Sensex Opens Flat; Infosys & Wipro Dip 3% Post Q3 Results

Thu, 14 Jan 09:30 am

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Asian share markets are trading near record high levels as investors focused on US stimulus prospects and extended bets on global recovery and growth.

Japan's Nikkei jumped to a three-decade high and rose 1.4% while the Hang Seng is trading up by 0.5%.

In US markets, Wall Street indices closed mixed overnight as investors waited for details of the next US fiscal stimulus plan, expected to be announced by President-elect Joe Biden later today.

The Dow Jones Industrial Average ended on a flat note while the Nasdaq Composite added 0.4%.

Back home, Indian share markets have opened the day on a flat note.

Market participants are tracking shares of Den Networks, HFCL, Reliance Industrial Infrastructure, Tata Steel Long Products and Digicontent as these companies will announce their quarterly earnings today.

The BSE Sensex is trading down by 68 points. Meanwhile, the NSE Nifty is trading lower by 17 points.

IndusInd Bank and ITC are among the top gainers today. Infosys is among the top losers today.

The BSE Mid Cap index and the BSE Small Cap index have opened up by 0.6% and 0.3%, respectively.

Sectoral indices are trading mixed with stocks in the power sector and capital goods sector witnessing buying interest.

IT stocks, on the other hand, are trading in red.

The rupee is trading at 73.19 against the US$.

Gold prices are trading down by 0.9% at Rs 48,870 per 10 grams.

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In latest developments from the IPO space, the initial public offering (IPO) for Indigo Paints will be open for subscription on January 20, 2021 after it received a nod from market regulator earlier this month. The IPO will close on January 22.

The regulator has approved Indigo Paints' plan to raise about Rs 10 billion through the public issue from the capital markets.

The IPO comprises fresh issuance of shares of Rs 3 billion and an offer-for-sale of up to 58,40,000 equity shares by Investor Selling Shareholder Sequoia Capital through its SCI Investments IV and SCI Investments V and Promoter Selling Shareholder, Hemant Jalan.

The company said that the net proceeds from the issue will be used for expansion of the prevailing manufacturing facility at Tamil Nadu's Pudukkottai and for purchasing tinting machines and gyro shakers. It will also be used for repayment as well as a prepayment of borrowings.

Reports state that the price band will be between Rs 1,480 and Rs 1,500 per share.

Yesterday, it was also reported that the Indian Railway Finance Corporation (IRFC) 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.

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 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.

Moving on to stock specific news...

Infosys is among the top buzzing stocks today.

Infosys on Wednesday reported a 16.6% year-on-year (YoY) growth in its consolidated net profit at Rs 51.97 billion for the third quarter of the financial year 2021 (Q3FY21).

The firm had posted a net profit of Rs 44.6 billion in the same period last year.

On a sequential basis, the profit rose 7.3% from Rs 48.5 billion posted for the September 2020 quarter.

Infosys' revenue came in at Rs 259.3 billion, up 12.3% YoY and 5.5% QoQ. In constant currency terms, revenues grew 5.3% which was its highest Q3 sequential growth in 8 years.

Operating profit for the quarter stood at Rs 65.9 billion, up 30.1 YoY, against Rs 50.6 billion posted in Q3FY20.

Infosys said digital revenues crossed 50% of the total revenue. For the year, digital revenues in cc terms were up 31.3%.

The IT major also raised its FY21 revenue guidance to 4.5-5% in constant currency while FY21 operating margin guidance has been revised upward to 24-24.5% on the back of continued strong performance.

Infosys share price has opened the day down by 2.6%.

To know more, you can read Infosys' Q3FY21 result analysis on our website.

Moving on to news from the realty sector, realty major DLF and US-based Hines will invest around Rs 13 billion to construct the first phase of a premium commercial project, largely office space, in Gurugram, a senior company official said.

The construction of this project, comprising 2.55 million sq ft area in the first phase, has started, Managing Director of DLF Rental Business Sriram Khattar said.

In March last year, DLF and Hines had formed a joint venture to develop this project on a 11.76 acre land parcel bought by DLF in 2018 for nearly Rs 15 billion through an e-auction conducted by the Haryana government.

DLF had sold 33% stake in this commercial project to Hines for around Rs 6.5 billion.

The DLF-Hines JV had in August secured a construction loan of Rs 26 billion from HDFC for the development of first phase, which is targeted to be completed in stages in 2023-24.

Note that this is the second JV between the two companies. DLF and Hines had entered into their first joint venture in 2008 to develop One Horizon Center in DLF-5 Gurugram, Haryana.

DLF share price has opened the day up by 1.1%.

Note that the realty sector was the top gainer last month. Have a look at the chart below:

The realty sector gained as much as 16%, followed by metal and IT sector with gains of 9.4%.

The government has been taking proactive measures in the form of moratoriums, tax cuts, construction premium cuts and project timeline deferrals, to help the recovery of real estate sector.

In August last year, the stamp duty rates were reduced from 5% to 2% till December 2020 and 3% till March 2021.

Maharashtra cabinet on January 6 cleared the proposal to reduce all premiums for on-going as well as new real estate projects by 50%, up to December 2021. The decision was taken after the recommendations of the Deepak Parekh committee.

The developers welcomed this strong decision of Maharashtra Government to boost real estate sector which generates maximum employment and had not seen pick up in sales for several years.

How realty stocks perform in the coming months remains to be seen. Meanwhile, we will keep you updated on the latest developments 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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