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Capital Goods & Banking Stocks Trade Weak
Mon, 1 Aug 01:30 pm

After opening the day firm, Indian indices slipped into the negative territory during the post-noon trading session. Sectoral indices are trading on a mixed note with stocks from the IT and auto sectors leading the gains. capital goods and banking stocks are however trading in the red.

The BSE Sensex is trading lower by 59 points (down 0.2%) and the NSE Nifty is trading lower 11 points (down 0.1%). The BSE Mid Cap index is trading up 0.1% while the BSE Small Cap index is trading flat. Gold prices, per 10 grams, are trading at Rs 31,420 levels. Silver price, per kilogram is trading at Rs 47,930 levels. Crude oil is trading at Rs 2,786 per barrel. The rupee is trading at 66.75 to the US$.

As per an article in The Economic Times, Tata Power's South African joint venture Cennergi Ltd has accomplished commercial operations for its 134-MW Amakhala Emoyeni wind farm project.

Cennergi Ltd is a Tata Power's 50:50 joint venture with Exxaro Resources in South Africa.

Reportedly, the Amakhala Emoyeni plant is Cennergi's first operational asset. The company expects to complete its second wind farm shortly. Both facilities were awarded contracts under the second window of the Renewable Energy Independent Power Producer Procurement Programme (REIPPPP).

Further, Cennergi will focus on the examination of feasibility and management of electricity generation projects in South Africa, reports stated.

Notably, Tata Power now comprises of 30-40% of non-fossil based generation portfolio of its total generating capacity.

Considering power sector's several headwinds, Bhavita Nagrani, our research analyst, has discussed the challenges faced by Tata Power (Subscription Required) in one of our premium editions of The 5 Minute Wrap Up.

Speaking about Tata Power's financials, Radhika Pandit, Managing Editor of ValuePro has shared a few insights on Tata Power's Performance. Click Here to know more.

Tata Power was trading was trading down by 0.4% at the time of writing.

Moving on to the news from energy sector. According to an article in a leading financial daily, Bharat Petroleum Corp. Ltd (BPCL) announced that it has signed definitive agreements to acquire a 21% stake in FINO PayTech Ltd for Rs 2.5 billion in cash.

FINO is a financial inclusion software solutions and services company.

Reportedly, this strategic business and investment partnership would enable the customers of BPCL to transact through FINO's payment solutions. BPCL said the deal will help them provide customized offerings to different segments of customers and drive its fuel and non-fuel business.

It must be noted that, FINO had received the Reserve Bank of India's in-principle approval to start a payments bank last year.

Going forward, payment banks increasing these partnerships will be a key to improve their distribution reach to ensure a quick break-even, the reports stated. BPCL was trading was trading flat while writing.

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May 29, 2017 (Close)

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