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EquityPandit

EquityPandit
MARKETS

Sebi Clarifies Payment Method for Trade Settlement on RFQ Platform

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On Monday, capital markets regulator Sebi said payment mechanisms offered by banks and payment aggregators could be used to settle trades in debt securities executed on stock exchanges’ request for quote (RFQ) platforms.

Apart from the existing payment mechanism of Real Time Gross Settlement (RTGS) offered by banks, the Securities and Exchange Board of India (Sebi) said in a circular.

Stock exchanges are currently using the RTGS channel as a settlement for transactions executed on RFQ platforms involving listed corporate bonds, commercial paper and securitised debt instruments.

The clarification comes after stock exchanges and market participants sought clarification on whether payment mechanisms other than RTGS offered by banks or payment aggregators can be used to settle trades executed on the RFQ platform.

“To clarify, payment mechanisms provided by RBI-authorised banks/payment aggregators may, from time to time, be used to settle transactions executed on the RFQ platform, in addition to the existing payment mechanisms,” Sebi said.

This circular will come into effect immediately.

In November, Sebi introduced a registration and regulatory framework for online bond platform providers, stipulating that all orders for debt securities listed on online bond platforms must be routed through the stock exchanges’ RFQ platforms and cleared through their respective clearing houses.

Previously, the regulator allowed stockbrokers registered with the debt division of the stock exchange to bid on the RFQ platform on behalf of clients, in addition to the existing option to bid in a proprietary capacity.

Also, the regulator has amended the nominal value of listed debt securities and non-convertible redeemable preference shares issued on stock exchanges or OTC basis from Rs 10 lakh to Rs 1 lakh.

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MARKETS

RITES Shares Slump 3% on Terminating Contract with UP State Bridge Corp

Ali Waghbakriwala

Shares of RITES Ltd slumped more than 3% on 2 April after the company announced terminating its contract with UP State Bridge Corporation. 

According to the previous order, RITES was supposed to provide consulting services for Construction Supervision of Civil Works (CSC) in order to oversee, monitor, control quality, and ensure the safety of the work zone during the construction of flyovers, elevated roads, rail over/under bridges, bridges, and approaches in a number of Uttar Pradesh districts.
 
In an exchange filing, RITES said, “We would like to inform you that pursuant to the Foreclosure Agreement between RITES and UPSBCL, it has mutually agreed for foreclosure of the Principal Agreement for the aforesaid work.”

Since RITES stated that it was difficult to continue executing the agreement under the current conditions due to interpretation issues with numerous of its components, it was concluded that the agreement should be foreclosed. 

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The company added “No impact due to foreclosure as the execution of the work was not commenced.” 

RITES Limited, a Navratna Public Sector Enterprise, is a major force in India’s transport consulting and engineering sector, offering a wide range of services and a large geographic reach. 

The organization has almost 50 years of expertise and has worked on projects in over 55 countries in the Middle East, Asia, Africa, Latin America, and South America.  

At 11:51 am, the shares of RITES were trading 0.83% lower at Rs 228.27 on NSE.

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MARKETS

Stocks in Focus: KEC International, Dabur India, RITES, and Others

Ali Waghbakriwala

The GIFT Nifty futures, which is an early indicator of the Nifty50 index, was trading 9 points higher at 23,331, indicating that the domestic benchmark indices are likely to make a positive start on Wednesday.

On Tuesday, 1 April, Domestic benchmark indices S&P BSE Sensex crashed by 1,390.41 points or 1.80% and settled at 76,024.51 while the Nifty50 traded 1.50% lower by 353.65 points, settling at 23,165.70.

Here are some stocks that are likely to remain in focus on 2 April.

KEC International: The company has announced secured new orders worth Rs 1,236 crore. The projects include power projects in Kuwait, UAE, and India that strengthen its presence in the infrastructure sector. 

Dabur India: The company has announced receiving a tax demand worth Rs 110.33 crore for the financial year 2017-18.

RITES: The company has mutually terminated its agreement with UP State Bridge Corporation for consultancy services for the construction supervision of civil works. The company terminated the agreement as they were facing interpretation issues regarding certain provisions of the agreement, and it was getting difficult for them to continue with the execution of the agreement under the existing terms.

L&T Technology Services: The company has announced signing a deal worth Rs 50 million Euro with a European automotive company for developing and operating next-generation software platforms that will be tailored to both current and upcoming vehicle models. 

Raymond: The company has announced its intention to enter into a Joint Venture Development (JVD) agreement to undertake a large-scale residential project in Wadala, Mumbai, that will be constructed for a gross development value of Rs 5,000 crore. 

Power Grid Corporation of India: The company announced that the Board of Directors is set to meet on 4 April to consider and approve raising funds via the issuance of NCDs. The company has also emerged as a successful bidder for establishing an inter-state transmission system. 

Tata Consumer Products: The company has announced receiving a tax demand notice worth Rs 262.08 crore for the assessment year 2021-22. However, the company has assured us that the demand order is not maintainable and is in the process of approving an appeal against it. 

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MARKETS

Stocks Under F&O Ban

Ali Waghbakriwala

Under the futures and options (F&O) segment, no stocks were banned from trade on Wednesday, 2 April, by the National Stock Exchange (NSE). 

Derivative contracts of these stocks were banned as the open market interest for these securities has crossed 95% of the market-wide position limit (MWPL) set by the exchanges. The MWPL is the maximum number of contracts that can be opened at any particular time.

The ban will be lifted once the position falls below 80%. Traders will get penalised for buying or selling these securities. They will be available for trading in the cash market. 

The National Stock Exchange updates the list of securities on the F&O ban list daily. This list serves as a guide for traders and investors in the market. Traders who trade in indices do not encounter a situation of security ban.

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MARKETS

RailTel Corp Secures Order Worth Rs 163 Crore from Ircon International; Shares Gain 

Ali Waghbakriwala

Shares of RailTel Corporation of India Ltd were trading almost 2% on Tuesday, 1 April, after the company announced securing an order worth Rs 163 crore from Ircon International. 

In its regulatory filing, the company said, “This is to inform you that RailTel Corporation of India Ltd has received the work order from Ircon International Limited for works amounting to Rs 1,62,58,96,785 (including tax).”

RailTel has been awarded a contract to implement integrated tunnel communication, including Railway General Telecommunication systems, for the Sivok-Rangpo New Broad Gauge Rail Line project under the Northeast Frontier (NF) Railway.

The project is set for completion by 28 March 2026, RailTel confirmed in a statement.

Established in 2000 as a public sector undertaking under the Ministry of Railways, RailTel plays a key role in modernizing railway communication and expanding broadband connectivity across India.

The company’s core services include providing broadband access in urban and rural areas, delivering critical communication solutions such as video surveillance and e-office services, and offering Wi-Fi and on-demand content at major railway stations. Additionally, it focuses on network upgrades to enhance train operations and overall railway administration.

However, at 3:30 pm, the shares of RailTel shed all their gains and closed 0.18% lower at Rs 302 on NSE.

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MARKETS

Transrail Lighting Shares Shot Up 7% on Securing Order Worth Rs 240 Crore 

Ali Waghbakriwala

Shares of Transrail Lighting Ltd shot up 7%, hitting an intraday high of Rs 494.40 on 1 April after securing an order worth Rs 240 crore for constructing a transmission line in the International market. 

Randeep Narang, MD & CEO of Transrail Lighting Ltd, said, “We remain committed to executing key projects and expanding our footprint across relevant markets. Backed by a robust order book and a strong execution track record, we are well-energised for this year.”

Narang added that this latest Transmission Line EPC order reinforced the company’s presence in the transmission and distribution sector. 

In the previous month, the company received fresh orders totalling Rs 1,647 crore across the power transmission, distribution, and railway sectors. These included Letters of Award for significant international transmission and distribution projects, encompassing the engineering, procurement, and construction of transmission lines and substations.

The company offers end-to-end solutions, including design, engineering, supply, manufacturing, construction, and testing, across its various business segments, such as Power Transmission & Distribution, Civil Construction, Railways, Pole & Lighting, and Solar EPC.

At 2:54 pm, the shares of Transrail Lighting were trading 6.28% higher at Rs 491.60 on NSE.

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