Sensex Opens 130 Points Lower; NTPC Slips 3.3%

Tue, 29 Aug 09:30 am

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Majority of Asian stock indices are lower today as Japanese and Hong Kong shares fall. The Nikkei 225 is off 0.61% while the Hang Seng is down 0.49%. The Shanghai Composite is trading up by 0.06%. US stocks displayed a lackluster performance on Monday with the S&P 500 and Nasdaq ending with nominal gains and the Dow slipping in the negative terrain.

Back home, share markets in India have opened the day on a negative note. The BSE Sensex is trading lower by 130 points while the NSE Nifty is trading lower by 44 points. The BSE Mid Cap and BSE Small Cap index both opened the day up by 0.2%.

Barring oil & gas stocks, all sectoral indices have opened the day in red with stocks from power sector and capital goods sector leading the losses. The rupee is trading at 63.87 to the US$.

Power stocks opened the day on a mixed note with NTPC and Tata Power witnessing maximum selling pressure. In the latest development, the government will sell 5% stake in National Thermal Power Corporation (NTPC) at Rs 168 per share to raise about Rs 70 billion.

The share sale through an offer for sale (OFS) will happen over two days beginning from today. In the base offer to sell a 5% stake, it will sell up to 412.3 million shares, and an equal number of shares as part of the oversubscription option.

One must note that, the government has so far this fiscal raised over Rs 88 billion through disinvestment in six companies, including selling stake in L&T through Specified Undertaking of Unit Trust of India (SUUTI), and one share buyback.

After three years of underachieving its disinvestment targets, the government is back with a bang. This time, it wants to focus on strategic stake sales of non-public sector units (PSUs) and areas where disinvestment has so far been poor. FY15-16 saw no disinvestment through this route.

Centre Gets Cracking on Disinvestment

For FY18, the total budgeted disinvestment target has been set at Rs 725 billion. Of this, Rs 465 billion is expected to come from minority stake sales, buybacks, mergers, public listings, and the CPSE ETFs. Rs 150 billion is likely to come from strategic sales. And the balance Rs 110 billion from listing of state-owned general insurance companies.

However, if one is inclined to buy when the Government sells, we believe one should keep in mind the valuations at which one buys the stocks.

To know our view on some of these stocks and their valuations, please refer to the Stock Select service - our large cap recommendation service headed by Tanushree Banerjee.

NTPC share price opened the day down by 3.3%.

Moving on to the news from telecom space. Bharti Airtel has completed the proposed acquisition of shares of Tikona Digital Networks.

With the said acquisition of shares, Tikona Digital Networks has become a wholly owned subsidiary of the company. The transaction for the trading of the spectrum in Rajasthan circle is still pending for approval from the DoT.

Speaking of the telecom sector woes, Reliance Jio had triggered a tariff war by offering free voice and data for the first six months of its operations that began in September last year.

The resultant competition saw Bharti Airtel acquire Telenor's India business and 4G business of Tikona Networks. Vodafone India and Idea Cellular also decided to merge to create India's largest telecom operator.

Bharti Airtel share price opened the day down by 0.7%.

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