Air India Privatisation, Infosys' Strategic Collaboration, and Buzzing Stocks Today

Fri, 17 Sep Pre-Open

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Indian share markets ended on a strong note yesterday.

For the third consecutive day, benchmark indices scaled new highs as a result of firm global cues and recently implemented reforms in the telecom and auto sector.

A rise in PSU bank stocks ahead of Finance Minister Nirmala Sitharaman's speech also added to gains.

At the closing bell yesterday, the BSE Sensex stood higher by 418 points (up 0.7%).

Meanwhile, the NSE Nifty closed higher by 110 points (up 0.6%).

IndusInd Bank and ITC were among the top gainers.

Grasim Industries and Bharti Airtel, on the other hand, were among the top losers.

The BSE Mid Cap index ended up by 0.4%, while the BSE Small Cap index ended on a flat note.

Sectoral indices ended on a mixed note with stocks in the banking sector, energy sector and FMCG sector witnessing most of the buying interest.

Metal and IT stocks, on the other hand, witnessed selling pressure.

Shares of Coforge and Avenue Supermarts hit their respective 52-week highs.

Gold prices for the latest contract on MCX were trading down by 0.8% at Rs 46,529 per 10 grams at the time of closing stock market hours yesterday.

Speaking of the stock market, India's #1 trader, Vijay Bhambwani talks about a critical aspect of trading, in his latest video for Fast Profits Daily.

Tune in to the video below to find out more:

Top Stocks in Focus Today

Among the buzzing stocks today will be Tata group stocks.

Tata Group and a grouping led by SpiceJet chairman Ajay Singh placed financial offers for Air India on 15 September, the last day to submit bids.

Tata Sons made the offer through its 100% arm Talace Private Limited while Singh placed the financial bids in his personal capacity along with some investment funds.

In a tweet, the department of investment and public asset management, without revealing names of the parties said,

• Financial bids for Air India were received by the transaction adviser. Process now moves to concluding stage.

Ernst & Young (EY) is the transaction adviser to the government on Air India's disinvestment. The centre will soon set a floor price for the airline.

The government hopes to wrap up the sale of Air India this year, marking a major milestone in the country's privatisation programme. It has taken nearly 20 years for the cash guzzling airline to be sold.

But the winner will also have to meet security audit standards. Air India has a debt of over Rs 430 bn, of which Rs 232.9 bn will be retained on its books while the rest will be transferred to Air India Asset Holdings, an entity incorporated to house non-aviation assets.

On Tuesday, Tata Sons shareholders had approved a fund-raise programme of Rs 400 bn via non-convertible debentures to finance acquisitions and invest in businesses.

In other news, Tata Motors has inked a pact with Tata Power to install and operate a 3 MWp rooftop solar project at its passenger vehicle business unit (PVBU) plant in Pune.

The solar rooftop project is expected to generate nearly 45 lakh KWh (kilowatt hour) per year, reducing carbon emissions by around 3,538 tonnes per year.

Energy efficiency is at the core of the company's efforts and reducing GHG emissions and the carbon footprint of products play a vital role. In a press release, the Tata Motors said,

• We will continue to conserve energy in our manufacturing facilities, optimising the consumption of non-renewable fossil fuels, energy productivity, climate change mitigation and lower operating costs.

Meanwhile, Tata Power Chief, Ravinder Singh said that the partnership represents a collective effort to help Tata Motors lower its carbon footprint and achieve its net zero carbon goal.

BHEL Commissions India's Largest Floating Solar Plant

State-owned Bharat Heavy Electricals (BHEL) today announced the commissioning of India's largest floating solar photovoltaic plant in Andhra Pradesh.

Located at NTPC Simhadri in Andhra Pradesh, the 25-megawatt floating SPV project covers an area of 100 acres, BHEL said without disclosing the project cost.

BHEL said its scope of work in the project included design, engineering, procurement and construction (EPC) of the solar project, which has been executed by the company's recently formed solar business division.

The project will help saving valuable land resources and conserving water by reducing evaporation.

It further said this complex module array has been designed for the first time in India to withstand gusts of wind up to 180 km/hr.

Given the coastal location of the project site that leads to severe corrosion, all the platform structures and other equipment have been made corrosion resistant, it added.

Infosys Announces Strategic Collaboration With SAP

Infosys has announced a strategic collaboration with SAP, a market leader in enterprise application software, to provide Business Process Transformation-as-a-Service to enterprises.

Through this collaboration, Infosys will leverage business process intelligence (BPI) from SAP to identify opportunities and obstacles in the transformation journey and create a roadmap for its clients.

In a press release, Dinesh Rao, Executive Vice President of Infosys said,

• As we navigate through cloud, BPI becomes an essential component of the transformation journey for enterprises. Given our strong relationship with SAP, we will continue to deliver value and innovative solutions to our clients.

Rouven Morato, General Manager, Business Process Intelligence, SAP, said the value of BPI extends beyond IT and impacts how businesses operate.

How this collaboration 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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