Market Headstart: Nifty likely to open higher; Coal India, PFC top buys

The Nifty50 is likely to open higher on Monday tracking positive trend seen in other Asian markets after the United States dropped its threat to impose tariffs on Mexico in a deal to combat illegal migration from Central America.

Trends on SGX Nifty indicate a positive opening for the broader index in India, a rise of 56 points or 0.47 percent. Nifty futures were trading around 11,953-level on the Singaporean Exchange.

The S&P BSE Sensex 86 points higher at 39,615 while the Nifty50 closed 26 points higher at 11,870 on Friday.

The rupee on Friday fell by 18 paise to close at 69.46 against the US currency on strengthening of the greenback in overseas markets and rising crude oil prices.

Foreign investors (FIIs) have pumped in a net amount of Rs 7,095 crore into the Indian capital markets during the first week of June in anticipation of continued policy reforms.

Stocks in news:

As resolution through the insolvency courts keep getting delayed inordinately, the state-run Bank of Baroda has put on sale non-performing loans amounting to Rs 9,060 crore, including two large accounts - Bhushan Power & Steel and Alok Industries which are undergoing insolvency process but delayed.

The Reserve Bank of India (RBI) has, by an order dated June 06, 2019, imposed a monetary penalty of Rs 2 crore on Kotak Mahindra Bank for non-compliance of directions, a statement from the Central Bank said.

A day after the RBI cut the key repo rate, public sector Bank of Maharashtra Friday announced to cut the benchmark one-year MCLR by 0.10 percent to 8.60 percent.

Technical Recommendations:

We spoke to 5nance.com and here’s what they have to recommend:

Power Finance Corporation: Buy| LTP: Rs 134| Target: Rs 140 | Stop Loss: Rs. 125 | Upside 4%

Coal India Ltd: Buy| LTP: Rs 265| Target: Rs. 280 | Stop Loss: Rs. 255 | Upside 6%

Aurobindo Pharma Ltd: Sell| LTP: Rs 619.80| Target: Rs 605| Stop Loss: Rs. 645|Downside 2%

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Coal shipments at major ports rise 11% to 161 MT in FY19

Coal shipments handled by India's 12 major ports saw a 10.81 percent rise to 161.34 million tonne (MT) in the previous financial year, according to ports' body IPA.

These top ports under the control of the Centre had handled 145.59 MT of coal cargo in 2017-18.

Shipments of thermal or steam coal and coking coal rose 9 percent and 14.25 percent, respectively, during 2018-19.

The Indian Ports Association (IPA) said the major ports handled 103.84 MT of thermal or steam coal during the financial year, compared with 95.26 MT in the previous fiscal.

IPA in its latest report said the major ports handled shipments of 57.50 MT of coking coal during 2018-19, against 50.33 MT in the previous fiscal.

Thermal coal is the mainstay of the country's energy programme as 70 percent of power generation is dependent on the dry fuel, while coking coal is used mainly for steel-making.

India is the third-largest producer of coal after China and the US and has 299 billion tonne of resources and 123 billion tonne of proven reserves, which may last for over 100 years.

Overall, these ports recorded 2.90 percent growth in total cargo handling at 699.04 MT in the previous financial year.

The growth at these ports, which had handled 679.37 MT cargo in 2017-18, was driven mainly by higher handling of coal, fertilisers and containers.

These ports had recorded 4.77 percent growth in 2017-18 over the previous fiscal.

The 12 major ports are Deendayal (erstwhile Kandla), Mumbai, JNPT, Mormugao, New Mangalore, Cochin, Chennai, Kamarajar (earlier Ennore), Chidambaranar, Visakhapatnam, Paradip and Kolkata (including Haldia).

Increased demand from various sectors including coal, containers, fertilisers and POL (petroleum, oil and lubricant) was the main reason behind the growth in traffic, IPA said.

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Source: Moneycontrol

India's coal import rises 8% to 212 million tonnes in April-February

India's coal import increased by 7.8 percent to 212.11 million tonnes in the April-February period of FY19, a report said. This comes at a time when the government is looking at relaxing the timeline for the 1 billion tonne coal production target it had set earlier for Coal India (CIL), which accounts for over 80 percent of the domestic coal output.

The country produced 196.59 million tonnes (MT) of coal in April-February period of fiscal 2017-18, according to the report by mjunction services.

"During April-February 2018-19, coal and coke imports stood at 212.11 MT, about 7.89 percent increase over 196.59 MT recorded for the same period last year," it said.

Coal imports in the month of February was at 18.31 MT (provisional) as compared to 21.15 MT (revised) in January 2019, it said.

Coal and coke imports in February 2018 stood at 15.98 MT, according to mjunction's compilation.

"Coking coal imports saw a marginal decline in February, primarily due to the firm prices and not so upbeat outlook for the Indian steel sector. Real estate and auto sector's consumption of steel was down, which impacted production.

"Non-coking coal offers, however, eased during the month in select markets, leading to steady import demand," mjunction MD and CEO Vinaya Varma said.

mjunction -- a joint venture between Tata Steel and SAIL -- is a B2B e-commerce company and also publishes research reports on coal and steel verticals.

Of the total imports during February 2019, non-coking coal was at 13.86 MT, against 14.59 MT imported in January 2019, it said.

Coking coal imports were at 2.93 MT in February 2019, down against 3.32 MT a month ago.

Metallurgical coke imports during the month were at 0.26 MT, while 0.34 MT was imported in January.

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Source: Moneycontrol

Coal India approves buyback of up to Rs 1,050 crore at Rs 235 per share

Coal India board on February 4 approved buyback of up to 4.47 crore shares totalling to Rs 1,050 crore at Rs 235 per share.

This is the second buyback by the Maharatna company in two years. CIL had bought back nearly 10.9 crore shares in 2017 at Rs 335 per share. The government garnered approximately Rs 2,638 crore by tendering 8 crore shares in the issue.

The buyback portion accounts for 0.72 percent of the total outstanding equity shares.

The record date to ascertain the eligibility of shareholders to the tender offer route issue is February 15, 2019.

The government is likely to garner Rs 766 crore from the buyback.

The buy back exercise will be conducted in two steps.

Coal India subsidiaries Mahanadi Coalfields Ltd, South Eastern Coalfields Ltd and Northern Coalfields Ltd will buy back their shares worth Rs 355 crore each from the parent.

Thereafter, CIL will buy back its own shares from shareholders out of the free reserves worth Rs 1,065 crore.

Currently, the government holds 72.9 percent in the company, foreign portfolio investors foreign and institutional investors hold about 6 percent, financial institutions/banks/MFs/Alternate Investment Funds hold roughly six percent and insurance companies hold around 12 percent.

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Source: Moneycontrol

Coal India board to consider share buyback on today

State-owned CIL announced that its board will meet on Monday to consider and approve buy back of shares of the company.

"Board meeting of the company is scheduled on Monday, the February 4, 2019 interalia to consider and approve buyback of the fully paid up equity shares of the company having face value of Rs 10 each," Coal India (CIL) said in a BSE filing on Wednesday.

CIL accounts for over 80 per cent of domestic coal output.

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Source: Moneycontrol

China's coal output hits highest in over three years as mines start up

China's December coal output climbed 2.1 percent from the year before, government data showed, hitting the highest level in over three years as major miners ramped up production amid robust winter demand and after the country started up new mines.

Miners produced 320.38 million tonnes of coal in December, according to data released on Monday by the National Bureau of Statistics. That is the largest volume since June, 2015.

China approved more than 45 billion yuan's ($6.64 billion)worth of new coal mining projects last year, much more than 2017, official documents show.

That came after the country closed old and more-polluting coal mines as part of its battle to clean up the environment.

"Coal mining capacity coming online will lead to another increase in output this year after boosting December output to a more than three-year high," said a Beijing-based coal analyst with a major broker. He declined to be named due to local stock exchange rules.

The new projects stoked overall coal output last year, with annual production rising 5.2 percent to the highest since 2015 at 3.55 billion tonnes.

However, some miners and traders expect supplies to fall sharply in January following a crackdown on coal mines after a major accident on January 13 in the northwestern province of Shaanxi, potentially dragging on output through the year.

"It is now possible that Shaanxi will implement the strictest-ever regulations on illegal production, which would significantly reduce output in the province for the year," Zhai Yu, senior consultant at analysts Wood Mackenzie said in a note published last week.

"If stricter checks are extended to other provinces, domestic supply could tighten from its currently relaxed situation, helping coal imports as a result," Zhai wrote.

Shaanxi accounts for about 20 percent of China's annual coal production.

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Source: Moneycontrol