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Share Markets in India Open in Green; Aurobindo Pharma Soars 5.7% on USFDA Approval

Wed, 19 Jul 09:30 am

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Asian equity markets are higher today as Chinese and Hong Kong shares show gains. The Shanghai Composite is up 0.83% while the Hang Seng is up 0.29%. The Nikkei 225 is trading up by 0.11%. The US markets ended on a high note with the Nasdaq Composite hitting a record high on Tuesday while Goldman Sachs Group dragged the Dow lower on lower earnings.

Back home, share markets in India have opened the day on a positive note. The BSE Sensex is trading higher by 126 points while the NSE Nifty is trading higher by 43 points. The BSE Mid Cap Index and BSE Small Cap index opened the day up by 0.4% & 0.5% respectively.

All sectoral indices have opened the day in green with healthcare stocks and FMCG stocks leading the gainers. The rupee is trading at 64.33 to the US$.

Aurobindo Pharma share price surged 5.7% after it was reported that the pharma major has been granted USFDA nod for tablet version of gRenvela. As per IMS data, market size for drug stands at US$1.8 billion.

Power stocks opened the day on a mixed note with NHPC Ltd and PTC India Ltd leading the gains. As per an article in Livemint, Tata Power Co. Ltd is planning to invest around US$90 million in equity capital in its renewable energy arm Tata Power Renewable Energy Ltd (TPREL) as the company seeks to develop its immediate pipeline of 320 megawatts (MW) of solar assets.

Presently, TPREL owns around 2 gigawatts (GW) of solar and wind assets, including the assets that it acquired from Welspun Energy. In all, Tata Power owns over 3GW of green assets, including its hydropower assets.

The pipeline of projects, which is worth around 320MW, is spread across six projects in the states of Telangana, Andhra Pradesh, Karnataka, Gujarat and Maharashtra.

Reportedly, deep-pocketed investors such as pension funds and sovereign wealth funds, attracted by the scale of the renewable opportunity in India, have backed large renewable platforms in recent years.

In March, power minister Piyush Goyal said the country will add 15GW of solar power capacity by June 2018. The Narendra Modi government is targeting to achieve renewable energy capacity of 175GW by the year 2022.

Speaking of the renewable energy sector, and especially solar, has seen their fortunes change at a rapid pace. Leaps in technology have made renewables increasingly cheaper to produce (Subscription required) relative to traditional thermal power (coal-based). While thermal is still the cheapest to set up, the gap has quickly narrowed in the past few years and is now down to a whisker.

Costs of Setting Up Various Types of Power Plants

Rahul Shah, Co-head of Research, pointed out that a few of the renewable energy projects are already running into financial troubles. Can we rule out a similar fate for the other projects?

In his view, investors should not get carried away by the hoopla surrounding renewable energy projects. It's a much-needed initiative to reduce the pollution levels across the country. However, investors in this space must be extremely cautious.

Tata Power share price opened down by 0.4%.

Moving on to the news from stocks in oil & gas sector. As per an article in a leading financial daily, the proposed merger of Oil and Natural Gas Corporation (ONGC) and Hindustan Petroleum Corporation (HPCL) is on the agenda of the Union Cabinet meeting today. The government is likely to give the control of HPCL to ONGC.

According to a proposal floated by the finance ministry's Department of Investment and Public Asset Management (DIPAM), the government is looking to sell its entire 51.11% stake in HPCL to ONGC.

Reportedly, HPCL will however not be merged with ONGC. It will remain a separate entity and operate as ONGC's subsidiary. As part of the transaction, HPCL may takeover operations of Mangalore Refinery and Petrochemicals Ltd (MRPL).

The move is in line with the government's intention to create integrated Indian oil companies of global size and heft through mergers and acquisitions among existing state-run players.

The stake sale in HPCL will also help the government meet some 38% of its disinvestment target of Rs 725 billion for this fiscal.

HPCL share price opened up by 1% while ONGC share price opened the down by 0.8%.

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