Indian Oil Corporation Asset Monetisation Plan, MTAR and Easy Trip Planners IPO, and Buzzing Stocks Today

Fri, 5 Mar Pre-Open

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Indian share markets witnessed huge selling yesterday and ended their day deep in the red.

Benchmark indices broke their three-day winning streak yesterday on the back of selling seen in the metal stocks.

At the closing bell yesterday, the BSE Sensex stood lower by 598 points (down 1.2%). Meanwhile, the NSE Nifty ended down by 164 points (down 1.1%).

UltraTech Cement was among the top gainers.

JSW Steel and HDFC, on the other hand, were among the top losers.

The BSE Mid cap index and the BSE Small cap index ended up by 0.5% and 0.8%, respectively.

On the sectoral front, metal stocks, banking stocks and finance stocks were among the hardest hit.

Shares of UltraTech Cement and Dilip Buildcon hit their respective 52-week highs yesterday.

Gold prices for the latest contract on MCX were trading down by 0.3% at Rs 44,835 per 10 grams at the time of closing stock market hours yesterday.

Speaking of the stock markets, Brijesh Bhatia, Research Analyst at Equitymaster, discusses why he thinks there is a possibility of the rupee falling to Rs 80 against the dollar in 2021, in his latest video for Fast Profits Daily.

Tune in to the video below to find out more:

Top Stocks in Focus Today

Among the buzzing stocks today will be Welspun India.

Home textiles major Welspun India's board has approved raising up to US$ 100 million (approximately Rs 7.5 billion) in one or more tranches.

The board of directors approved raising or borrowing up to a maximum of US$ 100 million in one or more form of instruments, including but not limited to loans, ESG Bonds, nonconvertible debentures (NCDs), etc.

The money may be raised in form of domestic or overseas issuance in one or more tranches.

Adani Ports & SEZ share price will also be in focus today.

Adani Ports and Special Economic Zones has agreed to buy a Rs 19.54-billion stake in Gangavaram Port (GPL) from Warburg Pincus.

Adani Ports is acquiring about 163 million shares at Rs 120 apiece, which works out to Rs 19.54 billion.

Windy Lakeside Investment, an affiliate of the private equity firm, will sell its 31.5% in the port to the Adani Group firm, according to an exchange filing.

Adani Ports is also in talks with promoters DVS Raju and Family for their 58.1% stake (about 300 million shares) in the port. The remaining 10.4% is held by the Government of Andhra Pradesh.

Indian Oil Corporation Planning to Monetise Pipeline Assets

In news from the energy sector...

As per an article in The Economic Times, Indian Oil Corporation (IOC) is planning to monetise its hydrogen-producing facilities to raise about Rs 100 billion.

The nation's largest oil refiner is aiming to hive off some of its hydrogen-producing units and sulphur recovery facilities at its refineries to a separate entity and sell stakes in it to one or more private companies.

The company has proposed the idea to the government, which is studying it. The plan to monetise the hydrogen-producing facilities was in response to the government's proposal to sell stakes in oil and gas pipelines of IOC, GAIL and HPCL.

The government expects IOC, GAIL and HPCL to raise Rs 170 billion by selling stakes in their pipelines through the infrastructure investment trust route in the next financial year. Of this, Rs 80 billion is targeted from Indian Oil's pipelines and the remainder equally from GAIL and Hindustan Petroleum.

Indian Oil's executives are of the view that monetisation of some of its hydrogen-producing units can help generate Rs 100-120 billion, although it would mean selling a significant stake in them to private companies.

We will keep you updated on all the developments from this space. Stay tuned.

IPO Buzz: MTAR Technologies IPO Gets 8x Bids; EaseMyTrip IPO to Open Next Week

Hyderabad-based MTAR Technologies which opened its Rs 5.96-billion initial public offering (IPO) this week was subscribed 8.6 times yesterday.

The offer received bids for 6.2 crore equity shares at the time of closing stock market hours yesterday against the IPO size of 72.60 lakh equity shares. The IPO size has been reduced to 72.60 lakh shares from over 1.03 crore shares after the closing of the anchor book through which the company raised Rs 1.7 billion.

The portion reserved for retail investors was subscribed 14 times and that of non-institutional investors 6.2 times, while the qualified institutional buyers put in 77% bids against their reserved portion.

The IPO comprises a fresh issue of 2.15 million shares and an offer-for-sale (OFS) of 822.4 million shares and will close on March 5.

The price band has been fixed at Rs 574-575 apiece for the IPO.

According to the company's prospectus, proceeds from the fresh issue will be used for repayment or pre-payment of its borrowings and funding working capital requirements.

In other news, Delhi based online travel agency Easy Trip Planners plan to raise Rs 5.1 billion through an initial public offering (IPO). The issue opens for subscription on March 8, 2021, and closes on March 10, 2021.

The company aims to raise R 5.1 billion through its public issue which is a complete OFS. Promoters Nishant Pittie and Rikant Pittie, holding 49.8% and 49.7% respectively in the company, will sell up to Rs 2.5 billion worth of shares each.

The company and selling shareholders in consultation with merchant bankers will decide the price band and the minimum bid today (March 3, 2021) and the anchor book will open on Friday (March 5, 2021).

EaseMyTrip.com is operated by Easy Trip Planners Private Limited.

For the calendar year 2021, Easy Trip will be the tenth issue, after Indian Railway Finance Corporation, Indigo Paints, Home First Finance Company, Stove Kraft, Brookfield India REIT, Nureca, RailTel Corporation of India, Heranba Industries and MTAR Technologies.

How the above IPOs sail through remains to be seen. Meanwhile, stay tuned for more updates from this space.

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

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