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Energy stocks lead markets higher
Mon, 9 Aug 09:30 am

The Indian markets have started today's session on a positive note. The benchmark indices opened below the breakeven mark but soon moved into the positive territory. They have managed to stay in the positive since then. Other key Asian markets are in the green with Taiwan (up 1%) leading the pack of gainers. The US markets closed lower by 0.2% last Friday.

Currently in India, heavyweights from the BSE-Sensex are trading strong with energy majors finding investors' favour. The BSE-Sensex is trading higher by around 29 points, while the NSE-Nifty is up by about 12 points. Buying interest is also being witnessed among mid and small cap stocks as the BSE-Midcap and BSE-Smallcap indices are trading higher by 0.7% and 1% respectively. The rupee is trading at 46.05 to the US dollar.

Financial stocks have opened the day on a strong note. Gainers here include CRISIL and ICRA. As per a leading business daily, REC plans to issue up to Rs 30 bn worth of infrastructure bonds in October this year as part of its fund-raising efforts at cheaper costs. It has got in-principle approval to issue the infrastructure bonds from the Reserve Bank of India (RBI). Once the institution gets the non banking finance company-infrastructure finance company (NBFC-IFC) status, it will approach RBI again for final approval. REC expects to get the NBFC-IFC status by the end of this week. It may be noted that after Power Finance Corporation, it will be the second company in the power sector to get this status. Besides the first trance of up to Rs 30 bn, REC may also issue a second tranche of infrastructure bonds in February, 2011.

Power stocks have opened the day on a positive note. Gainers here include Power Grid Corporation and Voltamp Transformers. As per a leading business daily, NTPC plans to expand its 3,000 mega watt (MW) Kaniha power plant by another 500 MW. It may be noted that it is already the second largest power plant in India. It is part of the massive capacity addition underway by the power major. It plans to add 4,150 MW this year and another 5,000 MW next year. Together, that will help the company come close to the capacity addition target of 17,000 MW in the current Five Year Plan. NTPC will not be able to fully meet the target as the proposed North Karnapura and Barh power plants could not come up. The company presently has a power generation capacity of 31,000 MW. Work on another 18,000 MW is in progress. Moreover, it has issued notices inviting tender for projects to the tune of another 30,000 MW.

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Mar 20, 2018 (Close)