Exide's Foray into Lithium-Ion Cell Manufacturing, Snapdeal's Rs 12.5 Bn IPO, and Buzzing Stocks Today

Wed, 22 Dec Pre-Open

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Indian share markets ended on a strong note yesterday.

Benchmark indices broke the two-day losing streak and ended on a strong note, tracking positive global cues, led by gains in IT and metal stocks.

However, indices came off-highs sharply in the afternoon session on the back of profit booking in select banking counters such as Axis Bank, Kotak Bank, Bajaj twins, and SBI.

At the closing bell yesterday, the BSE Sensex stood higher by 497 points (up 0.9%).

Meanwhile, the NSE Nifty closed higher by 157 points (up 0.9%).

At one point, the Sensex was up over 1,000 points while the Nifty was up near 16,950 levels.

HCL Technologies and Wipro were among the top gainers.

Power Grid Corp and Axis Bank, on the other hand, were among the top losers.

The BSE Mid Cap index and the BSE Small Cap index ended up by 1.4% and 1.3%, respectively.

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

Shares of Minda Industries hits 52-week high .

Gold prices for the latest contract on MCX were trading on a flat note at Rs 48,221 per 10 grams at the time of closing stock market hours yesterday.

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Top Stocks in Focus Today

Among the buzzing stocks today will be telecom sector stocks.

Shares of Reliance Industries, Vodafone Idea and Bharti Airtel surged yesterday after the Telecom Regulatory Authority of India (TRAI) released the subscription data for October 2021.

Gross subscriber growth for the industry was marginal at 0.3 million in October, compared to a steep decline of 20 million in September 2021. The growth in active subscribers remained flat at 0.8 million to 996 million.

The active subscriber base of Reliance Jio continued to grow, though at a slower pace. In the case of Bharti Airtel, the subscriber addition streak faltered, while the Vodafone Idea subscriber count remained in the red.

Airtel lost 4.9 lakh mobile users in October while Vodafone lost 9.6 lakh subscribers. At the same time, the subscriber base of Reliance Jio surged to 426.5 m, adding over 17.6 lakh users.

Airtel's gross subscriber market share remained flat at 30.4%, but its active subscriber share declined by 10 basis points to 34.7%.

Airtel's 4G subscribers in India grew 3.9 million, compared to a decline of 18.7 million in September 2021.

Reliance gained over 1.8 million 4G subscribers whereas Vodafone's subscriber base remained flat at 122 million.

Exide Industries share price will also be in focus today.

Exide Industries, at its board meeting held yesterday, has decided to set up a multi-gigawatt lithium-ion cell manufacturing plant.

It also plans to apply for and participate in the production-linked incentive scheme (PLI) for National Programme on Advanced Chemistry Cell (ACC) battery storage, issued by the Ministry of Heavy Industries.

With the evaluation of the next steps, Exide said it shall be sharing more details on the above as it further develops its plans.

Exide has also forayed into lithium-ion battery systems and energy solutions through its subsidiary Exide Leclanche Energy Private Limited (under the brand Nexcharge), together with the joint venture (JV) partner Leclanche SA, Switzerland.

With its state-of-the-art research and development (R&D) centre, the subsidiary aims to build lithium-ion batteries and provide energy storage systems for India's electric vehicle (EV) market and grid-based applications, it added.

Subir Chakraborty, MD & CEO at Exide Industries said,

• We have now planned to setup a multi-gigawatt lithium-ion cell manufacturing plant and to participate in the PLI scheme for ACC manufacturing as proposed by Government of India.
  
  Cell manufacturing is an integral part of the lithium-ion battery manufacturing chain, and we believe that the setting up of this plant will enable us to be more cost-competitive and better serve our esteemed customers.

Indian Oil Acquires 4.93% Stake in Indian Gas Exchange

State-run oil refiner Indian Oil Corporation (IOCL) announced on Tuesday that it has acquired a 4.93% equity share in Indian Gas Exchange (IGX) - the country's first automated national level gas exchange.

Indian Oil's board of directors approved the deal at its meeting held on 20 December 2021, according to a regulatory filing by Indian Oil to the stock exchanges.

'The board of Indian Oil at its meeting held on 20 December 2021 has accorded approval for the acquisition of 3.7 m equity shares of the face value of Rs 10 each equivalent to 4.93% of the share capital in IGX', the company said in a statement.

The acquisition of an equity stake in IGX is a strategic opportunity for the country's top oil refiner to become part of India's natural gas market.

IGX is a subsidiary of the Indian Energy Exchange (IEX).

Indian Gas Exchange is the country's first automated national level gas exchange, that ensures transparent price discovery in natural gas and facilitates the growth of natural gas in India's energy basket.

Softbank-Backed Snapdeal Files for IPO

SoftBank-backed Indian e-commerce platform Snapdeal has filed for an initial public offering (IPO) on Tuesday. This IPO consists of a fresh issue of equity shares worth up to Rs 12.5 bn and an offer for sale (OFS) of up to 30.1 m equity shares, according to its draft prospectus.

Snapdeal's founders, Kunal Bahl and Rohit Bansal are not selling any of their holding in the IPO. Blackrock, Temasek, eBay, Intel Capital, Nexus Venture Partners, Tybourne, RNT Associates, Premji Invest, and others will also not sell any of their shares in the IPO, the prospectus said.

8 (out of total 71) shareholders including SoftBank, Foxconn, Myriad Opportunities, Madison India, Sequoia Capital, Ontario Teacher's Pension Plan Board, have offered to sell a small portion of their respective shareholdings, collectively amounting to less than 8% of the company's pre-offer equity share capital.

The proceeds of the issue will be used for funding growth initiatives, expanding logistics capabilities, and enhancing the company's tech infrastructure.

Several SoftBank-backed companies and many popular names such as payments platform Paytm, beauty e-commerce retailer Nykaa and food delivery platform Zomato have sought a listing in India this year as ample liquidity and strong retail participation pushed the stock market to record levels.

New Delhi-based Snapdeal, started in 2010 by Wharton alumnus Kunal Bahl and Indian Institute of Technology, Delhi graduate Rohit Bansal, competes with bigger rivals such as Walmart-owned Flipkart and Amazon.com Inc in India.

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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