The domestic benchmark equity indices eked out gains on Thursday, September 9, 2021, after a fag-end buying in the last few minutes of the trade. The BSE Sensex added 55 points or 0.09% to end at 58,305. The Nifty 50 also gained just 16 points or 0.09% to close at 17,369. But certain stocks came in the news after the market was closed. These stocks can impact the indices when it reopens on Monday, September 13, 2021. List of such five stocks:
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Zomato: Food tech platform Zomato has decided to shut its grocery delivery services and now it will depend on Grofers for delivery services.
MRPL + GAIL + Coal India
MRPL: Indian refiner Mangalore Refinery and Petrochemicals Ltd (MRPL) has signed a six-month deal to supply BP with 80,000 tonnes of diesel per month from October, reported by Reuters. MRPL will supply diesel to BP for the Australian market at a premium of about $1.40 a tonne for the six months, with pricing based on the average of Argus and Platts’ Mideast Gulf spot assessments of 10ppm sulphur gas oil.
GAIL/ONGC: Fair trade regulator CCI on Thursday gave its nod for the acquisition of a 26 per cent equity stake in ONGC Tripura Power Company by GAIL (India).
Coal India: Mining major Coal India Ltd might raise prices of the dry fuel by at least 10-11% to mitigate the impact of increased costs, published reports.
Bharti Airtel: Rating agency S&P Global on Thursday revised Bharti Airtel’s outlook to “stable” from “negative,” on the back of the company’s operating fundamentals and superior leverage management. The global rating agency has affirmed its ‘BBB-‘ long-term issuer credit rating on Airtel and the ‘BBB-‘ issue rating on the telco’s senior unsecured notes. Further, it has also affirmed “the ‘BB’ issue rating on the subordinated perpetual securities (PERPS)” it guarantees. Besides, the telecom has supported the OneWeb’s low-earth-orbit satellites to offer broadband to businesses in remote areas. Hughes Network Systems, LLC (Hughes) and Bharti-Airtel have backed low-earth orbit (LEO) satellite communications (Satcom) company OneWeb has signed a distribution agreement in the US.
Arvind SmartSpaces: Realty firm Arvind SmartSpaces Ltd (ASL) has raised around Rs 85 crore equity capital from HDFC Capital’s real estate fund and its promoters by issuing preferential shares. ASL said in a statement that its board approved the allotment of 68.5 lakh equity shares, aggregating to about Rs 85 crore, to HDFC Capital Affordable Real Estate Fund-1 (H-CARE 1) and the promoters of ASL for Rs 124 per share. It has raised around Rs 50 crore by allocating 40.32 lakh shares to HDFC Capital. Post allotment of shares, H-CARE 1 will have about a 9.5 per cent stake in the company. The Board has allowed the allocation of 26.22 lakh equity shares at Rs 124 per equity share aggregating around Rs 35 crore to the promoter group entities. The company’s Extraordinary General Meeting (‘EGM’) is scheduled to be held on Monday, October 4, 2021, at 11.00 am.
Edible Oil + Sugar
Ruchi Soya /Godrej Agrovet/ Agro Tech Foods/Kirti Nutrients/AVT Natural /Marico + FMCG Stocks: In order to ensure the availability of edible oil to the consumers at fair prices, the Union Government has further reduced the import duty on edible oil. The base import tax on crude palm oil has been reduced to 2.5 per cent from 10 per cent, while the tax on crude soyabean oil and crude sunflower oil has been reduced to 2.5 per cent from 7.5 per cent. The import duty on crude soyabean and sunflower oils were slashed in August 2021, as well. There was a total duty cut of 8.25% in August. Import duty on edible oils is one of the important factors that impacted landed cost of edible oils and thereby domestic prices. Cheaper imports are expected to bring down prices of edible oils. Prices have increased by 50% in the last one year.
Sugar Stocks: Haryana government has decided to increase the price of sugarcane by Rs 12 per quintal, taking it to Rs 362 per quintal, after a nod for the same was received from state Chief Minister Manohar Lal Khattar.