Indian Indices Trade near the Dotted Line

Tue, 17 Nov 11:30 am

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After opening firm, the Indian stock markets booked some losses and are presently trading flat. Sectoral indices are trading on a mixed note with stocks from the FMCG, pharma and metal sectors leading the gains. However, IT and consumer durables stocks are witnessing selling pressure.

The BSE-Sensex is trading up 23 points (up 0.1%) and the NSE-Nifty is trading up 7 points (up 0.1%). The S&P BSE Midcap index is trading up by 0.1% while the S&P BSE Smallcap index is trading up 0.5%. The rupee is trading at 65.96 to the US dollar.

Stocks in the automobile space are trading on a mixed note with Escorts and Ashok Leyland leading the gains. As per a leading financial daily, India's largest car maker Maruti Suzuki has opened the e-voting through postal ballot to take approval from minority shareholders to let its parent Suzuki Motor Corporation (SMC) to invest and own the upcoming plant in Gujarat. In one of our earlier editions of the 5 Minute WrapUp, we had talked about how when the company had first come out with this proposal, it had not gone down well with the investing community and how rise in shareholder activism can bring in greater accountability.

The new plant coming up in Gujarat was initially proposed to be owned by Maruti Suzuki. However, the plan was altered in January last year when SMC reported that they will own the new plant and would be investing US$ 488 million for building it. Subsequently, MSI decided to seek minority shareholder's nod. However, the voting was delayed due to changes in regulations and MSI deciding to comply with requirements under the amended Companies Act.

Finally, under the new arrangement between Maruti Suzuki and Suzuki Motor Gujarat (SMG), Suzuki will be setting up a manufacturing facility on land leased from Maruti Suzuki. As per the terms of this agreement, SMG would manufacture and supply the vehicles and parts exclusively for Maruti Suzuki. The entire arrangement would be on the basis that SMG does not have any profit or losses at end of financial year. The whole arrangement is for initial period of 15 years. The same will be automatically extended for another 15 years, unless terminated. Presently the stock of Maruti Suzuki is trading marginally up by 0.1%.

Tata Power has reported that its consolidated power generation grew 6.5% to 11,663 million units (MUs) during the second quarter of this fiscal on a year on year (YoY) basis.

As reported, together with all its subsidiaries, the company achieved generation sales of 11,376 MUs of power from all its power plants during the concerned quarter.

On a separate note, the company is going to hive off its renewable energy assets into subsidiary Tata Power Renewable Energy (TPREL) as a part of its restructuring plan. With this strategic plan, the company is aiming to continue its focus on clean and renewable energy generation capacities.

The company's board had approved the restructuring plan Monday which involves carving out of 500 Megawatts (MW) of renewable assets of the company to its subsidiary TPREL and its subsidiaries. TPREL will have a total installed capacity of 720 MW with additional 250 MW under construction. The proposed restructuring will lead to the renewable assets in the books of the company to be transferred to TPREL through slump sale. The assets include 376.5 MW of wind assets in Gujarat, Maharashtra and Tamil Nadu, 3 MW solar asset in Mulshi, 120 MW waste heat recovery based power plants at Haldia, West Bengal.

Tata Power is India's largest integrated private power company. Currently its stock is trading up by 0.5% on the BSE.

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