Government's Revival Plan for MTNL, ITC's Software Business Demerger, and Buzzing Stocks Today

Mon, 22 Nov Pre-Open

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Indian share markets ended on a negative note on Thursday.

Benchmark indices witnessed selling pressure for the third straight day, amid weak global cues coupled with rising inflation concerns.

Moreover, the tepid listing of the much-hyped shares of One 97 Communications, the operator of Paytm, added to the negative sentiment.

At the closing bell on Thursday, the BSE Sensex stood lower by 372 points (down 0.6%).

Meanwhile, the NSE Nifty closed lower by 134 points (down 0.8%).

State Bank of India and IOC were among the top gainers.

Tata Motors and M&M, on the other hand, were among the top losers.

The BSE Mid Cap index and the BSE Small Cap index ended down by 1.7% and 1.5%, respectively.

Sectoral indices ended on a negative note with stocks in the metal sector, auto sector and engineering sector witnessing selling pressure.

Shares of Escorts Limited and Mindtree hit their respective 52-week highs.

Gold prices for the latest contract on MCX were trading down by 0.3% at Rs 49,154 per 10 grams at the time of closing stock market hours on Thursday.

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Top Stocks in Focus Today

Among the buzzing stocks today will be Hindustan Zinc.

The Supreme Court (SC) has cleared the divestment in Hindustan Zinc (HZL). HZL has ceased to be a government company as the government, an ordinary shareholder, has a 29.5% residuary stake.

The court added that the government was entitled to make a decision on divestment shareholding, as long as the process is transparent and realizes the best prices.

Centre sought closure of preliminary inquiry into 2002 Hind Zinc divestment. However, the court held that there existed a prima facie case of violation of divestment norms in the 2002 government stake sale and disallowed the closure. The court directed a regular CBI probe into it now.

In 2014, the central public sector enterprises (CPSEs) moved an application in the court alleging undervaluation of shares during 2002 divestment.

Following the allegations, the apex court stayed any further divestment of government stake in the company in 2016.

In March, the government moved to court seeking a nod for divesting a further stake of 29.54%

Hindustan Zinc is one of the largest integrated producers of zinc and lead and a leading producer of silver.

EaseMyTrip share price will also be in focus today.

Online travel platform EaseMyTrip announced that it has acquired hospitality management company Spree Hospitality. This is EaseMyTrip's second acquisition.

The company said Spree Hospitality will add a new revenue vertical for the company and enable it to scale up its hotel and holidays portfolio.

EaseMyTrip said additionally, customers will be offered exclusive deals and offers on Spree Hospitality while doing bookings on EaseMyTrip.

The company did not divulge the cost of the acquisition. Hospitality advisory firm Noesis Capital Advisors acted as the exclusive transaction advisor for the deal.

Prashant Pitti, co-founder at EaseMyTrip said there is a synergy between EaseMyTrip and Spree Hospitality and the company leverages the asset-light model to build a lean and efficient infrastructure.

He added,

• With this acquisition, we believe that EaseMyTrip is well-positioned to unlock the market potential of a recovering hospitality sector and quickly scale up the business to meet the evolving needs of the modern traveller.

MTNL Shares Surge on Report of Government's Rs 1.3 Tn Revival Plan

Shares of India's state-owned loss-making telecom firm Mahanagar Telephone Nigam (MTNL) soared as much as 15% on Thursday after a media report said the government has a revival plan in place.

India has drawn up a package worth nearly Rs 1.3 tn to revive state-run telecom companies MTNL and BSNL.

The proposed details are expected to be floated in the cabinet next month, the source reported.

The cash component in package would be Rs 250 bn to Rs 300 bn.

The development comes after the government deferred, earlier this year, the merger of the two state-owned companies due to financial reasons.

The remainder of the package would be split into about Rs 500 bn of spectrum payment dues and Rs 360 bn rupees of pending adjusted gross revenue payments

The company, set up in 1986 by the Indian government, posted a loss of Rs 653 bn for the quarter ended 30 September.

ITC Board to Discuss Demerger of Software Business

Cigarettes to hotels conglomerate ITC group is reportedly mulling demerger of its software business ITC Infotech at a valuation of Rs 200 bn - Rs 250 bn. The company is likely to appoint investment bankers going ahead.

ITC Infotech, a wholly-owned subsidiary of ITC, provides technology solutions to enterprises across sectors such as banking and financial services, healthcare, manufacturing, consumer goods and travel and hospitality.

According to a report, the board of the company will soon meet to discuss demerger plans.

The bulk of ITC Rs 450 bn comes from cigarettes business while rest comes from hotels and consumer products.

ITC Infotech improved its margins in the wave of digitisation in the aftermath of the pandemic and a listing could fetch the company upwards of Rs 200 bn on the bourses.

ITC investors have long demanded for unlocking value by spinning off profit-making entities such as FMCG and software. The stock has remained more or less stagnant in the last few years.

The mid-cap IT company provides consultation and services related to automation, improving manufacturing processes as well as digital transformation services for banks.

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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