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Automobile Sales amid Festive Season, Jindal Steel & Power's Stake Sale, and Buzzing Stocks Today

Tue, 7 Sep Pre-Open

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Indian share markets ended on a positive note yesterday.

Benchmark indices extended their gains to the third day in a row, clinching record closing highs, amid a firm global market setup and as fears of a faster-than-expected US Fed tapering receded following disappointing jobs data.

At the closing bell yesterday, the BSE Sensex stood higher by 167 points (up 0.3%).

Meanwhile, the NSE Nifty closed higher by 54 points (up 0.3%).

Wipro and HCL Technologies were among the top gainers.

IOC and IndusInd Bank, on the other hand, were among the top losers.

The BSE Mid Cap index and the BSE Small Cap index ended up by 0.2% and 0.6%, respectively.

Sectoral indices ended on a mixed note with stocks in the realty sector and IT sector witnessing most of the buying interest.

Oil & gas and banking stocks, on the other hand, witnessed selling pressure.

Shares of Polycab India and HCL Technologies hit their respective 52-week highs.

Gold prices for the latest contract on MCX were trading down by 0.2% at Rs 47,429 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 Ashoka Buildcon.

Shares of Ashoka Buildcon rose over 2% on the BSE yesterday after the company said it has received a contract for upgrading a part of the national highway NH-19 in West Bengal.

In an exchange filing, the highway developer said,

• Ashoka Buildcon is pleased to announce that the company has received a Letter of Award (LoA) from Adani Road Transport for the project 'Execution of civil and associated works on engineering, procurement and construction (EPC) basis of six-laning of National Corridor NH-19 from Pangarh to Palsit in the State of West Bengal'.

The EPC contract is worth Rs 15.7 bn.

Ashoka Buildcon reported a consolidated net profit of Rs 802 m for the June 2021 quarter against a loss of Rs 279 m in the year-ago period.

The company has seen execution and toll collections improve since June 2021 with the easing of lockdown restrictions. The outlook is further supported by a strong order book.

The company has bagged order inflows worth Rs 30 bn so far in the financial year 2022. It is targeting orders worth another Rs 40 bn.

Auto stocks will also be in focus today.

Top automobile companies Maruti Suzuki, Toyota Kirloskar Motor and M&M are expecting sales to be better this festive season compared to last year.

This announcement comes even as the chip shortage continues to make situation challenging with companies struggling to sustain production schedules.

Automakers have witnessed robust demand so far and are now looking to spruce up supplies to dealers in order to serve customers during the peak of festive period in October.

Maruti Suzuki's senior executive director Shashank Srivastava said,

• At the moment demand looks ok. It is slightly better than last year. If we look at the bookings, enquiries, retails, these are robust. On the supply side, of course we may have some adverse effects, we are monitoring that.

Maruti's current inventory level is around 23-24 days while the appropriate level would be 30 days, Srivastava noted.

Meanwhile, M&M automotive division CEO Veejay Nakra noted that the opening up of the markets post the second wave has led to a rebound in overall demand and the early signs indicate a good festive season with strong demand compared to last year.

Given the steep increase in overall input costs, especially due to the continuing rise in commodity price, M&M has taken calculated price hikes and taken necessary steps to reduce costs, he added.

Automobile companies are caught up with the chip shortage crisis as they have announced that their output would be cut up to 40% due to the shortage.

The usage of semiconductors in the auto industry has gone up globally in recent times with technological advancements and new models coming with more and more electronic features.

Jindal Steel gets Approval from Shareholders to Sell Stake in its Power Business

At the company's extraordinary general meeting (EGM) held electronically on Friday, 97.12% of Jindal Steel shareholders via special resolution approved divestment of the company's power business.

In April, Naveen Jindal-led Jindal Steel & Power (JSPL) had sought shareholders' approval to sell 96.42% of shares of Jindal Power to Worldone Private Limited, a company owned by promoter group Jindal family.

Worldone will now buy out all the equity shares and redeemable preference shares of Jindal Power held by JSPL for a total consideration of about Rs 74 bn.

Divestment of the company's power business is in line with JSPL's strategic objective to bring down its debt and focus on domestic steel business going ahead.

In April, JSPL also exited Oman business, where it held 48.99% stake via Jindal Steel & Power (Mauritius).

Apart from selling off non-core businesses to lower its debt, the company in July this year pre-paid Rs 24.6 bn debt to lenders in a bid to further strengthen its balance sheet.

Petronet LNG to Make Foray into Petchem Business

Petronet LNG, India's largest gas importer, plans to set up a petrochemical complex at Dahej in Gujarat as it looks to make a foray into the high margin business to hedge gas trading risks.

The foray into petrochemicals is a part of the company's strategy to diversify its business. The project will also synchronise its upcoming third jetty project and available land bank at Dahej.

In terms of volume, the petrochemical market in India is estimated to reach 49.6 million tonnes (MT) by 2025 at a compound annual growth rate (CAGR) of 6.1% from 2021-25, which the company stands to benefit from.

The company is also exploring the possible business opportunities from harnessing cold energy from its regasification terminals at at Dahej and Kochi.

Harnessing LNG's cold energy not only maximises re-gasification terminals' potential but also offers an opportunity to cut emissions in cold warehousing chain simultaneously adding value and improving energy efficiency.

Petronet is in the process of obtaining the final investment decision for the project. However, it has not given any timelines with respect to the implementation.

How this pans out remains to be seen. Meanwhile, stay tuned for more updates 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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