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BPCL's Rs 1.5 Trillion Capex Plan | Schaeffler India Acquires Koovers | Top Buzzing Stocks Today
Tue, 29 Aug Pre-Open

On Monday last week, Indian share market continued the momentum as the session progressed and ended higher.

Equity benchmark indices settled higher on Monday as gains in Reliance Industries ahead of its annual general meeting and in key sectors outweighed a drop in IT stocks on US rate concerns.

At the closing bell on Monday, the BSE Sensex stood higher by 110 points (up 0.62%).

Meanwhile, the NSE Nifty closed higher by 35 points (up 0.2%).

L&T and Cipla were among the top gainers.

Nestle and Hindalco, on the other hand, were among the top losers.

Broader markets ended on a positive note. The BSE Midcap index ended 0.5% higher and the BSE SmallCap index ended 0.6% higher.

Sectoral indices ended on a mixed note with stocks in the capital goods sector and the realty sector witnessed most of the buying.

On the other hand, stocks from the IT sector and FMCG sector witnessed selling pressure.

Shares of Cera Sanitaryware, and 3M India hit their 52-week high on Monday.

The rupee was trading at 82.63 against the US$.

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Gold prices for the latest contract on MCX were trading marginally higher at Rs 58,713 per 10 grams at the time of Indian market closing hours on Monday.

Speaking of stock markets, the darling blue chip of the last couple of years seems to have lost its sheen of late.

ITC is already down 10% from its highs after going up a whopping 2.5x in almost 18 months.

Well, to be honest, a 10% fall after a huge one-way ride isn't surprising.

In fact, it could very well be along the expected lines as investors look to cash out and take profits off the table.

So, this minor correction can be looked at as the stock price of ITC taking some rest before it resumes its upward journey. Or is there something more serious that's brewing?

In the below video, Rahul Shah, Co-head of Research, discusses the potential for another bullish market trend in ITC. Is this just a momentary pause before the next significant upward movement?

Top buzzing stocks today

L&T share price will be in focus today.

engineering and infrastructure conglomerate Larsen & Toubro has set 12 September as the record date for its Rs 100 bn share buyback.

Shareholders of the company have also approved the buyback issue through a special resolution.

Zomato will also be a top buzzing stock.

Shares of food delivery aggregator Zomato changed hands on the bourses via a block deal on Monday, 28 August 2023.

As many as 32 million shares of the company or 0.4% of the total equity worth Rs 2.9 bn changed hands in three large trades. The transaction happened at Rs 90.1 per share.

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Schaeffler India Acquires Koovers

Schaeffler India on Monday said it will fully acquire KRSV Innovative Auto Solutions, an automotive aftermarket spare parts platform, for Rs 1.4 bn.

Bengaluru-based KRSV Innovative Auto Solutions, which operates under the brand Koovers, offers spare parts solutions to Indian aftermarket workshops via a B-to-B e-commerce platform.

Under the share purchase agreement, Schaeffler India will acquire 100% shares of KRSV Innovative Auto Solutions for a consideration of approximately Rs 1.4 bn.

his will be a strategic step to maximise value creation through our repair solutions for all customers. Schaeffler Automotive Aftermarket's ambition has always been to simplify workshop operations with plug-and-play products and solutions while building consumer connections.

Schaeffler's automotive aftermarket division supplies components and holistic repair solutions for the automobile spare parts business worldwide. It supports garages in complex repairs and at the same time contributes to extending the operating life of vehicles.

On the other hand, founded in 2015, Koovers has established a B-to-B e-commerce platform offering spare parts solutions to aftermarket workshops in India.

Auto ancillary companies provide components and parts to the automotive industry. In fact, the auto ancillary space presents a much bigger opportunity when compared with the auto sector.

Schaeffler's India is one of the top auto ancillary companies in India known for its products and services.

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Vodafone Idea's OCD extension

Vodafone Idea announced the extension of the redemption period of its optionally convertible debentures (OCD), allotted to ATC, by one year.

The Company and ATC have agreed to extend the period of redemption of 8000 OCDs from 6 months, from the date of allotment of the first tranche of OCDs (which was falling due on 28 August 2023, to 18 months from the date of allotment.

Earlier VI had announced that the proceeds from the issue funds would be utilised to pay the money owed to ATC India. The payment will be made under the master lease agreements and the remaining amount shall be used for general corporate purposes.

In February, the telecom operator announced the allotment of 12000 OCDs of the face value of Rs 10,00,000 to ATC Telecom Infrastructure.

The telecommunications sector in India has undergone significant changes in recent years, with the introduction of new technologies, 5G, and the entry of new players.

Vodafone Idea is one of the top telecom companies in India.

BPCL's Rs 1.5 trillion capex plan

Bharat Petroleum Corp (BPCL) on August 28 announced that in the next five years, it will spend around Rs 1.5 lakh crore (Rs 1.5 trillion) towards its transformative initiative, 'Project Aspire'.

As part of Project Aspire, the state-owned oil marketing company (OMC) will grow its oil business and expand its renewable energy portfolio as it aims for a 2040 net-zero goal.

The company has set a planned capex outlay of around Rs 1.5 trillion in the next five years, which will enable BPCL to create long-term value for our stakeholders while preserving our planet for future generations.

BPCL will invest Rs 1 trillion between now and 2040 for projects including green hydrogen, carbon capture, utilisation, and storage (CCUS) and on improving energy efficiency to cut emissions.

The company hopes to own 1 gigawatt (GW) of renewable energy capacity by 2025 and 10 GW by 2040.

A transition from grey to green hydrogen is happening at a faster pace than expected. BPCL is one of the companies contributing to this transition. For more, check out Full Update on India's Top Green Hydrogen Stocks and How They're Faring in 2023.

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

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