M&M's Partnership for Electric Scooters, JSW Energy Quarterly Results, and Buzzing Stocks Today

Thu, 20 Jan Pre-Open

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Indian share markets ended on a weak note yesterday.

Benchmark indices ended lower for a second straight day as rising bond yields continued to shift investors away from riskier asset classes.

The 10-year US Treasury yield hit 1.9%, its highest point since December 2019.

At the closing bell yesterday, the BSE Sensex stood lower by 656 points (down 1.1%).

Meanwhile, the NSE Nifty closed lower by 175 points (down 1%).

ONGC and Tata Motors were among the top gainers.

Infosys and Shree Cement, on the other hand, were among the top losers.

The BSE Mid Cap index ended down by 0.3%, while the BSE Small Cap index ended on a flat note.

Sectoral indices ended on a mixed note with stocks in the IT sector and telecom sector witnessing most of the selling pressure.

Power and metal stocks, on the other hand, witnessed buying interest.

Shares of Tata Elxsi and Chambal Fertilisers hit their respective 52-week highs.

Gold prices for the latest contract on MCX were trading up by 0.1% at Rs 47,964 per 10 grams at the time of closing stock market hours yesterday.

Speaking of stock markets, Brijesh Bhatia shares some similarities between trading & poker and the 5 lessons which you can learn while playing poker, in his latest video for Fast Profits Daily.

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Top Stocks in Focus Today

Among the buzzing stocks today will be JSW Energy.

JSW Energy reported over two-fold jump in its consolidated net profit to Rs 3. bn in December 2022 quarter, mainly on the back of higher revenues.

The same was Rs 1.2 bn in the last year period.

Revenue from operations rose 18% to Rs 18.9 bn in the quarter from Rs 16.1 bn a year ago.

The company's earnings before interest, tax, depreciation and amortization (EBITDA) was higher by 35% year on year (YoY) at Rs 8.8 bn during the reporting period, which is highest third quarter print in last five years.

The company continues to deliver strong EBITDA on the back of stable cashflow from long-term portfolio, superior O&M practices, JSW Energy said.

Underlying finance costs during the quarter were down 10% to Rs 1.9 bn.

The consolidated net debt of the company as of 31 December 2021 stood at Rs 6 bn.

The company's diversified portfolio and favourable placement in Merit Order Despatch underpins generation and offtake.

The company said that over the medium term, power sector outlook is healthy, as rapid urbanization and stabilization of various government schemes are expected to boost overall power demand.

Going forward, renewable energy capacity addition is expected to meet the incremental power demand. The financial health of discoms continues to be a key concern.

Lupin share price will also be in focus today.

Drug firm Lupin on Wednesday said it has inked a pact with Shenzhen Foncoo Pharmaceutical Co to sell products in China.

This is the company's first partnership arrangement in China and reinforces drug maker's commitment to bringing high-quality generic and complex generic medicines to patients around the world, Lupin said in a statement.

'Lupin continues to invest in key growth markets. With China's growing commitment to affordable and accessible healthcare, Lupin is committed to serving the healthcare needs of the Chinese population by providing high quality generic and complex generic products. We are very excited about our partnership with Foncoo,' Lupin President - Growth Markets Fabrice Egros stated.

The company would continue to explore additional partnership opportunities in China to leverage its global portfolio including complex generics and specialty medicines, he added.

The company expects that the launch of the first product in China under the partnership will come smoothly and soon

M&M to Manufacture Hero Electric Vehicles Under Strategic Partnership

The Mahindra Group announces a strategic partnership with Hero Electric, one of India's leading electric vehicle (EV) manufacturers, to cater to the ever-growing demand for EVs in the country.

Under the collaboration, Mahindra & Mahindra (M&M) will manufacture Hero Electric's Optima and NYX at its Pitampur plant to meet the growing demands. The partnership will create multiple synergies to help drive adoption across the country.

With this collaboration, along with the expansion of their existing Ludhiana facility, Hero will be able to meet its demand of manufacturing over 1 m EVs per year by 2022.

This will further enable them to drive the adoption of a cleaner mode of transport. The joint development efforts will also be a key factor in developing the platform approach to help electrification of the Peugeot Motorcycles portfolio.

This is expected to bring significant value to both parties through optimization of costs, timelines, and shared knowledge in this dynamic, fast-growing global EV environment.

Speaking on the announcement, Naveen Munjal, MD, Hero Electric said,

• Hero Electric has been leading the Electric two-wheeler sector in the country. To further deepen its roots and strengthen its leadership, Hero Electric has announced a partnership with the Mahindra Group, which is leading the EV transition in the electric three and four-wheelers space.

Cabinet Approves Infusion of Rs 15 bn in IREDA

The Union Cabinet has approved the infusion of Rs 15 bn in Indian Renewable Energy Development Agency (IREDA), announced minister Anurag Thakur on Wednesday.

'Indian Renewable Energy Development Agency plays a big role in the field of renewable energy. This agency was established to finance renewable energy. Its portfolio has increased from Rs 88 bn to Rs 280 bn in the past 6 years,' said Thakur.

The Union Minister added,

• But according to RBI, the loan can only be lent on 20% of the net worth. The net worth of IREDA is Rs 30 bn. It can lend loans up to Rs 6 bn only.

Thakur further said that the decision would enable IREDA to lend loans up to Rs 120 bn in the renewable sector.

It will also help the public sector unit (PSU) to create a renewable energy capacity of 3,500 to 4,000 megawatt (MW).

In addition to this, the cabinet also approved a scheme for grant of ex-gratia payment of the difference between compound interest and simple interest for six months to borrowers in specified loan accounts.

How this pans out remains to be seen. Meanwhile, stay tuned for more updates from this space.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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