LIC Hikes Stake in Deepak Nitrite, Course5 Intelligence IPO, and Buzzing Stocks Today

Tue, 11 Jan Pre-Open

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Indian share markets ended on a strong note yesterday.

Benchmark indices registered sharp gains amid expectations of strong earnings from the initial batch of companies this week. Hopes of a delay in US Fed rate hikes following disappointing US jobs data last week also helped the market log gains.

At the closing bell yesterday, the BSE Sensex stood higher by 651 points (up 1.1%).

Meanwhile, the NSE Nifty closed higher by 191 points (up 1.1%).

UPL and Hero MotoCorp were among the top gainers.

Wipro and Nestle India, on the other hand, were among the top losers.

The BSE Mid Cap index and the BSE Small Cap index ended up by 0.7% and 1.2%, respectively.

Sectoral indices ended on a positive note with stocks in the engineering sector, realty sector and banking sector witnessing buying interest.

Shares of KPIT Technologies and Sunteck Realty hit their respective 52-week highs.

Gold prices for the latest contract on MCX were trading down by 0.1% at Rs 47,410 per 10 grams at the time of closing stock market hours yesterday.

Speaking of stock markets, co-head of Research at Equitymaster Tanushree Banerjee talks about India's best semiconductor stocks, in her latest video.

In the video, Tanushree also discusses how you could identify India's best semiconductor stocks. Tune in to find out more.

Top Stocks in Focus Today

Among the buzzing stocks today will be GTPL Hathway.

GTPL Hathway rose 11.3% after the company said it partnered with Aprecomm to bring innovation to customer experience with network intelligence.

The company announced an investment in innovative technology to remotely optimise its residential Wi-Fi connections through a partnership with Aprecomm.

Aprecomm offers cloud-based automated solutions to enhance Wi-Fi performance. Its patented technology helps in automatically and proactively troubleshooting Wi-Fi issues.

The unique artificial intelligence (AI) technology will help GTPL bring down the customer issue resolution time and enhance the customer experience on its network of more than 7 lakh connected broadband households.

Aprecomm's AI engine allows GTPL to convert its household connections to AI enabled smart Wi-Fi access points.

Additionally, the technology offers proactive monitoring and measuring of the wireless experience of the connected devices and provides real-time insights to improve the reliability and performance of the network.

Speaking on the development, Anirudhsinh Jadeja, managing director, GTPL Hathway, said,

• The partnership with Aprecomm will aid us in our efforts to ensure the best experience for our broadband consumers with a faster and proactive resolution of potential issues.
  
  The measurable improvements offered by the integration between GTPL and Aprecomm also lead to lower maintenance costs and improved customer satisfaction for one of the country's fastest growing ISPs.

Deepak Nitrite share price will also be in focus today.

State-owned insurer and investment giant Life Insurance Corporation (LIC) has increased its stake in chemical manufacturing company Deepak Nitrite, according to an exchange filing.

According to the shareholding period updated to the exchanges, LIC has hiked its stake to 3.37%, holding about 46,01,327 shares in the company. At the end of September quarter, LIC had a stake of 1.68% in Deepak Nitrite.

In the last six months, the stock has rallied 33%.

It may be noted that the RBI had capped non-promoter share holdings at 10% for individuals and non-financial institutions.

Meanwhile, LIC, which is one of the biggest institutional investors in India's stock market, is aiming to list on domestic bourses by March next year in an initial public offering estimated at US$12 bn, set to be the country's biggest.

LIC has recently been scaling back its stock market bets. The insurer's stake in listed companies was at its lowest in 50 quarters for the quarter ended September 2021.

Tata Steel Records 4% Growth in Steel Production

Tata Steel said that the crude steel production of the India business increased by 4.3% to 4.8 million tons in quarter three of the fiscal 2022 from 4.6 metric ton (MT) in the same period last year.

Delivery volumes of Tata Steel India fell by 5.2% year on year (YoY) to 4.4 MT in the third quarter.

During the December 2022 quarter, crude steel production was up 1.5% quarter on quarter (QoQ) while overall deliveries were lower by 4% QoQ as an increase in domestic deliveries was offset by lower exports.

Tata Steel Europe recorded crude steel production of 2.6 MT (down 1.2% YoY) and delivery volumes of 2.2 MT (up 1.9% YoY) in quarter three.

During the quarter, crude steel production and deliveries remained broadly similar on QoQ basis amidst supply chain issues in steel-consuming sectors including chip shortages faced by the automotive sector.

Tata Steel is among the top global steel companies with an annual crude steel capacity of 34 million tonnes per annum.

Course5 Intelligence Files Draft Papers with Regulator for IPO

Data analytics company Course5 Intelligence has filed draft red herring prospectus with the capital markets regulator, to raise funds through initial public offering (IPO).

The company is planning to mop up Rs 6 bn via public offer that comprises a fresh issuance of shares worth Rs 3 bn and an offer for sale (OFS) of Rs 3 bn by promoters.

The OFS consists of shares worth Rs 325 m by Ashwin Ramesh Mittal, while Riddhymic Technologies and Riddhymic Technoserve LLP will sell shares worth Rs 400 m each via OFS.

Also AM Family Private Trust will offload shares worth Rs 1.1 bn and Kumar Kantilal Mehta will sell shares worth Rs 750 m via OFS.

The company intends to utilise fresh issue proceeds for inorganic growth initiatives, working capital requirements, product and IP initiatives, and expansion of geographical footprint, besides general corporate purposes.

Course5 is an asset-light organization and is not required to make substantial investments into fixed assets.

The company clocked significant growth in profit at Rs 297.2 bn in the fiscal 2021 against Rs 169.3 m in previous year, but revenue during the same period declined to Rs 2.5 bn from Rs 2.6 bn.

Course5 has significant expertise in analytics for digital, direct to consumer (D2C) and omnichannel models, which includes areas such as customer, supply chain, enterprise AI and social media analytics and insights.

How this pans out remains to be seen. Meanwhile, stay tuned for more updates from this space.

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

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