Sensex Opens Marginally Up; Cipla & Axis Bank Top Gainers

Wed, 8 Nov 09:30 am

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Majority of Asian stock markets are higher today as Chinese and Hong Kong shares show gains. The Shanghai Composite is up 0.38% while the Hang Seng is up 0.17%. The Nikkei 225 is trading down by 0.28%. Overnight, US stocks closed mixed. The Dow Jones Industrial Average eked out a fourth consecutive record high close on Tuesday, while the S&P 500 ended marginally lower.

Back home, India share markets have opened marginally higher. The BSE Sensex is trading higher by 57 points while the NSE Nifty is trading higher by 10 points. The BSE Mid Cap index and BSE Small Cap index opened up by 0.3% & 0.4% respectively.

Barring PSU stocks & energy stocks, all sectoral indices have opened the day in green with healthcare sector and information technology sector leading the gains. The rupee is trading at 64.73 to the US$.

Axis Bank share price gained 3.6% on the reports that the bank was looking to raise as much as US$ 1 billion from a group of investors after an increase in bad loans.

Cipla share price surged 4.2% in the early trade after the company reported a 17.7% year-on-year increase in consolidated net profit to Rs 4.35 billion in the September quarter, beating market expectations.

Telecom stocks opened the day on a mixed note with Reliance Communications and Bharti Infratel being the most active stocks in this space. As per an article in a leading financial daily, an affiliate of Qatar Foundation Endowment will sell its 5% stake in Indian telecom carrier Bharti Airtel Ltd for about Rs 95 billion (US$1.46 billion) in block deals today.

The affiliate, Three Pillars Pte Ltd, has put up about 199.9 million shares for sale in a price range of 473-490 rupees each.

Depending on the pricing, the share-sale could fetch anywhere between Rs 94.5 billion and Rs 97.6 billion. The lower end of the price band is nearly 8% discount while higher end is 5% discount to Tuesday's closing price of Rs 514.

UBS Securities India will act as the sole book running lead manager for the transactions. The other major public shareholder of Bharti Airtel includes ICICI Prudential Mutual Fund, ICICI Prudential Life Insurance, and LIC.

Our team of Equitymaster analysts have been working on a project to track the smartest minds in value investing. They have compiled a special report on them, called The Superinvestors of India.

Now, because of insights from these interactions, the team has glued their eyes on insider activity and bulk and block deals...

As per them...

• "The three approaches - tracking superinvestor shareholdings, catching these moves early through bulk and block deal disclosures, and keeping tabs on changes in promoter holdings - have unveiled some critical smart money secrets..."

Bharti Airtel share price opened the day down by 2.7%.

Moving on to the news from power sector. As per an article in a leading financial daily, Tata Power Renewable Energy (TPREL), 100% subsidiary of Tata Power, has commissioned its 25 MW solar plant in Charanka, Gujarat Solar Park.

The project was won by the company in November 2016 under the National Solar Mission of Government of India through VGF mode, and its commissioning is earlier than timelines of December 2017 in the PPA.

With this development, TPREL's total installed operating capacity now stands at 1484 MW.

The solar plant has been built over 113 acres of land and the Sale of power from solar plant has been tied up under a 25-year Power Purchase Agreement with SECI at a tariff of Rs 4.43/ unit.

Of the many industries facing disruption, energy sector tops the list. It's not just the oil and gas prices. The rise of renewable energy, especially solar energy, is an emerging threat for conventional energy companies.

Does this mean every direct player in solar sector stands to gain? Richa Agarwal, our oil & gas sector analyst doesn't think so.

Will the Solar Energy Revolution Benefit Direct Players at These Tariffs?

In India itself, solar tariffs are dropping to record lows. Solar developers recently bid a record low tariff of Rs 2.44 per unit. With average tariffs for thermal plants hovering at Rs 3.2 per unit, solar tariffs are nearly 25% cheaper. Here's an excerpt of what she wrote:

• "As the solar developers get aggressive to win bids, we wonder if the projects are even viable at these ultra-low rates.
  
  This is another example where rise in an industry may not benefit the direct players. That said, there could be some indirect players that could gain from the government's ambition to add 100 GW of solar power capacity till 2022."

Tata Power share price opened the day up by 0.7%.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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