Last week, foreign institutional investors offloaded equities worth Rs 11,511.77 crore, while domestic institutional investors bought shares worth Rs 11,670.62 crore
The market snapped a two-week losing streak and gained more than 2 percent for the week ended June 24 helped by the positive global cues, falling crude oil prices and reduced FII selling. The market though remained volatile through the week with bouts of selling on some days.
Hero MotoCorp | The stock price added over 11 percent after the company said it was going to hike the prices of motorcycles and scooters. It will hike the ex-showroom prices of motorcycles and scooters from July 1, the company said in a press release. The revision, which will be up to Rs 3,000, is to partially offset the growing input cost inflation.
KEC International | The scrip gained 9 percent in the week gone by after the company reported multiple order wins to the exchanges. According to a release, the company secured new orders worth Rs 1,092 crore across various businesses. It bagged orders for its transmission and distribution projects in India, Middle East and America. It also secured an order for 2 * 25 kV overhead electrification from the railways in India.
Route Mobile | The share price added 8 percent after the company said its board will meet on June 28 to consider a share buyback. “Pursuant to Regulation 29(1)(b) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, it is hereby informed that a meeting of the Board of Directors of the Company is scheduled to be held on Tuesday, June 28, 2022, inter alia, to consider a proposal for buyback of fully paid-up equity shares of the Company, in accordance with the applicable provision under the Companies Act, 2013 (including the rules and regulations framed thereunder), the Securities and Exchange Board of India (Buy-back of Securities) Regulations, 2018 (as amended), and other applicable laws,” said the company in an exchange filing.
TVS Motor | The scrip gained over 7 percent in the week gone by. The firm has kick started the process to raise around $ 300 million to $ 350 million for its electric mobility business, multiple industry sources with knowledge of the development told Moneycontrol. Moneycontrol was the first to report the firm’s capital mop-up plans for its carved-out electric mobility business on November 9, 2021. If plans fructify, TVS Motor Company would become the third listed company to raise funds for an electric vehicle subsidiary after Tata Motors and Greaves Cotton. Sources told Moneycontrol that investment bank Citi had the sell-side mandate for the proposed transaction. “The TVS Group is betting big in this space and has aggressive capacity expansion plans along with a series of new launches in the pipeline. A fundraise will help to scale up and expand the vertical,” he added.
Tube Investments | The stock was up over 6 percent after Motilal Oswal Financial Services initiated coverage on the stock with a “buy” rating and set a price target of Rs 1,900, implying an upside of 25 percent over the next 12 months. “Tube Investments offers diversified revenue streams, with strong growth in the core business, ramp up in CG Power and optionality of new businesses incubated under TI-2 strategy,” the brokerage said in a note on June 24. It believes that the new strategy of the company could be a trigger for rerating in the future as the company looks to reinvest its cash flows to seed new platforms for long-term growth and acquire stressed assets.
Vodafone Idea | The share rose over 6 percent last week. The government may hold a 33 percent stake in debt-ridden telecom operator Vodafone Idea and the process will be completed soon, a government official told CNBC-TV18 on June 24. The government will dilute its equity stake in Vodafone Idea once the company’s balance sheet improves, according to CNBC-TV18 sources. The debt-ridden telecom operator has decided to defer payment of additional adjusted gross revenues of Rs 8,837 crore dues for four years. The company in a late-night filing on June 22 said that the DoT on June 15, raised adjusted gross revenue (AGR) demand for additional two financial years beyond 2016-17, which were not covered under the Supreme court order on the statutory dues.
Vedanta | The stock price shed over 16 percent after the firm put its Tuticorin copper plant on the block. Anil Agarwal led-Vedanta surprised the street with the announcement in newspapers seeking initial bids for the sale of its troubled Tuticorin-based smelter, which has been shut since mid-2018. Later, the company informed the bourses that the sale is only at an “exploratory stage”. Sterlite Copper, which at its peak annual production of more than 400,000 tonnes accounted for 40 percent of India’s copper output, employed 5,000 people directly and another 25,000 indirectly.
Tata Steel | The scrip was down 6 percent in the week gone by. Metal stocks have been under pressure since China was forced to impose lockdowns in some parts of the country following Covid outbreaks, fanning fears of a slowdown. Central banks raising interest rates to mitigate inflationary pressures and growth concerns are also the reasons for the decline. The government surprised the industry with an export duty with effect from May 22. The duty is 50 percent on all grades of iron ore, 45 percent on pellets and 15 percent on non-alloy steel except part of semi-finished steel. According to a Motilal Oswal research report, Tata Steel will not benefit from inexpensive ore and Russian coal. It believes Tata Steel standalone 1HFY23 EBITDA is likely to contract by 66 percent over 1HFY22 driven by lower ASP, lower demand and peak coking coal costs and high base effect.
Birla Software | The scrip added over 9 percent last week. The IT firm announced that it has entered into a global partnership with Google Cloud to accelerate its digital transformation journey. Leveraging Birlasoft’s expertise on Google Cloud’s technology offerings will enable customers across various verticals to meet their cloud priorities with speed, the company said.
IRB Infra | The stock gained over 6 percent last week. The company received 75 percent of the arbitration award worth Rs 419 crore from IRB Pathankot Amritsar Toll Road. The award is in line with directives of the Cabinet Committee on Economic Affairs directing government agencies to pay 75 percent of the arbitration against bank guarantee. Due to a delay in the completion of the project, IRB Infra received Rs 308 crore against the total claim of Rs 419 crore.
Sandip Das
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