Sensex Opens in Green; Tata Stocks in Focus

Thu, 24 Aug 09:30 am

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Asian stock indices are lower today as Japanese and Hong Kong shares fall. The Nikkei 225 is off 0.13% while the Hang Seng is down 0.54%. The Shanghai Composite is trading down by 0.02%. US stocks closed lower as investors grappled with a threat from President Donald Trump to shut down the government if Congress fails to fund a Mexico border wall.

Back home, share markets in India have opened the day on a flat note with a positive bias. The BSE Sensex is trading higher by 44 points while the NSE Nifty is trading higher by 9 points. The BSE Mid Cap and BSE Small Cap index opened the day up by 0.1% & 0.2% respectively.

Sectoral indices have opened the day on a mixed note with information technology stocks, healthcare stocks leading the pack of gainers. While, bank stocks and energy stocks have opened the day in red. The rupee is trading at 64.13 to the US$.

Tata stocks opened the day on a mixed note with Tayo Rolls and Rallis India witnessing maximum buying interest. Tata Steel has expressed interest in bidding for debt-ridden Essar Steel, whose lenders have filed for revival of the company under the Insolvency and Bankruptcy Code.

Reportedly, Essar Steel , which operates a 10 million tonnes per annum (MTPA) facility in Gujarat, is facing insolvency proceedings after it failed to service debt.

Tata Steel is currently undertaking projects to raise capacity to 18 MTPA from 13 MTPA now. If the steelmaker acquires Essar Steel, it would take Tata Steel's capacity to 28 MTPA, well past JSW steel's 18 MT, the reports noted.

One must note that, Tata Steel had earlier openly expressed its intention to grow the business, both by expanding capacity and by acquiring financially stressed companies, as it bets on government spending to build affordable homes and infrastructure projects, besides the decision to allow Indian companies to participate in defence projects and development of ports and railways.

Meanwhile, Tata Power Ltd is trying to sell non-core assets to reduce debt even as it struggles to find a solution to its vexed Mundra power plant.

The company now has a gross debt of Rs 488.2 billion. The company is examining various debt reduction options including sale of non-core assets.

Tata steel share price & Tata power share price opened the day up by 0.6% & 1% respectively.

Moving on to the news from IPO space. The initial public offer (IPO) of Apex Frozen Foods, which deals in aquaculture products, was subscribed 1.46 times on Wednesday, the second day of the share sale.

The Apex Frozen Foods IPO, which aims to raise up to Rs152 crore, received bids for 9,072,080 shares against the total issue size of 6,210,000.

The Apex Frozen Foods IPO comprises issue of 8.7 million shares, including 7.25 million new shares and an offer for sale of 1.45 million shares by promoters, at a price band of Rs171-175 apiece. The shares have a face value of Rs10 each.

Proceeds from the share sale will be utilised towards setting up a new shrimp processing unit with a capacity of 20,000 tonnes per annum in Andhra Pradesh and for general corporate purposes.

Do the company's fundamentals justify the price it is asking? Should you subscribe to it? Read on to find out (subscription required).

Meanwhile, SREI Infrastructure Finance-promoted Bharat Road Network Ltd.'s initial public offering will be launched next month after the company received approval from the Registrar of Companies.

The issue will open on September 6 and close on September 8, according to a stock exchange filing by SREI Infrastructure. In June this year, Bharat Road had received a go-ahead from the capital market regulator Securities and Exchange Board of India for its IPO.

According to Livemint, 15 companies have raised Rs 125.8 billion through IPOs in 2017. In 2016, the Indian primary market saw 27 companies raise Rs 264.9 billion through IPOs.

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