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SGX Nifty Trades Flat, Relief Measures for Telecom Sector, Sansera Engineering IPO, and Buzzing Stocks Today
Thu, 16 Sep Pre-Open

Indian share markets ended on a strong note yesterday.

Benchmark indices extended gains as the session progressed, hitting fresh record highs after the US inflation print suggested Federal Reserve may keep supporting the economy.

At the closing bell yesterday, the BSE Sensex stood higher by 476 points (up 0.8%).

Meanwhile, the NSE Nifty closed higher by 139 points (up 0.8%).

NTPC and Bharti Airtel were among the top gainers.

Tata Consumer Products and Nestle India, on the other hand, were among the top losers.

The BSE MidCap index and the BSE SmallCap index ended up by 0.7% and 0.9%, respectively.

Sectoral indices ended on a positive note with stocks in the power sector, consumer durables sector and IT sector witnessing most of the buying interest.

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Shares of Linde India and Bata India hit their respective 52-week highs.

At 8:10 am today, the SGX Nifty was trading down by 14 points, or 0.1% lower at 17,520 levels. Indian share markets are headed for a flat opening today following the trend on SGX Nifty.

Gold prices for the latest contract on MCX were trading down by 0.4% at Rs 47,088 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 Shree Cement.

Shree Cement will increase its clinker capacity by 3.8 million tonne (MT) and cement grinding capacity by 6.5 MT.

The board also approved a proposal to set up 106 megawatt solar capacity at a total capex of Rs 48 bn. This is likely to be commissioned by March 2024.

Market experts say this expansion will help the company enhance the proportion of clean energy usage in total energy consumption, reduce fossil fuel use and help reduce its carbon footprint.

Post this expansion, its domestic grinding capacity would rise from 43.4 MT to 53 MT. Investors would reckon that the company aims to achieve 80 MT capacity by the fiscal 2030 and this expansion is a step towards that.

Furthermore, the company has proposed to set up an integrated cement plant in Rajasthan with clinker and cement capacity of 3.8 MT and 3.5 MT, respectively.

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This would be done at a capital expenditure of Rs 35 bn and would be funded through a mix of internal accruals and debt. This plant is expected to be commissioned by March 2024.

ONGC share price will also be in focus today.

Shares of Oil and Natural Gas Corporation (ONGC) rose over 5% yesterday after the company said it is looking to buy out Infrastructure Leasing & Financial Services' (IL&FS') stake in Mangalore Special Economic Zone (MSEZ).

IL&FS holds 50% equity in the company.

The deal is likely to be concluded at fair value after ONGC's attempt to buy out the shadow lender's stake in the joint venture (JV) at deep discount failed.

ONGC currently holds 26% equity in the company, while Karnataka Industrial Area Development Corporation holds 23%.

ONGC Mangalore Petrochemicals (OMPL) and Kanara Chamber of Commerce & Industry together hold 1% equity in MSEZ.

In March 2019, ONGC had invoked an 'event of default' clause and sought to buy IL&FS' stake at a deep discount. IL&FS contested the claim on grounds that MSEZ was its green bucket company which had no payment default or overdue.

Cabinet Approves 4-Year Moratorium for Telecom Companies

In a much-awaited relief, the Union Cabinet on Wednesday approved a relief package for the country's cash-strapped telecom sector, along with several structural reforms to strengthen the sector.

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All those who will avail of the moratorium will have to pay some interest. The moratorium will start from 1 October 2021.

Minister Ashwini Vaishnaw said,

  • The reforms are deep and broad. They are structural. These reforms will bring in change today, tomorrow and in the future. I do not like to put a number on the package as it is revenue-neutral for the government.

    The moratorium will not impact the government's revenue.

The package comes six weeks after Kumar Mangalam Birla resigned from the chairman post of Vodafone Idea on 4 August 2021.

Vodafone, which was created from the merger of British telecom giant Vodafone's India unit and Birla's Idea Cellula, has to pay about Rs 504 bn in statutory dues dating back over past many years.

The relief package includes a moratorium on payments for airwaves and is aimed at helping Bharti Airtel, Reliance Jio and Vodafone Idea.

The relief package for the ailing sector, which has the option for the telecom firms to convert interest on spectrum dues of the four-year moratorium period into government equity, was long due.

Last year, the supreme court passed a ruling asking Bharti Airtel and Vodafone Idea to clear the government dues which hit the sector hard. Banks led by the State Bank of India have called on the government to give Vodafone Idea more time to clear its tax dues.

Apart from the moratorium, the Cabinet cleared some major decisions regarding spectrum allocation and FDI. Spectrum sharing has been made free while the auction will take place in the last quarter of the financial year.

Sansera Engineering IPO sees strong demand

The initial public offering (IPO) of Sansera Engineering, a precision components manufacturer across automotive and non-automotive sectors, was subscribed 92% on 15 September, the second day of bidding.

Investors have put in bids for 11.1 m shares against the IPO size of 12.1 m shares. The portion set aside for retail investors was subscribed 1.56 times and that for employees 87%, data shows.

Qualified institutional buyers had put in bids for 38% of their portion and non-institutional investors 13%.

The company aims to raise Rs 12.8 bn through the issue which is a complete offer for sale by investors and promoters. The price band for the offer, which closes today, has been fixed at Rs 734-744 a share.

To know more, check out our article on Sansera Engineering IPO.

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

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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Oct 26, 2021 (Close)