Tata & Airbus' Mega Deal, Aditya Birla AMC IPO, and Buzzing Stocks Today

Mon, 27 Sep Pre-Open

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Indian share markets ended on a positive note on Friday.

Hitting an important milestone, Sensex breached the 60,000 mark for the first time ever, while Nifty also inched closer to 18,000 mark.

At the closing bell on Friday, the BSE Sensex stood higher by 163 points (up 0.3%).

Meanwhile, the NSE Nifty closed higher by 30 points (up 0.2%).

Asian Paints and Mahindra & Mahindra were among the top gainers.

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

The BSE Mid Cap index and the BSE Small Cap index ended down by 1.1% and 0.3%, respectively.

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

Metal and healthcare stocks, on the other hand, witnessed selling pressure.

Shares of L&T Infotech and Deepak Nitrite hit their respective 52-week highs.

Gold prices for the latest contract on MCX were trading down by 0.1% at Rs 46,032 per 10 grams at the time of closing stock market hours on Friday.

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Top Stocks in Focus Today

Among the buzzing stocks today will be Dilip Buildcon.

Shares of Dilip Buildcon jumped over 8% on the bourses on Friday after the Supreme Court confirmed the appointment of the company and VPR Mining Infrastructure as mine developer and operator for the Pachhwara Central Coal Block mine.

The total contract value of the deal stands at Rs 321.6 bn.

The Pachhwara Central Coal Block is located in the Pakur district of Jharkhand and was reserved for end use by the power sector. It was allotted to Punjab State Power Corporation (PSPCL) for its captive utilisation.

The mineable reserve of the block is 382.1 MMT (million metric tonnes), which was to be exploited over 55 years by selection and appointment of a mine developer-cum-operator through a competitive bidding process.

The consortium of DBL and VPR emerged as the L1 bidder in the reverse auction conducted by PSPCL and consequently the letter of award (LoA) was issued in its favour. On 21 September, a Supreme Court bench took the decision in accordance with Section 11 of the Coal Mines Act of 2015.

Power sector stocks will also be in focus today.

Union power minister RK Singh said on Thursday all state governments have agreed to adopt the Rs 3-lakh-crore revival scheme for power distribution entities.

Though the states were given a deadline of 31 December to apply for assistance under the scheme, Singh said that most states would submit applications by October-end itself.

Loss-making discoms will have access to government's funds only after preparing a convincing programme for loss reduction, which has to be approved by the respective state governments.

Under the scheme to be implemented in the years through fiscal 2026, the centre will provide Rs 976.3 bn. The scheme will help the states for strengthening distribution systems.

Singh also exhorted the state officials to avail benefits of PM-KUSUM scheme for solarisation of agricultural feeders, which is touted to save money through lower subsidy disbursal to the agriculture sector.

Note that distribution companies' (discom) losses were down 38% YoY at Rs 380 bn in fiscal 2020. This was due to corrective actions like timely tariff revisions and improvement in billing and collection efficiency.

The discoms' losses had declined in fiscals 2017 and 2018 thanks to the UDAY scheme launched in November 2015, as governments of 16 states have taken over around Rs 2.32 lakh crore debt of their discoms, resulting in lowering of the interest rates on these loans to 7-8.5% from around 11-12% earlier.

In fiscal 2019, losses had surged 83% annually to Rs 613.6 bn, mainly due to delayed subsidy disbursal by state governments and inadequate tariff hikes.

The government is also implementing Rs 1.35-lakh-crore loan package through PFC-REC to help clear the dues to power generators.

All positives are coming together for the power sector and it is set to ride a wave of momentum.

Aditya Birla Sun Life AMC IPO Set to Open on 29 September

Aditya Birla Sun Life AMC on Friday said it has fixed a price band of Rs 695-712 a share for its over Rs 27.7 bn initial share sale.

In a virtual press conference, the company said the three-day initial public offering (IPO) will open for subscription on 29 September 2021 and conclude on October 1.

The initial share-sale is entirely an offer for sale, wherein two promoters, Aditya Birla Capital and Sun Life (India) AMC Investments, will divest their stake in the asset management firm.

The IPO of up to 38.8 m equity shares comprises an offer for sale (OFS) of up to 28.51 lakh equity shares by Aditya Birla Capital and up to 36 m equity shares by Sun Life AMC.

The proposed sale of equity shares by Aditya Birla Capital and Sun Life India in the IPO will together constitute up to 13.5% of the paid-up share capital of Aditya Birla Sun Life AMC.

Make in India: Tata-Airbus Sign Rs 220 Bn Deal for Military Aircraft

Tata and Airbus have signed a Rs 220 bn deal for the production of 56 C-295 transport aircraft for the air force. This is the biggest private manufacturing military order to date.

In a statement, Tata Trusts Chairman Ratan Tata said,

• The clearance of the joint project between Airbus Defence and Tata Advanced Systems to build the C-295 is a great step forward in the opening up of aviation and avionics projects in India.

Under the deal, 40 of the 56 planes will be manufactured in India by a consortium of the Airbus Defence and Space and Tata Advanced Systems (TASL) within 10 years of signing the contract, officials said.

16 aircraft will be delivered in a flyaway condition by the Airbus Defence and Space within 48 months of signing the contract. The C-295 MW aircraft is a transport plane of 5-10 tonne capacity.

The C-295 is a multirole aircraft with several reconfigurations to meet mission requirements, Ratan Tata added. It envisages total manufacturing of the aircraft in India. It will create a domestic supply chain capability to international standards, which has never been undertaken before.

This is the first project of its kind in which a military aircraft will be manufactured in India by a private company. A large number of detail parts, sub-assemblies and major component assemblies of aerostructure are scheduled to be manufactured in India.

How this pans out remains to be seen. Meanwhile, stay tuned for more updates from this space.

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