Electric Car Makers Set to Woo Cab Operators, Marico's New Acquisition, and Buzzing Stocks Today

Fri, 16 Jul Pre-Open

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Indian share markets ended on a positive yesterday.

At the closing bell yesterday, the BSE Sensex stood higher by 255 points (up 0.5%).

Meanwhile, the NSE Nifty closed higher by 70 points (up 0.4%).

HCL Technologies and Larsen & Toubro were among the top gainers.

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

The BSE Mid Cap index and the BSE Small Cap index ended up by 0.3% and 0.4%, respectively.

Sectoral indices ended on a mixed note with stocks in the realty sector, IT sector and capital goods sector witnessing most of the buying interest.

Oil & gas and energy stocks, on the other hand, witnessed selling pressure.

Gold prices for the latest contract on MCX were trading up by 0.1% at Rs 48,335 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 auto stocks.

Carmakers such as Tata Motors and Maruti are looking to leverage subsidies extended by the government to sell more electric cars to cab operators even though the fleet market is struggling due to the impact of Covid-19.

Electric cars come at a hefty premium over their CNG or diesel variants, but for cab drivers in states such as Maharashtra, Gujarat and Delhi they cost only marginally higher due to a number of sops extended by state and central governments.

If one combines sops extended by the centre in the form of lower GST and faster adoption and manufacturing of electric (FAME) incentive and those offered by some states, like zero registration fee, an electric compact sedan to be used as a taxi will come at 25-30% discount.

In rupee terms, a benefit of Rs 3-3.5 lakh.

For example, a Tata Tigor EV in Delhi would cost Rs 11-12 lakh without incentives. However, after deducting state and central subsidies along with benefits on zero registration fees, it may cost Rs 7.5-8 lakh on road.

Comparable with a Maruti Suzuki Dzire CNG, that would cost Rs 6.8 lakh to Rs 7.5 lakh in Delhi.

KNR Constructions share price will also be in focus today.

Shares of KNR Constructions (KNRCL) rose 7% to Rs 263 on the BSE yesterday after CRISIL Ratings revised its outlook on the long-term bank facilities of the company to 'positive' from 'stable' and reaffirmed the rating at 'CRISIL AA-'.

The stock of the construction and engineering company had hit a 52-week high of Rs 260 on 30 June 2021.

The revision in outlook factors in expected improvement in scale of operations in KNRCL's business risk profile with the sustenance of revenue growth of over 15% annually in the medium term while maintaining its healthy financial risk profile, CRISIL said in a rating rationale.

The strong execution record along with healthy order book (approximately Rs 116.5 bn as of June 2021) to revenue ratio of 4.5x times is expected to support revenue growth.

Operating income reported a healthy growth of 20% in fiscal 2021 despite the lockdowns imposed by the government to curb the spread of the pandemic in the first half of the year.

This was supported by the execution of orders from the irrigation segment which is a lesser labour-intensive work.

Further, operating margin remained at healthy levels of 20% and is expected to sustain in the future as well, the rating agency added.

Rakesh Jhunjhunwala Reduces Stake in Titan for the Third Consecutive Quarter

Titan is one of the widely known stocks in Jhunjhunwala's portfolio.

Jhunjhunwala cut his stake by 0.25% in the company in June 2021 quarter.

He and his wife together held 5.5% stake in Titan as of September 2020, which they reduced to 5.3% in December 2020.

Further, it was cut to 5.1% in March 2021. Now, after the June 2021 quarter, their stake in the company stands at 4.8%, according to BSE data.

As per the shareholding pattern June 2021, Rakesh Jhunjhunwala reduced his stake in Titan to 3.72% in June 2021, from 3.97% in March 2021.

His wife's stake remained unchanged at 1.09%.

Meanwhile, LIC raised its stake in Titan to 3.96% in June quarter, from 3.91% in March quarter.

Marico Buys 60% Stake in Ayurveda Brand Just Herbs

Marico has acquired a 60% stake in Apcos Naturals, the wonder of Just Herbs in an all-cash deal as it continues to expand online reach.

The company will acquire a 52.4% stake in the company by 31 July and the remaining 7.6% 31 March 2023 in the online-focused brand, Marico said in an exchange filing.

It didn't disclose financial details of the transaction.

Saugata Gupta, managing director and chief executive officer at Marico said,

• The investment is in line with Marico's strategy to accelerate its digital transformation journey through building scalable digital-first brands, either organically or inorganically, as well as to premiumise its play in personal care.
  
  Just Herbs has built a healthy consumer franchise on the back of the quality and efficacy of its offerings.
  
  The digital presence it has built in a short span of time is impressive and we strongly believe in its potential to reach critical mass over the next couple of years.

Apcos Naturals reported a revenue of Rs 80 m in the financial year 2020 and Rs 175 m in the year 2021, according to the filing.

Marico targets to build a portfolio of at least three Rs 1 bn digital brads in the next three years.

How this pans out remains to be seen. Meanwhile, we will keep you updated on the latest news 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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