Post Market Analysis 13-10-2021

India’s benchmark stock indices closed at record a high, boosted by gains in auto, metal, energy and information technology stocks. The Sensex closed 0.75% higher at 60737.05. The broader index Nifty50 ended 0.94% higher at 18161.75.

Top sectoral gainers in NSE were Nifty Auto (3.43%), Metal (1.46%), Energy (1.39%) and IT (1.19%). Nifty Realty fell 0.24%.

Some Tata Group companies had a fantastic rally. The gainers were Tata Motors (20.45%), Tata Motors DVR (19.98%), Tata Power (14.50%), Tata Chemicals (14.04%), Tata Investment Corp (13.69%).

Indian rupee rose 15 paise to 75.37 against the US dollar.

Stock in News Today

Reliance Industries and ZEE: Invesco revealed that Reliance Industries had made an offer to merge some of its media business with Zee Entertainment Enterprises. Invesco said in a statement: “We wish to make clear that the potential transaction proposed by Reliance (the “Strategic Group” referenced but not disclosed in the 12 October 2021 communication by Zee) was negotiated by and between ‘Reliance’’ and Mr. Goenka and others associated with Zee’s promoter family.

Tata Chemicals Ltd: The company said in an exchanges filing that CARE Ratings has reaffirmed the credit ratings of the company and reduced the rated amount based on the company’s request. The company said that the rating agency maintained CARE AA+ Stable (Double A Plus; Outlook: Stable) on the Long Term Bank Facilities for an amount of Rs 1,300 crore (Rs 1,897 crore earlier). The credit rating on the Short Term Bank Facilities of Rs 2,000 crore has been reaffirmed as CARE A1+ (A One Plus). Shares of Tata Chemicals rose nearly 18% and pared some gains to close at 14.04% higher at Rs 1107.10.

Hero MotoCorp: The two-wheeler maker has partnered with Gilera Motors Argentina to expand its operations in South America, in line with its aggressive global business strategy. As part of the agreement, Gilera Motors will be the exclusive distributor for the sale and service of Hero MotoCorp motorcycles and scooters in Argentina.

IndiGo: The airline which is owned by InterGlobe Aviation expects Tata Sons to be a “formidable competition” once the conglomerate completes its $2.4 billion purchase of Air India from the government, the budget airline’s chief executive said, according to Reuters. “I see them as formidable competition but I welcome them. It is a sensible thing,” IndiGo CEO Ronojoy Dutta told a CAPA Centre for Aviation, in a pre-recorded interview.

Centrum Capital: The company’s share price rose more than 13% after the RBI issued a Small Finance Bank (SFB) licence to the consortium of Centrum Financial Services (Centrum) and Resilient Innovations Private Limited (BharatPe),” Centrum Capital said in a release. The new SFB has been incorporated as “Unity Small Finance Bank”, it said.

NLC India: The company is making efforts to ramp coal production from one of its mines in Odisha to up to 10 million tonnes per annum in the current year. The company aims to increase the coal production to up to 20 Million Tonnes Per Annum (MTPA) from next year, according to its regulatory filing. This will not only provide fuel security to end use plants but also make available coal in the market, it added.

Thomas Cook: Shares of the travel agency rose nearly 9% in intraday trade to Rs 85.5 per equity share, after the company signed a pact for 3 years with Air Arabia to curate and distribute, Air Arabia holidays in India, it said in an exchange filing. It will deliver customisable, air-inclusive holidays through a technology platform built by Thomas Cook India and its group company SOTC Travel.

Grasim Industries: The company said in an exchange filing that it has executed supplemental share subscription agreement with Renew Green Energy Solutions & Renew Surya Uday as well as a power purchase agreement with Renew Surya Uday. The purpose of entering into the agreement is to operate and maintain 16.68 MW Wind-Solar Hybrid power plant in Gujarat (the “Project”), wherein, the power produced will be supplied exclusively to Grasim under the Captive Rules. The Project will be operated by Renew Surya Uday Private.

ABB India and JSW Steel: The steel company has commissioned ABB India to provide electrification of its conveyor system at JSW’s plant in Bellary, Karnataka, according to ABB’s exchange filing. ABB India said that it will provide automation solutions for the conveyor systems through its ‘Made in India’ products.