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Select PSU, telecom stocks in focus
21-Nov-19   08:37 Hrs IST

The Cabinet Committee on Economic Affairs has accorded 'In-principle' approval for strategic disinvestment in select CPSEs including Bharat Petroleum Corporation (BPCL), Shipping Corporation of India (SCI), Container Corporation of India, Tehri Hydro Development Corporation India and North Eastern Electric Power Corporation. Strategic disinvestment of CPSEs will be undertaken through already established procedure and mechanism.

Telecom stocks will be in focus after the Union Cabinet has approved the proposal for Mitigating financial stress being faced by the Telecom Services Sector. Department of Telecommunication will give an option to the Telecom Service Providers (TSPs) to defer payment of the spectrum auction instalments due for 2020-21 & 2021-22, either for one or both years. The decision for deferring spectrum payment instalments for two years will be implemented within a fortnight.

Shares of Zee Entertainment Enterprises (ZEEL) will be watched. The Essel Group (Group) is planning to sell -16.5% stake in ZEEL to financial investors in order to repay loan obligations to certain lenders of the group for whose benefit such shares are currently encumbered. Out of the aforesaid the group seeks to sell about 2.3% stake in ZEEL to OFI Global China Fund, LLC and/or its affiliates. Pursuant to the aforementioned transactions, the post-transaction overall holdings of the Group in ZEEL will be about 5%, out of which encumbered holdings of the Group will reduce to about 1.1% of ZEEL.

Oil India (OIL) announced the commencement of exploration activities including seismic survey data acquisition in Rajasthan's Siyasar block RJ-ONHP-2017/9 won under OALP-I round. The block falls under Bikaner and Ganganagar District of Rajasthan. With this, OIL becomes the first operator to begin the exploration activities under the committed work programme (CWP) in an OALP regime block in the country.

Shares of Reliance Capital will be watched. The Delhi High Court has passed an order placing restrictions on any sale, disposal or creation of any encumbrance on any assets of the company, which inter-alia include the company's 4.28% shareholding in Reliance Nippon Life Asset Management, till 16 December 2019.

Great Eastern Shipping Company has contracted to sell its 2000 built Suezmax Crude Carrier Jag Lakshita of about 147,092 dwt. The vessel will be delivered to the new buyer in Q3 FY 2019-20.

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