Rising Crude Oil Prices, DoT's One-Time Spectrum Charge, and Buzzing Stocks Today

Wed, 6 Oct Pre-Open

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Indian share markets ended on a strong note yesterday.

Benchmark indices climbed higher after a muted start amid weakness across global markets.

At the closing bell yesterday, the BSE Sensex stood higher by 446 points (up 0.8%).

Meanwhile, the NSE Nifty closed higher by 131 points (up 0.7%).

ONGC and IndusInd Bank were among the top gainers.

Cipla and Hindalco Industries, on the other hand, were among the top losers.

The BSE Mid Cap index and the BSE Small Cap index ended up by 0.3% and 0.5%, respectively.

Sectoral indices ended on a positive note with stocks in the oil & gas sector, energy sector and telecom sector witnessing most of the buying interest.

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

Shares of HPCL and Tata Chemicals hit their respective 52-week highs.

Gold prices for the latest contract on MCX were trading down by 0.5% at Rs 46,653 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, dives into his technical charts to reveal how the Nifty will move in October, 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 ONGC.

Share of Oil and Natural Gas Corporation (ONGC) rallied 8% yesterday on the back of higher crude oil prices.

The stock of the state-owned oil exploration & production (E&P) company was trading at its highest level since November 2018.

The improvement in oil and gas realisations should drive the company's earnings growth and valuations.

Crude prices hit a three-year high after OPEC (Organization of the Petroleum Exporting Countries) and its allies decided to continue with their oil supply plan in their latest meeting.

The organization has faced calls from big consumers, such as the United States and India, for extra supplies after oil prices surged more than 50% this year.

Brent crude prices are currently at more than US$ 75/bbl, up 47% in 2021, driven by a recovery in global demand with opening up of economies.

With crude oil and product inventory in the lower half of the five-year range and as global recovery continues to gather pace, there is likely to be an upside risk to crude oil prices.

Greaves Cotton share price will also be in focus today.

Greaves Cotton is actively focusing to cut its dependence on automotive engines with diversification into electric mobility, a clutch of other B2C businesses as well as non-automotive engines.

So far, engines are still the only business segment to turn a profit at the 162-year-old company. Greaves Cotton is one of the largest suppliers of engines to the three-wheeler industry.

It is now looking to diversify into new businesses. It has acquired electric two-wheeler maker Ampere and electric three-wheeler company Bestway.

Recently, the company also bought a stake in electric three-wheeler maker MLR Auto.

Greaves Cotton is also planning to apply for the recently announced production-linked incentives (PLI) scheme for the automotive sector as an electric vehicles (EV) components maker.

It has also launched a new franchise model of multi-brand EV retail outlets - AutoEVMart.

The company has a B2C arm called Greaves Retail, where it handles businesses like after-market spares and servicing of multi-brand three-wheelers.

All these diversifications have led to revenue from automotive engines going down to 37% of its topline from more than 60% five years ago.

DoT May Reconsider Levying One-Time Spectrum Charge

Shares of Vodafone Idea rose as much as 7% yesterday as concerns over the company's survival faded.

In what might be a relief to telecom operators, the Department of Telecommunication (DoT) has submitted an affidavit to the supreme court of India saying it wants to reconsider levying the one-time spectrum charge on telecom operators, citing stress and the possibility of a duopoly.

Despite government measures, most telecom service providers are suffering losses and a one-time spectrum charge would lead to a financial burden of Rs 400 bn, the DoT told the apex court.

The decision will have to be taken after scrutiny, though. The telecom department has sought three weeks for review.

Meanwhile, Bharti Airtel shares also inched higher in trade yesterday, reacting to the development.

Another media report said that the Centre is exploring how to abolish the existing spectrum usage charge as part of the next set of reforms, having scrapped the fees for airwaves to be brought in future auctions. This is also likely to have boosted investor sentiment.

Rail Vikas Nigam Signs MoU with Tata Steel

Rail Vikas Nigam had signed a memorandum of understanding (MoU) with Tata Steel in connection with the implementation of infrastructure projects either on a nomination basis as a deposit work or through the special purpose vehicle (SPV) route subject to the bankability of the SPV project, execution of definitive agreement and management approval.

In an exchange filing, the company said that the MoU pertained to the implementation of infrastructure projects either on nomination basis as a deposit work or through the special purpose vehicle (SPV) route.

Rail Vikas Nigam is an organization associated with Indian Railways involved in building rail infrastructure required by the railways. As of 30 June 2021, the government held 78.2% stake in the company.

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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