Sensex Trades Marginally Lower, Dow Futures Down by 79 Points

Wed, 19 May 12:30 pm

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Share markets in India are presently trading marginally lower.

The BSE Sensex is trading down by 25 points, down 0.1% at 50,168 levels.

Meanwhile, the NSE Nifty is trading down by 14 points.

UPL and Cipla are among the top gainers today. Tata Motors and ONGC are among the top losers today.

Both the BSE Mid Cap index and BSE Small Cap index are trading up by 0.7%.

On the sectoral front, stocks from the real estate sector, are witnessing most of the buying interest.

On the other hand, stocks from the automobile sector, are witnessing most of the selling pressure.

US stock futures are trading lower today, indicating a negative opening for Wall Street.

Nasdaq Futures are trading down by 64 points (down 0.5%) while Dow Futures are trading down by 79 points (down 0.2%).

The rupee is trading at 72.97 against the US$.

Gold prices are trading down by 0.1% at Rs 48,355 per 10 grams.

In international markets, gold prices were flat near a four-month high, ahead of the release of minutes from the US Federal Reserve's last policy meeting.

Despite positive global cues, gold prices in domestic markets dipped today for the second day in a row. On MCX, gold futures fell 0.1% to Rs 48,250 per 10 grams.

To know more about gold, check out our article on how to invest in gold here: How to Invest in Gold?

Moving on to stock specific news...

Among the buzzing stocks today is Adani Green Energy.

Adani Green Energy (AGEL) said that it is acquiring SB Energy India from Softbank of Japan and India's Bharti Group to add 4,954 megawatts (MW) to its renewable power portfolio. The deal is the biggest acquisition in India's renewable power sector.

The transaction values SB Energy India at an enterprise valuation of approximately US$ 3.5 bn.

The target portfolio consists of large-scale utility assets with 84% solar capacity (4,180 MW), 9% wind-solar hybrid capacity (450 MW) and 7% wind capacity (324 MW).

The portfolio comprises 1,400 MW of operational solar power capacity and a further 3,554 MW that is under construction. All projects have a 25-year power purchase agreement with sovereign rated counterparties such as Solar Energy Corporation of India (SECI), NTPC and NHPC.

The operating assets forming part of the portfolio are primarily solar park-based projects. With this deal, AGEL will achieve a total renewable capacity of 24.3 gigawatts (GW) and an operating renewable capacity of 4.9 GW.

• "This acquisition is another step towards the vision we stated in January 2020, wherein we laid out our plans to become the world's largest solar player by 2025 and thereafter the world's largest renewable company by 2030. We are well on our way to achieve our stated solar portfolio targets four years before the deadline we set for ourselves," said Gautam Adani, chairman of Adani Group in a statement.

The closing of the transaction is subject to customary approvals and conditions.

We will keep you posted on updates from this space. Stay tuned.

At the time of writing, shares of Adani Green Energy were trading up by 2.8% on the BSE.

Speaking of Adani Green Energy, here is an interesting data point about the company.

The stock has gained more than 400% in the last year and more than 3,500% since the company got listed on the exchanges!

At its current price, it is trading at a P/E ratio of 513.5.

For more details about the power sector, you can have a look at the power sector report on our website.

In news from the automobile sector...

Tata Motors Posts US$ 1 bn Loss as Jaguar Costs Hit Bottom Line

Tata Motors today reported a consolidated net loss of Rs 76.1 bn (US$ 1 bn) for the quarter ended March due to a large write off related to subsidiary Jaguar Land Rover (JLR). In the year-ago quarter, the company had reported a consolidated net loss of Rs 98.9 bn due to a similar write off of assets in JLR.

The company wrote down assets worth Rs 96.1 bn related to cancelled models at Jaguar Land Rover. Further, it bore restructuring costs worth Rs 53.9 bn related to the subsidiary. In summation, the total exceptional loss related to JLR stood at nearly US$ 2 bn in the March quarter.

However, the company's consolidated net loss was limited by the reversal of Rs 11.8 bn in impairments made by the company at the end of the previous financial year related to its Indian passenger car business.

On the top line front, the company's performance was rather upbeat as consolidated revenues in the quarter ended March jumped 42% year-on-year (YoY) to Rs 886 bn, reflecting the favourable base effect. In the year-ago quarter, the company's sales in India and at JLR suffered due to national lockdown at home, in Europe, the US and China.

The India business reported a 106% YoY jump in revenues to Rs 200.5 bn in the March quarter, whereas sales at JLR surged 20.5% to 6.5 bn pound sterling.

On the operating front, the company showed strength as Jaguar Land Rover reported a 9.1% YoY expansion in operating margin to 15.3%. The luxury carmaker was able to generate free cash in excess of 700 m pound sterling, in line with its revamped strategy.

The India business also reported a strong operating performance as the operating margin expanded 13.7% YoY to 7.8% despite the rise in input costs.

"The auto industry was deeply impacted by Covid-19 in FY21 but witnessed a steady growth in vehicle demand as the nationwide lockdown eased and pent-up demand came to fore supported by a steady recovery of the economy," said Guenter Butschek, Chief Executive Officer and Managing Director at Tata Motors.

How the company performs in the next quarter remains to be seen. Meanwhile, stay tuned for more updates from this space.

Speaking of the stock markets, India's #1 trader, Vijay Bhambwani talks about why he is bullish on PSU stocks, in one of his latest videos for Fast Profits Daily,

Back in October 2020, Vijay had recorded a video on PSU stocks, saying they present very good trading opportunities and also investment opportunities.

Vijay is still bullish on these stocks and in the video below, he explains why you should be too.

Tune in here to find out more:

And to know what's moving the Indian stock markets today, check out the most recent share market updates here.

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

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