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Essar Ports and Essar Power concluded the Rs 16,500-crore sale of captive ports and power assets to Arcelor Mittal Nippon Steel India.
The sale consisted of infra assets include a 270 MW power plant and 25 MPTA port at Hazira, Gujarat and a 12 MPTA port at Paradip, Odisha.
Essar has concluded its asset monetisation programme and completed the debt repayment of Rs 2 lakh crore, effectively making the group debt-free from Indian banks and financial institutions, Essar Capital Director Prashant Ruia said.
Source: Company statement
Apart from banks, Kudremukh Iron Ore Co., Satluj Jal Vidyut Nigam Ltd. Ircon International Ltd. and Rashtriya Chemicals & Fertilizers Ltd. all gained between 5 and 10%.
Shares of Deepak Fertilisers and Petrochemicals Corporation rose after it inked a pact with Aarti Industries to supply Nitric acid.
The stock gained as much as 8.48%- the most since Oct. 17. It is now trading up 5.87%. Total traded volume is 2.7 times the 30-day average.
Meanwhile, Aarti Industries rose as much as 4.06%- the most since Oct. 19. Total traded volume is 1.9 times the 30-day average.
The companies signed a binding sheet for a 20 year period for offtake and supply of Nitric Acid. The parties plan to execute the formal agreement by the end of this calendar year.
The deal cost is estimated to be more than Rs 8,000 crore. The supply arrangement will start from April 1, 2023.
Source: Bloomberg, Exchange filings
The market breadth is skewed in favour of the bears. About 1,421 stocks rose, 2,018 fell and 188 remained unchanged.
Arvind shares declined 0.93%. Of the six analysts tracking the company all maintain 'buy'. The return potential of the stock implies an upside of 54.4%.
The first fibre recycling facility will be located near one of Arvind’s manufacturing facilities in India.
The facility will process textile wastes such as white cotton, colored cotton, denim and synthesis into virgin like fibres for reuse from two lines, where each line will have a 5,500- ton capacity per year with plans to expand over the next five years.
The investment for these two lines is seen at Rs 200-250 crore.
The joint venture is slated to start construction in the fourth quarter of 2022 with full production expected to commence in the fourth quarter of 2023.
Source: Exchange filing
Shares of Archean Chemical Industries listed at Rs 449 per share on the BSE, a premium of 10.31% to its IPO price of Rs 407.
On the NSE, the stock listed at Rs 450, a 10.56% premium.
Its IPO was subscribed 32.23 times.
Source: BSE, NSE
Shares of Five Star Business Finance listed at Rs 449 per share on the BSE, a discount of 0.22% to its IPO price of Rs 474.
On the NSE, the stock listed at Rs 468, a 1.26% discount.
Its IPO was subscribed 70%.
Source: BSE, NSE
Shares of Jet Airways declined after its new owners, Jalan-Kalrock Consortium said it has not breached any terms of the insolvency resolution plan and might take difficult near-term decisions to manage cashflows.
The new owners failed to restart the operations of the grounded airline despite sharing plans of resuming flights by October 2022.
The stock fell 4.98%, set to extend losses for thirteen days in a row. Total traded volume is 5.6 times the 30-day average. The relative strength index of the stock is at 8, which suggests it might be oversold.
The Jalan-Kalrock Consortium reiterated its commitment to restart the airline. CEO Sanjiv Kapor said letters of intent for aircraft, engines, IT systems, ground handling services, catering, call centre, and all other services required to run an airline are in place.
Source: Bloomberg, Statements
The broader indices outperformed their larger peers with mid-cap losing 0.22% and small-cap gaining 0.11%. While large-cap underperformed its large peers, losing 0.54%.
Fourteen out of the 19 sectoral measures complied by BSE declined, with BSE Oil & Gas losing the most over 1%.
The market breadth is skewed in the favour of bulls. About 1,402 stocks rose, 1089 fell and 153 remained unchanged.
Yield on the 10-year bond fell 2bps to 7.28% at the open on Monday.
Source: Bloomberg
Stocks Fall Amid Focus On Covid in China, Fed Rate: Markets Wrap
Archean Chemical Industries: The shares of the company will be listed on the exchanges on Nov. 21. The company's IPO price was Rs 407. The IPO was subscribed 32.23 times, with the QIB portion subscribed 48.91 times, non-institutional investors’ portion subscribed 14.9 times, and the retail portion subscribed 9.96 times.
Five Star Business: The shares of the company will be listed on the exchanges on Nov. 21. The company's IPO price was Rs 474. The IPO was subscribed 0.7 times, with the QIB portion subscribed 1.77 times, non-institutional investors’ portion subscribed 0.61 times, and the retail portion subscribed 0.11 times.
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