Bharat Forge Foray into EV Space, Canara Bank's QIP, and Buzzing Stocks Today

Fri, 20 Aug Pre-Open

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Indian share markets ended on a negative note on Wednesday.

At the closing bell on Wednesday, the BSE Sensex stood lower by 163 points (down 0.3%).

Meanwhile, the NSE Nifty closed lower by 46 points (down 0.3%).

Eicher Motors and UltraTech Cement were among the top gainers.

Hindalco Industries and Kotak Mahindra Bank, on the other hand, were among the top losers.

The BSE Mid Cap index ended up by 0.3%, while the BSE Small Cap index ended down by 0.2%.

Sectoral indices ended on a negative note with stocks in the metal sector, banking sector and realty sector witnessing most of the selling pressure.

Shares of Nestle India and Avenue Supermarts hit their respective 52-week highs.

Gold prices for the latest contract on MCX were trading on a flat note today at Rs 47,273 per 10 grams at the time of closing stock market hours on Wednesday.

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Top Stocks in Focus Today

Among the buzzing stocks today will be Bharat Forge.

Bharat Forge, an auto forged components manufacturer, is set to enter the electric vehicle (EV) space with two-wheelers and three-wheelers in the financial year 2022, a top company official said.

The launch, scheduled for the second half of the year, will further highlight how companies are rushing to tap the upcoming and burgeoning EV segment.

Tork Motors, an associate company, has met the subsidy requirements specified for Phase 2 of the faster adoption and manufacturing of electric vehicles (FAME-II), said Amit Kalyani, deputy managing director of Bharat Forge.

'We are happy to report that Tork Motors has achieved FAME-II homologation for multiple products, both in two- and three-wheelers, and launches are being planned accordingly. We will make a detailed announcement in November,' Mr Kalyani said.

Tork Motors is a Pune-based company founded in 2009 with investments from Bharat Forge over the past few years.

Bharat Forge's stake in Tork Motors stood at almost 49% as of 31 March 2021.

In the fiscal 2021, the Kalyani Group company had subscribed to additional shares in Tork with an investment of Rs 40 m.

Pune-based Bharat Forge aims to achieve 5-6% market share by 2025 in the e-mobility space (two- and three-wheelers, trucks and buses) with the help of Kalyani Powertrain (KPTL), a subsidiary set up in the first half of the year 2021 that houses the e-mobility business.

HDFC Bank share price will also be in focus today.

The Reserve Bank of India (RBI) has partially lifted the ban on HDFC Bank, allowing it to start sourcing new credit cards.

This move comes as a huge relief to the private lender, which was placed under an embargo by the regulator almost eight months back in December 2020.

While the restrictions on the bank's new offering under its Digital 2.0 strategy remain, the lifting of restrictions on sourcing of new credit cards will lift an overhang on the bank.

In a communication, the RBI said,

• The said restrictions are hereby lifted to permit the ban to undertake the sourcing of new credit cards.
  
  The restrictions on all new launches of the digital business generating activities planned under the Digital 2.0 programme of the bank will continue till further review.

HDFC Bank is required to submit a board-approved letter of commitment towards continued compliance and also to achieve full compliance with the remaining observations of RBI's IT examination report.

Coal India Faced Rs 7 bn Loss in June Quarter Due to Diesel Price Hike

The country's largest coal mining firm - Coal India suffered a loss of around Rs 7 bn in the April-June quarter of the financial year 2021-22 due to a sharp increase in diesel prices during the period, according to news agency PTI.

Coal India lost around Rs 7 bn in the first quarter of the current fiscal as diesel prices increased by around 35%, according to Pramod Agarwal, Chairman, Coal India.

Diesel was in the range of Rs 66-67 and now it costs around Rs 89, which is a substantial rise for the state-owned coal mining firm.

Coal India reported a net profit of Rs 31.7 bn in the April-June quarter on a consolidated basis, compared to Rs 20.8 bn in the same period last year.

The mining major's profit grew 52% year-on-year (YoY) mostly driven by revenue and operating income.

The state-run miner has been drawing up plans to replace its diesel-run heavy machinery with LNG (Liquefied Natural Gas)-fired equipment, and adding 1,500 electric vehicles to its fleet in the next five years to support carbon emission cuts.

It targets creating a carbon offset of 2.5 lakh tonnes in the next five years.

Canara Bank Launches QIP to Raise Rs 25 bn

Canara Bank has launched a qualified institutional placement (QIP) to raise funds up to Rs 25 bn.

The board of directors of the bank, while authorising the QIP issue, approved a floor price of Rs 155.6 per equity share.

The bank may at its discretion offer a discount of not more than 5% on the floor price calculated for the QIP.

Earlier this year, in May 2021, the bank had approved a plan to raise Rs 90 bn for the financial year 2022 by way of equity and debt instruments. This included a QIP of Rs 25 bn, additional tier 1 bonds up to Rs 40 bn and additional tier 2 bonds of up to Rs 25 bn.

The bank then obtained the approval of shareholders for the QIP issue through a special resolution at the Annual General Meeting held on 3 August 2021.

The QIP launch comes three weeks after the bank reported a three-fold jump in standalone net profit at Rs 11.8 bn for the June 2021 quarter.

The bank, in the same quarter last year, had logged a net profit of Rs 4.1 bn.

How the QIP 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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