Indian Railway Finance Corporation IPO, Tesla's India Debut, and Buzzing Stocks Today

Thu, 14 Jan Pre-Open

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After opening the day at record high levels, Indian share markets erased gains and ended on a flat note yesterday led by a decline in healthcare and consumer durable stocks.

Benchmark indices turned volatile in the afternoon session, dragged by index heavyweights HDFC twins and Reliance Industries.

Reliance Industries share price was in focus yesterday after it was reported that the stock's weightage in the NSE Nifty slipped to as low as 9.82% on Monday and stood at 10.08% on Tuesday, which led to the stock losing its top rank to India's largest private sector lender HDFC Bank.

At the closing bell yesterday, the BSE Sensex stood lower by 25 points.

Meanwhile, the NSE Nifty ended up by 1 point.

M&M was among the top gainers.

Bajaj Finance, on the other hand, was among the top losers.

The BSE Mid Cap index ended down by 0.6%. The BSE Small Cap index ended lower by 0.4%.

Sectoral indices ended on a mixed note with stocks in the telecom sector and auto sector witnessing buying interest.

Consumer durable stocks and healthcare stocks, on the other hand, witnessed selling pressure.

Gold prices for the latest contract on MCX were trading up by 0.54% at Rs 49,309 per 10 grams at the time of closing stock market hours yesterday.

In one of his videos for Fast Profits Daily, Vijay Bhambwani talks about why gold and silver prices crashed last week on Friday.

What does this event mean for the long-term trend in prices? Should traders change their bullish stance?

Vijay answers these questions in the below video. Tune in to find out more:

To know more about gold, you can check out our detailed article on investing in gold here: How to Invest in Gold?

Top Stocks in Focus Today

Among the buzzing stocks today will be Tech Mahindra.

IT services major Tech Mahindra said it will acquire Payments Technology Services (PTSL), a step-down subsidiary of fintech firm FIS, for US$ 9 million (about Rs 660 million).

The acquisition will give Tech Mahindra access to PTSL's IPs and licenses for two products - Open Payment Framework (OPF) and Multi-Bank System (MBS) and will also open up other opportunities for it as a larger partner with FIS across a number of areas.

The transaction is expected to close by March 31, 2021.

Tata Communications share price will also be in focus today.

Rakesh Jhunjhunwala bought shares of Tata Communications in the December quarter of FY21, data available with BSE showed.

Data showed that Rakesh Jhunjhunwala's wife Rekha Jhunjhunwala held 3.2 million shares or a 1.12% stake in Tata Communications at the end of Q3FY21.

In September 2019, Rekha Jhunjhunwala had bought 1.97 million shares, or 0.7% stake in the company, at Rs 370 apiece. Companies are mandated to post names of shareholders having over 1% stake in the company.

Rakesh Jhunjhunwala, who invests both, in his and his wife's name, holds stake in four other Tata Group firms, Tata Motors, Titan, Indian Hotel Company and Rallis India.

Besides Jhunjhunwala, foreign institutional investors (FIIs) and mutual funds (MFs) have increased stake in the firm during the October-December quarter. FIIs have raised the stake to 17.65% in the December quarter from 17.56% at the end of September quarter.

IPO Buzz: Indian Railway Finance Corporation (IRFC) IPO Opens Next Week

In latest developments from the IPO space, the Indian Railway Finance Corporation (IRFC) initial public offer (IPO) is scheduled to open on January 18, becoming the first public issue of 2021.

The issue will close for subscription on January 20, 2021.

According to the red herring prospectus (RHP), the issue is of up to 1.8 billion shares, comprising a fresh issue of 594 million equity shares and an offer-for-sale of up to 1.2 billion crore shares. The price band of the issue is in the range of Rs 25-26 per share of face value of Rs 10 apiece.

The bids for the issue can be made for a minimum of 575 equity shares and in multiples thereafter. Up to 50% of the net issue will be reserved for the Qualified Institutional Buyers (QIB) while the company has reserved not more than 35% of the issue for the retail investors. However, 15% of the issue will be reserved for the non-Institutional category.

The dedicated market borrowing arm of the Indian Railways will utilise the net proceeds towards augmenting the company's equity capital base to meet future capital requirements arising out of growth in business and general corporate purposes.

The shares of IRFC are proposed to be listed on BSE and NSE. DAM Capital Advisors, HSBC Securities and Capital Markets (India) Private, ICICI Securities and SBI Capital Markets are the book running lead managers to the offer, while KFin Technologies Private Ltd will be the registrar to the issue.

How this IPO pans out remains to be seen.

Note that there are at least 15 companies that may come out with their initial public offerings in the year 2021. These include Kalyan Jewellers, Suryoday Small Finance Bank, ESAF Small Finance Bank, Indigo Paints, Brookfield India Real Estate Trust, Barbeque Nation Hospitality, Home First Finance Company and Railtel Corporation of India.

Among these, companies such as Indigo Paints, Home First Finance, Brookfield REIT and Railtel Corporation of India are expected to launch their IPO in January.

How the IPO market performs in 2021 remains to be seen.

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

Auto Sector Development: Tesla Registers Subsidiary Company in India

Auto stocks were in focus yesterday with the BSE Auto index rising over 1% after billionaire Elon Musk-led Tesla registered a subsidiary company in India.

According to a Registrar of Companies (RoC) filing, the new entity Tesla India Motors and Energy Private is registered in Bengaluru, Karnataka and is classified as a subsidiary of a foreign company.

It has also registered its office in Lavelle Road, a business district in the southern city, with paid-up capital of Rs 1 lakh and an authorised capital of Rs 15 lakh, according to the filing.

Tesla has named Vaibhav Taneja, Venkatrangam Sreeram and David Jon Feinstein as the three directors in the newly formed entity in the country.

The state government had earlier said that Tesla would open a research and development (R&D) centre in Bengaluru but that it had offered space for any other plans the company may have including a manufacturing plant.

Note that Tesla's likely entry into India comes at a time when the union and state governments have been encouraging higher adoption of green vehicle technologies to help bring down the carbon footprint.

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

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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