India's Manufacturing Activity, Oyo's Mega IPO, and Buzzing Stocks Today

Mon, 4 Oct Pre-Open

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Indian share markets ended on a negative note on Friday.

Tracking a rout in the global markets, benchmark indices tumbled for the fourth straight day, dragged by realty, telecom and finance stocks.

At the closing bell on Friday, the BSE Sensex stood lower by 361 points (down 0.6%).

Meanwhile, the NSE Nifty closed lower by 86 points (down 0.5%).

Mahindra & Mahindra and Coal India were among the top gainers.

Bajaj Finserv and Maruti Suzuki, on the other hand, were among the top losers.

The BSE Mid Cap index ended down by 0.2%, while the BSE Small Cap index ended up by 0.5%.

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

Consumer durables stocks, on the other hand, witnessed buying interest.

Shares of Trent and Dixon Technologies hit their respective 52-week highs.

Gold prices for the latest contract on MCX are trading down by 0.1% at Rs 46,265 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 Adani Green Energy.

Adani Renewable Energy (MH) has inked a pact with Essel Green Energy to acquire a 40 MW (megawatt) operating solar project in Odisha.

Adani Renewable Energy (AREMHL) is a wholly-owned subsidiary of Adani Green Energy (AGEL).

The company has signed definitive agreements with Essel Green Energy to acquire 100% of the SPV that owns a 40 MW operating solar project in Odisha.

Vneet Jaain, Managing Director and CEO of Adani Green Energy, said,

• With the acquisition of this project in Odisha, AGEL will now have its footprint across twelve states in India. We are on an expansion path that will make us the world's largest renewable player by 2030.

The project has a long-term power purchase agreement (PPA) with the Solar Energy Corporation of India (SECI) for acquiring power at Rs 4.2 per unit.

It has a remaining PPA life of about 22 years.

The closing of the transaction is subject to customary conditions. The acquisition of the project is at an enterprise valuation of Rs 2.2 bn. With this acquisition, AGEL will achieve a total renewable capacity of 19.8 GW (gigawatt). The total portfolio includes 5.4 GW of operational assets, 5.7 GW of assets under construction and 8.7 GW of near construction assets.

Energy sector stocks will also be in focus today.

The center on Thursday raised the price of domestically produced gas by 62% to US$2.9 per m British thermal units (mmBtu) as lower production amid higher demand increased North American and European gas prices.

The ceiling price for gas to be produced from difficult fields, which have higher pricing and marketing freedom, has been raised by 69% to US$6.13/mBtu.

The new prices will be effective for six months starting today.

Natural gas price is set every six months on 1 April and 1 October each year, based on rates prevalent in surplus nations such as the US, Canada and Russia in one year with a lag of one quarter.

As per reports, this move will have adverse implications for use industries including power and fertilizers. It could also spike inflation and strain India's current account.

The domestic gas price is linked to the weighted average price of four global benchmarks (US, UK, Canada and Russia). Spot US LNG prices have risen from around US$2.4/mBtu in April to US$4.2/mBtu in August.

The centre had slashed domestic gas price by a sharp 25.1% to the all-time low rate of US$1.79/mBtu in September 2020, and had kept the rate unchanged in the last price revision in April.

State-run companies including Oil & Natural Gas Corp (ONGC) are likely to benefit from this price rise as it produces about 80% of the domestic natural gas.

The price rise also coincide with gas production being ramped up at the difficult fields of Reliance Industries and BP's ultra-deep-water KG-D6 Block in the Krishna Godavari basin and ONGC's U1B deep-water gas located in KG-DWN 98/2 block on the east coast.

Tata Sons Wins Bid for Air India

Tata Sons have emerged as the winning bidder for Air India, a debt-ridden airline that was nationalised in 1953, reports said on Friday.

The selection of Tata Sons to lead Air India may seem like history coming full-circle as it was the same group that built India's first airlines in 1932 and called it the Tata Airlines.

Tata Airlines, which was a brainchild of Jehangir Ratanji Dadabhoy (JRD) Tata and a veteran World War I pilot Nevill Vintcent, was renamed Air India in 1946 after it became public.

With Tata Sons emerging as Air India next owners, this handover could come as a relief for Prime Minister Narendra Modi as the enterprise, for decades, was bleeding the government.

According to a Reuters report, the government was losing Rs 200 m every day to run Air India. Air India, so far, has accumulated a debt of Rs 7 bn or US$9.5 bn.

PM Modi intended to sell the government's entire interest in Air India since voted to power. The loss-making airline has been kept afloat by a bailout since 2012.

India's Manufacturing Activity Improves in September

Manufacturing activity in September grew with strengthening demand conditions amid the easing of Coronavirus (Covid-19) restrictions even as pricing pressure intensified due to raw material shortages and rising fuel costs.

The IHS Markit Purchasing Managers Index (PMI) for manufacturing rose to 53.7 in September from 52.3 recorded in August, highlighting a stronger expansion in overall business conditions. A reading above 50 indicates expansion and one below that shows contraction. The PMI reading was 55.3 in July.

The growth in September was backed by stronger new order inflows, and companies scaling up input buying to accommodate rising sales and progress with production schedules.

Softbank-backed Startup Oyo Files for US$1.2 bn IPO

Hospitality startup Oyo Hotels & Homes has filed its draft red herring prospectus (DHRP) with the country's capital market regulator to raise Rs 84.3 bn (US$ 1.2 bn) through an initial public offering (IPO).

Oyo is looking to raise around Rs 70 bn ($950 million) through a fresh issuance of shares while the rest of it would be through an offer for sale.

The net proceeds from the issue will be utilised to finance the prepayment or repayment of borrowings made by Oyo's subsidiaries.

This is to the tune of around Rs 24.4 bn. It will also use Rs 29 bn for funding its organic and inorganic growth initiatives. The rest of the IPO proceeds will be for general corporate purposes.

With this, Oyo joins some of the other top-tier Indian startups like Paytm, PolicyBazaar, Nykaa and others which have filed for IPOs over the past few months. Online food delivery firm Zomato, in July, made a stellar debut on the bourses here setting the stage for domestic startups to ride on the current IPO wave.

Oyo was last valued at US$ 9.6 bn after raising around US$ 5 m in strategic investment from Microsoft.

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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