Rakesh Gangwal's Resignation from IndiGo's Board, the Latest on LIC IPO, and Buzzing Stocks Today

Mon, 21 Feb Pre-Open

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Indian share markets ended on a flat note on Friday.

Benchmark indices extended losses to third straight day as investors continued to be on edge about the ongoing tensions between Russia and Ukraine.

At the closing bell on Friday, the BSE Sensex stood lower by 59 points (down 0.1%).

Meanwhile, the NSE Nifty closed lower by 28 points (down 0.2%).

Coal India and SBI Life Insurance were among the top gainers.

ONGC and Cipla, on the other hand, were among the top losers.

Both, the BSE Mid Cap index and the BSE Small Cap index ended up by 0.8%.

Sectoral indices ended on a mixed note with stocks in the realty sector, oil & gas sector and healthcare sector witnessing most of the selling pressure.

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

Shares of Adani Green Energy hits its respective 52-week high.

Gold prices for the latest contract on MCX were trading down by 0.8% at Rs 50,000 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 Ambuja Cements.

Shares of Ambuja Cements fell over 6% on Friday after the company reported a decline of 55.5% in its consolidated net profit for the fourth quarter.

The company, which follows the January-December financial year, had clocked a net profit of Rs 9.7 bn a year ago.

However, revenue from operations during October-December 2021 jumped 2.3% to Rs 76.3 bn, from Rs 74.5 bn a year ago. Total expenses stood at Rs 68.7 bn, a 6.7% jump from Rs 64.3 bn a year ago.

On a standalone basis, Ambuja Cements reported a decline of 49.4% in its net profit to Rs 2.5 bn against Rs 5 bn in the year-ago period.

Its standalone revenue from operations stood at Rs 37.4 bn, a rise of 6.3% from Rs 35.2 bn a year ago.

The board in its meeting on 17 February 2022 recommended a final dividend on shares at the rate of Rs 6.3 per share subject to the approval of shareholders. The dividend, if approved, shall be paid after 29 April 2022.

The company has also given its in-principle approval for an investment of Rs 35 bn for expanding cement grinding by 7 m tons across units at Sankrail and Farakka and a new unit at Barh, in Bihar, and a 3.2 m tons clinker expansion at an integrated plant in Bhatapara, Chhattisgarh.

Coal India share price will also be in focus today.

State-run Coal India's despatches to power plants rose 23% to 468.4 million ton so far in the current financial year.

During the same period of the last fiscal, the company had supplied 381 million tons to power plants.

Overall supplies of Coal India so far in the fiscal stood at 575 MTs higher than the annual despatch of 574.5 million tons (MTs) in financial year 2021.

'With almost a month and a half remaining before financial year 2022 draws to an end Coal India (CIL), as of 16 February has already raced ahead of the total coal despatch of the fiscal 2021,' Coal India said.

The 9.4% growth in power generation till December 2021 was the highest in a decade on the back of a strong post-Covid economic revival. Whereas, coal imports are down to a nine-year low due to a sharp increase in international coal prices, this put the onus on Coal India to step in with increased supplies to ensure uninterrupted power generation which it did.

Amid wild fluctuations the total coal-based power generation went up sharply to around 11.2% in the fiscal 2022 till January, against comparable period last year, after a decline during previous two years. To handle such volatility in demand is difficult for a mining company but CIL managed to do so with increased volume supplies.

The company has ensured higher availability of coal at a time when the domestic coal-based generation spiked up by 17% till January 2022.

It aims to scale up its supplies to the regulated power sector to 548 MTs ending 2021-22 as per the projection of central electricity authority. This would mean a whopping 103 MTs volume jump compared to the power sector's despatch of 445 MTs in the fiscal 2021.

The state-run company's average despatch to non-power sector is 3.3 lakh tons per day so far in the current fiscal which is the normal average.

InterGlobe's Rakesh Gangwal Resigns from Board

IndiGo promoter Rakesh Gangwal resigned from the board of directors of InterGlobe Aviation as non-executive, non-independent director on Friday.

In a letter to board members, Gangwal said he was 'stepping off the board effective immediately'.

'It is my intention to gradually reduce my stake in InterGlobe over the next five-plus years,' Gangwal said. 'I have been a long-term shareholder in the company for more than 15 years and it's only natural to someday think about diversifying one's holdings.'

He, however, has left the possibility of joining back the board open.

'I ask that no company information be shared with me that is unpublished price sensitive information (UPSI). Sometime in the future, I shall consider participating again as a board member.'

On 4 February 2021, the board approved the appointment of co-founder and promoter Rahul Bhatia as the company's managing director.

The appointment was seen by many as indicating a truce between co-founders and promoters Bhatia and Gangwal after a dispute over shareholders agreement.

The announcement of Bhatia as MD was made after the airline reported a net profit of Rs 1.3 bn on a year on year (YoY) basis for the October to December period of the financial year 2021-22.

LIC Likely to Float US$8-bn Public Issue on 11 March 2022

A public offering of shares by India's state-run Life Insurance Corporation (LIC), set to be the country's biggest ever at US$8 bn, is expected to open for anchor investors on 11 March 2022.

The book will open for bidding by other investors a couple of days later.

LIC's IPO is expected to obtain regulatory approval by the first week of March, after which an indicative marketing price band will be set.

According to a report, the initial public offering (IPO) launch schedule could change, though for now the issuer was working to meet those timelines.

LIC, the country's largest insurance company, filed a draft IPO prospectus on Sunday with the market regulator to sell 5% of the Indian government's stake to potentially raise nearly US$8 bn.

The government is rushing to complete the IPO by the end of March to meet its 2021/22 fiscal deficit target of 6.4% of gross domestic product (GDP), which is contingent on it raising around Rs 600 bn (US$8 bn) from the issue.

How this IPO 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.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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