Sensex Opens Flat; Banking Stocks Drag

Mon, 28 Nov 09:30 am

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Asian markets are higher today as Japanese and Hong Kong shares show gains. The Nikkei 225 is up 0.80% while the Hang Seng is up 1.27%. The Shanghai Composite is trading up by 0.51%. Meanwhile, European & the US markets finished firm in previous trading session.

Meanwhile, Indian share markets have opened the day on a flat note with negative bias. The BSE Sensex is trading lower by 59 points while the NSE Nifty is trading lower by 12 points. The BSE Mid Cap index opened up by 0.3% while BSE Small Cap index opened up by 0.2%. The rupee is trading at 68.46 to the US$.

Sectoral indices have opened the day on a mixed note with metal and healthcare stocks witnessing maximum buying interest. While banking & HYPERLINK "https://www.equitymaster.com/stockquotes/sector.asp?sector=engg" consumer durables stocks leading the losses.

Auto stocks are trading mixed with TVS Motors and Maruti Suzuki leading the losses. As per an article in The Economic Times, Ashok Leyland and Nissan Motor Co. Ltd. of Japan have formally ended their acrimony by announcing the completion of their partnership separation process (Subscription Required) in three joint ventures.

The process has ended with Ashok Leyland completing the acquisition of Nissan's stake in the three joint ventures (JVs) formed between the two companies, Ashok Leyland Nissan-Vehicles Limited, Nissan-Ashok Leyland Powertrain Limited and Nissan-Ashok Leyland Technologies Limited.

Under the agreement, these joint ventures will become wholly-owned Ashok Leyland subsidiaries. Moreover, in September, Ashok Leyland and Nissan had announced that Nissan would transfer its ownership in the three JVs to Ashok Leyland subject to statutory approvals.

Reportedly, servicing and parts availability for customers will be ensured by a technical support arrangement. In addition, the two companies have agreed to continue a deal to procure made-in-India parts to Nissan.

Notably, Nissan served a termination notice on Ashok Leyland for the technology joint venture Nissan Ashok Leyland Technologies Ltd earlier this year. The move comes as there were differences in the way both companies wanted to approach the market and operationalize their strategies. This impacted volume and culminated in the split, the reports noted.

Ashok Leyland's share price opened the trading day up by 1.2%.

Moving on to the news from stocks in fertilizers sector. As per an article in a leading financial daily, Tata Chemicals announced sale of its urea business to Yara Fertilisers India Pvt Ltd for Rs 26.7 billion. The Competition Commission has also approved the proposed acquisition of urea and customized fertilizers business.

Under the deal, Tata Chemicals will sell its urea plant in Babrala, Uttar Pradesh, which has an annual capacity of about 1.2 million tonnes. The urea business along with the assets, liabilities, contracts, deeds etc., will be transferred and vested with Yara India on a slump sale basis.

The sale is part of the company's plan to strengthen the fertilizer business by partnerships and transfer of ownership to world-class companies. Moreover, the urea business will now have the benefit of an international network of Yara and its global expertise.

Speaking about offloading the Tata Chemicals' fertilizers business (Subscription Required), Rahul Shah, Co-head of Research has shared a few bits on the deal. Here's an excerpt from the article:

"The urea business has been a drag on both the profitability and the return ratios of the company and with the same getting divested, there is likely to be a re-rating for the remainder of the company's businesses. And if the management uses the proceeds from the deal judiciously and puts them into high return generating businesses, this is likely to give a further boost to the company's long term prospects."

Going Forward, whether the divestment of the urea business by Tata Chemicals will unlock value for the company and help to pursue growth potentials and opportunities in line with its strategic directions will be the key things to watch out for.

Tata Chemical's share price opened the day up by 2.1%.

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