10:42 am Interview: Merging all the oil companies into one entity looks difficult even though it has financial benefits, says HPCL’s Chairman and Managing Director, MK Surana, commenting on the Finance Minister Arun Jaitley’s Budget proposal to merge state oil firms to create an oil behemoth.
‘Size of a company does matter in the oil industry’, he says in an interview.
Oil Minister Dharmendra Pradhan had expressed views similar to Surana in a post-Budget interview when he said it “wouldn’t be wise to put all eggs in one basket” and there would be ‘multi’ oil PSUs. Surana noted the concept of integration is not new to the oil industry and was expected for some time.
AK Srinivasan, Director Finance at ONGC believes it is early to comment as there is not much clarity on how integration roadmap will be laid out. However, he believes integration will improve financial leverage of oil companies.
10:30 am Expansion: NLC is going to set up more renewable energy plants in various places of Tamil Nadu at a cost of Rs 2170 crore with a capacity of 500 MW, as a part of NLCIL’s Solar Mission of 4000 MW in various parts of the country.
10:20 am Earnings estimates: Healthcare firm Glenmark Pharma’s third quarter profit is expected to jump 77 percent year-on-year to Rs 303 crore and revenue may increase 33.4 percent to Rs 2,372 crore, driven by likely better growth in US business.
Operating profit during the quarter is seen rising 38 percent to Rs 547 crore and margin may expand 70 basis points to 23 percent compared with year-ago period, according to average of estimates of analysts.
For US business, the company may benefit from USD 2.6 billion worth Zetia generic, a cholesterol drug that launched with exclusivity on December 12 in US.
10:00 am Market Check The market continues to be rangebound after a stellar rally post Finance Minister Arun Jaitley’s Union Budget speech. The Sensex is up 28.36 points at 28170.00, and the Nifty up 1.05 points at 8717.45. About 1120 shares have advanced, 717 shares declined, and 90 shares are unchanged.
ITC, Bharti, NTPC, ICICI Bank and ONGC are top gainers while M&M, Tata Motors, Wipro, GAIL and HDFC are losers in the Sensex.
Ridham Desai, Head of India Equity Research and India Equity Strategist, Morgan Stanley said there was an upside rise to global growth this year and that as long as global factors remain supportive, India would be okay. He said that India was actually under-performing in comparison its emerging markets, especially at a time when global growth is on the upswing.
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