Sensex Today Trades Lower; Coal India & Eicher Motors Top Losers

Asian shares were pinned below 1-1/2 month highs on Tuesday as even a larger-than-expected interest rate cut in China failed to excite investors jaded at the lack of bigger stimulus measures.

MSCI's broadest index of Asia-Pacific shares outside Japan slipped 0.1%, pulling away from its highest level since January touched during Monday. South Korean shares fell 1%.

US stocks closed lower on Monday after another hotter-than-expected inflation reading undermined the case for interest rate cuts.

Here's a table showing how US stocks performed on Monday:

Stock/Index LTP Change ($) Change (%) Day High Day Low 52-Week High 52-Week Low
Alphabet 141.76 -2.18 -1.51% 144.48 141.52 155.20 88.86
Apple 182.31 -1.55 -0.84% 184.85 181.67 199.62 143.90
Meta 473.32 -10.71 -2.21% 478.96 469.21 488.62 167.66
Tesla 199.95 -0.50 -0.25% 203.17 197.40 299.29 152.37
Netflix 583.95 -9.51 -1.60% 597.00 577.46 597.00 285.33
Amazon 169.51 -0.29 -0.17% 170.42 167.17 175.39 88.12
Microsoft 404.06 -2.50 -0.61% 408.29 403.44 420.82 245.61
Dow Jones 38627.99 -145.13 -0.37 % 38825.03 38583.24 38927.08 31429.82
Nasdaq 17685.98 -159.74 -0.90% 17864.16 17663.40 18041.45 11695.41

Data Source: Equitymaster

At present, the BSE Sensex is trading 58 points lower and NSE Nifty is trading 31 points lower.

Grasim, ONGC, and Kotak Mahindra are among the top gainers today.

Coal India, Eicher Motors, and Bajaj Auto on the other hand are among the top losers today.

Broader markets are trading on a positive note. The BSE Mid is trading flat and the BSE Small Cap index is trading 0.4% higher.

Sectoral indices are trading mixed, with socks in the realty sector and the auto sector witnessing buying. Meanwhile, stocks in the metal sector and media sector witnessed selling pressure.

The rupee is trading at Rs 82.98 against the US dollar.

In commodity markets, gold prices are trading flat at Rs 62,002 per 10 grams today.

Meanwhile, silver prices are trading 0.2% lower at Rs 71,172 per 1 kg.

ONGC, IEL Overseas Merger

Imperial Energy Ltd (IEL), an overseas arm of state-run Oil and Natural Gas Corporation (ONGC), is set to merge five step-down subsidiaries into itself.

shareholders of IEL have accorded approval for the merger of five companies -- Imperial Energy Cyprus Limited (IECL), Imperial Energy Nord Limited (IENL), Redcliffe Holdings Limited (RHL), Biancus Holding Limited (BHL) and San Agio Investment Limited (SAIL) -- with IEL, which is the absorbing company.

The approval was granted on 19 February and is subject to the approval of the court of Cyprus, where IEL and its step-down subsidiaries are registered.

Notably, IEL is the wholly-owned subsidiary of ONGC Videsh Ltd (OVL), which manages the overseas business of the New Delhi-headquartered ONGC.

Two other step-down subsidiaries of IEL - Imperial Frac Service Cyprus Limited (IFSCL) and Imperial Energy Tomsk Limited (IETL) - would not be absorbed into it as part of the merger process.

The disclosure related to the merger of step-down subsidiaries was made by ONGC a week after it reported a drop in its bottom line for the quarter ended December 2023.

The company's net profit came in at Rs 103.6 bn, lower by 9.9% compared to Rs 114.9 bn in the year-ago period.

ONGC is investing heavily to achieve its onshore wind energy target of 2 GW by 2030. This is one of the highly advanced tech-led projects in the renewable energy space.


Piramal Enterprises to mull fund raising

The board of Piramal Enterprises will meet on Thursday, 22 February 2024, to consider issuing non-convertible debentures aggregating up to Rs 6 billion (bn) on a private placement basis.

The NBFC said that its Administrative Committee of the board of directors will consider and approve the issue of secured, rated, listed, redeemable, non-convertible debentures up to Rs 1 bn along with the green shoe option to retain oversubscription up to Rs 5 bn, the total size aggregating up to Rs 6 bn, on a private placement basis.

Piramal Enterprises (PEL) is a leading diversified NBFC in India with a presence across retail lending, wholesale lending, and fund-based platforms. The company has investments and assets worth around $10 billion, with a network of branches across 25 states/UTs.

Whirlpool to sell stake in India Unit

Whirpool Mauritius, a promoter entity of Whirpool of India, plans to sell as much as 24% of the local unit via a block deal for US$ 451 million (m), according to multiple industry executives familiar with the deal terms.

The promoter group, which currently owns 75% of the home appliance maker, had earlier indicated that it would reduce its stake in the company to reduce debt levels.

The base size of the deal is US$ 282 m, which represents 15% of outstanding share capital, and the upsize option of the deal is up to US$ 169 m, which represents 9% of outstanding share capital.

The regulatory disclosure in November by parent Whirpool Corp said that the parent intends to retain a majority interest in Whirpool of India following the completion of the planned stake sale.

The company expects to use transaction proceeds to reduce debt levels, which will enhance balance sheet flexibility.

Proceeds expected to be used for debt repayment are incremental to the US$ 500 m term loan repayment that the company previously disclosed it expects to pay in the fourth quarter of 2023.

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Disclosure: Equitymaster Agora Research Private Limited (Research Analyst) bearing Registration No. INH000000537 (hereinafter referred as 'Equitymaster') is an independent equity ...

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