KPIT Tech's Acquisition, Nucleus Software's Buyback Plan, and Buzzing Stocks Today

Thu, 23 Sep Pre-Open

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Indian share markets ended on a flat note yesterday.

Benchmark indices fluctuated between gains and losses ahead of Fed meeting outcome and unknown risks from Evergrande crisis in China.

At the closing bell yesterday, the BSE Sensex stood lower by 78 points (down 0.1%).

Meanwhile, the NSE Nifty closed lower by 15 points (down 0.1%).

Coal India and Tech Mahindra were among the top gainers.

Nestle India and HDFC, on the other hand, were among the top losers.

The BSE Mid Cap index and the BSE Small Cap index ended up by 1.5% and 1.2%, respectively.

On sectoral front, huge gains were seen in the realty stocks after the BSE Realty index ended the day up by 8.4%.

Banking and finance stocks, on the other hand, witnessed selling pressure.

Shares of Mindtree and Linde India hit their respective 52-week highs.

Gold prices for the latest contract on MCX were trading up by 0.1% at Rs 46,674 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 Nucleus Software Exports.

Shares of Nucleus Software Exports surged 16% on the BSE yesterday after the company said its board will meet on Friday, 24 September 2021 to consider a proposal for share buyback.

The stock of the information technology (IT) software products company had hit a 52-week high of Rs 765.4 on 2 July 2021.

The primary objective of a share buyback programme is to arrest the fall in the value of a stock by reducing the supply of the stock, which essentially pushes up the share price through a better price to earnings (P/E) multiple.

Despite yesterday's surge, in the past three months, Nucleus Software Exports has underperformed the market by gaining 0.5%, as compared to a 12% rally in the S&P BSE Sensex.

The company is a leading provider of lending and transaction banking solutions to the global financial services industry.

Tata Power share price will also be in focus today.

Tata Power has restarted fund-raising efforts for its renewables business. It is looking to raise Rs 40-55 bn for its subsidiary Tata Power Renewables Energy (TPREL).

This comes six months after it pulled out of negotiations with Malaysia's Petronas for up to US$2 bn investment.

The company had earlier conceived of a renewable energy infrastructure investment trust (InvIT) with external investors such as Petronas to pare debt, pursuing the plan for over a year before abandoning it.

The country's largest integrated power company has a stated plan to phase out coal-based capacity and expand its clean and green capacity to 80% by FY30. Renewable energy comprises over a third of its total power capacity of 13 GW.

The company is aiming for 40% green share by the year 2025.

It is also realigning its utilities business model to harness growth by focusing on niche, high-growth opportunities. One of the key growth strategies is to focus on sunrise areas that are less capital-intensive but gaining traction, such as solar EPC and pumps.

Tata Power is already moving into the business-to-consumer (B2C) value chain via electric vehicle (EV) charging stations and home automation, among other efforts.

KPIT Tech Stock Jumps on Nod to Buy Germany's Future Mobility

Shares of KPIT Technologies surged after the company's board approved the acquisition of Germany's Future Mobility.

Auto industry-focused technology firm KPIT Technologies today said its board of directors has approved acquisition of 25% stake in Germany-based Future Mobility Solutions GmbH (FMS), and the remaining stake over the next three years.

In an exchange filing, the company said it expects the acquisition of first tranche of 25% stake in Future Mobility to be completed in September 2021, while 100% acquisition is expected by the last quarter of financial year 2023-24.

The total consideration for 100% shareholding will not exceed 15.6 m euros, KPTI Technologies said.

The company further added,

• FMS will add certain unique proprietary offerings in the autonomous driving domain.
  
  The partnership will improve KPIT access to one strategic client with new offerings and strengthen KPIT market presence in Germany.

Axis Bank Pledges Rs 300 bn Towards Sustainable Lending

Axis Bank has committed Rs 300 bn lending till fiscal year 2025-26 under its sustainable financing framework.

These commitments are in line with the Sustainable Development Goals (SDGs), supporting India's commitments under the Paris Agreement.

As part of its commitments, the bank has set a target of incremental lending of Rs 300 bn over the next 5 years, under wholesale banking towards pertinent sectors included in its Sustainable Financing Framework (SFF).

Environmental, Social and Governance (ESG) is a measure which investors use as a tool to assess how good the practices of a company are. For the last 3-4 years, the words sustainability and ESG have made people sensitive about the whole idea of a sustainable planet.

Rajesh Dahiya, Executive Director (Corporate Centre), Axis Bank said,

• The bank's existing wholesale banking portfolio towards SFF, including green and social sectors, is little over Rs 290 bn and it intends to lend to companies where there are green practices.
  
  After five years till 2025-26, the bank will assess these lendings to see positive, social, and environmental outcomes and increase it further.

Going forward, the lender will also scale down its exposure to carbon-intensive sectors in its wholesale banking business portfolio.

The lender said it is expanding its ESG risk coverage in credit appraisal under its ESG policy for lending.

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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