Tata Power's Collaboration to Deploy EV Charging Points, Ebixcash Files for Rs 60-bn IPO, and Buzzing Stocks Today

Fri, 11 Mar Pre-Open

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Indian share markets ended on a firm note yesterday.

Benchmark indices ended in the green for the third consecutive session as the Bharatiya Janata Party (BJP) looked set to win four of the five key state elections.

However, a weak western market ahead of European Central Bank (ECB) & US CPI data and a rise in crude oil prices added volatility in between.

At the closing bell yesterday, the BSE Sensex stood higher by 817 points (up 1.5%).

Meanwhile, the NSE Nifty closed higher by 250 points (up 1.5%).

HUL and Tata Steel were among the top gainers.

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

The BSE Mid Cap index and the BSE Small Cap index ended up by 1% and 1.2%, respectively.

Sectoral indices ended on a positive note with stocks in the realty sector, metal sector and FMCG sector witnessing buying interest.

Shares of Balrampur Chini and Swan Energy hit their respective 52-week highs.

Gold prices for the latest contract on MCX were trading up by 0.4% at Rs 52,960 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.

Shares of Bharti Airtel advanced 2% yesterday, after the telecom major announced that it has entered into an agreement to acquire 9% equity stake in Avaada CleanTN Project.

This is a special purpose vehicle formed for the purpose of owning and operating the Captive Power Plant.

The country's second largest telecom company has acquired 7.9 m equity shares in Avaada for Rs 78.8 m, it said in the stock exchange filing.

According to reports, Airtel, which is led by Sunil Bharti Mittal, had in November acquired a 5.2% stake in Avaada MHBuldhana, a solar power firm, for Rs 45.5 m in an all-cash deal.

Avaada MHBuldhana, a subsidiary of Avaada Energy, is a newly-formed entity that is developing a captive solar power plant in Maharashtra, reports said, adding that it will become operational this month.

Airtel had reported a 3% decline in consolidated net profit at Rs 8.3 bn for the quarter ending 31 December 2021. It earned net profit of Rs 8.5 bn in the year-ago period.

The telecom major reported a 12.6% rise in revenues for the quarter under review, helped by tariff hikes and subscriber additions.

Tata Power share price will also be in focus today.

Tata Power, which is one of India's leading electric-vehicle (EV) charging infrastructure providers, has collaborated with Enviro - the facility management wing of the NCR-based real estate developer Vatika Group to install 59 EV charging points.

These chargers will be made available as public charging stations and semi-public based on the nature of the premises. As a result, commuters can have easy access to the chargers, thus encouraging them to use battery powered vehicles.

The EV chargers will be installed at 18 locations across the properties of Vatika Group in Gurugram. This collaboration will be vital in accelerating e-mobility adoption across EV users in NC National Capital Region (NCR).

The millennial city will see EV adoption at a far faster rate as a result of our partnership and will set an example for other cities in terms of EV adoption. Latest estimate shows a need of more than 4,00,000 EV charging stations in the country, by 2026.

Tata Power has been rapidly setting up EV charging infrastructure across the country, helping India adopt environment-friendly mobility.

The company already has a partnership with Apollo Tyres, HPCL, TVS Motors, amã Stays & Trails, Lodha Group, and others to set up and enhance the EV charging infrastructure.

Fairfax Weighs Selling Stake in IIFL Wealth Management

Fairfax Financial Holdings, the Canadian investment firm run by Prem Watsa, is exploring the sale of its stake in Indian financial firm IIFL Wealth Management.

The Toronto-based firm is in early-stage talks with potential bidders for the stakes, said the people, who asked not to be identified as the information is private. Other major shareholders including General Atlantic could also consider joining Fairfax in selling their own stakes, the people said.

A vehicle controlled by Fairfax holds about 13.6% of the firm's shares, while General Atlantic has a 21% stake.

Deliberations are ongoing and the investors could decide not to proceed with the sales, according to a source.

Founded in 2008, IIFL Wealth offers solutions for high and ultra-high net worth individuals, family offices and institutional clients, according to its website. The Mumbai-based firm has more than US$44 bn in assets under management.

Ebixcash Files IPO Draft Papers

Ebixcash, the Indian subsidiary of Nasdaq listed Ebix Inc, has filed preliminary papers with capital markets regulator to raise Rs 60 bn through an initial public offering. The funds will be garnered through fresh issuance of equity shares and there will not be any offer-for-sale (OFS) component, according to the draft red herring prospectus.

Also, the company may explore a pre-IPO placement of up to Rs 12 bn. If such a placement is completed, the issue size will be reduced.

Proceeds of the initial public offering (IPO) will be used for funding the working capital requirements of the company's subsidiaries - Ebix Travels and EbixCash World Money.

In addition, the funds would be utilized to acquire Ebix Mauritius's outstanding compulsorily convertible debentures, for funding strategic acquisitions and investments, besides to support general corporate purposes.

The public issue includes a reservation of equity shares for subscription by eligible employees.

Ebixcash is a technology enabled provider of digital products and services in the B2C, B2B and financial technology arena, through an integrated business model.

The company business encompasses four primary segments -- payment solutions, travel, financial technologies and BPO services and startup initiatives.

As of 31 December, it has over 6.5 lakh physical agent distribution locations throughout India and Southeast Asia for payment solutions, remittance, travel, and insurance products.

Motilal Oswal Investment Advisors, Equirus Capital, ICICI Securities, SBI Capital Markets, YES Securities (India) are the book running lead managers that will advise the company on the IPO.

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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