JSW Steel's Quarterly Update, Sresta Natural Bioproducts IPO, and Buzzing Stocks Today

Wed, 12 Jan Pre-Open

   Previous Close   

   10:30 am   

   Closing   

Indian share markets ended on a positive note yesterday.

Benchmark indices rose for the third consecutive day, backed by solid gains in select index heavyweights and IT stocks.

At the closing bell yesterday, the BSE Sensex stood higher by 221 points (up 0.4%).

Meanwhile, the NSE Nifty closed higher by 52 points (up 0.3%).

HCL Tech and HDFC were among the top gainers.

Tata Steel and Bajaj Finance, on the other hand, were among the top losers.

The BSE MidCap index and the BSE SmallCap index ended up by 0.1% and 0.2%, respectively.

Sectoral indices ended on a mixed note with stocks in the power sector, IT sector and energy sector witnessing most of the buying.

Metal stocks and telecom stocks, on the other hand, witnessed huge selling. The BSE metal index fell as much as 2.8%.

Shares of SRF and Adani Enterprises hit their respective 52-week highs.

Gold prices for the latest contract on MCX were trading up by 0.2% at Rs 47,549 per 10 grams at the time of closing stock market hours yesterday.

Speaking of stock markets, Brijesh Bhatia talks discusses whether mid and smallcap stocks will outperform in 2022, in his latest video for Fast Profits Daily.

Tune in to the below video to find out more:

Top Stocks in Focus Today

Among the buzzing stocks today will be JSW Steel.

JSW Steel reported a group combined crude steel production of 5.4 million tonnes (MT) for quarter three, rising 28% over 5.07 MT in the same period last year, including the production at jointly controlled entity viz. JSW Ispat Special Products (JISPL).

On a standalone basis, crude steel production of JSW Steel grew 8% to 4.4 million tonnes (MT) in December 2020 quarter from 4.1 MT in the same quarter last year. Indian operations including joint control jumped 24% to 5.2 MT during the same period against 4.2 MT in quarter three of the fiscal 2021.

During the same quarter, the capacity utilisation of existing operations at standalone level stood at 94%. Bhushan Power & Steel's production for the third quarter was lower mainly due to shutdown of continuous strip plant for 10 days for upgrading automation.

The company's net profit surged 350.1% to Rs 71.8 bn on 71% increase in net sales to Rs 319.1 bn in September 2022 quarter over the same period last year.

JSW Steel, the flagship business of the diversified JSW Group, is India's leading integrated steel company with a steel-making capacity of 28 MTPA in India and USA, including capacities under joint control and new capacity to be commissioned at Dolvi during this year.

Vodafone Idea share price will also be in focus today.

Shares of Vodafone Idea plunged over 20% yesterday following its decision to convert AGR liability to equity. While this secures the company and its consumers, it is not great news for shareholders as it would result in quite a big dilution.

The government would acquire the stake at Rs 10 a share against yesterday's closing price of Rs 14.85.

In an update released before market hours yesterday, Vodafone Idea said it has exercised the option of paying interest for the four years of deferment on the deferred spectrum instalments and AGR dues by way of conversion into equity of the net present value (NPV) of such interest amount.

While the company's decision to opt for conversion of interest into equity does not necessarily result in any significant liability reduction, the government's presence increases the likelihood of long-term survival.

As a part of relief package in October 2021, the Department of Telecommunications (DoT) had laid out various options for clearing the statutory dues, following which, Vodafone Idea opted for deferring payment of spectrum auction installments & AGR dues by 4 years.

However, telecom companies were also required to pay interest on these dues during the moratorium period. The DoT had further given a 90-day window to telcos for deciding whether want to opt for converting the interest amount pertaining to the moratorium period into equity.

Also, Vodafone's move is against its peer Bharti Airtel which recently said it would not opt for conversion of interest on deferred spectrum and adjusted gross revenue (AGR) dues into equity.

Post conversion, the government would likely hold around 35.8% of the total outstanding shares and become the largest shareholder. Vodafone Group would have 28.5% and Aditya Birla group would be owning 17.8% stake.

Sresta Natural Bioproducts Files Draft Papers for IPO

Organic food products company Sresta Natural Bioproducts, backed by private equity firm Peepul Capital and venture capital firm VenturEast, has filed draft papers with the capital markets regulator to raise funds through a public issue.

The maiden public issue will comprise fresh issuance of shares worth Rs 500 m, and an offer for sale (OFS) of 70.3 lakh equity shares by investors, including Peepul Capital Fund III LLC and Bio Fund.

Peepul Capital Fund III LLC will offload 22.5 lakh equity shares, while Ventureast Life Fund III LLC, Ventureast Trustee Company (acting on behalf of the biotechnology venture fund), and Ventureast Trustee Company together will sell 4.8 m shares through the OFS route.

The company will utilise fresh issue money for its working capital requirements, repayment of debts, and general corporate purposes.

Incorporated in 2004, Sresta Natural Bioproducts owns 24 Mantra. It is the largest brand in the packaged organic food segment (excluding organic packaged food market beverage and packaged tea and coffee) by market share with approximately 29% of the pie as of the financial year 2020 figures. It offers all types of grocery staples, spices and condiments, edible oils, packaged food, beverages, and meal accompaniments.

Hinduja Global Solutions to Consider Share Buyback

Shares of Hinduja Global Solutions (HGS) moved higher by 5% to Rs 2,985.7 on the BSE in Tuesday's intra-day trade as the company announced buyback plan after an over 25% correction in its stock price from record high level touched last week.

'A meeting of the board of directors of Hinduja Global Solutions will be held on 14 January 2022, to consider and explore quantum/ timings of buy-back of equity shares of the company,' HGS said in an exchange filing.

The board will also consider potential mergers & acquisition opportunities, the company said.

On Friday,7 January 2022, the stock of the company engaged in business process outsourcing (BPO)/ knowledge process outsourcing (KPO) had slumped 20% after the company announced 1:1 bonus share and an interim dividend of Rs 150 per share. It had corrected 28% from its record high level of Rs 3,948 hit on 4 January 2022.

We will keep you updated on the latest developments from this space. Stay tuned.

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!

Read the latest Market Commentary

Top Gainers TodayTop Gainers over 1-WeekTop Gainers over 1-MonthTop Gainers over 1-YearTop Gainers over 3-YrsTop Gainers over 5-YrsTop Losers TodayTop Losers over 1-WeekTop Losers over 1-MonthTop Losers over 1-YearTop Losers over 3-YrsTop Losers over 5-YrsOnly BuyersOnly SellersMost Active StocksMost Popular Stocks52 Week High Stocks52 Week Low Stocks

INDICESBSE (Rs 0 to 1)BSE (Rs 1 to 2)BSE (Rs 2 to 4)BSE (Rs 4 to 10)BSE (Rs 10 to 20)BSE (Above Rs 20)BSE - AllBSE-30BSE-100BSE-200BSE-500BSE AutoBSE BankexBSE Capital GoodsBSE Consumer DurablesBSE FMCGBSE HealthcareBSE ITBSE MetalBSE Oil & GasBSE PSUBSE TeckBSE RealtyBSE PowerBSE A GroupBSE B GroupBSE Mid-CapBSE Small-CapBSE Basic MaterialsBSE Consumer DiscretionaryBSE IndustrialsBSE UtilitiesBSE Sensex 50BSE Sensex Next 50BSE Bharat 22BSE 150 MidCapBSE 250 SmallCapBSE 250 LargeMidCapBSE 400 MidSmallCapBSE AllCapBSE LargeCapBSE SmallCap SelectBSE 100 LargeCap TMCBSE InfraBSE ManufacturingBSE CPSEBSE Private BankBSE Diversified FinancialsBSE MomentumBSE Low VolatilityBSE QualityBSE Enhanced ValueBSE Divident StabilityS&P BSE IPOBSE SMEIPOBSE 100 ESGBSE CarbonexBSE GreenexNSE (Rs 0 to 10)NSE (Rs 10 to 20)NSE (Above Rs 20)NSE - AllNSE-50NSE ITNSE Nifty Midcap 50NSE JR. NiftyNSE Bank NiftyNIFTY Next 50NIFTY 100NIFTY 200NIFTY 500NIFTY MidCap 100NIFTY SmallCap 250NIFTY SmallCap 50NIFTY SmallCap 100NIFTY LargeMidCap 250NIFTY MidSmallCap 400NIFTY AutoNIFTY Consumer DurablesNIFTY FinanceNIFTY FMCGNIFTY MediaNIFTY MetalNIFTY PharmaNIFTY Private BankNIFTY PSU BankNIFTY RealtyNIFTY Oil & GasNIFTY SME EmergeNIFTY CommoditiesNIFTY CPSENIFTY EnergyNIFTY India ConsumptionNIFTY InfraNIFTY MNCNIFTY PSENIFTY Serv SectorNIFTY100 Liquid 15NIFTY Midcap Liquid 15NIFTY Midcap 150 Quality 50NIFTY50 Equal WeightNIFTY100 Equal WeightNIFTY100 Low Volatility 30NIFTY100 Alpha 30NIFTY Alpha 50NIFTY Dividend Opportunities 50NIFTY High Beta 50NIFTY Low Volatility 50NIFTY200 Quality 30NIFTY 500 Value 50NIFTY 100 Quality 30SECTORSAgricultureAirlinesAluminiumAsset Management CompaniesAutomobilesAuto AncillariesBanks (Private)Banks (PSU)BankingCementChemicalsDefenceDiagnosticsDronesEngineeringElectric VehicleElectric Vehicle BatteryEnergy SourcesESGEthanolFertilizersFintechFMCGFoodGreen HydrogenHotelsInfrastructureInsuranceInvestment and FinanceInvITIT (Large)IT (Others)LogisticsMediaMetalMiningIndia's Big Tech StocksIndian PharmaMNC PharmaPSUPaintPaperPlasticPowerRating AgenciesReal EstateREITsRenewable EnergyRetailingSemiconductorShippingSteelSugarSupply ChainTelecomTextilesTravel Support Services

10 results 25 results 50 results 100 results All results

Indian Share Market Update: Top Gainers and Losers