BPCL Stake Sale, Indigo's Firm Q3 Performance, and Buzzing Stocks Today

Mon, 7 Feb Pre-Open

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Indian share markets ended on a negative note on Friday.

Mixed global cues kept the benchmark indices volatile as investors digested key updates from both the Bank of England and the European Central Bank.

The Bank of England on Thursday imposed back-to-back interest rate hikes for the first time since 2004 and began the process of quantitative tightening.

While, the European Central Bank renewed its pledge to withdraw pandemic stimulus only gradually, even after a record inflation reading fed market expectations for a first interest-rate hike in more than a decade this year.

At the closing bell on Friday, the BSE Sensex stood lower by 143 points (down 0.2%).

Meanwhile, the NSE Nifty closed lower by 44 points (down 0.3%).

Hindalco and ONGC were among the top gainers.

Hero MotoCorp and SBI, on the other hand, were among the top losers.

The BSE Mid Cap index and the BSE Small Cap index ended down by 0.7% and 0.5%, respectively.

Sectoral indices ended on a mixed note with stocks in the realty sector, auto sector and energy sector witnessing most of the selling pressure.

Metal stocks, on the other hand, witnessed buying interest.

Shares of Deepak Fertilisers and VRL Logistics hit their respective 52-week highs.

Gold prices for the latest contract on MCX were trading up by 0.4% at Rs 48,085 per 10 grams at the time of closing stock market hours on Friday.

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Top Stocks in Focus Today

Among the buzzing stocks today will be Shree Cement.

Shree Cement on Friday said its net profit fell 21.4% year on year (YoY) to Rs 4.9 bn for the December quarter compared to Rs 6.3 bn in the same quarter last year.

Revenue from operations increased 4.9% YoY to Rs 44.6 bn from Rs 42.6 bn in the same quarter last year.

The company said the pandemic is unlikely to impact the recoverability of the carrying value of its assets as of December 31.

Looking at the present situation of the pandemic, the extent to which the same will impact the company's future financial results is currently uncertain and will depend on further developments, it said, adding that it is taking all necessary steps to secure the health and safety of its employees.

The company's net worth stood at Rs 167.8 bn at the end of the quarter compared with Rs 162.8 bn at the end of the September quarter and Rs 144.7 bn in the year-ago quarter.

The net profit margin for the quarter came in at 14% compared to 18% in the September quarter and 19% in the year ago quarter.

The board declared an interim dividend of Rs 45 per share for the financial year 2022, payable to those who hold shares on record date fixed by the company, i.e., Saturday, 12 February 2022.

The dividend will be paid on Monday, 28 February 2022, the company said.

PVR share price will also be in focus today.

India's largest multiplex chain PVR Cinemas plans to have 20% of its screen count cater to the luxury segment over the next three years.

The company that has signed an agreement with real estate developer M3M India to set up an eight-screen multiplex at 65th Avenue in Gurugram, a luxury retail project, said the traction for luxury, initially limited to India's metros, is now finding salience in smaller cities.

Sanjeev Kumar Bijli, managing director said,

• The luxury segment is usually content-agnostic because people take to these comfortable services, be it recliners or food and beverage served to their seats, easily. Audiences in every city are increasingly developing a propensity to spend on finer things.

PVR will be taking the luxury segment beyond Delhi, Mumbai and Bengaluru to cities such as Gurugram, Lucknow, Jaipur and Thiruvananthapuram in the coming years.

The latest property in Gurugram that should be ready over the next one year, will see two screens in LUXE format, coming with a lounge and a live kitchen, one screen in the 4DX format, which will house motion seats and special effects including wind, fog, lightning, bubbles, water, rain and scents, in both 2D and 3D formats, and another screen in the P[XL] format with extra-large screens, advanced laser projection, and sound.

Apart from M3M, PVR is actively working with developers such as DLF India, Prestige Group and Phoenix Group.

After Seven Straight Quarterly Losses, Indigo is Back in the Black

Budget carrier IndiGo is back in the black with a net profit for the December quarter at Rs 1.3 bn. The profit comes after the airline posted a loss for seven straight quarters.

India's largest airline posted a net loss of Rs 14.4 bn in September quarter, aided by a revival in air traffic due to festive season. In the last year period, the airline has suffered a massive loss has been Rs 62 bn.

The Gurgaon-headquartered company's revenue from operations surged by a massive 89% to Rs 92.9 bn during the third quarter when compared to Rs 49.1 bn in the corresponding quarter of the last year.

The company has reported earnings before interest, tax, depreciation, amortisation and rent (EBITDAR) of Rs 20 bn for the third quarter ended December.

'I am pleased that we were able to report a profit for the third quarter. It demonstrates that our business model is fundamentally strong. Our employees have remained a pillar of strength throughout this health crisis and have steadfastly provided superior service to our customers,' said IndiGo CEO Ronojoy Dutta.

For the quarter, IndiGo's passenger ticket revenues were Rs 80.7 bn, an increase of 98% and ancillary revenues were Rs 11.4 bn, up 41% compared to the same period last year.

The capitalized operating lease liability stood at Rs 307.6 bn, while the total debt (including the capitalized operating lease liability) was Rs 351.5 bn.

Government Will Not Rush into Selling BPCL

India will not rush into selling the country's second-biggest state refiner if it ends up with a lone suitor, according to the top bureaucrat overseeing asset sales.

'We need competitive bids, we can't do it with a single bid,' Tuhin Kanta Pandey, secretary in the Department of Investment and Public Asset Management (DPIIT), said in an interview. 'In the expressions of interest, we have listed the people, multiple people. They must come in.'

So far three suitors - the Vedanta group, Apollo Global Management and I Squared Capital Advisors have expressed interest in buying the government's 53% stake in BPCL. But with a couple of them failing to rope in global investors amid waning interest in fossil fuels, only Vedanta appears to be left in the race with commodities tycoon Anil Agarwal showing willingness to spend about US$12 bn for the deal.

The other suitors 'have not yet indicated that they are walking out,' secretary Pandey said. 'So we have to hold on and let our transaction adviser keep persuading them,' he said.

While the government is keen to complete the sale, it doesn't want to rush through with the process and prefers to hand it over to a consortium with stronger technical and financial prowess.

The more time it takes to sell state assets such as BPCL, the longer the government's fiscal deficit will stay wide open - indications of which appeared by way of a lower-than-usual disinvestment target in the annual budget.

We will keep you updated on the latest developments from this space. Stay tuned.

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