Government's Push for EV Charging Infrastructure, Affle India's Split Plan, and Buzzing Stocks Today

Fri, 27 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 higher by 5 points (up 0.1%).

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

Britannia Industries and Tata Consumer were among the top gainers.

Bharti Airtel and JSW Steel, on the other hand, were among the top losers.

Both, the BSE Mid Cap index and the BSE Small Cap index ended up by 0.4%.

Sectoral indices ended on a mixed note with stocks in the power sector and energy sector witnessing buying interest.

Telecom stocks, on the other hand, witnessed selling pressure.

Shares of Kajaria Ceramics and Avenue Supermarts hit their respective 52-week highs.

Gold prices for the latest contract on MCX were trading down by 0.1% at Rs 47,118 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 Affle India.

Affle India announced that its board has approved a stock split in the ratio of 1:5 to facilitate larger shareholder base and aid liquidity.

The stock split is subject to shareholders and other required approvals.

The company in a communication to exchanges said that board approved stock split of 1 equity share of face value of Rs 10 each into 5 equity shares of face value of Rs 2 each.

Post the shareholders approval for the stock split, record date for the same shall be 8 October 2021, Affle India added.

A stock split helps boost the stock's liquidity, particularly among retail investors.

In a stock split, the company divides the existing shares of its stock into new shares though the total value of the shares remains the same.

For the quarter ended June, Affle's consolidated revenue from operations jumped to Rs 1.5 bn, an increase in revenue by 69.8% in the year on year (YoY) basis.

Net profit increased by 57.2% (YoY) to Rs 295 m from Rs 188 m in the same period last year.

Cipla share price will also be in focus today.

Pharmaceutical major Cipla said that it has entered into a pact with Bengaluru-based Kemwell Biopharma, a contract development and manufacturing organisation (CDMO), to develop, manufacture and commercialise biosimilars for global markets.

Cipla will hold a 60% stake in the joint venture company.

Under the terms of the agreement, the joint venture will leverage Cipla and Kemwell's complementary strengths for end-to-end product development, clinical development, regulatory filings, manufacturing and commercialisation of biopharmceutical products.

Umang Vohra, managing director & global chief executive officer of Cipla, said,

• This development reinforces our strength as leaders in respiratory therapy and is in line with our aspiration of global lung leadership. Guided by our purpose of 'Caring for life' our partnership with Kemwell will help serve unmet needs of patients across the globe.

Centre to increase charging infrastructure for EVs

The Indian government is set to rapidly promote the adoption of electric vehicles, according to Union Heavy Industries Minister Mahendra Nath Pandey.

Speaking at a SIAM event on Wednesday, Pandey said the Centre is working on establishing charging infrastructure across the country in a bid to promote faster adoption of EVs.

Reportedly, the government is looking to promote environment-friendly vehicles. After coming up with FAME-I and receiving good response, the government announced FAME-II scheme with an enhanced outlay of Rs 100 bn.

Pandey talked about the country's auto market, which is now the fourth largest in the world and its role in India becoming a US$5 tn economy.

• We understand the importance of this industry. The automotive sector contributes 6.4% to the country's GDP and close to 50% of GST collection.

In order to encourage the industry, the government has Rs 1.5 lakh crore production-linked incentive (PLI) scheme.

Note that India EV makers (including start-ups and conventional automakers) have committed over Rs 90 bn in the past one year as they seek to ride on the opportunity thrown open by electric mobility.

This doesn't include investments made by component suppliers and battery manufacturers.

A recent study estimated the EV market in India to be a US$206-bn opportunity by 2030, provided India maintains steady progress to meet its ambitious 2030 target.

For this, India will need huge investments.

Government raises fair price of sugar cane

The central government has hiked the minimum price that sugar mills must pay to cane farmers by Rs 5 a quintal, setting the fair and remunerative price (FRP) at Rs 290 a quintal for the sugar season, which runs from October to September.

Despite demands from sugar mills, however, the Centre refused to hike the minimum price that they can sell the processed sugar, citing consumer interests.

The decision by the Union Cabinet comes a day after Punjab cane farmers wrested an additional Rs 35 a quintal price hike from their government, and amidst demands from Uttar Pradesh farmers for a similar hike after three consecutive years of unchanged rates.

The Rs 290 a quintal national FRP will apply for a recovery rate of 10%.

Sugar mills welcomed the decision as reasonable, but demanded that the minimum selling prices (MSP) also be hiked.

However, the Centre said that it had no intention of increasing the MSP at this time, arguing that the mills received governmental support for exports as well as to divert surplus sugar to ethanol production.

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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