Tata Motors Sets Up EV Subsidiary, MedPlus Health's Stellar Debut, and Buzzing Stocks Today

Fri, 24 Dec Pre-Open

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Indian share markets ended on a positive note yesterday.

Despite the Omicron fear, benchmark indexes gained for the third straight trading day as investors bet on a possible year-end rise.

At the closing bell yesterday, the BSE Sensex stood higher by 385 points (up 0.7%).

Meanwhile, the NSE Nifty closed higher by 117 points (up 0.7%).

Power Grid Corp and IOC were among the top gainers.

Divi's Lab and JSW Steel, on the other hand, were among the top losers.

The BSE Mid Cap index and the BSE Small Cap index ended up by 1% and 0.7%, respectively.

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

Telecom and metal stocks, on the other hand, witnessed selling pressure.

Shares of Birlasoft and Metropolis Healthcare hit their respective 52-week highs.

Gold prices for the latest contract on MCX were trading up by 0.1% at Rs 48,234 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 Tata Motors.

Auto major Tata Motors on Wednesday informed that the company has incorporated a wholly owned subsidiary, Tata Passenger Electric Mobility Limited, which will be involved in manufacturing of electric motor vehicles.

The Ministry of Corporate Affairs has issued the certificate of incorporation for the same on 21 December 2021.

The subsidiary has been incorporated to manufacture, design, develop all kinds of services related to electric vehicles (EV)/electric mobility, hybrid electric vehicles of all kinds and all descriptions for carrying passengers or other personnel.

Tata Motors, which will be the promotor of Tata Passenger Electric Mobility (TPEML), would hold 100% share capital in the EV unit. TPEML has been incorporated with the initial capital of Rs 7 bn, the Tata Group's auto unit announced in an exchange filing.

In October this year, Tata Motors had unveiled its plans to invest over US$2 bn in its EV business over the next five years after the Indian automaker announced it had raised funds from private equity firm TPG.

TPG's Rise Climate Fund and Abu Dhabi state holding company ADQ had agreed to invest about US$1 bn to expand the company's EV business for which it would form a separate unit, as informed by the auto manufacturer.

Oil & gas sector stocks will also be in focus today.

According to a report in Economic Times, State-owned Indian Oil Corporation (IOC) and a joint venture of billionaire Gautam Adani's gas arm and Total of France - Adani Total Gas - have bid for maximum number of licenses to retail CNG to automobiles and piped cooking gas to households in the latest city gas bidding round.

IOC bid for 53 out of 61 geographical areas (GAs) that received bids in the 11th city gas licensing round that closed on 15 December, according to bid details made public by the sector regulator - Petroleum and Natural Gas Regulatory Board (PNGRB).

Adani Total Gas bid for 52 geographical areas.

Adani group had originally ventured into city gas business in a joint venture with IOC but it later tied up with Total. Adani and IOC did not put any combined bid in the latest bidding round.

PNGRB had bid out 65 GAs including Jammu, Nagpur, Pathankot and Madurai in the latest licensing round. Four GAs in Chhattisgarh did not receive a single bid.

I Squared Capital-backed Think Gas Distribution was the third largest bidder as it put in offers for 44 GAs.

Privatisation-bound Bharat Petroleum Corporation (BPCL) put in bids for 43 GAs while GAIL Gas Ltd - the city gas arm of state gas utility GAIL India bid for 30 areas.

Hindustan Petroleum Corporation (HPCL) bid for 37 GAs and Torrent Gas for 28. Indraprastha Gas, the firm that retails CNG in the national capital and adjoining areas, bid for 15 GAs, Gujarat Gas for 14 and Assam Gas for 10 GAs.

The push for city gas expansion is part of the government's plan for raising the share of natural gas in the country's energy basket to 15% by 2030 from the current 6.3%.

G E Shipping Surges 9% on Share Buyback Plan

Shares of Great Eastern Shipping surged 9% on the BSE in Thursday's trade after the company announced its plan for share buyback.

The company said its board of directors are scheduled to meet on Monday, 27 December 2021 to consider and approve a proposal for buy-back of equity shares of the company.

The stock of shipping company has corrected 42% from its 52-week high level of Rs 477 touched on 16 June 2021, till Wednesday. It had hit a 52-week low of Rs 229 on 29 January 2021.

In its release, the company said,

• The board of directors of Great Eastern Shipping Company at their meeting scheduled on Monday, 27 December 2021 shall consider a proposal to buy-back the fully paid-up equity shares of the company in accordance with the market regulator (Buy-Back of Securities) Regulations, 2018.

Share Buy-back is a corporate action in which a company buys back its shares from the existing shareholders usually at a price higher than market price. When it buys back, the number of shares outstanding in the market reduces.

MedPlus Health Services Lists at 30% Premium Over Issue Price

MedPlus Health Services, the country's second largest pharmacy retailer, listed with a decent 30.4% premium on 23 December 2021.

The stock opened at Rs 1,015 on the BSE, and at Rs 1,040 on the NSE, higher than the issue price of Rs 796 per share.

The initial public offering (IPO) had seen a healthy response from investors, and was subscribed about 53 times during 13-15 December 2021.

The portion set aside for qualified institutional buyers was booked 112 times and that of non-institutional investors saw 85 times subscription.

The portion reserved for retail investors and employees was subscribed 5.23 and 3.05 times, respectively.

The pharmacy retailer has mobilised Rs 13.4 bn from its public issue, which comprised a fresh issue of Rs 6 bn that will be used for working capital requirements of its subsidiary Optival Health Solutions.

Incorporated in November 2006 in Hyderabad, Medplus Health Services has a network of over 2,000 stores distributed across Tamil Nadu, Andhra Pradesh, Telangana, Karnataka, Odisha, West Bengal, and Maharashtra. It operates via physical stores and online mode.

We will keep you updated on the latest developments from this space. Stay tuned.

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