedly, the investment required for the capacity addition at the 2.6 MTPA cement plant is about Rs 7 billion, which excludes the cost of land and other infrastructure. It will finance the amount through internal accruals and the exercise will be completed by March 2018.

Last month, the company also completed the expansion of grinding unit at Aurangabad from 2 MTPA to 3.6 MTPA. Shree Cement finished today's trade up by 2.3% on the BSE.

Over the past three years, the Indian cement industry has reportedly seen 47 million tonnes of capacity change hands for an enterprise value of more than Rs 360 billion. The last one year has been mixed for the top four cement companies. While two companies saw their stock prices rise 18-20%, the other two fell. In our recent edition of The 5 Minute WrapUp Premium, we have explained the rationale behind the surge in cement stocks in past few months (Subscription Required).

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