YES Bank Eyes Own ARC, Jindal Steel's June Quarter Performance, and Buzzing Stocks Today

Thu, 12 Aug Pre-Open

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Indian share markets ended on a flat note yesterday.

At the closing bell yesterday, the BSE Sensex stood lower by 29 points (down 0.1%).

Meanwhile, the NSE Nifty closed higher by 2 points (up 0.1%).

Tata Steel and JSW Steel were among the top gainers.

Shree Cement and Kotak Mahindra Bank, on the other hand, were among the top losers.

The BSE Mid Cap index and the BSE Small Cap index ended down by 0.3% and 0.8%, respectively.

Sectoral indices ended on a mixed note with stocks in the healthcare sector, banking sector and consumer durables sector witnessing most of the selling pressure.

Energy and power stocks, on the other hand, witnessed buying interest.

Gold prices for the latest contract on MCX were trading up by 0.2% at Rs 46,033 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 Jindal Steel & Power.

Jindal Steel & Power (JSPL) posted a staggering ten-fold rise in consolidated net profit at Rs 25.2 bn for the June 2021 quarter. The company has posted a net profit of Rs 2.4 bn in the same period last year.

The company's revenue from operations rose 67% year on year (YoY) to Rs 117 bn, while its earnings before interest, taxes, depreciation and amortisation (EBITDA) expanded one and a half times to Rs 45.4 bn.

In a media statement, the company said,

• The quarter marked an exemplary performance by all businesses including steel and overseas mines and minerals businesses.

The quarter also witnessed a sharp rise in input cost, the impact of which was compounded by the exhaustion of low-cost iron ore inventory. Although the company's standalone EBITDA rose from a year earlier, it declined 7% sequentially due to a drop in sales volume and lower benefit accruing from iron ore compared to the prior quarter.

During the June 2021 quarter, the company produced 2 million tonnes (MT) of steel, up 20.3% YoY, and sold around 1.6 MT.

While domestic demand was subdued during the quarter, buoyant export markets continued to provide support with exports accounting for 34% of the total revenue.

The share of exports would have been higher in the absence of logistical challenges.

Tech Mahindra share price will also be in focus today.

Tech Mahindra expects to start trials for a Covid drug in the next three to four months after receiving the patent for a particular molecule.

Markers Lab, the research and development arm of the IT company, is working on developing the drug.

The company along with Reagene Biosciences has filed for the patent for a molecule that can be used to develop a drug against coronavirus.

'We expect the trial to start in about three to four months. The patent is still under process,' Tech Mahindra Global Head (Makers Lab) Nikhil Malhotra told.

Makers Lab started the computational modelling analysis of the coronavirus. Based on computational docking and modelling studies, Makers Lab and its partner decided to develop a single molecule from a list of 8,000 USFDA-approved molecules.

Note that many Covid drugs are under different stages of development in various parts of the world, including India.

Besides biotechnology, Tech Mahindra is engaging with startups to help them innovate and create patents.

Yes Bank Seeks Investors to Set Up an Asset Reconstruction Company

Private sector lender Yes Bank is looking to partner with investors to set up an asset reconstruction company and has appointed Ernst & Young (EY) as its process advisor, according to a public notice released yesterday.

EY invites expressions of interest (EoI) from interested investors with strong financial capability and possessing substantial experience in the distressed asset space, with whom the bank will partner in relation to creation of an asset reconstruction company (ARC).

The prospective investor would be the lead partner or sponsor of the ARC and the bank will act as the other significant partner or sponsor.

Potential investors, including foreign institutional investors, foreign portfolio investors, private equity, venture capital funds, domestic & foreign investment institutions, asset management entities, among others should have a minimum asset under management and funds deployed, globally of at least US$5 bn.

They should also have demonstrated ability to commit funds for investment in Indian companies or assets of about US$0.5 bn.

That apart, potential investors should have global experience of dealing in distressed asset space and established track record of turnaround of stressed assets and meet the 'fit and proper' criteria as per the Reserve Bank of India (RBI) guidelines.

Yes Bank had earlier attempted to start an asset reconstruction company, but the proposal was turned down by RBI.

In an interview with Reuters on 10 February 2021, the bank's managing director and chief executive, Prashant Kumar, had said the lender was expecting to transfer nearly Rs500 bn of bad loans to the ARC.

Powergrid Corporation Net Profit Jumps in June Quarter

Power Grid, a 'Maharatna' company under Ministry of Power, GoI, has delivered robust quarterly performance for the quarter ended June 2021.

During the June quarter, Power Grid reported net profit of Rs 60 bn and total income of Rs 103.9 bn on consolidated basis registering a YoY growth of 193% and 6%, respectively.

During the quarter, the company completed the first asset monetisation by a CPSE through the Infrastructure Investment Trust (InvIT) route.

Power Grid InvIT, sponsored by Power Grid, came out with an IPO of its units comprising fresh issue of Rs 49.9 bn and an offer for sale (OFS) by Power Grid amounting to Rs 27.4 bn and got listed on BSE & NSE on 14 May 2021.

The company transferred 74% shares in the 5 SPVs to the InvIT and the profit on sale of its stake in the five SPVs amounting to Rs 30.1 bn was recognized as an exceptional income.

The company incurred a capital expenditure of Rs 11.1 bn and capitalized assets worth Rs 56.4 bn on a consolidated basis.

Power Grid's gross fixed assets stood at Rs 2,474.2 bn as on 30 June 2021.

How the company performs in the next quarter 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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