Wipro and Infosys Q3FY21 Results, Indigo Paints IPO, and Buzzing Stocks Today

Fri, 15 Jan Pre-Open

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Indian share markets ended marginally higher yesterday.

At the closing bell yesterday, the BSE Sensex stood higher by 91 points (up 0.2%).

The NSE Nifty closed higher by 30 points (up 0.2%).

BPCL and UPL were among the top gainers.

The BSE Mid Cap index ended up by 0.3%, and the BSE Small Cap index ended up by 0.2%.

On the sectoral front, gains were largely seen in the energy sector, capital goods sector and healthcare sector.

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

Gold prices for the latest contract on MCX were trading down by 1% at Rs 48,813 per 10 grams at the time of closing stock market hours yesterday.

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

Speaking of stock markets, in his latest video, Rahul Shah discusses how to alternate between a deep value portfolio and investment in gold and earn great returns.

In the video, Rahul discusses how to combine the two in a smart way and benefit from the individual strengths of each asset class.

How good is the result of this combination and what happens when you combine a deep value portfolio of mid and small caps with gold?

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Indigo Paints IPO: Offer Opens on January 20

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.

Apart from above, 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.

Results Corner: Wipro and Infosys Post Strong Set of Numbers in Q3FY21

Infosys will be among the top buzzing stocks today.

Infosys 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.

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

Wipro also posted a strong set of numbers for the December quarter. The company's revenues during the period stood at Rs 156.7 billion while net profit was at Rs 29.7 billion.

Operating margin of the company expanded sequentially by 243 bps to 21.7%, a significant growth in the last 22 quarters. The company surpassed all market estimations and gave a revenue guidance of 1.5%-3.5% for the March quarter.

Wipro CEO and MD Thierry Delaporte said: "Optimisation of operations and sub-contracting has really worked for us. We have also closed a US$ 700 million five-year deal with Metro AG, extendable to four more years with a scope of touching a billion dollars, during this quarter."

The management also announced an interim dividend of Rs 1 per equity share with the record date of January 25.

Wipro has seen growth across all geographies, led by the US with 57.6% contribution to the revenue. Five out of the seven business sectors have grown sequentially by over 4% for the company, which has further added to the strong numbers.

The company's operating cash flows also grew 45% year-on-year (YoY) with a significant improvement in outstanding receivables.

SAIL OFS: Government Plans to Sell 10% Stake

The government of India plans to sell up to 10% equity in Steel Authority of India (SAIL) through an offer for sale yesterday (January 14) and January 15.

The government will sell 5% equity in the central public sector enterprise under the Steel Ministry while keeping the greenshoe option, or option to sell further equity of 5%, in case of an over-subscription.

The floor price of the offer will be Rs 64 per equity share.

The offer for sale (OFS), which will be at a discount from the market price of the stock, has opened today for non-retail investors and will open on January 15 for retail investors. A minimum of 12.5% of equity shares will be reserved for retail investors, while 25% of the offer shares will be reserved for mutual funds and insurance companies.

The government holds a 75% stake in SAIL and is estimated to earn over Rs 26 billion from the present sale. The proceeds will help in moving close to the divestment target of Rs 2,100 billion set for FY21. It had last sold a 5% stake in December 2014.

SAIL is India's largest steel producer with an annual capacity of about 21 million tonnes per annum (MTPA). The company reported a consolidated net profit of Rs 4.4 billion in the September quarter this year, on the back of strong operational performance, versus a net loss of Rs 2.9 billion in the same quarter of previous fiscal.

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

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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