Banking & PSU Stocks Inch Upwards

Fri, 12 Aug 01:30 pm

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Indian Indices headed for the further gains extending the rally during the post noon trading session. Barring IT stocks, major sectoral indices are trading on a positive note with stocks from the banking & PSU sectors witnessing buying interest.

The BSE Sensex is trading higher by 278 points (up 1%) while the NSE Nifty is trading higher by 72 points (up 0.8%). The BSE Mid Cap index is trading up by 0.8% and BSE Small Cap index is trading up 0.5%. Gold prices, per 10 grams, are trading at Rs 31,212 levels. Silver price, per kilogram is trading at Rs 46,565 levels. Crude oil is trading at Rs 2,919 per barrel. The rupee is trading at 66.81 to the US$.

Aditya Birla Nuvo Ltd (ABNL) sank as much as 25% today following its merger announcement with subsidiary Grasim Industries and hive off financial services business into a separate entity. The union will create a consolidated entity with revenue of about Rs 600 billion that would, according to chairman Kumar Mangalam Birla, be a play on the India growth story.

Initially, ABNL will be merged into Grasim, following which the financial services business (currently under Nuvo) will be demerged and listed separately. In the new financial services company, 57% would be held by Grasim, post-merger. The separated Aditya Birla Financial Services Ltd (ABFSL) is likely to be listed at the stock markets between April to June 2017.

Under the deal, shareholders of Aditya Birla Nuvo will get 3 shares of Grasim for every 10 shares of Aditya Birla Nuvo. When Aditya Birla Financial Services is spun off from Grasim, shareholders will get seven shares of the financial services company for each share held in Grasim.

Reportedly, the strategy for this mega-restructuring is three-fold, to consolidate fast growing businesses with a strong cash flow portfolio, unlock value for shareholders though the listing of financial services and simplifying the group ownership structure.

While several pros and cons would be weighed as the news breaks out, whether it unravels the value for shareholders and provides further growth opportunity will be an interesting thing to watch out for going forward.

Moving on to the news from mining sector. According to an article in a leading financial daily, Coal India Ltd. (CIL) has set a target to produce 71.77 million tones (mt) of coking Coal including both metallurgical and non-metallurgical Coal by 2019-20.

Coking coal is used to create coke, one of the key irreplaceable inputs for the production of steel.

Reportedly, the initiative is taken to reduce imports of coking Coal. Coal production stood at 536 million tonnes in 2015-16 and CIL aims to achieve the target of 1000 million tonnes by 2019-20. This includes enhancement of coking coal production from 53.8 mt achieved in 2015-16 to 71.77 mt.

Moreover, India's Coal production target for 2016-17 has been fixed at 724.71 million Tonnes (Mt). This includes capacity addition from new projects, use of mass production technologies and identification of existing on-going projects with growth potential, the reports stated.

Coal India Ltd was trading up by 1% at the time of writing.

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