Stocks

Lacklustre opening likely for markets ahead of RBI meet, results

KS Badri Narayanan Chennai | Updated on April 05, 2021

Stocks to watch out for today are Adani Enterprises, ITNL, PNC Infratech, Olectra Greentech, Ashiana Housing and ANG Lifesciences.

After a long weekend, Indian markets are expected to open on a flat note on Monday. While signals are mixed from Asian markets, SGX Nifty points a 40-point gap down opening. The SGX Nifty futures currently rule at 14,915 (8 am IST), as against Nifty futures Thursday's close of 14,953.35.

 

Investors will closely monitor the outcome of the RBI meet and quarterly performance of India Inc, said analysts. The RBI's three-day meeting begins today, and the outcome is expected to be on April 7. Acuite Ratings believes that MPC, in its upcoming meeting, will continue to reaffirm the accommodative monetary policy despite the global increase in bond yields amidst concerns of a quicker than expected normalisation in the markets of developed economies.

Among the Asian markets, Japan's Nikkei is up, and Korea's Kospi is down marginally even as other major markets are closed. While the alarming Covid situation is a dragger, investors will follow global developments, especially US yield.

 

Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd, said: Indian markets are likely to track global cues after the recent announcement of infra investment plan by the US president. Further investors would now focus on upcoming quarterly results, which would kick start from mid-April.

"Domestically, concerns over the fast-spreading 2nd wave of covid in India continues to remain and the fear of possible lockdowns prevail. Overall markets are likely to remain in a consolidative mode for some time awaiting fresh positive triggers. Hence investors would do well by gradually accumulating good quality companies on any declines in the market,” he added.

STOCKS TO WATCH

Adani Enterprises along with its wholly owned subsidiary company, Gare Palma II Collieries Private Limited has signed Coal Mining Agreement with Maharashtra State Power Generation Company Limited for development and operation of Gare Palma Sector II Coal Mine. The Ministry of Coal, Government of India has allocated Gare Palma Sector II Coal Mine to MSPGC at Raigarh district of Chhattisgarh. The coal block is allotted for development, operation and captive consumption of coal to its end-use thermal power plants located at Koradi, Chandrapur & Parli. As per the approved Mining Plan the peak rated capacity of GP-II Coal Mine is 23.6 MTPA with total mineable reserve of 553.177 MT for opencast mine.

Adani Road Transport (ARTL), a wholly owned subsidiary of Adani Enterprises, has received a letter of award for the development of six lane Badakumari - Karki Section of NH-130-CD road under Raipur-Visakhapatnam Economic Corridor in Odisha on HAM. ARTL led consortium has received a letter of award for six laning of national corridor NH-19 from Panagarh to Palsit in West Bengal under Bharatmala Pariyojana.

IL&FS Transportation Networks Limited (ITNL), a subsidiary of IL&FS, on March 31, 2021, has duly received settlement amount of Rs 673 crore for Kiratpur Ner Chowk Expressway Limited (KNCEL) and Rs 20 crore towards claims for Chenani Nashri Tunnelway Limited (CNTL) - from National Highways Authority of India (NHAI). With these two projects, NHAI and MoRTH have settled aggregate IL&FS claims of over Rs 1,804 crore across 6 Road projects. KNCEL project was foreclosed under the Ministry of Road Transport and Highways (MoRTH) guidelines of March 2019 for stalled and incomplete projects. CNTL is a completed project, earning annuities, and the Rs 19.6 crore is the claim amount towards change of scope.

PNC Infratech has entered into a Share Purchase Agreement (SPA) and other related transaction documents with Cube Highways for sale of its holding in Ghaziabad Aligarh Expressway Private Limited, an "Associate" of the Company. The transaction is being done at an Enterprise Value (EV) of up to Rs 1,600 crore.

Olectra Greentech has received an order to supply of 50 electric buses. Out of the tenders where Olectra Greentech Limited and Evey Trans Private Limited were declared as least quoted (L-1) bidders for 353 Buses, for 50 Electric Buses Olectra has received Letter of Award from one of the State Transport Authorities under FAME-II scheme of Government of India. This order for supply of 50 Electric Buses is on Gross Cost Contract (GCC) / OPEX model basis for a period of 10 years (Contract Period). These Buses shall be delivered over a period of 12 months. The maintenance of these buses shall also be undertaken by the Olectra during the Contract Period. With these, total order book of Olectra for electric buses against above and earlier orders are over 1300 electric buses.

Ashiana Housing has informed the stock exchanges 8.31 lakh square feet have been booked in Q4-FY21 against 4.14 lakh square feet in Q4-FY20, while the value of area sold was worth Rs 299.71 crore (Rs 145.96 crore). Besides, it added that 1,131 number of units were booked in FY21 vis-a-vis 1,505 units booked in FY20.

ANG Lifesciences India has acquired Mansa Print & Publishers located at Baddi which had undergone Corporate Insolvency Resolution Plan in National Company Law Tribunal, Chandigarh. Mansa Print is engaged in printing and packaging business covering manufacturing of packaging products including carton's, corrugated boxes, aluminum foil etc.

Published on April 05, 2021

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