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Adani Ports, PVR, Tata Power, UPL, Reliance, BPCL, Ami Lifesciences stocks in focus on 16 September 2022

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Indian equity markets may open in red on week’s last trading day. Early trends in the SGX Nifty hinted at a negative start for benchmark index NSE Nifty 50 and BSE Sensex with a loss of 99 points. Global cues were negative as Wall Street indices ended in red overnight and shares in the Asia-Pacific were trading lower on Friday. “The recent move in the index indicates consolidation amid feeble global cues however the bias is still on the positive side. Meanwhile, we recommend continuing with the “buy on dips” approach and focusing on sectors/themes which are seeing buying interest on a rotational basis,” said Ajit Mishra, VP – Research, Religare Broking.

Stocks in focus on 16 September, Friday

Adani Ports: Adani Ports and Special Economic Zone subsidiary HDC Bulk Terminal Ltd will modernise the Haldia port in West Bengal at an estimated cost of Rs 298 crore, marking the Gautam Adani-led conglomerate’s entry in the state’s ports sector. “The upgradation of Haldia bulk terminal provides us the opportunity to firmly establish APSEZ’s footprint in West Bengal,” the company quoted APSEZ chief executive Karan Adani as saying after the concession agreements was signed on Thursday for mechanisation of berth number 2.

Tata Power: Tata Power Solar Systems Limited (TPSSL), 100% subsidiary of Tata Power Renewable Energy Limited (TPREL), will set up a 100 MW ground-mounted solar project for SJVN Limited (SJVN) in Gujarat for Rs 612 crore. SJVN is an Indian public sector undertaking having business interests in hydro, thermal, solar, wind and in power transmission and power trading. It is a joint venture between the Government of India and the Government of Himachal Pradesh.

Reliance: Reliance Retail Ltd has sought shareholders’ approval for doubling its borrowing limit to Rs 1 lakh crore. The proposal will be put up before the shareholders during the company’s Annual General Meeting (AGM) to be held on September 30. In September last year, the shareholders had approved borrowing a sum not exceeding Rs 50,000 crore. During its meeting on May 5, 2022, the company’s board proposed to increase the borrowing limit “by a sum not exceeding Rs 1,00,000 crore”.

PVR: PVR: Plenty Private Equity FII I sold 7,62,499 equity shares or 1.24%stake in the multiplex company via open market transactions at an average price of Rs 1,877.14 per share, and Plenty Private Equity Fund I offloaded 10,76,259 shares or 1.76% stake at an average price of Rs 1,887.04 per share. Together they held 6.02% stake in the company as of June 2022. Gray Birch Investment exited PVR by selling 22,06,743 equity shares at an average price of Rs 1,871.18 per share.

UPL: UPL on Thursday said it has acquired 26% stake in Clean Max Kratos Pvt Ltd, which is into renewable energy. Clean Max was incorporated on July 28 with paid up capital of Rs 1 lakh. The company, which is into solar/wind power generation, is yet to commence operations. In a regulatory filing, UPL Ltd said Clean Max Kratos would develop and maintain a hybrid 28.05 MW solar and 33 MW wind power project under the captive model as envisaged under the electricity laws. This project will enable UPL to increase its renewable energy usage to 30% of its total global power consumption from the current level of 8%.

BPCL: Oil Minister Hardeep Singh Puri on Thursday indicated that the privatisation of oil major BPCL may not happen in the near future, saying there is “no proposal whatsoever” on his table for now. The govt had in November 2019 put BPCL on the block and said it would completely sell its 52.98% stake in the country’s second largest state-run oil refiner and marketer. Though it had received three tentative bids and only one financial bid from Vedanta group, forcing it to shelve the plan in May 2022 pending a “comprehensive review”. “How can a sale process under competitive bidding go ahead when there is only one bidder?”, Puri said when asked whether his ministry pursuing BPCL divestment again.

Also Read: Tata’s 5-year plan to make Air India great again: 30% market share, ‘fixing the basics’, other key focus areas

Ami Lifesciences: Ami Lifesciences, the manufacturer of active pharmaceutical ingredients and intermediates, on Thursday announced the appointment of Amit Kaptain as chief executive officer. As part of the Ami Lifesciences senior management team, Kaptain will be responsible for building business strategy and longstanding global partnerships with leading pharmaceutical companies by developing products in niche therapeutic areas, and thereby becoming a reliable partner of choice from India.

Experts warn of choppy market: IPOs worth Rs 1 trn lined up

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Initital Public Offerings (IPO) worth a little over Rs 1 trillion are lined up to hit the markets, fingers crossed. What’s more, IPOs for another Rs 70,000 crore or so are being readied for launch.

Market watchers caution that while the pipeline may look good, the volatile secondary market could play spoilsport. “ No company would want to come out with an IPO in a choppy market. They would rather wait it out even if means the permissions lapse,” Pranav Haldea, managing director, Prime Database Group, observed. Haldea said several times in the past — 2010, 2013 and 2017 — the stock of IPOs had been strong, but not too many had finally made it.

Also Read: OYO IPO valuation falls in private market after SoftBank’s reported markdown

“While earnings could see some support in the September quarter from an early festive season, we believe deterioration in global macro and valuations concerns could catch up with the Indian markets,” strategists at Jefferies wrote earlier this week. They also pointed out that historically, domestic flows slow down when the trailing 12-month market returns turn negative. “We are currently at that stage and would be interesting to watch out for the flows trend,” they said.

Among the 70-odd companies that are looking to mop up money from the primary market are Bikaji Food, Emcure Pharmaceuticals and Fintechs Mobikwik and Navi Technologies. While these companies have approvals from the Securities and Exchange Board of India, another 40-odd firms looking to raise some Rs 70,000 crore, are in the process of filing their documents with the regulator. Approximately half this amount is being sought by new-age technology companies.

The primary markets have seen a bit of a lull with just about Rs 35,450 crore having been raised via IPOs in the six months to September. According to data from Prime Database, this was far less than the 52,000 crore that companies were able to mop up in the April-September period of 2021. Total issuances had hit1.22 trillion in CY2021, a time when the secondary markets were on a roll and the Sensex scaled a new peak of 61,765 on October 18.

With the prices of several stocks, including many from the startup sector, having fallen sharply, small investors are likely to be choosy. The Paytm stock, for instance, is trading at Rs 674.75, compared with the IPO price of Rs 2,150, while Zomato ended the session on October 4 at Rs 64.05, much lower than the IPO price of Rs 76. The Life Insurance Corporation (LIC) stock closed Tuesday’s trading session at Rs 629.90 way below the IPO price of Rs 949.

Prime Database lists Archean Chemical, Aadhar Housing Finance, Bharat FIH, Capital Small Finance Bank, Fab India, CMR Green Technologies, TVS Supply Chain Solutions, and VLCC as companies looking to raise capital. API Holdings, Wellness Forever, TBO Tek, Sanathan Textiles, Puranik Builders, Penna Cement Industries, Keventer Agro and Asianet Satellite Communications also feature on the list.