Sensex Trades in Green; IT Stocks Top Gainers

Fri, 24 Nov 01:30 pm

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After opening the day marginally higher, share markets in India continued the momentum and are presently trading in green. Sectoral indices are trading on a mixed note, with stocks in the IT sector and stocks in the energy sector witnessing maximum buying interest. While stocks in the metals sector are leading the losses.

The BSE Sensex is trading up by 95 points (up 0.3%) and the NSE Nifty is trading up by 38 points (up 0.4%). Meanwhile, the BSE Mid Cap index is trading down by 0.2%, while the BSE Small Cap index is trading up by 0.3%. The rupee is trading at 64.81 to the US$.

In news from the oil and gas sector. According to a leading financial daily, the government is pulling out all stops in the impending HPCL-ONGC merger.

To ensure that the transfer of State-owned oil major HPCL's promoter stake does not attract any anti-competitive norms, the government has exempted the merger of oil and gas PSUs from the purview of competition watchdog Competition Commission of India (CCI).

The relaxation will be available for a period of five years. A similar mechanism has been adopted for public sector banks, for 10 years.

The government, in July had approved the sale of its 51.1% stake in oil refiner HPCL to India's largest oil producer ONGC.

Prior to the merger, HPCL is likely to take over Mangalore Refinery and Petrochemicals (MRPL) to bring all the refining assets of ONGC under one unit. ONGC currently owns 71.6% of MRPL while HPCL has 16.9% stake in it.

ONGC will not have to make an open offer to minority shareholders of HPCL as the government's holding is being transferred to another state-run firm and the ownership isn't changing.

Reportedly, the deal will be completed within a year and will see HPCL will become a subsidiary of ONGC and remain a listed company post the acquisition.

To help achieve its fuel and energy goals, the government has been mulling over consolidating all the major oil players into an integrated public sector 'oil major'. Our energy sector analyst Richa Agarwal, had written about her view of this development in one of the editions of the 5 Minute WrapUp Premium. Give it a read to form a better understanding of the development.

HPCL will add 23.8 million tonnes of annual oil refining capacity to ONGC's portfolio, making it the third-largest refiner in the country after IOC and Reliance Industries.

The deal is also likely to help the government achieve its divestment target. At current valuations, this deal would fetch the government more than Rs 300 billion, surpassing its strategic sale target for the year.

Centre Gets Cracking on Disinvestment

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.

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.

At the time of writing, ONGC share price was trading down by 0.4%, while HPCL share price was trading up by 1.8%.

In news from the global financial markets, data from the Eurozone shows that jobs growth in the free-trade area was the highest since the dotcom era.

According to data gathered by IHS Markit, jobs are being created across the 19-country eurozone at a pace not seen since the turn of the millennium thanks to stronger economic growth, particularly in a resurgent France.

In another sign that a robust economic recovery across the single currency bloc is gathering momentum, the purchasing managers' index - a broad gauge of business activity across manufacturing and services - rose to 57.5 points in November from 56 the previous month.

Anything above 50 indicates an expansion and the index now stands at its highest level since April 2011.

France, the eurozone's second-largest economy, was one standout. Its index rose above 60 for the first time since 2011 and hiring has picked up pace. Also, its growth, according to the survey, outpaced Germany, the eurozone's number one economy, for only the fourth time in over five years.

Even before the survey, the eurozone was already set to post its highest growth rate in ten years. Earlier this month, the European Union upgraded its growth forecast for the eurozone this year to 2.2%, which would be the highest since 2007.

The strong growth and falling unemployment should in time help fuel price increases in the economy. That would be welcome news to the European Central Bank, which has enacted a series of stimulus measures over the past few years to get inflation up to its goal of just below 2%. In the year to October, inflation stood at 1.4% and is expected to dip in the coming months as last year's rise in energy prices falls out of the annual comparison.

Most of the economic problems faced by the Eurozone, are fueled by the easy money policies that central banks have adopted around the world. However, with the changes happening at central banks of late, it seems that the end of easy money is near.

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