Vodafone Idea's Fresh Funding, HCL Technologies' Strategic Partnership, and Buzzing Stocks Today

Wed, 13 Oct Pre-Open

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Indian share markets ended on a positive note yesterday.

Benchmark indices ended a choppy day in the positive territory amid fag-end buying in PSB, FMCG, and auto stocks ahead of September CPI and August IIP data release.

At the closing bell yesterday, the BSE Sensex stood higher by 149 points (up 0.3%).

Meanwhile, the NSE Nifty closed higher by 46 points (up 0.3%).

Titan and Bajaj Auto were among the top gainers.

HCL Technologies and HDFC Life Insurance, on the other hand, were among the top losers.

The BSE Mid Cap index and the BSE Small Cap index ended up by 0.7% and 0.3%, respectively.

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

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

Shares of Jubilant Foodworks and Indian Energy Exchange hit their respective 52-week highs.

Gold prices for the latest contract on MCX were trading up by 0.4% at Rs 47,219 per 10 grams at the time of closing stock market hours yesterday.

Speaking of stock markets, in his latest video, Aditya Vora shares how to use emerging trends in spotting multibagger stocks.

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Top Stocks in Focus Today

Among the buzzing stocks today will be Tata Power.

Tata Power Solar, one of the country's largest integrated solar company and a wholly-owned subsidiary of Tata Power said that it has received 'Letter of Award' (LoA) to build 100 megawatt (MW) of distributed ground mounted solar projects for energy efficiency services limited (EESL).

The total order value of projects is Rs 5.4 bn. The commissioning date of the projects is set for 12 months, the solar company said in a regulatory filing.

With this win, the utility scale engineering, procurement, and construction (EPC) order book of Tata Power Solar now stands at 4 gigawatt (GW) capacity with an approximate value of Rs 92.6 bn, thereby strengthening its position as the country's leading solar EPC player.

The EESL project sites are located in Maharashtra. The work secured includes engineering, design, supply, construction, erection, testing, O&M and commissioning of the solar projects.

PI Industries share price will also be in focus today.

PI Industries has executed two joint venture agreements with Polymath Holding.

The agreements are for undertaking the business of manufacturing and selling products for bio chemistry processes and bio chemical enabled pharmaceutical intermediates.

In the first joint venture - JVC-1, PI Industries will hold a 51% stake while Polymath will hold the remaining 49%.

The board of JVC-1 will comprise of three directors wherein PI Industries or its affiliate will have the right to nominate two directors. Polymath will have the right to nominate one director.

In the second joint venture agreement - JVC -2, PI Industries will hold 85% of the paid-up share capital while the remaining 15% will be held by Polymath.

The board of JVC-2 will also comprise of three directors, following a similar allocation as the board of JVC-1.

Kumar Mangalam Birla May Infuse His Own Capital into Vodafone Idea

Aditya Birla group chairman Kumar Mangalam Birla is considering infusing some of his own capital into Vodafone Idea.

Meanwhile, the Vodafone group may sell at least a part of its stake in tower firm Indus Towers and channel the proceeds into the loss-making telco.

This will be followed by external funding.

At present, UK's Vodafone Group Plc and the Aditya Birla group own 44.39% and 27.66%, respectively, in Vodafone Idea as its co-promoters. The Vodafone group owns 28.12% in Indus Towers.

Here's an excerpt from the article:

• Much of the funds will have to come in from external sources. KM Birla will put in some money, but not a significant sum while Vodafone is unlikely to pump in more money (from the UK group). Monetising the assets in Indus is really the plan.

The promoter infusion is likely to be much lesser than Rs 100 bn.

Note that Vodafone Idea has been in talks with investors for raising funds for about a year. But it hasn't been able to close its planned Rs 250 bn fundraise.

But the government's relief package which includes a four-year moratorium on AGR and spectrum payments, reduced bank guarantees and the option to convert statutory dues to government equity has reduced the burden.

HCL Technologies Expands Strategic Partnership with Google Cloud

HCL Technologies (HCL) has expanded its strategic partnership with Google Cloud to jointly launch healthcare and life sciences solutions for customers.

This partnership will deliver the best of HCL and Google Cloud's deep health care and life sciences domain capabilities through co-innovation.

It will also address the shifts in the industry.

HCL will establish a joint center of excellence (CoE) for Google Cloud with industry subject matter experts.

Google Cloud-certified ideapreneurs will deliver solutions for payer, provider, medtech and biopharma customers.

The centre will develop solutions that address critical industry issues, such as interoperability, data governance and security, while delivering a superior customer experience.

HCL's Google Cloud Native Labs will also help accelerate these solutions with Google Cloud support, which is positioned to deliver solutions through its native data, AI offerings and security capabilities.

We will keep you posted on more updates from this space. Stay tuned.

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

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