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Jet Airways' Revival Plan, Maruti Suzuki to Hike Car Prices, and Buzzing Stocks Today

Wed, 23 Jun Pre-Open

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Indian share markets ended on a flat note yesterday.

At the closing bell, the BSE Sensex stood higher by 14 points (up 0.1%).

Meanwhile, the NSE Nifty closed higher by 26 points (up 0.2%).

Maruti Suzuki and UPL were among the top gainers.

Bajaj Finance and Asian Paints, on the other hand, were among the top losers.

The BSE Mid Cap index and the BSE Small Cap index ended up by 0.3% and 0.8%, respectively.

Sectoral indices ended on a mixed note with stocks in the engineering sector, power sector and auto sector witnessing most of the buying interest.

Realty and banking stocks, on the other hand, witnessed selling pressure.

Gold prices for the latest contract on MCX were trading up by 0.1% at Rs 47,118 per 10 grams at the time of closing stock market hours yesterday.

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Top Stocks in Focus Today

Among the buzzing stocks today will be Maruti Suzuki.

Shares of the country's largest car maker Maruti Suzuki surged over 5% on the BSE yesterday, after the auto maker said it will raise car prices in July-September quarter to offset input price hikes.

Over the past year, the cost of the company's vehicles continues to be adversely impacted due to increase in various input costs. Hence, it has become imperative for the company to pass on some impact of additional cost to customers through a price rise. The price rise has been planned in quarter 2 and the increase shall vary for different models', Maruti Suzuki said in a statement.

This will be the second round of price increase by the Delhi-based company in this financial year.

The maker of Swift and Baleno had raised prices by around 1.6% in the April-June quarter. The price was raised to mitigate the jump in input costs.

Apart from that, the country's largest carmaker reported a 71% decline in total sales to 46,555 units in May as compared to 1.6 lakh units in April as a spike in Covid-19 cases and lockdowns across various states hit dispatches.

The auto major had also shut production from May 1 through May 16 so as to divert oxygen from industrial use for medical purposes.

Dish TV share price will also be in focus today.

Direct-to-home company Dish TV India said its board has approved raising up to Rs 10 bn through a rights issue in one or more tranches.

The Essel group company said this would be subject to receipt of such corporate, regulatory and other approvals/consents, as may be required under applicable rules, regulations and laws.

Funds would be raised through issuance of fully paid-up equity shares at Rs 10 apiece, including premium of Rs 9 per fully paid-up equity share, to eligible shareholders of the company as on the record date.

On 7 February this year, the company's board had considered various options for fundraising.

Later on 17 February, the board constituted a fund raising committee for recommending, taking actions and monitoring in the matters of raising funds and related matters thereof.

KPIT Technologies to Acquire PathPartner Technology

KPIT Technologies announced the signing of a definitive agreement to acquire a controlling stake in PathPartner Technology.

PathPartner is a specialist design service and solution provider of operating system software and low-level software for automotive, camera, radar, and multimedia devices.

The deal is subject to customary closing conditions and is expected to close during the June 2021 quarter.

KPIT will initially purchase 60% stake of the company for a consideration of Rs 890 m, and will acquire the remaining over a period of two years against defined growth targets.

The total consideration for 100% stake will not exceed Rs 1.9 bn

Commenting on the acquisition, Kishor Patil, CEO, KPIT Technologies, said

• We welcome PathPartner Technology to the KPIT family.
  
  PathPartner's competence in the operating system software and low-level software and existing semiconductor partnerships for early access to platforms is key to delivering complex production programs.
  
  Together, we can offer differentiated offerings for new-age vehicle architectures and strengthen our software integration expertise.

Jet Airways: NCLT Approves Kalrock-Jalan Consortium's Resolution Plan

The Mumbai bench of the National Company Law Tribunal (NCLT) approved the resolution plan submitted by the Kalrock Capital and Murari Lal Jalan consortium subject to further approvals.

The airline suspended operations on 17 April 2019 due to financial distress and has been undergoing a resolution process under the Insolvency and Bankruptcy Code (IBC) for two years.

In October 2020, the committee of creditors (CoC) of the grounded airline had approved the resolution plan submitted by a consortium of UK's Kalrock Capital and UAE-based entrepreneur Murari Lal Jalan.

The airline fell into bankruptcy in 2019 after failing to repay debts.

A rescue plan was laid out last year by Dubai-based businessman Murari Lal Jalan and Kalrock Capital Management, a London-based financial advisory and alternative asset manager.

How this pans out remains to be seen. Meanwhile, we will keep you updated on the latest news 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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