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India launches reference fuel, to cut import dependency

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India on Thursday launched its first reference fuel in collaboration with state-run Indian Oil Corporation (IOC), becoming the third country to do so. The domestic production is likely to reduce India’s import dependency.

“We used to import 1,000 kilolitre (of reference fuel), our consumption is just 150 kilolitre,”said Minister of Petroleum and Natural Gas, Hardeep Singh Puri. “Soon we will look at stopping the import and also becoming a major exporter.”

The imported reference fuel costs at Rs 800-850 a litre. Indigenous production of this fuel will cut down this cost to around Rs 500 per litre.

These reference gasoline fuels will be available in E0, E5, E10, E20, E85, and E100 from the Paradip refinery. “Reference diesel fuel shall be available in B7 grade from Panipat refinery,” the government said.

In addition, the government said that it has achieved its target of blending 12% ethanol with petrol for the current ethanol supply year 2022-23 which will end in October.

“(Oil) Secretary Pankaj Jain told me that we have already done 12 per cent this month, which was our target, and we are well towards reaching our target of 20 per cent biofuel blending by the calendar year 2025,” he said adding that 5,000 petrol pumps are already selling the 20% ethanol-blended fuel.

In the ethanol supply year 2022-23 (Dec-Oct), the government has set a target of achieving 12% ethanol blending with petrol. This target for the year 2023-24 (Nov-Oct) has been set at 15%.

The government is now moving towards maize as a supplement to be used in ethanol blending. In August, the percentage of ethanol blended with petrol was 11.3%, according to the latest data by Petroleum Planning and Analysis Cell. “The cumulative ethanol blending during December 2022- August 2023 was 11.7%,” the report said.

The government had earlier stopped the supply of rice to ethanol distilleries due to lack of domestic availability.

Further, talking about energy transition, the minister said that global turbulence forces the market to move towards cleaner fuels.

“The upcoming 10 KTA (kilo tonnes per annum) green hydrogen plant at Panipat will further augment green energy transition,” the minister said.

The number of countries from where India imports energy has gone up to 39 from 37, Puri said while talking about India’s energy supplies. “We have increased India’s exploration and production footprint.”

The energy security strategy adopted by India to make the country ‘energy-independent’ by 2047 includes diversification of energy supplies, increasing exploration and production footprint, alternate energy sources, and meeting energy transition through gas-based economy, and green hydrogen and EVs, Puri said.

The government is also ambitious in its target of achieving the green energy transition target of 2047 and plans to expand green hydrogen-powered buses by December.

Stocks to buy: HDFC Bank, HCL Tech look strong on charts; Nifty may hit 15,050 if Bank Nifty performs well

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By Shrikant Chouhan

On Tuesday, the market did much better than expectations. It was one of the exceptional or unique sorts of day for the market as, despite the rise in the long term bond yields from 1.65 to 1.75 and jump in the dollar index from 92.75 to 93.25, we saw an abnormal rally in the market. It was at 14500 last Friday and on Tuesday it closed above 14800 levels. The formation of a Bullish Harami, that the Nifty has made on the last Friday served as a powerful reversal formation for the market. In the previous session, all sectors, except Bank Nifty and Auto, performed well. If we correlate the data of the past few years then in the last few days of the financial year ending, we witness such type of broad-based activity in the market.

In brief, on Wednesday, a closing of the Nifty above the level of 14930 would be positive for the market. On Tuesday, the strategy should be to buy if Nifty drops between 14750/14700 levels and for that we need to keep a stop loss at 14600. On Wednesday, we would see a rally in bank stocks, mainly because the Bank Nifty closed above the level of 33700. Bank Nifty can go up to 34500/34700 above the levels of 33700. If the Bank Nifty performs, the Nifty could move closer to 14900 and 15050 levels. On the other side, Nifty / Sensex would find major support at 14750 and 14600 levels.

Technical stock picks are-

Sun Pharmaceutical Industries Ltd

BUY, CMP: Rs 597.7, TARGET: Rs 630, SL: Rs 585

The stock had been in a bullish trend forming higher lows on a weekly scale, however, the recent price drop from the highs of 650 seems over as the stock took multiple support at the rising short-term trend line. On the daily time frame after decent accumulation, we witnessed a range breakout and closing of above 20 DAY EMA hints at a bullish uptrend.

BPCL (Bharat Petroleum Corporation Ltd)

BUY, CMP: Rs 430.8, TARGET: Rs 455, SL: Rs 420

On the weekly scale, the 480 zone acted as the strong resistance area due to double top formation which resulted in the minor correction in stock from higher levels developing of a sloping bearish channel. Nevertheless, a reversal from an important support zone on the daily chart is evident for fresh up move.

HDFC Bank

BUY, CMP: Rs 1,553.7, TARGET: Rs 1,630, SL: Rs 1,520

Past few weeks the stock was into a correction mode and in the last week, it closed near its important Fibonacci retracement point, and simultaneously 20 days EMA acted as a support for the stock. On the whole, a strong bullish candle with the incremental volume activity indicates a new leg of a rising trend from current levels.

HCL Technologies

BUY, CMP: Rs 995.8, TARGET: Rs 1,050, SL: Rs 970

On a broader time frame, it is observed that the stock is trading into a rectangle pattern, even so, a breakout of a triangle formation with a strong bullish candle is evident on the daily chart with decent volume action, which specifies good strength in momentum in the near term.

(Shrikant Chouhan is the Executive Vice President, Equity Technical Research at Kotak Securities. Views expressed are the author’s own.)