Sensex Trades on a Volatile Note; Realty Stocks Witness Buying

Mon, 7 Aug 01:30 pm

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After opening the day marginally higher, Share markets in India witnessed volatile trading activity and are presently trading marginally below the dotted line. Sectoral indices are trading on a mixed note with stocks in the oil and gas sector and realty sector witnessing maximum buying interest. ITstocks and consumer durables sector are trading in the red.

The BSE Sensex is trading down by 12 points (down 0.1%) and the NSE Nifty is trading up by 5 points (up 0.1%). The BSE Mid Cap index is trading up by 0.9%, while the BSE Small Cap index is trading up by 1%. The rupee is trading at 64.08 to the US$.

In news from stocks in the oil and gas sector. Indian Oil Corp (IOC) share price is in focus today after the company outlined plans to double its refining capacity by 2030.

According to a leading financial daily, the state-owned refiner plans to nearly double oil refining capacity to 150 million tonnes (mt) by 2030 and source 10% of the need from its own assets. The move is in line with the government's vision of transforming India into a refining hub.

IOC, which is India's largest oil firm possesses refining capacity to produce 80.7 mt per annum of fuel. The company plans to further raise this capacity through brownfield expansions and greenfield capacity creations. These include a 60 mt integrated refinery-cum- petrochemical project on the west coast IOC is implementing with BPCL and HPCL.

The brownfield expansions include a plan to raise capacity of Koyali refinery in Gujarat to 18 mt, from the current 13.7 mt. Capacity of the Panipat refinery in Haryana will be raised by a quarter to 20.2 mt, from the current 15 mt. A 3-mt capacity addition each is planned in Uttar Pradesh's Mathura and Bihar's Barauni refineries, which will take their capacity to 11 mt and 9 mt, respectively. The recently-commissioned 15 mt Paradip refinery in Odisha will see a capacity addition of 5 mt while about 3 mt will be added in IOC's Digboi and Bongaigaon refineries in the North-East.

Overall, India has a refining capacity of 232 mt. And projects like these are necessary for expansion.

India's fuel demand rose 5% in 2016-17, with consumption of diesel and petrol rising about 2% and 9% respectively. The expansion in fuel demand has spurred refiners to increase capacity, which the government expects to go up significantly over time.

To help achieve its fuel and energy goals, the government is mulling over consolidating all the major oil players into an integrated public sector 'oil major'. Our energy sector analyst Richa Agarwal, had written about her view of this development in one of the recent editions of the 5 Minute WrapUp Premium. Give it a read to form a better understanding of the development.

At the time of writing, IOC share price was trading up by 3%.

Moving on to news from stocks in the banking sector. Public sector lender Bank of Baroda is witnessing interest today, after the bank's board approved plans to raise over Rs 15 billion by issuing bonds.

The bank aims to raise funds by allotting Basel-III compliant bonds for a minimum amount of Rs 5 billion and with an upper limit of Rs 15 billion.

With this development, Bank of Baroda joins the increasing list of companies opting to raise funds via bond issues.

Increasing Bond Issues by Indian Companies

Indian companies raised a record US$ 46.5 in debt and equity in 2017, the highest amount in the last decade. 64% of these funds are from the financial sector. What is interesting is that the energy and power sector was the second highest in raising funds. Also, amongst the financial sector companies, Power finance corp. Ltd (PFC) which raised US$ 3.5 billion was one of the largest fundraisers.

Recently, Bank of Baroda followed State Bank of India's (SBI) decision to cut interest rates on savings deposits. Bank of Baroda, reduced interest rates on savings bank balance of up to Rs 5 million to 3.5% from the current annual 4%.

At the time of writing, Bank of Baroda share price was trading up by 0.6%.

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