Airtel Joins Undersea Cable Consortium, Allied Blenders IPO, and Buzzing Stocks Today

Tue, 22 Feb Pre-Open

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Indian share markets ended on a negative note yesterday.

Benchmark indices fluctuated between gains and losses as investors monitored geo-political tensions between Russia and Ukraine.

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

Meanwhile, the NSE Nifty closed lower by 70 points (down 0.4%).

Wipro and Infosys were among the top gainers.

Coal India and Hindalco, on the other hand, were among the top losers.

The BSE Mid Cap index and the BSE Small Cap index ended down by 0.8% and 2.2%, respectively.

Sectoral indices ended on a negative note with stocks in the oil & gas sector and metal sector witnessing most of the selling pressure.

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

Shares of Linde India And Chalet Hotels hit their respective 52-week highs.

Gold prices for the latest contract on MCX were trading down by 0.1% at Rs 50,064 per 10 grams at the time of closing stock market hours yesterday.

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Top Stocks in Focus Today

Among the buzzing stocks today will be Bharti Airtel.

Bharti Airtel said that it has joined the SEA-ME-WE-6 undersea cable consortium to scale up its high speed global network capacity and serve India's fast growing digital economy.

The 19,200 km SEA-ME-WE-6 will connect Singapore and France, and will be amongst the largest undersea cable systems globally, the telco said in a statement.

Airtel is participating as a major investor in the SEA-ME-WE-6 and is anchoring 20% of the overall investment in the cable system, which will go live in 2025.

The 12 other consortium members of SEA-ME-WE-6 include Bangladesh Submarine Cable Company, Dhiraagu (Maldives), Djibouti Telecom, Mobily (Saudi Arabia), Orange (France), Singtel (Singapore), Sri Lanka Telecom, Telecom Egypt, Telekom Malaysia, Telin (Indonesia).

Through SEA-ME-WE-6, Airtel will add a significant amount of 100 terabits per second (TBps) capacity to its global network. Airtel said it has acquired one Fiber Pair on the main SEA-ME-WE-6 system and will co-build four Fiber Pairs between Singapore - Chennai - Mumbai as part of the cable system.

Airtel will land the SEA-ME-WE-6 cable system in India at new landing stations in Mumbai and Chennai.

SEA-ME-WE-6 will be fully integrated with Nxtra by Airtel's large Data Centers in Mumbai and Chennai to enable global hyperscalers and businesses to access seamless integrated solutions and strengthen India's position as an emerging data center hub in the region.

Butterfly Gandhimathi share price will also be in focus today.

Crompton Consumer to Acquire Butterfly Gandhimathi

Shares of Butterfly Gandhimati Appliances rose nearly 8.5% yesterday after the company reported that Crompton Greaves Consumer Electricals is likely to buy out a controlling stake in the firm.

Crompton Greaves Consumer is looking to buy more than 50% stake in the consumer appliance company for Rs 14.5 bn, which is likely to trigger an open offer to public shareholders.

Currently, promoters of Butterfly Gandhimati hold 64.78% stake which is likely to become a minority holding once the deal goes through. Butterfly Gandhimati's market capitalisation currently stands at Rs 23.2 bn.

Butterfly Gandhimati had been on the lookout to raise funds worth Rs 5 bn to expand its products and services. Earlier, reports had said that Havells India was also interested in buying a majority stake in the consumer appliance maker.

The deal could be the largest in the consumer appliance space in a long time and points towards further consolidation as demand for home appliances spikes due to work from home triggered by the pandemic.

Whiskey Maker Allied Blenders Picks Banks for IPO

Indian spirits manufacturer Allied Blenders & Distillers has chosen banks including ICICI Securities and Axis Capita to manage its initial public offering (IPO), according to people familiar with the matter.

The Mumbai-based distiller plans to file the preliminary offer documents by April and could add more bankers to the lineup, the people said, asking not to be identified as the information is private. Allied Blenders is planning to raise US$300 million in the first-time share sale and is seeking a valuation of at least US$2.5 bn, says a report.

The company is targeting a listing in Mumbai as soon as this year, depending on market volatility and regulatory approval. Half of Allied Blenders' offering will consist of primary shares and the other half will be existing shares.

Deliberations are ongoing and details of the share sale including size and timeline could change.

The maker of 'Officer's Choice' whiskey will join a robust slate of companies preparing for first-time share sales in Mumbai this year, including Life Insurance Corporation of India (LIC). The state-backed insurer will seek to raise about US$8.7 bn in what would be the country's largest ever IPO.

Allied Blenders sells spirits ranging from whiskey and rum to brandy and vodka across 29 countries, according to its website. It owns nine bottling units, one distilling facility and over 20 outsourced manufacturing sites, the website shows.

Federal Bank Arm FedFina Files IPO Papers with Market Regulator

Fedbank Financial Services (FedFina), which is promoted by Federal Bank, has filed preliminary papers with capital markets regulator to raise funds through an IPO.

The public issue consists of a fresh issue aggregating up to Rs 9 bn and an offer for sale (OFS) of up to 45,714,286 equity shares by promoter and investor, according to the draft red herring prospectus (DRHP).

Federal Bank will continue to own more than 51% of the outstanding share capital post the completion of this offering.

FedFina proposes to utilise the net proceeds from the fresh issue towards augmenting its Tier - I capital base to meet its future capital requirements arising out of the growth of business and assets.

The company is a retail-focused NBFC and operates a twin engine business model, with two complementary products - gold loans and instalment loans to MSMEs and emerging self-employed individuals.

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.

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