Key benchmark indices edged lower in early trade tracking lackluster trading in Asian stocks. At 9:16 IST, the barometer index, the S&P BSE Sensex was down 35.24 points or 0.13% at 27,950.30. The Nifty 50 index was currently down 9.95 points or 0.12% at 8,619.20.
In overseas stock markets, most Asian stocks edged lower tracking lackluster trading in US overnight. Markets were playing wait-and-see ahead of a key speech from US Federal Reserve chair later this week. In Japan, the Nikkei 225 Average was currently off 0.22%. The Nikkei flash Japan manufacturing purchasing managers' index (PMI) rose to 49.6 in August from July's reading of 49.3. A reading above 50 signals an improvement, while one below 50 points to a contraction in activity. August's flash PMI shows a contraction for the sixth month in a row. In mainland China, the Shanghai Composite was currently up 0.33%. In Hong Kong, the Hang Seng was currently off 0.36%. Chinese business confidence weakened in August after showing signs of stability in recent months, clouding investors' outlook on the world's second largest economy. The MNI Deutsche Borse Group business sentiment indicator declined to 54.3 in August from July's reading of 55.5.
US stocks closed mostly lower yesterday, 22 August 2016, dragged down by energy shares on lower crude oil prices. Federal Reserve chair Janet Yellen's speech at the Kansas City Fed's annual Monetary Policy Symposium in Jackson Hole, Wyoming is scheduled on Friday, 26 August 2016. Minutes from the Federal Open Market Committee's (FOMC) July meeting showed officials were split on whether an increase in interest rate was needed soon.
Closer home, the market breadth indicating the overall health of the market was positive. On BSE, 540 shares rose and 454 shares declined. A total of 47 shares were unchanged. The BSE Mid-Cap index was currently down 0.08%. The decline in this index was lower than Sensex's decline in percentage terms. The BSE Small-Cap index was currently up 0.01%, outperforming the Sensex.
Cement stocks declined. UltraTech Cement (down 0.93%), Ambuja Cements (down 0.67%), and ACC (down 0.55%) edged lower.
Grasim Industries was down 0.33%. Grasim has exposure to cement sector through its holding in UltraTech Cement.
GAIL (India) was up 0.71% at Rs 366.65 after the company and Silicon Valley-based Bloom Energy announced signing a memorandum of understanding (MoU) to deploy revolutionary natural gas-based fuel cell technology to generate electricity. The announcement was made after market hours yesterday, 22 August 2016.
The solid oxide fuel cell (SOFC) technology of Bloom Energy Servers convert fuel into electricity using natural gas as the base fuel to generate reliable and resilient electricity in a highly efficient non-combustible process that reduces emissions of greenhouse gas and harmful air pollutants, with minimal use of water vis-vis the conventional power producing technologies. The Bloom Energy Servers could be installed onsite at any operating premises or building and can be plugged into natural gas pipeline to generate uninterrupted, efficient, noise-less base load power round-the-clock.
GAIL's subsidiary at Bengaluru is already supplying natural gas for energizing a multi-MW Bloom Energy project for a large global technology company at the Technology Park in Bangalore.
The unique tie-up seeks to leverage the strengths of both the organizations. Whilst GAIL brings a portfolio of natural gas to ensure reliable and competitively available natural gas for Bloom Energy projects along its integrated gas supply networks, Bloom Energy's power systems run on advanced solid oxide fuel cell technology that are not just acknowledged as the most efficient producers of electricity based on natural gas but also combines the advantage of requiring a tenth of the space required for generating equivalent power through other modes. The MoU provides an alignment of a shared vision between GAIL and Bloom Energy and opens up an opportunity for Indian consumers to experience bundled and reliable service by the two leading brands for expanding the distributed power generation systems in India.
HPCL lost 1.86% at Rs 1,191.95 after net profit rose 30% to Rs 2098.38 crore on 5.67% decline in total income to Rs 51936.30 crore in Q1 June 2016 over Q1 June 2015. The result was announced after market hours yesterday, 22 August 2016.
Average gross refining margin in Q1 June 2016 was $6.83 per billion barrel (BBL) as against $8.56 per BBL in Q1 June 2015.
Based on the approval received from Government of India, HPCL accounted for budgetary support amounting to Rs 328.41 crore in Q1 June 2016 towards under recovery on sale of PDS kerosene (SKO), compared with Rs 450.61 crore in Q1 June 2015. State-run oil marketing companies bear under-recoveries on domestic sale of LPG and kerosene at controlled prices. The government has already freed pricing of petrol and diesel.
In Q1 June 2016, discount from upstream oil company viz., ONGC amounted to Nil in respect of crude oil purchased from ONGC, compared with Rs 218.25 crore accounted in Q1 June 2015.
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In overseas stock markets, most Asian stocks edged lower tracking lackluster trading in US overnight. Markets were playing wait-and-see ahead of a key speech from US Federal Reserve chair later this week. In Japan, the Nikkei 225 Average was currently off 0.22%. The Nikkei flash Japan manufacturing purchasing managers' index (PMI) rose to 49.6 in August from July's reading of 49.3. A reading above 50 signals an improvement, while one below 50 points to a contraction in activity. August's flash PMI shows a contraction for the sixth month in a row. In mainland China, the Shanghai Composite was currently up 0.33%. In Hong Kong, the Hang Seng was currently off 0.36%. Chinese business confidence weakened in August after showing signs of stability in recent months, clouding investors' outlook on the world's second largest economy. The MNI Deutsche Borse Group business sentiment indicator declined to 54.3 in August from July's reading of 55.5.
US stocks closed mostly lower yesterday, 22 August 2016, dragged down by energy shares on lower crude oil prices. Federal Reserve chair Janet Yellen's speech at the Kansas City Fed's annual Monetary Policy Symposium in Jackson Hole, Wyoming is scheduled on Friday, 26 August 2016. Minutes from the Federal Open Market Committee's (FOMC) July meeting showed officials were split on whether an increase in interest rate was needed soon.
Closer home, the market breadth indicating the overall health of the market was positive. On BSE, 540 shares rose and 454 shares declined. A total of 47 shares were unchanged. The BSE Mid-Cap index was currently down 0.08%. The decline in this index was lower than Sensex's decline in percentage terms. The BSE Small-Cap index was currently up 0.01%, outperforming the Sensex.
Cement stocks declined. UltraTech Cement (down 0.93%), Ambuja Cements (down 0.67%), and ACC (down 0.55%) edged lower.
Grasim Industries was down 0.33%. Grasim has exposure to cement sector through its holding in UltraTech Cement.
GAIL (India) was up 0.71% at Rs 366.65 after the company and Silicon Valley-based Bloom Energy announced signing a memorandum of understanding (MoU) to deploy revolutionary natural gas-based fuel cell technology to generate electricity. The announcement was made after market hours yesterday, 22 August 2016.
The solid oxide fuel cell (SOFC) technology of Bloom Energy Servers convert fuel into electricity using natural gas as the base fuel to generate reliable and resilient electricity in a highly efficient non-combustible process that reduces emissions of greenhouse gas and harmful air pollutants, with minimal use of water vis-vis the conventional power producing technologies. The Bloom Energy Servers could be installed onsite at any operating premises or building and can be plugged into natural gas pipeline to generate uninterrupted, efficient, noise-less base load power round-the-clock.
GAIL's subsidiary at Bengaluru is already supplying natural gas for energizing a multi-MW Bloom Energy project for a large global technology company at the Technology Park in Bangalore.
The unique tie-up seeks to leverage the strengths of both the organizations. Whilst GAIL brings a portfolio of natural gas to ensure reliable and competitively available natural gas for Bloom Energy projects along its integrated gas supply networks, Bloom Energy's power systems run on advanced solid oxide fuel cell technology that are not just acknowledged as the most efficient producers of electricity based on natural gas but also combines the advantage of requiring a tenth of the space required for generating equivalent power through other modes. The MoU provides an alignment of a shared vision between GAIL and Bloom Energy and opens up an opportunity for Indian consumers to experience bundled and reliable service by the two leading brands for expanding the distributed power generation systems in India.
HPCL lost 1.86% at Rs 1,191.95 after net profit rose 30% to Rs 2098.38 crore on 5.67% decline in total income to Rs 51936.30 crore in Q1 June 2016 over Q1 June 2015. The result was announced after market hours yesterday, 22 August 2016.
Average gross refining margin in Q1 June 2016 was $6.83 per billion barrel (BBL) as against $8.56 per BBL in Q1 June 2015.
Based on the approval received from Government of India, HPCL accounted for budgetary support amounting to Rs 328.41 crore in Q1 June 2016 towards under recovery on sale of PDS kerosene (SKO), compared with Rs 450.61 crore in Q1 June 2015. State-run oil marketing companies bear under-recoveries on domestic sale of LPG and kerosene at controlled prices. The government has already freed pricing of petrol and diesel.
In Q1 June 2016, discount from upstream oil company viz., ONGC amounted to Nil in respect of crude oil purchased from ONGC, compared with Rs 218.25 crore accounted in Q1 June 2015.
Read more -
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