BPCL's Investment Plan, Piramal Group's Acquisition, and Buzzing Stocks Today

Thu, 30 Sep Pre-Open

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Indian share markets ended on a negative note yesterday.

Benchmark indices extended losses to a second straight day amid weakness across global markets.

Indian bonds rose while the rupee weakened to its lowest level in a month yesterday as expectations the US Federal Reserve would soon start to unwind bond purchases gained momentum again and lifted the dollar.

At the closing bell yesterday, the BSE Sensex stood lower by 254 points (down 0.4%).

Meanwhile, the NSE Nifty closed lower by 37 points (down 0.2%).

Coal India and NTPC were among the top gainers.

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

The BSE Mid Cap index and the BSE Small Cap index ended up by 0.6% and 0.4%, respectively.

Sectoral indices ended on a mixed note with stocks in the finance sector, banking sector and FMCG sector witnessing most of the selling pressure.

Power and metal stocks, on the other hand, witnessed buying interest.

Shares of Sun Pharma and Torrent Power hit their respective 52-week highs.

Gold prices for the latest contract on MCX were trading up by 0.2% at Rs 45,920 per 10 grams at the time of closing stock market hours yesterday.

Speaking of the stock market, Brijesh Bhatia, Research Analyst at Fast Profits Report discusses whether the metals sector is still the best sector of 2021, in his latest video for Fast Profits Daily.

Tune in to the video below to find out more:

Top Stocks in Focus Today

Among the buzzing stocks today will be BPCL.

Bharat Petroleum Corp (BPCL) is planning to add 1,000 EV charging stations in the short term to tap new business opportunities and as a hedge against displacement of auto fuels.

Here's what chairman Arun Kumar Singh said,

• We will leverage our nationwide network of fuel stations to support electric mobility, by converting around 7,000 conventional retail outlets into Energy Stations providing multiple fuelling options like petrol, diesel, flexi fuels, EV charging facility, CNG and eventually hydrogen in the medium to long term.

Currently, BPCL operates 44 EV charging stations.

BPCL plans to offer multiple fueling options at 7,000 petrol pumps, or about a third of its network of 19,000 outlets, to facilitate owners of vehicles powered by gas, electricity, and hydrogen.

BPCL also plans to spend Rs 50 bn to build its renewable power portfolio of 1,000 MW over the next five years largely through the inorganic route.

Sun Pharma share price will also be in focus today.

Shares of Sun Pharma were up nearly 5% at Rs 819.6 on the BSE yesterday after the company launched a novel formulation in cough management, Chericof12 in India.

Chericof 12, the first prescription cough syrup in India which gives relief for up to 12 hours, is manufactured using polistirex technology for sustained release of the drug.

Chericof 12 is approved for patients of age group six years and above, Sun Pharma said in a press release.

Polistirex Technology involves the complexation of two drugs, dextromethorphan hydrobromide and chlorpheniramine maleate with resins. The resin granules of both drugs are added in suspension to form Chericof 12.

Complexation of drugs with polistirex not only provides sustained release but also masks the bitter taste making it more palatable.

The stock has relatively outperformed most pharma stocks post its quarterly results. The company reported a consolidated net profit of Rs 14.4 bn for the quarter ended June against a consolidated net loss of Rs 16.6 bn in the year-ago quarter.

HCL Technologies Joins AWS Service Delivery Program

HCL Technologies (HCL) has joined the AWS Service Delivery Program and become an AWS Contact Center Intelligence Partner.

The AWS Service Delivery Program is designed to validate AWS Partners that have a deep understanding of AWS services, demonstrated experience and proven customer success in delivering these services to customers.

AWS Contact Center Intelligence (AWS CCI) solutions cover key areas of the contact center workflow - self-service, real-time analytics and agent assist, and post-call analytics.

Each solution is created using a specific combination of AWS AI services and available through select AWS Partner Network partners.

Joining this program allows HCL to transform its clients' end-to-end contact center ecosystems with AWS offerings across cloud, AI, omnichannel and ML technologies.

HCL can now address transformation needs for its clients with both cloud and on-premises contact centers.

Kalyan Kumar, Chief Technology Officer and Head, Ecosystems, HCL Technologies, said,

• This is a major milestone in our quest to build on the ecosystem of support we have for our clients that cater to a broad range of requirements across industries.

Piramal Group Completes DHFL Acquisition

Piramal Group announced that it has completed the acquisition of housing finance firm Dewan Housing Finance Corporation (DHFL) and a total consideration of Rs 342.5 bn has been paid for the same.

As a part of the process, Piramal Capital and Housing Finance (PCHFL) will merge with DHFL.

The group in a statement informed that most of the DHFL creditors are recovering nearly 46% via the resolution.

The creditors of DHFL (including FD holders) would recover an aggregate amount of around Rs 380 bn from the resolution process of DHFL.

This amount comprises of Rs 342.5 bn to be paid by PCHFL as a combination of cash and non-convertible debentures and an amount of around Rs 38 bn, which is the entitlement of creditors (as per the resolution plan), from the cash balance available with DHFL.

In January 2021, 94% of the creditors of DHFL voted in favor of Piramal's resolution plan. Approvals were also obtained from the Reserve Bank of India (RBI) and national company law tribunal (NCLT) for the completion of this transaction. The merged entity will be 100% owned by Piramal Enterprises.

The acquisition marks the first successful resolution under the insolvency and bankruptcy code (IBC) route in the financial services sector. In value terms, the transaction is among the largest resolutions till date, setting the precedent for future resolutions in the sector.

We will keep you posted on more updates from this space. Stay tuned.

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