Firm Start to the Week; Energy Stocks Surge

Mon, 30 Oct Closing

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Indian share markets began the trading week on a firm note and continued the upward momentum to hit new highs. At the closing bell, the BSE Sensex closed higher by 109 points and the NSE Nifty finished up by 41 points. The S&P BSE Mid Cap finished up by 1.1% while S&P BSE Small Cap finished up by 1.3%. Gains were largely seen in consumer durables stocks, realty stocks and energy stocks.

Asian stock markets finished mixed as of the most recent closing prices. The Nikkei 225 gained 0.1%, while the Shanghai Composite & the Hang Seng fell 0.77% and 0.36% respectively. European markets are mixed today. The CAC 40 is up 0.13% while the DAX gains 0.09%. The FTSE 100 is off 0.11%.

Rupee was trading at Rs 64.93 against the US$ in the afternoon session. Oil prices were trading at US$ 53.8 at the time of writing.

Oil & gas stocks finished the day with Suzlon Energy share price and Oil India Ltd share price leading the gains.

As per an article in The Livemint, Indian Oil Corporation (IOC) has been given green nod for augmenting its Koyali-Sanganer pipeline (KSPL) capacity up to 6 million tonnes per annum (MTPA) from existing 4.6 MTPA at a cost of Rs 2.73 billion.

Cross-country pipelines are globally recognised as the safest, cost-effective, energy-efficient and environment- friendly mode for transportation of Naphtha oil and petroleum products. IOC operates a network of about 11,750 km long Naphtha oil, petroleum product and gas pipelines with a throughput capacity of 85.5 MTPA of oil and 9.5 million metric standard cubic meter per day of gas.

Meanwhile, IOC reported an 18.4% jump in September quarter net profit to Rs3,696.29 crore from a year ago on account of higher volumes despite increased costs. Indian Oil's revenue jumped about 10% to Rs 1.1 trillion in the second quarter from a year earlier as the company stepped up sale of refinery products in domestic and export markets.

IOC share price finished the day up by 0.2% on the BSE.

In another development, ONGC share price surged 1.6% in today's trade after the company reported a 3.1% rise in its second quarter net profit as impressive gain from rising oil prices were taken away by fall in government mandated natural gas rates.

Net profit of Rs 51.3 billion in July-September was 3.1% higher than Rs 49.8 billion in the same period last year.

ONGC's September quarter earnings were in line with analysts' estimates. Its EBITDA of Rs 104.7 billion was close to estimates. That translates into an 8.5% year-on-year growth in ONGC's EBITDA for the September quarter, helped by a decline in other expenses and comes on the back of a 3% growth in revenue to Rs 189.7 billion.

As per The Livemint, given that recent reports suggest that the ONGC-HPCL deal may happen around HPCL's market price, it should augur well for ONGC shares post that. The news flow on the deal will be a crucial measure to follow for the stock.

Moving on to news from pharma sector. Lupin share price surged 2.4% after the company posted better-than-expected earnings for quarter ended September 2017. On a consolidated basis, the company reported a net profit at Rs 4.55 billion for the quarter under review as compared to Rs 6.62 billion in the same quarter of the previous year.

Total income of the company decreased 6.75% at Rs 40.26 billion for quarter under review as compared to Rs 43.17 billion for the same quarter ended previous year.

Meanwhile, Cadila Healthcare share price finished trading on an encouraging note (up 1.1%) after it received final approval from the US drug regulator to market Clobetasol Propionate ointment. The drug is used to treat variety of skin conditions like eczema, dermatitis and allergies etc. and it will be manufactured at its Ahmedabad facility.

Bharti Airtel share price rallied 1.5% in final hour of trade after it was reported that Bharti Telecom Ltd, the holding company of Bharti Airtel Ltd, will acquire up to 4.62% stake in Airtel.

As per an article in The Livemint, the acquisition price would not be higher by more than 25% of the price computed as per the weighted average market price of the Airtel stock. As per this, the total size of the deal could be between Rs 77 billion and Rs 96.23 billion.

With the proposed deal, total shareholding of the family in Airtel will increase. However, it will continue to remain the second-largest shareholder in the Indian company after Singapore Telecommunications Ltd (Singtel).

In news from the banking sector, the industry chamber Associated Chambers of Commerce and Industry of India (ASSOCHAM) in its latest report has stated that the change in market perception of PSBs has the potential to fetch the government much higher values than that envisaged in the bank support plan. This could be achieved via stake divestment in public sector undertaking banks. This comes after the government introduced mega capital infusion scheme for public sector banks (PSBs).

According to the report, the dilution of government equity to 52% in state-owned banks under the recapitalisation plan can fetch valuation much higher than the estimated potential of Rs 580 billion.

ASSOCHAM further said that as the details emerge in the coming few weeks and months, these stocks, particularly of the larger banks can easily move up by another 30-40%, taking their market capitalization commensurately high.

This would surely mean, that if the banks are able to encash the sweet spot, they can easily raise much more than Rs 580 billion. It also said once bank lending begins to pick up, there would be consequent advantages by way of higher economic growth and tax buoyancy.

The Government recently unveiled the Rs 2.11 trillion public sector bank (PSB) capitalization plan. This will be carried out over the next two years with maximum allocation in the current year. And implemented through the budgetary provisions of Rs 181.39 billion, recapitalisation bonds to the tune of Rs 1.35 trillion.

Recapitalisation of PSBs Over the Years

PSBs are burdened by bad loans that have doubled in the past five years. This has led to a slowdown in the loan growth segment. Due to this, PSBs lost their market share from 70.9% in FY16 to 64% in FY17.

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