Positive End to the Day

Tue, 12 Jul Closing

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Major Asian markets finished their session on an encouraging note. Stock markets in Japan and China ended the day lower by 2.4% and 1.8% respectively. As of writing this, most of the European markets are trading in green with stock markets in Germany trading higher by 1.4%.

Back home, Indian equity markets ended the day on a firm note. Sectoral indices ended the day in green with stocks from banking and telecom sector witnessing buying interest.

The BSE-Sensex ended the day higher by 181 points, while the NSE-Nifty too ended higher by 53 points. While, BSE Mid Cap and BSE Small Cap closed higher by 0.5% and 0.1% respectively. The rupee was trading at 67.14 against the dollar at the time of writing.

As per an article in The Economic Times, Coal India Ltd has announced a buyback of 108.9 million shares for an aggregate consideration not exceeding Rs 36.5 billion. The shares would be bought back at Rs 335 per share.

According to the company, the offer will not exceed 25% of the aggregate fully paid-up share capital and free reserves of the company as per audited accounts for the financial year 2016.

With the massive cash piles, the Finance Ministry is pushing for buyback of shares by Central public sector enterprises (CPSEs).

One must note that, a share buyback typically happens when the management believes that shares are undervalued and it can deploy cash reserves and improve stock prices. In the last one year, CIL has seen depletion in its cash reserve by 18% as on March 2016.

Moreover, the decision to explore alternate measures to unlock value of CPSEs also comes at a time when government has significantly fallen short of its disinvestments target in 2015-16. Against a target of Rs 410 billion, the revised estimate for the year was Rs 253.1 billion.

Since the government owns nearly 80% of Coal India, it would be the primary beneficiary of the buyback offer, the reports stated.

Subscribers can access Coal India's latest result analysis (subscription required) on our website. Coal India Ltd was trading down by 1.1% at the time of writing.

In another news update, the government has invited merchant bankers to help it sell minority stakes in 51 companies.

These companies includes the likes of Reliance Industries Ltd, ICICI Bank, Axis Bank, Larsen & Toubro, ITC Ltd, Hindustan Unilever Ltd. The government holds a stake in these companies through The Specified Undertaking of the Unit Trust of India (SUUTI).

Further, the government plans to sell these stakes within a period of three years. This will also help the government to move closer to its divestment target for the fiscal year 2017. The government has set up an ambitious disinvestment target of Rs 565 billion for fiscal year 2017.

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