Sensex Ends 380 Points Higher, Bajaj Finserv and Bajaj Finance Among Top Nifty Gainers

Wed, 26 May Closing

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Indian share markets witnessed positive trading activity throughout the day today and ended higher.

Benchmark indices edged higher today, tracking firm cues from Asian peers after investor sentiments turned positive due to potential decline in the ferocity of the second wave of covid-19.

At the closing bell, the BSE Sensex stood higher by 380 points (up 0.8%).

Meanwhile, the NSE Nifty closed higher by 93 points (up 0.6%).

Bajaj Finserv and Bajaj Finance were among the top gainers today.

Power Grid Corp and JSW Steel, on the other hand, were among the top losers today.

The SGX Nifty was trading at 15,310, up by 61 points, at the time of writing.

The BSE MidCap index ended down by 0.1%, while the BSE SmallCap index ended up by 0.7%.

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

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

Shares of Sonata Software and Bajaj Finserv hit their respective 52-week highs today.

Asian stock markets ended on a positive note today.

The Hang Seng and the Shanghai Composite ended the day up by 0.9% and 0.3%, respectively. The Nikkei ended up by 0.3% in today's session.

US stock futures are trading on a positive note today with the Dow Futures trading up by 83 points.

The rupee is trading at 72.77 against the US$.

Gold prices for the latest contract on MCX are trading up by 0.5% at Rs 49,092 per 10 grams.

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In news from the textiles sector, Lux Industries was among the top buzzing stocks today.

Shares of hosiery producer Lux Industries soared as much as 17% to hit a new high of Rs 2,777.5 per share on the BSE in intra-day trade today after the company reported a more-than-doubled net profit at Rs 906.4 million in the March quarter (Q4FY21), on the back of healthy operational income.

The company, one of India's largest hosiery producer and exporter, had posted profit of Rs 414.9 million in Q4FY20. In the past three days, the stock rallied 26% on the BSE.

Lux Industries' income from operations during the quarter under review jumped 49% year on year (YoY) at Rs 6 billion against Rs 4 billion in the corresponding quarter of previous fiscal.

EBITDA (earnings before interest, taxes, depreciation, and amortisation) margins improved 507 basis points (bps) at 21.5% against 16.4% in the year-ago quarter.

Higher EBITDA margins were on account of an increased share of value-added products and overall cost efficiency measures, including advertisement expenditure.

The management said the performance has been driven by progressive improvement in demand and consumption across the innerwear industry.

The company witnessed healthy traction for economy and mid-premium categories and saw a gradual pickup in premium and export segment.

However, the management expects the April-June quarter (Q1FY22) to be relatively weak due to the pandemic and expect to improve gradually from the second quarter.

The economic recovery will be back on track in the next few months as the company had witnessed in Q2 and Q3 of FY21, the management said.

The company announced a greenfield expansion with a capex of Rs 1.1 billion. The capex will be completed over the next 12-18 months and will be funded through internal accruals.

With this investment, the management is expecting the company to generate an incremental sale of around Rs 4 billion.

Lux Industries products include men's, women's and kid's innerwear, winterwear, socks and slacks for women.

The company has around 5,000 SKU's (stock keeping units) under various brands and sub brands of LUX.

Lux Industries share price ended the day up by 16.2% on the BSE.

Moving on to news from the energy sector...

BPCL May Sell Some Stake in Indraprastha Gas, Petronet LNG

Privatisation-bound Bharat Petroleum Corporation (BPCL) may sell a part of its stake in Petronet LNG and Indraprastha Gas (IGL) to shed its promoter status to obviate the need for its new owner to make open offers for the two gas companies.

BPCL holds 12.5% of the shareholding in India's largest liquefied natural gas importer, Petronet, and a 22.5% stake in city gas retailer, IGL. It is a promoter of both the listed companies and holds board positions.

As per the legal position evaluated by the department of investment and public asset management (DIPAM) - the department running the process for the sale of the government's entire 53% stake in BPCL - the acquirer of BPCL will have to make an open offer to the minority shareholders of Petronet and IGL for the acquisition of 26% shares.

This is because BPCL is a promoter of the two companies and since there is a change in ownership of the promoter firm, an open offer is triggered under (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

The government's 53% stake in BPCL is valued at about Rs 540 billion at the current share trading price.

The requirement for making an open offer for an additional 26% to minority shareholders of the company will cost an additional Rs 267 billion.

On top of it, an open offer for 26% stake in IGL would cost the acquirer an additional Rs 94 billion and a similar offer for Petronet would cost over Rs 93 billion.

How this pans out remains to be seen. Meanwhile, we will keep you updated on the latest news from this space.

BPCL share price ended the day down by 0.7% on the BSE.

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

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