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RPower up 5%, hits 7-yr high ahead of board meeting to consider fundraise

RPower up 5%, hits 7-yr high ahead of board meeting to consider fundraise

by | Sep 23, 2024 | Share Market


4 min read Last Updated : Sep 23 2024 | 11:39 AM IST

Reliance Power shares hit a seven-year high of Rs 38.16, and froze in the 5 per cent upper circuit on the BSE on Monday’s intra-day trade ahead of the company’s board meeting scheduled for today to consider a fundraising proposal.

Till 10:52 AM, a combined 10.25 million shares had changed hands, while there were pending buy orders for a combined 33.88 million shares on the NSE and BSE.

The stock of the power generation company is trading at its highest level since September 2018. It surpassed its previous high of Rs 38.07 that it touched on August 23, 2024.

Reliance Power is quoting higher for the eighth straight trading day, having surged 29 per cent during the period.

 


Reliance Power, in an exchange filing on Wednesday, September 18, had announced that its board is scheduled to meet on September 23, to consider and approve the fundraise via multiple routes.


“A meeting of the board of directors of the Company will be held on Monday, September 23, 2024, inter alia, to consider and approve raising of long term resources from domestic and/or global markets, inter alia, by issue of equity shares/ equity linked securities/ warrants convertible into equity shares, by way of preferential issue and/or qualified institutional placement and/or rights issue and/or foreign currency convertible bonds or any other method including determination of issue price, if any and seeking members’ and other approval(s), as the Board may deem appropriate,” Reliance Power’s exchange filing stated.

The Anil Ambani-led group, of which Reliance Power is also a part, announced last week that it has turned into a nearly zero-debt entity, and it is implementing long-term fund raising plans that are likely to solidify its financial position.

Last week, Reliance Infrastructure’s board had approved fund raising of up to Rs 6,000 crore via preferential issue and qualified institutional placement (QIP).


On September 17, Reliance Power announced that the entire obligations of the company as a guarantor on behalf of Vidarbha Industries Power Limited (VIPL) stood fully settled, resulting in the “release and discharge of Corporate Guarantee, Undertakings and all obligations and claims there under in relation to the outstanding debt of VIPL amounting to Rs 3,872.04 crore.”


Reliance Power has also settled all disputes with CFM Asset Reconstruction Private Limited (CFM). 100 per cent shares of VIPL were pledged in favour of CFM against the release and discharge of Corporate Guarantee given by Reliance Power.


The company also stated that it has participated in a request for selection to establish a 500 MW/1000 MWh Battery Energy Storage System (BESS) that was invited by the Solar Energy Corporation of India (SECI). It added that they are awaiting further communication in this regard.


Reliance Power is in the business of setting up and operating power projects and development of coal mines associated with such projects. The company has built a portfolio of power projects and coal mines. Of the power projects in its portfolio, the projects aggregating to approximately 5,945 MW are commissioned while the other power projects are under various stages of development.

As per the projections of National Electricity Plan for the period 2022-32, the required coal- and lignite-based installed capacity will be 283 GW by 2031-2032, compared to the present installed capacity of 218 GW.

The Indian government has decided to add new coal-based thermal power capacity of around 80 GW by 2031-32 to meet the increasing power demand in the country. 

Further, India has set ambitious targets for energy transition and plans to have 500 GW of non-fossil based installed capacity by 2030.

The renewed thrust on the thermal power capacity addition by the Government of India presents growth opportunities for existing successful thermal power players, Reliance Power said in its FY24 annual report.

First Published: Sep 23 2024 | 11:36 AM IST



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Fusion Finance tanks 10%, hits record low on higher ECL provisioning in Q2

Fusion Finance tanks 10%, hits record low on higher ECL provisioning in Q2

by | Sep 23, 2024 | Share Market


3 min read Last Updated : Sep 23 2024 | 10:39 AM IST

Fusion Finance shares slip in trade: Shares of financial service provider Fusion Finance hit a record low of Rs 274.40 per share, as they tanked 10 per cent on the BSE in Monday’s intra-day trade in otherwise a strong market. 

The fall in the Fusion Finance share price came after the company said it may be required to make an estimated credit loss (ECL) provisioning between Rs 500 crore to Rs 550 crore in July to September quarter (Q2FY25) as compared to Rs 348 crore provision in Q1FY25.


The stock of microfinance institutions has fallen below its previous low of Rs 282 on August 16, 2024. It plunged 59 per cent from its 52-week high level of Rs 67 touched on January 31, 2024.

 


Fusion Finance, in an exchange filing said, since the release of the Q1FY25 results, the management of the company has been focused on tracking the evolving credit behavior of its borrowers. Consequently, the Audit Committee of the Company was briefed by the management on an internal review of the credit quality of the loan portfolio in Q2FY25 and the associated provision that may be required for its current loan book.


Based on asset quality and collection trends so far in Q2FY25, Fusion may be required to make an higher ECL provisions during the quarter. This translates into an annualised credit cost of approximately 19 per cent in Q2 (versus about 13 per cent in Q1).


The board has asked the management to prepare a plan for a fresh equity capital raise of up to Rs 550 crore. Fusion had capital adequacy of approximately 26 per cent as of June 2024. Although the company does not immediately need equity capital, it will consider this equity raise to strengthen its balance sheet given the stress evident in the microfinance sector and the company’s loan book. The company noted that its promoters support the equity raise.


In order to strengthen its executive team, the company will initiate a search process for selecting a suitable candidate for the CEO role. It expects the selection process to be completed in the next few months. Devesh Sachdev, current MD & CEO, will remain in his role as MD for a period of time and then will be appointed as the Chairman of the board. This will ensure a smooth and orderly transition and continuity of the business.


According to Motilal Oswal Financial Services, the stress evident in the MFI sector and Fusion’s loan book could be because of a combination of customer over-leveraging, high employee attrition, payments default by customers who have taken multiple loans with multiple (fake) voter-ids and are not getting new loans, and heavy rainfall and floods in certain parts of the country.


The brokerage firm said it see no signs of improvement in asset quality in the near term and remain watchful of stress unfolding over the next 2-3 quarters. “In the near term, we will look forward to the appointment of the new CEO, but with no other upside catalyst, we maintain our Neutral rating on the stock with a revised TP of Rs 330 (earlier: Rs 440), based on 1.0x FY26E price-to-book value (P/BV),” the brokerage firm said in company update.

First Published: Sep 23 2024 | 10:39 AM IST



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Adani Total Gas share up 7% on securing 5 mn funding to expand CGD biz: Adani Total Gas share price

Adani Total Gas share up 7% on securing $375 mn funding to expand CGD biz: Adani Total Gas share price

by | Sep 23, 2024 | Share Market


3 min read Last Updated : Sep 23 2024 | 9:41 AM IST


Adani Total Gas in focus: Shares of Adani Total Gas Limited (ATGL) surged as much as 7.36 per cent to hit an intraday high of Rs 846.65 per share on Monday, September 23, 2024. 


Adani Total Gas share price surged after the company announced that global lenders have provided funding worth $375 million to the company.


In an exchange filing, Adani Total Gas said, “ATGL has entered into an overall financing framework which enables ATGL to secure future funding based on its business plan.”


Under the terms of the deal, the maiden financing of $375 million executed with international lenders include an initial commitment of $315 million with accordion feature to enhance the commitments. 

 


“Participation from the global lenders reinforces the potential of city gas distribution in its role as transition fuel. This financing framework will drive ATGL’s sustained growth and will be a stepping-stone for future financing based on its capital management plan which will create a long-term value for all our stakeholders,” said Parag Parikh, CFO of ATGL.


Additionally, five international lenders participated in the initial financing which includes BNP Paribas, DBS Bank, Mizuho Bank, MUFG Bank, and Sumitomo Mitsui Banking Corporation, the company revealed in a statement. 


Meanwhile, Latham & Watkins LLP and Saraf & Partners were the borrower’s counsel and Linklaters and Cyril Amarchand Mangaldas were the lender’s counsel for this financing.


Furthermore, the facility will fast track the capital expenditure programme enabling ATGL to rapidly expand its CGD network into its 34 authorised Geographical Areas (GAs) across 13 states. 


This development agenda shall cater to up to 14 per cent of India’s population covering more than 200 million people. The expansion will deepen the penetration of Piped Natural Gas (PNG) and Compressed Natural Gas (CNG) infrastructure, creating an ecosystem for a gas-based economy, Adani Total Gas said.


Adani Total Gas Limited (ATGL) is a major city gas distribution company in India, established in 2005 and rebranded in 2021. 


The company provides a range of services, including piped natural gas for residential, commercial, and industrial customers, as well as compressed natural gas for the transportation sector. 


ATGL also invests in electric vehicle charging infrastructure and establishes compressed biogas processing plants utilising agricultural and municipal waste. In addition to its core services, ATGL promotes eco-friendly initiatives through tree plantation and urban greening efforts, striving to enhance green spaces in cities.


With a presence in over 52 geographical areas across states like Gujarat, Haryana, Karnataka, Tamil Nadu, Odisha, and Rajasthan, ATGL is committed to sustainable development and environmental conservation.


At 9:32 AM, shares of Adani Total Gas were trading 5.36 per cent higher at Rs 830.85 per share, In comparison, BSE Sensex was trading 0.24 per cent higher at 84,749,73 levels.

First Published: Sep 23 2024 | 9:36 AM IST



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Gold falls Rs 10, silver down Rs 100; yellow metal trading at Rs 75,920

Gold falls Rs 10, silver down Rs 100; yellow metal trading at Rs 75,920

by | Sep 23, 2024 | Share Market


In Mumbai, the price of ten grams of 22-carat gold is at par with that in Kolkata and Hyderabad, at Rs 69,590 | (Photo: Shutterstock)

2 min read Last Updated : Sep 23 2024 | 7:54 AM IST


Gold Price Today: The price of 24-carat gold fell Rs 10 in early trade on Monday, with ten grams of the precious metal trading at Rs 75,920 according to the GoodReturns website. The price of silver also declined Rs 100, with one kilogram of the precious metal selling at Rs 92,900.


The price of 22-carat gold also fell Rs 10, with ten grams of the yellow metal selling at Rs 69,590.


The price of ten grams of 24-carat gold in Mumbai is in line with prices in Kolkata and Hyderabad, at Rs 75,920.

 


In Delhi, Bengaluru, and Chennai, the price of ten grams of 24-carat gold stood at Rs 76,070, Rs 75,920, and Rs 75,920, respectively.


In Mumbai, the price of ten grams of 22-carat gold is at par with that in Kolkata and Hyderabad, at Rs 69,590.


In Delhi, Bengaluru, and Chennai, the price of ten grams of 22-carat gold stood at Rs 69,740, Rs 69,590, and Rs 69,590, respectively.


The price of one kilogram of silver in Delhi is in line with the price of silver in Kolkata and Mumbai at 92,900. 


The price of one kilogram of silver in Chennai stood at Rs 97,900.


US gold prices hovered near record highs on Monday, as traders embraced the momentum generated by the US Federal Reserve’s bold interest rate cut and signs that further reductions were on the horizon. 


Spot gold steadied near $2,619.37 per ounce, as of 0025 GMT, trading near a record high hit on Friday. US gold futures edged 0.1 per cent lower to $2,643.90.

Spot silver was down 0.2 per cent to $31.06 per ounce, platinum fell 0.8 per cent to $967.81 and palladium shed 1.3 per cent to $1,053.67.  

(with inputs from Reuters)

First Published: Sep 23 2024 | 7:54 AM IST



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Market today: GIFT Nifty up 150 pts; here's your trading guide for Sept 23

Market today: GIFT Nifty up 150 pts; here's your trading guide for Sept 23

by | Sep 23, 2024 | Share Market


5 min read Last Updated : Sep 23 2024 | 7:43 AM IST


Share market today: Domestic benchmark indices– Sensex and Nifty– are likely to open in green after clocking new heights in Friday’s session. At around 7:35 AM, GIFT Nifty futures were up 148.25 points at 25,916.


This week, the US Federal Reserve’s core inflation data for August, which is slated to be released on Friday, September 27, will be eyed closely for further cues on rate cuts.


Also, at least 9 Fed policymakers will be speaking this week at various events, including prepared remarks from Chair Jerome Powell, two governors, and New York Fed President John Williams.

 


The week is also eventful as it includes surveys on global manufacturing for September, US consumer confidence for September, and durable goods for August.


That apart, US S&P Global manufacturing, composite, and service data for September will be released today.

In the Asia Pacific markets, this week, Bank of Japan (BOJ) Governor Kazuo Ueda’s speech will be closely tracked after BOJ kept interest rates steady on Friday. Further, BOJ’s Monetary Policy Meeting Minutes, which is scheduled on Thursday,bwill also be eyed.


Back home, today, HSBC’s composite, manufacturing, and service Purchasing Managers’ Index (PMI) data for September will be released today.


US markets on Friday


The indices closed mixed with Dow Jones finishing flat with a positive bias by 0.09 per cent, S&P 500 down 0.19 per cent, and Nasdaq Composite down 0.36 per cent.


Asian markets today


Japan’s markets (Nikkei) are closed for trading today. Among others, at the last count, ASX 200 was down 0.70 per cent, Hang Seng was unchanged, and Shanghai was flat with a negative bias. Meanwhile, Kospi was up 0.27 per cent.


Crude oil check


On the commodity front, last seen, Brent crude futures were up 0.36 per cent to $74.76 per barrel.


Here’s how analysts view today’s (September 23) trading session


Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities


Nifty on the weekly chart formed a reasonable bull candle that has surpassed the congestion area of the last three weeks around 25,300-25,500 levels and closed higher. 


The short term trend of Nifty is sharply positive. Having surged up in one session on Friday, there is a possibility of consolidation/breather pattern in the short term, before moving up further. The next upside targets as per Fibonacci extension to be watched around 26,250. Immediate support is at 25,650.


Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas


On the daily charts, we can observe that the Nifty is moving towards the upper end of the rising channel placed at 26,000 which is also our short-term target. Support is placed in the zone of 25,500 – 25,450.


Nifty Bank has closed above the previous all-time high of 53,350 and is now heading toward 55,000 in the short term. Intermediate pullbacks or intraday dips should be used as a buying opportunity. The support zone is placed at 52,800 – 52,700.


Hrishikesh Yedve, AVP Technical and Derivatives Research, Asit C. Mehta Investment Interrmediates Ltd.


Technically, the index has settled above the previously formed doji, indicating strength. Thus, ongoing bullish momentum is likely to take Nifty towards 25,900-26,000 levels. On the upside, 26,000 will act as an immediate hurdle for Nifty. On the downside, 25,500 will serve as immediate support for Nifty followed by 15-DEMA support, which is placed near 25,300 levels. As long as Nifty stays above 25,600, a “Buy on Dips” strategy is advisable for traders.


Technically, Nifty Bank has given a breakout to a fresh rounding bottom pattern. According to the rounding bottom pattern breakout the index can test the levels of 57,000 in the medium term. However, in the short term, the index will face resistance near 55,000 levels. On the downside, the breakout level near 53,350 and the psychological level of 53,000 will serve as support points.


IPO watch: Manba Finance, WOL 3D India, and Rappid Valves (India) to open; Kalana Ispat to close


Mainboard:


Manba Finance Limited IPO’s subscription window opens today. It is a book built issue of Rs 150.84 crore with an entirely fresh issue of 12.6 crore shares.


NSE, BSE SME IPO:


WOL 3D India Limited IPO and Rappid Valves (India) Limited IPO will open for subscription today on NSE SME.


On the flip side, Kalana Ispat Limited’s IPO will close for subscription to NE SME.


FII, DII update: How much did FIIs, and DIIs buy or sell on September 20?


As per NSE data, Foreign Institutional Investors (FII) were net buyers of Indian equities worth Rs 14,064.05 crore. 


Conversely, the DII’s were net sellers of equities worth Rs 4,427.08 crore.


Indian markets on Friday:


Indian benchmark indices, the BSE Sensex, and NSE Nifty50, surged to historic highs, ending with gains of over 1 per cent each. The Sensex added as much as 1,359.51 points or 1.63 per cent to settle at 84,544.31. The index scaled a record high of 84,694.46 during intraday trade. The Nifty50 touched an all-time high of 25,849.25 before ending Friday’s session with a gain of 375.15 points or 1.48 per cent at 25,790.95.

First Published: Sep 23 2024 | 7:39 AM IST



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Jigar S Patel of Anand Rathi suggests buying these stocks on September 23

Jigar S Patel of Anand Rathi suggests buying these stocks on September 23

by | Sep 23, 2024 | Share Market


4 min read Last Updated : Sep 23 2024 | 6:33 AM IST


Adani Power


Recently, Adani Power broke through a key bearish trendline on the daily chart, suggesting a potential reversal in momentum from its previous downtrend. Prior to this breakout, the stock had formed a double bottom pattern, a bullish reversal structure that indicates strong support and a potential shift in price direction. 


This double bottom was accompanied by a bullish divergence in the Relative Strength Index (RSI), where the RSI moved higher while the price remained low, signalling weakening selling pressure and a possible move upward. This bullish divergence occurred near a significant demand zone and previous breakout range, which further enhances the positive sentiment surrounding the stock. 

 


These technical factors suggest that Adani Power is positioned for a strong upward move. As a result, a long position is recommended in the price range of Rs 655-675, with an upside target of Rs 755. To manage risk, a stop-loss should be placed at Rs 620, with close attention to a daily close below this level to exit the position.


SBI Card


On a weekly chart, SBI Card’s stock consolidated within a range of approximately Rs 680 to Rs 750, signalling a phase where the stock price remained confined within these levels, neither breaking down nor rallying. This period of consolidation occurred near a potential reversal zone, with the lower boundary of the consolidation being around Rs 680. Such zones often indicate that the stock is nearing a point where its trend may shift, either resuming an uptrend or reversing from a prior decline. 


During this consolidation, SBI Card formed a triple bottom pattern, a bullish reversal structure that indicates strong support at the lower end of the range. This pattern, coupled with bullish divergence on the daily Relative Strength Index (RSI), further reinforced the likelihood of an upward move. Bullish divergence on the RSI indicates that while the stock’s price may have been declining or remaining flat, momentum was building in the opposite direction, suggesting growing buying pressure.


Following this consolidation, SBI Card successfully broke out of the Rs 750 zone and has sustained above it, confirming the strength of the breakout. The stock is now positioned for further upward movement, with a target price of Rs 900. Investors are advised to take a “buy on dip” approach, entering the stock at levels till  Rs 765 for potential upside gains. To manage risk, a stop-loss should be set at Rs 725 on a daily closing basis, ensuring downside protection in case the stock fails to maintain its momentum. This technical setup, backed by the triple bottom pattern, RSI divergence, and the breakout, makes SBI Car a favourable long position for traders and investors.


Siemens




Over the past five trading sessions, Siemens has been consolidating within a narrow range of 6,600 to 6,800, with the stock price hovering near its 100-day exponential moving average (DEMA). This prolonged period of price consolidation indicates a potential base formation, where the stock is stabilising before making a decisive move. The fact that this consolidation is occurring just above its bear trendline (as indicated on the chart) strengthens the likelihood that Siemens is building a strong support base, signalling that selling pressure might be waning.


In the most recent trading session, a notable technical development occurred: the Relative Strength Index (RSI) on the daily chart broke above its previous bear trendline. This breakout in the RSI is a clear indicator of improving momentum, suggesting that buyers are gaining strength and positive momentum is building in the stock. Based on these factors, a long position in Siemens is recommended, with an entry point around 6,800. The price target for this trade is 7,250, offering a strong potential upside. To manage risk, a stop-loss should be placed at 6,575 on a daily close basis.


(Disclaimer: Jigar S Patel is a senior manager of equity research at Anand Rathi. Views expressed are his own.)

First Published: Sep 23 2024 | 6:33 AM IST



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