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Shares of SEPC Ltd. gained more than 18% on Friday after the company announced receiving Final Acceptance Certificate from The Hutti Gold Mines Limited for a 2013 contract, implying that the work associated with the contract was completed and found satisfactory.

The contract with Hutti Gold Mines, worth ₹232 crore, involved the construction of a new circular shaft with complete winding installations on turnkey basis, the company said in an announcement with the stock exchanges. The project, located at Hutti in Raichur District of Karnataka, was awarded to the company in 2013, the company informed the stock exchanges in a filing.

The certificate was received by SEPC on Thursday, August 23. Receiving the certificate confirms the systems installed and all electrical, mechanical equipment, instruments, DC/ AC drives and the PLC system were tested with 11 KV grid power, and were found satisfactory. All these were also tested with diesel generator power and were found satisfactory.

The certificate further confirms that as per the terms and conditions of the Contract, the one-year warranty period was also completed.

Earlier on August 12, SEPC’s subsidiary Shriram EPC FZE, won an order to construct a cement project worth over ₹2,700 crore from JV Ohongron Sement MS LLC in Tashkent, Republic of Uzbekistan. The project involves the construction of a cement manufacturing facility of a 3 million tonnes per annum greenfield cement plant at Urgaz Village, Akhangaran District in Tashkent.

The SEPC subsidiary will carry out the design, engineering, project management, civil works supply, erection, testing and commissioning at the plant within 30 months.

Formerly known as Shriram EPC Limited, SEPC provides end-to-end solutions to engineering challenges offering multi-disciplinary design, engineering, procurement, construction and project management services.

Shares of SEPC gained as much as 17.7% to ₹25.45. The stock has now extended its gains for the year to 25% and is now trading at the highest level in six months.

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Shares of Kalyan Jewellers rose 7% in early deals amid reports of block deals in which the promoter
( Mr. Trikkur Sitarama Iyer Kalyanaraman) of the firm bought back shares from investor from Highdell Investment.

According to reports, five block deals worth total of Rs 3,585 crore in Kalyan Jewellers were executed on bourses today.  Around 6.6 crore shares or 6.4 percent stake in the jewellery company changed hands at a floor price of Rs 539 apiece.  

“On basis of an intimation dated August 21, 2024 received from Mr. Trikkur Sitarama Iyer Kalyanaraman (“Promoter”), a share purchase agreement (“SPA”) has been executed on August 21, 2024 between Highdell Investment Ltd (“Highdell”), and the Promoter of Kalyan Jewellers India Limited,” said the firm in a communication to bourses on Wednesday.

The firm said post the transaction, the promoter and promoter group stake in the firm  will rise from 60.59% to 62.95%.    

Kalyan Jewellers rose 6.88% to Rs 588 today against the previous close of Rs 548.15 on BSE. Market cap of the firm climbed to Rs 60,378 crore.  Kalyan Jewellers shares have gained 162.74 per cent in one year and risen 737 per cent in two years. Total 5.92 lakh shares of the firm changed hands amounting to a turnover of Rs 34.19 crore.  

In terms of technicals, the relative strength index (RSI) of Kalyan Jewellers stock stands at 52.2, signaling it’s neither trading in the overbought nor in the oversold zone. The stock has a beta of 0.4, indicating very low volatility in a year.

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Paytm share price rallied over 5% after the fintech giant announced to sell its entertainment and ticketing business to food delivery app Zomato for ₹2,048 crore. Paytm shares jumped as much as 5.47% to ₹604.45, while Zomato shares also gained 2.71% to reach ₹267.00 apiece on the BSE.

One 97 Communications, the parent company of fintech giant Paytm, entered into definitive agreements for the sale of its entertainment ticketing business that includes movies, sports and events ticketing to Zomato for ₹2,048 crore.

Paytm’s movie and event tickets will continue to be available on its app during a transition period for the next 12 months. After that, the users will be redirected to Zomato’s upcoming app for the ‘going- out’ segment.

Analysts believe the acquisition gives size and scale to Zomato’s ‘going out’ business, acting as an additional growth engine over the medium-to-long term. For Paytm, the deal would shore up its cash and cash equivalents, which may be used to scale up the cash-back program to revive its payment business.

“Post-acquisition, Zomato’s management estimates going-out GOV at over ₹10,000 crore in FY26. Management expects the going-out business to operate near break-even on an adjusted EBITDA basis, while potentially delivering 4-5% adjusted EBITDAM as a % of GOV over the medium-to-long term. Management’s strong execution track record grants confidence that going-out will add further value over the long term,” said Dipeshkumar Mehta, Senior Research Analyst at Emkay Global Financial Services.

The brokerage firm has a ‘Buy’ rating on Zomato shares with a target price of ₹270 per share.

Meanwhile, Paytm strategy is to focus on its core payment or financial services business. The deal values Paytm’s movies and event ticketing business at 6.9x FY24 revenue versus the proposed earlier deal for BookMyShow (7.7x FY23 revenue) by KKR.

“In our view, the deal would shore up Paytm’s cash and cash equivalents, which would possibly be used to scale up rewards/cash-back program to revive its dwindling payment business following the RBI action. The net one-off gains adjusted for the earnings outgo would reduce net loss in FY25E, but hurt future earnings,” said Anand Dama, Senior Research Analyst at Emkay Global Financial Services.

Based on the rough proforma estimates, net value addition or change in Paytm target price due to the deal could be only ₹25 per share, far lower than the stock price reaction already seen after the newsflow around the deal, he added.

Emkay Global has a ‘Reduce’ rating on Paytm shares, with DCF based target price of ₹375 apiece.

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Cereals, pulses, and edible oil prices have eased in August, offering some respite from persistent food inflation, according to the Reserve Bank of India’s latest bulletin.

According to the bulletin, India’s headline inflation rate fell sharply, dropping 154 basis points to 3.5% in July 2024, down from 5.1% in June. This decline was mainly driven by a favorable base effect of 2.9%, which helped offset a positive momentum of 1.4%.

“High-frequency food price data for August so far (up to 12th) show that the price of cereals, pulses and edible oil recorded a broad-based moderation,” the article, authored by a team led by Reserve Bank Deputy Governor Michael Debabrata Patra, said.

While these staples showed relief, the bulletin highlighted that potato prices continued to climb among key vegetables, even as onion and tomato prices saw declines.

Another article in the bulletin, titled “Are Food Prices Spilling Over?”, highlighted that core inflation has been decreasing since 2022-23 due to monetary policy actions and the diminishing impact of cost-push shocks. Yet, food price shocks have consistently pushed core inflation higher, though this has been countered by the RBI’s disinflationary policies.

Authored by Patra, Joice John and Asish Thomas George, the article cautioned that if these disinflationary forces weaken, the pressure on core and headline inflation could increase significantly, especially with rising aggregate demand and geopolitical tensions driving cost-push risks.

The authors stressed that food price pressures need to be closely monitored. They argued that the traditional view of food price fluctuations as temporary is becoming harder to maintain.

The persistence of high food inflation is shaping long-term inflation expectations, making a cautious and balanced monetary policy approach necessary in the coming months.

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Smart meter maker Genus Power Infrastructures Ltd on Tuesday (August 20) said its wholly-owned subsidiary has been awarded three contracts totalling ₹3,608.52 crore (net of taxes).

These contracts involve the appointment of Advanced Metering Infrastructure Service Providers (AMISPs) to design, supply, install, and commission Advanced Metering Infrastructure (AMI) systems.

The projects will cover the deployment of approximately 4.26 million smart prepaid meters and system meters across various regions, including Distribution Transformer (DT) meters.

The contracts also include comprehensive Facility Management Services (FMS) to ensure ongoing support and energy accounting on a Design, Build, Finance, Own, Operate, and Transfer (DBFOOT) basis.

Jitendra Kumar Agarwal, Joint Managing Director of Genus Power Infrastructures Ltd, said, “The company has secured three new orders worth ₹3,608.52 crore (net of taxes). This ongoing success highlights our clients’ trust in our expertise and the exceptional quality of our offerings.

With these recent orders, our total order book, including all SPVs and the GIC Platform, stands at about ₹28,000 crore (net of taxes). These concessions are for 8 to 10 years, providing clear visibility into the Company’s robust future growth.”

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