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Realty & Auto Stocks Under Pressure
Tue, 26 Jul 01:30 pm

Indian Indices are trading flat during the post noon trading session. Sectoral indices are trading on a mixed note with stocks from metal and consumer durables leading the gains while auto and realty stocks bearing the maximum brunt.

The BSE Sensex is trading flat while the NSE Nifty is trading lower by 10 points (down 0.2%). The BSE Mid Cap index is trading higher by 0.7% while the BSE Small Cap index is trading higher by 0.2%. Gold prices, per 10 grams, are trading at Rs 30,890 levels. Silver price, per kilogram, is trading at Rs 46,426 levels. Crude oil is trading at Rs 2,917 per barrel. The rupee is trading at 67.34 to the US$.

As per an article in a leading financial daily, a combined mission carried out by India and the U.S. discovered a major deposit of natural gas in the Indian Ocean. The U.S. Geological Survey (USGS) said it has assisted the Government of India in the discovery of large, highly enriched accumulations of natural gas hydrate in the Bay of Bengal.

Moreover, natural gas hydrates, an icy form of the fuel is potentially the first producible reserve of its kind in the waters.

The research is the result of a partnership between the Government of India, the Government of Japan, and U.S. scientists.

Reportedly, the next step is to determine whether production from the Bay of Bengal site is economic. Although it is possible to produce natural gas from gas hydrates, there are significant technical challenges.

However, USGS said that the discovery will help unlock the global energy resource potential of gas hydrates as well help define the technology needed to safely produce them.

One shall note that, the discovery also comes as countries like India and China seek to reduce their reliance on energy sources like coal. Such resources release twice the heat-trapping emissions as natural gas when burned.

Going forward, whether the results from this expedition benefit the world in terms of energy resource production (Subscription Required) would be a key thing to watch out for.

Moving on to the news from cement sector... According to an article in The Economic Times, Ultratech Cement is planning to raise Rs 3 billion through secured redeemable Non-Convertible Debentures (NCDs).

In a regulatory filing, the company said it will issue 3,000 secured, redeemable NCDs carrying a coupon rate of 7.57% per annum on a private placement basis.

The NCDs, with a tenure of 3 years and 17 days, will be allotted on 27 July 2016. It will mature on 13 August 2019. The debentures will be listed on the NSE Ltd, the reports stated.

Recently, Ultratech Cement announced its financial results for the first quarter of the financial year 2016-17. The company has posted a 29% growth in its consolidated net profit at Rs 7.8 billion during the quarter compared to the net profit at Rs 6 billion in the same period last year.

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Nov 24, 2017 (Close)