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The Union Cabinet on Wednesday cleared a dilution of the government's stake in Oil and Natural Gas Corporation (ONGC), Coal India Ltd (CIL) and NHPC Ltd. At current market valuations, the amount of its holdings the Centre wants to offload in these companies could fetch it as much as Rs 45,796 crore - more than the Budget target of raising Rs 39,925 crore through disinvestment in public-sector undertakings.
The Cabinet Committee on Economic Affairs approved selling 10 per cent of the government's stake in CIL, five per cent in ONGC and 11.38 per cent in NHPC. By Wednesday's market value, these are worth Rs 23,613 crore, Rs 19,048 crore and Rs 3,135 crore, respectively.
To boost retail investors' participation in its disinvestments, the government is planning to offer them discounts, besides a quota of up to 20 per cent for small investors (those bidding for up to Rs 2 lakh). Life insurance Corporation, which has bailed out the government's disinvestments on many occasions in the past, is also said to be building up a war chest.
Even with geopolitical tensions running high, the oil market has become more bearishly positioned than it's been for several years, and prices could fall another 10 percent or more.
Brent crude, the international benchmark, fell through $100 for the first time in 16 months Monday, as Chinese import growth fell unexpectedly for a second month. Besides softer demand from China, the developed world is using less oil in general as a supply glut grows in the Atlantic basin.
As a result, crude is being stored for future use, and for the first time in several years, oil is traversing the globe on tankers, waiting for a market.
"There's as much as 30 million barrels sitting on floating storage, and it's got to go somewhere at some point. That has to resolve itself," said Eric Lee, Citigroup energy analyst. Lee said his long-term forecast for Brent is $70 to $90 per barrel, and it could be starting to head in that direction.
The oil market of late summer is a far different picture from the market in June, when traders bid up crude on expectations that Islamic extremists in Iraq could disrupt supply. But that seems unlikely, with insurgents focused on areas north of the key southern productions area of Iraq. Traders have also been monitoring the situation in Ukraine, since Russia is a major energy supplier to Europe.
But while those events have provided some support, they have not fired up prices, as there has been no impact on supplies. The rising dollar has also put downward pressure on oil prices in recent weeks.
West Texas Intermediate is also under pressure, losing 63 cents Monday to $92.66 per barrel, the lowest level since Jan. 14. Part of the reason supply is so high is a big jump in U.S. oil production, up 1.3 million barrels from year-ago levels in June. The U.S. in late August was producing 8.6 million barrels a day.
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What To Do Today..........
Our Opininon for Today's Market.......
1.Market Looks Volatile.....
1.Some Insider Say NIfTy go up to 6200
What To Do Today........
Nifty....Today Face Resistance at......8178...8235..8295
Nifty.....Today Support at ..7980...7922...7865
Nifty Range...6300--------8200
TRACK ME RESEARCH......
NEXT TGT FOR
Our Opinion for Today's Market.......
1.Stock Specific Movement Expected Today ......
2. Mid-caps Looks Good....
INTRADAY HOT STOCKS: 11/9/2014
buy sbi sl 2530 tgt 2538/2550/2580/260/2650
BUY COLPAL SL 1520 TGT 1650/1700
buy fedral bk sl 117 tgt 130++
niu indiabull fin @ 392 tgt 405/415/430 sl 480
buy tatamoter sl 500 tgt 530/540
buy ril sl 968 tgt 1010/1028/1040/1060
L&T FINANCE HOLDINGS
(BSE TICKER-533519@ Rs.65/-)
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!!!!
Rs.90/120/- Rs.150/-
Alert:- Our Subscriber's Long in Stock!!!
MARKSANS PHARMA
(Bse Ticker-524404@ Rs.18.80)
TARGET
Rs.21/- Rs.24/30/35/40/80 SL Rs.15/-
Forget Short Term Movment
