TRAI Data for March, Proposal for 100% FDI in Oil PSUs, and Buzzing Stocks Today

Tue, 22 Jun Pre-Open

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Indian share markets ended on a positive note yesterday.

Benchmark indices bounced back from early losses and ended on a positive note as India opened free inoculation for all citizens on Monday.

At the closing bell yesterday, the BSE Sensex stood higher by 230 points (up 0.4%).

Meanwhile, the NSE Nifty closed higher by 63 points (up 0.4%).

Adani Ports and NTPC were among the top gainers.

UPL and Wipro, on the other hand, were among the top losers.

Both, the BSE MidCap index and the BSE SmallCap index ended up by 0.8%.

Sectoral indices ended on a positive note with stocks in the power sector, realty sector and oil & gas sector witnessing most of the buying interest.

Auto and IT stocks, on the other hand, witnessed selling pressure.

Gold prices for the latest contract on MCX were trading up by 0.5% at Rs 47,001 per 10 grams at the time of closing stock market hours yesterday.

Speaking of the stock markets, Brijesh Bhatia, Research Analyst at Fast Profits Report talks about why he is bullish on IT stocks and why they will lead the next leg of the rally, in his latest video for Fast Profits Daily.

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Top Stocks in Focus Today

Among the buzzing stocks today will be PNB Housing Finance.

The capital markets regulator has directed PNB Housing Finance to halt its proposed Rs 40-bn share allotment to a clutch of companies led by the Carlyle Group.

The regulator has further directed the company to carry out the valuation process as per the relevant legal provisions.

Earlier, the extraordinary general meeting (EGM) of the firm was scheduled for 22 June to approve the issuance of shares to a consortium of investors led by the Carlyle Group.

The market regulator said the resolution regarding the deal was ultra-vires of the company's Articles of Association (AoA).

The above move by the market regulator came after a proxy advisory firm had highlighted that proposed preferential issue by PNB Housing Finance was against the interest of public shareholders, Punjab National Bank (PNB) shareholders and the government.

In a note to institutional investors, Stakeholders Empowerment Services (SES) had argued that a rights issue would have been a fairer and better option for raising capital. SES had recommended PNB Housing's public shareholders to vote against the resolution on preferential allotment.

In response to the halt, PNB Housing Finance has filed an appeal before Securities Appellate Tribunal with a consortium led by Carlyle.

Last month, PNB Housing's board had approved a preferential allotment of Rs 32 bn worth of shares and Rs 8 bn worth of warrants to Carlyle, Aditya Puri's family investment vehicle Salisbury Investments, General Atlantic and Alpha Investments at Rs 390 per share.

Bandhan Bank share price will also be in focus today.

Shares of Bandhan Bank surged 7% on the BSE yesterday after the Assam government inked an agreement with micro finance institutions (MFIs) to regularise and repay the entire loans of stressed borrowers.

Additionally, as an incentive to good borrowers who did not default, the government said it would pay Rs 25,000 for each account, or the loan amount, whichever is lower, to the MFIs.

The total cost to the government will be a maximum of Rs 82.5 m. The agreement was inked with the Micro Finance Institutions Network (MFIN).

Bandhan Bank, with highest market share in Assam, is naturally bound to benefit from the scheme designed in a way to retain credit culture and promote responsible repayment behaviour.

In the March 2021 quarter, the bank's asset quality had witnessed significant deterioration with pro-forma slippages/write-offs at 11%/10% (annualised), leading to more than a 2% decline in net interest margin.

However, amid concerns around asset quality, due to waiver announcements in Assam and elections in the state, the bank had reported slightly better overall collections at around 96%.

TRAI Data: Mobile Subscriber Base Increases in March

Reliance Jio trumped Bharti Airtel in net subscriber addition in March, and Vodafone Idea also showed a positive net addition for the second straight month, the Telecom Regulatory Authority of India (Trai) data released on Friday showed.

While Reliance Jio added 7.9 m wireless users in March, Airtel followed with 4.1 m net subscriber addition. Idea recorded a net addition of 1.1 m net subscribers.

In terms of total subscriber's base, Reliance Jio topped the chart with 422.2 m subscribers, followed by Airtel at 352.4 m and Vodafone Idea at 283.7 m. BSNL's total subscriber base stood at 118.6 m, the March data showed.

In the wireless category, Reliance Jio's market share stood at the highest 35.8%, followed by Airtel at 29.8% and Vodafone Idea at 24%.

The number of active wireless subscribers as of March 2021 stood at 993.9 m. Around 12.7 m subscribers submitted their requests for mobile number portability (MNP) in March.

According to the monthly subscriber data by TRAI, the total number of telephone subscribers in India increased to 1,201 m at the end of March 2021, a monthly growth rate of 1.1%.

Cabinet Note Issued for 100% FDI in Oil PSUs Marked for Disinvestment

The commerce and industry ministry has floated a draft cabinet note seeking inter-ministerial views on a proposal to allow up to 100% foreign investment under automatic route in oil and gas PSUs, which have an 'in-principle' approval for disinvestment.

If approved, this move will facilitate privatisation of India's second biggest oil refiner Bharat Petroleum Corp (BPCL).

The government is privatising BPCL and is selling its entire 52.98% stake in the company.

Sources said that as per the draft note, a new clause would be added in the FDI policy under the petroleum and natural gas sector.

For BPCL privatisation, Vedanta had put in an expression of interest (EoI) for buying the government's 52.98% stake in the PSU.

The other two bidders are global funds, one of them being Apollo Global Management.

At present, only 49% FDI is permitted through automatic route in petroleum refining by the PSU, without any disinvestment or dilution of domestic equity in the existing PSUs.

It remains to be seen if the union cabinet approves the proposal.

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

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

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