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Sensex Opens Flat; NTPC & Power Grid Top Losers
Tue, 28 Nov 09:30 am | Rini Mehta, TM Team

Majority of Asian stock markets are lower today as concerns about another sharp sell-off in Chinese stocks weighed on investor sentiment. The Shanghai Composite is off 0.30% while the Hang Seng is down 0.55%. While, the Nikkei 225 is trading up by 0.17%. Wall Street's major indices ended little changed on Monday, retreating modestly from record highs set during the session, as gains for Amazon countered losses in shares of energy companies.

Back home, India share markets have opened the day on a flat note with negative bias. The BSE Sensex is trading lower by 27 points while the NSE Nifty is trading lower by 11 points. The BSE Mid Cap index and BSE Small Cap index opened the day up by 0.2% & 0.4% respectively.

Sectoral indices have opened the day on a mixed note with consumer durables sector and healthcare sector witnessing maximum buying interest. While, PSU stocks and power stocks have opened the day in red. The rupee is trading at 64.69 to the US$.

NTPC share price fell 1.2% on the reports that the company is facing problems at several of its power projects due to issues related to equipment supplied by Bharat Heavy Electricals Ltd (BHEL). This comes in the backdrop of ongoing investigations into the explosion at the recently commissioned 500 megawatts (MW) unit of NTPC's 1,550MW Unchahar plant, the equipment for which was supplied by Bhel.

Engineering stocks opened the day on a mixed note with Sanghvi Movers & Elgi equipments leading the gains. As per an article in the Livemint, Larsen & Toubro's (L&T) construction arm has won orders worth Rs 35.7 billion across business segments.

Reportedly, its transportation and infrastructure business has bagged order worth Rs 13.6 billion from Bangalore International Airport Ltd.

Its metallurgical and material handling business received orders worth Rs 12.6 billion in the domestic market.

While the company's power transmission and distribution business and building and factories business won orders worth Rs 6 billion and Rs 3.6 billion, respectively.

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Notably, diversification continues to help L&T negotiate and get better terms and margins for projects. Apparently, this is because it is less desperate to win orders as compared to a company which are present in only a couple of sectors. Its reputation, extensive technical prowess, and large skilled workforce have enabled L&T to command a certain premium from customers and vendors alike.

Whether, further addition to these new projects provides a cushion to its profitability will be an interesting thing to watch out for going forward.

To know more about the company, you can access to L&T's latest result analysis and L&T stock analysis on our website.

L&T share price opened the day down by 0.3%.

Moving on to the news from FMCG sector. As per an article in a leading financial daily, ITC is planning to invest around Rs 100 billion in the coming years to strengthen its business in the food processing sector.

This is a part of the company's Rs 250-billion-investment package that it has planned to invest on 65 projects, including 20 integrated factories for consumer goods across the country.

The company would likely explore newer areas progressively, similar to what it did with the recent foray in fruits, fruit juices, vegetables and dairy products.

In the past, it has also ventured into seafood and juice segments. Nearly 58% of its revenues come from the non-tobacco products; 80% of capital employed is in the non-tobacco sectors and 90% of its employees are in the non-tobacco areas, the reports noted.

By 2030, the company has targeted a revenue of Rs 1 trillion of which, FMCG is expected to be one of the biggest contributors.

One shall note that, in July, ITC hiked the prices of its cigarettes by 5-7% across brands to make up for higher taxes after the implementation of goods and services tax. This had impacted the company's sales volume. ITC's shares have hugged the bottom of the price chart since the cess announcement in mid-July.

ITC Lost its Edge after Increase in Cess on Cigarettes in July

Going forward, whether company's structured plans and strategies for capital expansion as well as innovating and investing in newer products help the company grow will be the key thing to watch out for.

ITC share price opened down by 0.8%.

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