Tata Consumer Enters Nifty 50, UltraTech Cement Prepays Loans, and Buzzing Stocks Today

Thu, 1 Apr Pre-Open

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Indian share markets witnessed huge selling and ended down by 1.2% yesterday.

Benchmark indices ended the last trading session of the financial year 2020-21 (FY21) on a tepid note with selling seen in banking and finance stocks.

Rising Covid-19 cases, rising bond yields, and weak global cues dampened market sentiment in this holiday-shortened week. After remaining closed on Monday for Holi, the stock market would remain closed tomorrow for Good Friday.

At the closing bell yesterday, the BSE Sensex stood lower by 627 points (down 1.3%).

Meanwhile, the NSE Nifty ended down by 154 points (down 1%).

Bajaj Finserv was among the top gainers. HDFC and HDFC Bank, on the other hand, were among the top losers.

The BSE Mid cap index ended up by 0.1%. The BSE Small cap index ended higher by 0.5%.

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

Realty stocks and consumer durable stocks, on the other hand, witnessed buying interest.

Shares of Galaxy Surfactants and Adani Gas hit their respective 52-week highs yesterday.

SBI share price was in focus after the lender said it is planning to revamp its entire operational setup for lending to micro, small and medium enterprises (MSMEs) with a view to improve turnaround time (TAT) and customer experience while keeping bad loans in check.

Gold prices for the latest contract on MCX were trading down by 0.1% at Rs 43,840 per 10 grams at the time of closing stock market hours yesterday.

Note that Indian stock markets have registered their best financial year performance in a decade. The BSE Sensex and NSE Nifty rallied 68% and 70.8%, respectively in FY21.

Earlier during FY10, the BSE Sensex had surged 80.5%, while NSE Nifty had rallied 73.7%.

Speaking of stock markets, in his latest video for Fast Profits Daily, Vijay Bhambwani explains why he is recommending caution in the stock market at this time.

In the video, Vijay shares his thoughts on why he believes you should temper your aggressive moves in the market.

Tune in to the video below to find out more:

Top Stocks in Focus Today

Tata Consumer Products will be among the top buzzing stocks today.

Tata Consumer Products entered the NSE Nifty index yesterday. The company replaced PSU major GAIL (India).

Meanwhile, AU Small Finance Bank replaced Bank of Baroda in the Nifty bank index.

Tata Consumer is the 5th Tata Group Company in NSE Nifty. TCS, Tata Motors, Tata Steel, Titan & Tata Consumer together now have 8.1% weight, while HDFC Group companies have a total of 18.8% weightage in the NSE Nifty.

Reports state that the above rejig is expected to result in passive inflows of Rs 6.5 billion in Tata Consumer. GAIL, on the other hand, could see outflows of Rs 4.1 billion.

Reports also state that the valuation of NSE Nifty will get cheaper as the index management had made a key change that will henceforth use consolidated earnings of NSE Nifty firms as against the current practice of considering standalone numbers.

KNR Constructions share price will also be in focus today as the company has received a letter of acceptance (LoA) for a National Highway Authority of India (NHAI) project in Kerala.

The company got the letter of acceptance for the six-laning of the Ramanattukara Junction to start off the Valanchery bypass section of NH-66 (old NH-17) on hybrid annuity mode under Bharatmala Pariyojana in Kerala.

The project bid cost was Rs 23.6 billion and the company bid was Rs 21.2 billion.

Market participants will also track NHPC share price today. NHPC, a Miniratna Power PSU, said that the Ministry of Power, Government of India has conveyed approval of President of India on 30th March 2021, for investment of Rs 9.4 billion for acquisition of M/s Jal Power Corporation and construction of balance works of 120 MW Rangit-IV Hydro Electric Project located on river Rangit, in West Sikkim district of Sikkim, by NHPC Limited.

The above includes Rs 1.7 billion to be paid by NHPC for acquisition of M/s. JPCL through Corporate Insolvency Resolution Process (CIRP).

Government to Infuse Rs 145 Billion in Four Banks; Issue Recapitalisation Bonds

In news from the banking sector...

The government has announced it will put in Rs 145 billion in Central Bank of India, Indian Overseas Bank, Bank of India and UCO Bank by issuing non-interest bearing bonds to the state-owned lenders.

Recapitalisation bonds will be issued with six different maturities, and the special securities would be "at par" for the amount as per the application made by the eligible banks.

The step completes the government's capital infusion of Rs 200 billion in public sector banks (PSBs) for the current financial year. In December, it infused Rs 55 billion in Punjab and Sind Bank.

The interest cost for recapitalisation bonds issued by the government was Rs 162.9 billion in financial year 2019-20. This has been estimated at Rs 192.9 billion for the fiscal ending March 31.

To save interest burden on such bonds, the government last year decided to issue zero-coupon bonds for capital infusion of Rs 55 billion into Punjab and Sind Bank.

How the above development pans out remain to be seen. Meanwhile, we will keep you updated on all the news from this space.

UltraTech Cement Prepays Long Term Loans of Rs 50 Billion

Moving on to news from cement sector...

UltraTech Cement said it has prepaid its long-term loans of Rs 50 billion.

The loan repayment has been done through free cash flows that the company has generated over the last few quarters despite the pandemic, the Aditya Birla Group firm said in a statement.

This is in line with the company's endeavour to maintain optimal capital structure, it added.

However, the company did not share the deadline by which the long-term loans were to be prepaid.

"The loan repayments have been done through free cash flows that the company has generated over the last few quarters despite the challenging circumstances and severe business interruptions during the first quarter of the current fiscal year," it added.

The company reported a revenue of Rs 406.5 billion in 2019-20 and is the largest manufacturer of grey cement, ready mix concrete (RMC) and white cement in India.

UltraTech Cement is also the third-largest cement producer in the world, excluding China, with a consolidated capacity of 116.8 million tonne per annum (MTPA).

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

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