Metal Stocks Rally

Wed, 28 Sep 01:30 pm

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<>The Indian stock market is trading marginally higher during the post-noon trading session. Barring IT stocks, major sectoral indices are trading on positive note with stocks from metal & PSU leading the pack of gainers.

The BSE Sensex is trading higher by 68 points (up 0.3%) while the NSE Nifty is trading higher by 27 points (up 0.3%). The BSE Mid Cap index is trading up by 0.7% and BSE Small Cap index is trading up by 0.8%. Gold prices, per 10 grams, are trading at Rs 30,939 levels. Silver price, per kilogram is trading at Rs 45,436 levels. Crude oil is trading at Rs 2,993 per barrel. The rupee is trading at 66.44 to the US$.

As per an article in Business Standard, <>Mahindra and Mahindra Ltd (M&M) is going to acquire the European two-wheeler subsidiary company of Mahindra Two Wheelers for Euro 26.3 million. After the acquisition, the venture Mahindra Two Wheelers (MTW) Europe Holdings will become a wholly-owned unit of M&M.

MTW holds investment in a two-wheeler company in Europe which is Peugeot Motorcycle SAS. Reportedly, M&M has agreed to acquire 14.9 million equity shares of MTW-Europe. This aggregates to 100% of share capital.

The proposed buyout (Subscription Required) comes two years after it acquired a 51% stake in MTW Europe. In October 2014, Mahindra said it would invest a total of Euro 28 million for the majority stake in the unit of the struggling French company.

Strategically, it will benefit M&M from Peugeot's product development, technology and styling capabilities, the company stated. Moreover, the French brand's presence in Europe is presently confined and accounts for 4% of global sales. Mahindra has plans to take Peugeot two-wheelers to other emerging markets.

Meanwhile, M&M has introduced DiGiSENSE, a cloud-based technology platform in its small commercial vehicles Jeeto and Imperio. The technology would enhance productivity of these vehicle owners, opening up a whole new dimension to the experience of vehicle ownership, the company stated.

Moving on to the news from mining sector. As per an article in a leading financial daily, Coal India Ltd (CIL) announced one-time offer of 20 million tonnes of coal under special spot e-auction in the ongoing fiscal.

As per the company, if company successfully manages to sell the entire quantity, its total volumes sold through the e-auction platform (Subscription Required) would touch around 60 million tonnes against a total volume of 79 million tonnes achieved during the whole of 2015-16.

Further, in this auction, power companies and other coal-based companies which do not have supply contract with Coal India will also be able to participate.

In another development, the share buyback programme worth Rs 36.5 billion of Coal India would open next week on October 3rd.

The company plans to repurchase 1.7%, or 108.9 million shares in the mining company at Rs 335 each. Of the total shares it is aiming to buy back, 15% has been earmarked for purchase from small shareholders.

Post the buyback, Coal India's net worth is slated to decline by 23% to Rs 118.83 million. This, however, assumes full acceptance of equity shares in the buyback offer in the ratio of buyback. The government holds 79.65% stake in the company.

After much deliberation and delay, the Mines and Minerals (Development and Regulation) Act, 1957 had been recently revised and Rajya Sabha approved the amended Mines and Minerals Development and Regulation (MMDR) Bill, 2016. In a recent edition of The 5 Minute WrapUp Premium, we looked at the impact of the Act on various mining and metal companies (Subscription Required).

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