BPCL Privatisation Hits Roadblock, Zee Entertainment's Board Meeting, and Buzzing Stocks Today

Wed, 27 Oct Pre-Open

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Indian share markets ended on a strong note yesterday as broader markets gained momentum.

At the closing bell yesterday, the BSE Sensex stood higher by 383 points (up 0.6%).

Meanwhile, the NSE Nifty closed higher by 143 points (up 0.8%).

Tata Motors and Tata Steel were among the top gainers.

IndusInd Bank and ICICI Bank, on the other hand, were among the top losers.

The BSE Mid Cap index and the BSE Small Cap index ended up by 1.8% and 2.2%, respectively.

Sectoral indices ended on a positive note with stocks in the realty sector, metal sector and consumer durables sector witnessing buying interest.

Shares of TCI Express and Jindal Stainless hit their respective 52-week highs.

Gold prices for the latest contract on MCX were trading down by 0.3% at Rs 48,078 per 10 grams at the time of closing stock market hours yesterday.

Speaking of the stock markets, Brijesh Bhatia, Research Analyst at Fast Profits Report talks about why the dollar is signalling a bullishness on the Nifty and how it could play out in the short term, 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 Kotak Mahindra Bank.

Private lender Kotak Mahindra Bank reported a 7% fall in its quarter two standalone net profit at Rs 20.3 bn compared to Rs 21.8 bn in the year-ago quarter.

Shares of Kotak Bank surged nearly 3% at Rs 2,217 apiece on the BSE in Tuesday's deals after the earnings announcement.

The bank's net interest income (NII), the difference between interest earned and interest expended, rose over 3% to Rs 40.2 bn from Rs 39 bn in the same quarter last year.

The private lender's provisions and contingencies declined to Rs 4.2 bn from Rs 7 bn quarter on quarter (QoQ), though rose from Rs 3.3 bn year on year (YoY).

Kotak Mahindra Bank's gross non-performing assets (NPA) during the second quarter stood at 3.2% compared to 3.4% in the June quarter, however, it was higher than 2.7% in the year ago quarter.

Meanwhile, the net NPA improved to 1.06% versus 1.28% on a sequential basis, and remained flat on the YoY basis.

The lender's tax expenses for the quarter ended September declined to Rs 6.6 bn from Rs 7.4 bn in the same quarter of the previous fiscal.

On the other hand, its capital adequacy ratio (Basel III) stood at 21.8% from 23.1% QoQ and 22.1% YoY.

BPCL share price will also be in focus today.

India's plan to privatise Bharat Petroleum Corp (BPCL) has hit a roadblock, with bidders struggling to find partners and spread their financial risks.

The three suitors - Vedanta group, Apollo Global Management and I Squared Capital are talking to global energy giants and sovereign and pension funds, but haven't been able to finalize partners.

Reportedly, some bidders are finding it difficult to invest due to sustainability rules that make it tougher for them to buy a stake in an oil refiner.

This fresh hurdle to sell government's entire stake could temper some of the euphoria generated by the recent sale of Air India to the Tata group and slow down the nation's biggest privatisation drive.

The sale BPCL would have fetched about US$13 bn for the exchequer and other shareholders.

A global push toward green energy and pressure from investors to slash emissions is holding back companies from making large investments in fossil fuels.

For BPCL, the bidders have been slow in conducting due diligence as they wait for new partners to join. That will likely upend the federal government's aim to complete selling its entire 53% holding in BPCL by the end of this financial year in March.

The government had planned to seek financial bids for this sale next month.

Zee Cancels Board Meeting

Zee Entertainment, which is caught in a legal tussle with its largest shareholders Invesco and OFI Global, has cancelled its board meeting scheduled for 27 October 2021 to consider financial results of the second quarter.

The meeting was cancelled due to lack of quorum and a new date would be announced in a fresh notice, the company told exchanges on 25 October 2021.

In a statement the company said,

• The trading window for dealing in securities of the company which stands closed from 1 October 2021, in pursuance of company's insider trading code, shall remain closed till 48 hours after the announcement of un-audited financial results of the company for the second quarter and half year ended 30 September 2021.

Zee and Invesco and OFI Global, which together hold a 17.88% stake in the company, are embroiled in a legal battle. Invesco has requisitioned to call an extraordinary general meeting (EGM) for the ouster of MD and CEO Punit Goenka and the appointment of six new independent directors. Zee has said the demand for an EGM is illegal and invalid.

The Zee-Invesco matter is being heard by the Bombay high court as well as the national company law tribunal (NCLT).

HDFC, India Post Payments Bank Tie Up to Offer Home Loans

India Post Payments Bank (IPPB) has tied up with HDFC, India's premier housing finance company, to offer home loans to nearly 47 m customers of IPPB.

Leveraging its countrywide network of 650 branches and over 1.4 lakh banking access points (post offices), IPPB aims to make HDFC's home loan products and its expertise available to its customers across India.

According to the HDFC,

• The partnership aims to facilitate HDFC home loans to customers, especially in unbanked and underserved areas with many of them having little or no access to finance, to fulfil their dream of owning a home.

IPPB will offer housing loans through nearly 1.9 lakh banking service providers (postmen and gramin dak sevaks).

As per the MoU, credit, technical and legal appraisals, processing and disbursement for all home loans will be handled by HDFC while IPPB will be responsible for sourcing of loans.

HDFC has initiated a number of digital and online initiatives to reach out to homebuyers during the pandemic. Over 88% of new home loan applications are received through digital channels.

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

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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