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ICICIdirect Research Posted on 09:39am 18-Nov-2021

BPCL stake sale is currently in due diligence stage...

* Market Outlook

Indian markets are likely to witness a muted start on the last day of the holiday-truncated trading week on the back of traders weighing risks to the global economic recovery on the prospect of faster monetary-policy tightening to tackle inflation.


*  Markets Yesterday

• Domestic markets ended lower tracking losses in oil & gas, IT and select BFSI stocks that were partially offset by gains in auto stocks amid weak global cues.

• US markets ended lower amid inflation concerns overshadowing strong retail earnings.


* Key Developments

• As per latest RBI data, bank credit for the fortnight ended November 5, 2021 posted growth of 7.1% YoY to | 111.6 lakh crore while deposits were up 11.4% YoY to | 160.4 lakh crore. Credit growth in the previous fortnight was at 6.8% YoY while deposit growth was at 9.9% YoY.

• Alembic Pharmaceuticals has received USFDA final approval for its ANDA, Mupirocin Cream (equivalent for Bactroban of SmithKline). A competitive generic therapies (CGT) designation is granted for this ANDA and it is eligible for 180 days of CGT exclusivity. The drug is indicated for the treatment of secondarily infected traumatic skin lesions and has an estimated market size of ~ US$28 million (MAT June 2021, IQVIA).

• The DIPAM secretary said BPCL’s stake sale is currently in due diligence stage and financial bid will take place in December-January. He added that the privatisation process is expected to be completed by end of FY22.

• KNR Guruvayur Infra Pvt Ltd, a wholly owned subsidiary of KNR Constructions, has received financial closure for the project of “six laning from the start of Valanchery Bypass" on a HAM basis in Kerala. The EPC value of the project is at | 1,595 crore.

• CPP Investments has completed its first tranche of investment in Plutocrat Commercial Real Estate Pvt Ltd (PCREPL), a wholly owned subsidiary of The Phoenix Mills for Project Rise, aggregating to | 787 crore. Subsequent to the completion of first tranche of investment, The Phoenix Mills and CPP Investments hold 64.1% and 35.9%, respectively, in the paid up equity share capital in PCREPL.

• HDFC Bank has launched the PM Street Vendor’s Atma Nirbhar Nidhi (PM SVANidhi) with Common Service Centres (CSC), a special micro-credit facility for street vendors. This is a flagship scheme of the Government of India, in line with the guidelines of Atmanirbhar Bharat. HDFC Bank would be facilitating PM SVANidhi for its Village Level Entrepreneurs (VLEs) on the Digital Sewa Portal where vendors can complete the entire process online. It is a collateral-free affordable loan of |10,000 with an interest subsidy of 7%, according to Mint.

• According to Business Line, IndusInd Bank has launched a comprehensive mobile application (app) to enable merchants, retailers and professionals to carry out banking transactions digitally, on a single platform.

• According to Business Line, Mahindra & Mahindra Financial Services has announced the launch of its leasing and subscription business Quiklyz. The company intends to achieve a book size of | 10,000 crore from this segment in the next three to five years.


*  Today's Highlight

Events: EU current account, UK retail sales.