IT Stocks Lead the Losses

Fri, 4 Dec 11:30 am

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   09:30 am   

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After opening the day on a negative note, the Indian Indices continued to trade in the red. Sectoral indices are trading on a discouraging note with stocks from the IT, banking and FMCG sector witnessing maximum selling pressure.

The BSE-Sensex is trading down 201 points (down 0.8%) and the NSE-Nifty is trading down 68 points (down 0.9%). The S&P BSE Midcap index is trading down by 0.6% and the S&P BSE Smallcap index is trading down by 0.2%. The rupee is trading at 66.83 to the US$.

Stocks in the power space are trading mixed with KSK Energy and Adani Power leading the gains. As per an article in Economic Times, the government in Lok Sabha has announced that over 30,000 MW (mega watt) of stalled generation capacity has been revived in the last 18 months. Moreover, efforts are made to ensure that there are no problems related to electricity supplies in the coming 10 years.

Adding to this, it pointed out some power problems in Southern India which are mainly faced on account of transmission issues. To resolve this, it has added about 4,000 MW generation capacity in the region during the last 18 months. Furthermore, it has planned to install additional 20,000 MW in the next three years.

The main reasons for the increase in stalled projects have been lack of clearances, financing issues and unfavorable market conditions. For this, the government has come up with various measures to revive many power generation projects. It has launched Deendayal Upadhyaya Gram Jyoti Yojana (DDUGJY) for separation of agriculture and non- agriculture feeders, strengthening of sub-transmission and distribution infrastructure for adequate electricity supply in rural areas. So far projects amounting to Rs 638 billion have been sanctioned under DDUGJY in the 12th Plan period (2012-17).

Mining stocks are also trading on a mixed note with Hindustan Zinc and Ashapura Minechem witnessing maximum buying interest. As per a leading financial daily, Coal India has estimated a capital investment of Rs 570 billion over the next five years in order to increase its production to 908 MT (million tonnes). Its production level in 2014-15 stood at 494.8 MT.

The tentative capital investment projection for 2015-16 is Rs 59.9 billion. Further, the same for 2016-17 is projected at Rs 82 billion, for 2017-18 at Rs 145 billion, 2018-19 at Rs 146 billion and 2019-20 at 135 billion.

Moreover the company has envisaged to invest Rs 86 billion in the three major railway infrastructure projects- Tori-Shibpur in CCL ( Jharkhand), Jharsuguda-Barapalli in MCL (Odisha) and East and East-West corridor in SECL ( Chhattisgarh) for coal evacuation.

All of these initiatives by the company are towards achieving its target of one billion tonne coal production by 2020.

Coal India is the largest coal producing company in the world based on their raw coal production. Also, it is the largest coal reserve holder in the world based on its reserve base. The company in its second quarter results of financial year 2015-16 (2QFY16) had reported a 16% YoY growth in its net profit. If you are interested in the stock, here is our detailed analysis of the results (subscription required).

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