Equitas Small Finance Bank IPO, September Quarter Results, and Top Buzzing Stocks Today

Mon, 19 Oct Pre-Open

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Indian share markets rebounded on Friday, led by banking and metal stocks.

At the closing bell on Friday, the BSE Sensex stood higher by 255 points (up 0.6%).

The NSE Nifty closed higher by 82 points (up 0.7%).

Tata Steel and HDFC Bank were among the top gainers.

The BSE Mid Cap index ended up by 1.1%. The BSE Small Cap index ended up by 1%.

On the sectoral front, gains were largely seen in the metal sector and banking sector.

Energy stocks, on the other hand, witnessed selling pressure.

Gold prices were trading marginally lower at Rs 50,650 per 10 grams at the time of closing stock market hours on Friday.

Domestic gold prices traded flat with a negative bias on the Multi Commodity Exchange (MCX) following a muted trend in the international spot prices on uncertainties over the stimulus package in the US and firm dollar.

Note that gold prices have moved up by more than 25% over the last one year. The yellow metal is considered a hedge against inflation and a weakening dollar. With the flood of money by governments and central banks expected to stoke inflation, investors are buying gold.

To know how gold prices will perform ahead, tune in to this video, where India's #1 trader Vijay Bhambwani tells you all about the upcoming bull market for gold: The Gold and Silver Bull Market is Not Over

Top Stocks in Focus Today

Amber Enterprises India and IFB Industries will be among the top buzzing stocks today.

Shares of both the consumer electronics companies rallied up to 15% intra-day on Friday after the government banned import of air conditioners with refrigerants.

Amber Enterprises India share price surged 15% to hit a 52-week high of Rs 2,300 on the BSE, while IFB Industries share price rallied 14% to Rs 746.

Other consumer electronic companies including Blue Star, Johnson Controls-Hitachi Air Conditioning India, Voltas and Whirpool of India will also be in focus today.

As per reports, the government on Thursday banned imports of air conditioners with refrigerants with a view to promote domestic manufacturing and cut imports of non essential items.

Q2FY21 Result Announcements

HCL Technologies share price will be in focus today as the company has reported its Q2FY21 net profit at Rs 31.4 billion.

Its revenue increased by 4.2% sequentially to Rs 186 billion. Its margin expanded to 21.6% from 20.5% in the quarter ended June. That is higher than its own estimate of 20.5-21%.

The company's operating cash flow (OCF) and free cash flow (FCF) stood at US$ 2,692 million and US$ 2,444 million, respectively for the last 12 months with OCF and FCF cash conversion ratios at 161% and 146%.

Market participants will also track Mindtree share price today.

Mindtree, owned by Larsen & Toubro (L&T), posted an 88% year-on-year (YoY) rise in net profit to Rs 2.5 billion for the second quarter-ended September on the back of operational efficiencies and improved utilization. On a sequential basis, the net profit was up 19.1%.

The Bengaluru-based IT services company's revenue for the second quarter stood at Rs 19.3 billion, marginally up 0.9% sequentially and 0.6% on an annual basis as business environment across all sectors and geographies gradually improved, with good traction in the UK and Continental Europe.

Revenue in dollar terms came in at US$ 261 million, up 3.7% YoY, and 3.1% QoQ.

The company said that it added eight new clients during the quarter, taking the total number of active clients to 283 as of the September quarter.

Mindtree also declared an interim dividend of Rs 7.5 per share.

To know more, you can read Mindtree's latest result analysis on our website.

Equitas Small Finance Bank IPO Opens This Week; Price Band at Rs 32-33 Per Share

In latest developments from the IPO space, the initial public offer of Equitas Small Finance Bank is set to open this week.

Equitas Small Finance Bank, the subsidiary of Equitas Holdings, has fixed the price band at Rs 32 to 33 per shares for its forthcoming initial public offering (IPO).

The IPO will open for subscription on October 20 and close on October 22.

The IPO consists a fresh issue of Rs 2.8 billion and an offer for sale of 72 million equity shares by Equitas Holdings, valued at Rs 2.4 billion at upper price band, taking the total issue size at Rs 5.2 billion.

The offer includes reservation of Rs 510 million worth of shares for eligible shareholders of  HYPERLINK "https://www.equitymaster.com/share-price/EQUI/EQUITAS-539844/EQUITAS-HOLDINGS-LIMITED-Share-Price?utm_source=TM&utm_medium=website&utm_campaign=MCOM&utm_content=market-commentary" \t "_blank" Equitas Holdings and Rs 10 million shares for eligible employees of Equitas Small Finance Bank.

How this IPO sails through remains to be seen. Meanwhile, we will keep you updated on all the developments from this space.

Speaking of IPOs, in one of his videos, Vijay Bhambwani shares his thoughts on the recent spate of IPOs and what it means for the market.

Tune in here to find out more:

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

Lakshmi Vilas Bank Approves Raising Rs 5 Billion through Rights Issue

In news from the banking sector, the board of Lakshmi Vilas Bank (LVB) approved raising of up to Rs 5 billion through a rights issue of equity shares to existing shareholders.

In an exchange filing, Lakshmi Vilas Bank said that the terms of the rights issue would be decided by the board or a duly constituted committee at a later date.

The bank's board had earlier approved raising up to Rs 10 billion by issuing equity shares to eligible investors through one or more permitted modes including a further public offer, rights issue, and qualified institutions placement.

Note that the Chennai-based private sector bank has gross non-performing assets (NPA) of 25.4% as of June end, against 17.3% a year ago. The bank also reported a loss of Rs 1.1 billion in Q1FY21 and a decline of 20.4% year-on-year (YoY) of its total income to Rs 5.4 billion during the quarter.

Last week, the lender said it had received a non-binding offer from AION-backed non-banking finance company Clix group for a merger which would help the bank meet its regulatory capital requirement, while the Clix Group would get access to the bank's deposits.

We will keep you updated on all the news from this space.

Meanwhile, for a sectoral overview, you can read our banking sector report and since stocks such as LVB interest you, here's a proven approach to making penny stock investments.

And to know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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