Bulls may attempt a comeback on Dalal Street as BSE Sensex, NSE Nifty 50 are expected to open in the green, according to early trends on the SGX Nifty. Nifty futures were up 26 pts or 0.15% on the Singapore exchange hinting a positive start for broader benchmark index in India. “Markets have shown tremendous strength so far amid the global turmoil however the lingering fear of aggressive rate hikes by the US Fed has capped the upside and also trigger intermediate declines. The prevailing market structure combined with cues from the US markets is pointing towards further fall,” said Ajit Mishra, VP – Research, Religare Broking.
Stocks in focus on 19 September, Monday
Adani Power: The Adani Group company company has announced withdrawal of its delisting offer. Its shareholders had approved the delisting of company’s shares on the BSE and NSE in July 2020, and had submitted application for approval for the delisting to the exchanges in January last year. The company has not received in principle approval of the exchanges, and hence it is withdrawing offer for delisting on account of delay and commercial viability.
ACC, Ambuja Cements: The Adani Group through its SPV Endeavour Trade and Investment has completed the acquisition of Ambuja Cements and ACC. With this, it has become the second largest cement player in India. Soon after Adani’s takeover, the two cement firms announced the resignation of their board of directors, including the CEOs and CFOs. The board of Ambuja Cements approved an infusion of Rs 20,000 crore into Ambuja by way of preferential allotment of warrants. On Friday, Gautam Adani was appointed as the chairman of Ambuja Cements while his elder son Karan was named as a director of both the cement firms and as chairman of ACC.
Indus Towers: Bimal Dayal has tendered his resignation as Managing Director (MD) and CEO of the company and as a Director from the Board. Till the time the vacancy is filled, Tejinder Kalra, the Chief Operating Officer (COO) and Vikas Poddar, the Chief Financial Officer (CFO) will be jointly responsible for the functioning of the company under the guidance of the board and the Chairman.
Tata Power: Resurgent Power Ventures Pte Ltd completed acquisition of South East UP Power Transmission Company (SEUPPTCL). Resurgent Power Ventures is a joint venture based out of Singapore, wherein 26% shareholding is held by Tata Power through its wholly owned Singapore based subsidiary. In another news, Tata Power Discoms announced to invest Rs 5,000 crore in Odisha to ensure reliable and quality electricity supply to industries. “We are fully committed to realise the Odisha government’s vision of Make in Odisha through reliable and quality power supply to industries. Tata Power Discoms serve 9 million customers across the state,” said Tata Power’s T&D, President, Sanjay Banga.
JSW Ports: JSW Ports, a wholly-owned subsidiary of Sajjan Jindal-led JSW Infrastructure, has retired high-cost rupee debt of Rs 862 crore to a consortium of banks. “This was done largely from our internal accruals, as our ports business has been doing very well for the last two-three years, and supported by our recent bond issue. Thereby, we have reduced borrowing costs substantially,” Lalit Singhvi, chief financial officer at JSW Infrastructure said.
Paytm: Digital payments and financial services company Paytm’s total merchant base has gone up by 8 million in a span of 14 months — from 22 million in June 2021 to almost 30 million by the end of August 2022 — according to Anuj Mittal, vice president – investor relations. The government’s push for increasing adoption of digital payments has also translated into a five-fold jump in Paytm’s offline payments system, he said. The company’s subscription-based payment devices to merchants across the country have increased from 0.9 million to 4.5 million since June 2021.
HDFC Life: The National Company Law Tribunal (NCLT) on Friday approved the merger of Exide Life Insurance with HDFC Life Insurance, a stock exchange filing by HDFC Life said. The NCLT has sanctioned the Scheme of Amalgamation under Sections 230 to 232 of the Companies Act, 2013, it said. The merger is subject to final approval from the Insurance Regulatory and Development Authority of India. HDFC Life had last year announced 100% acquisition of Exide Life and the subsequent merger. It completed the acquisition in January through issuance of 8.70 crore shares at an issue price of Rs 685 per share and a cash payout of Rs 726 crore, aggregating to Rs 6,687 crore.
Steel stocks: Tata Steel, JSW Steel and ArcelorMittal Nippon Steel (AM/NS India) were among around 75 firms that have shown interest in the Rs 6,322 crore production-linked incentive (PLI) scheme for speciality steel. “The response has been very good. Both large integrated players like Tata Steel, JSW Steel, JSPL and SAIL and a clutch of secondary players have evinced interests. The total number of applications would be around 75, reported FE citing a steel ministry source.