Stove Kraft IPO, Top Q3FY21 Results in Focus, and Buzzing Stocks Today

Wed, 27 Jan Pre-Open

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Indian share markets witnessed huge selling pressure on Monday.

Benchmark indices extended losses with shares of Reliance Industries plunging as much as 6% after the announcement of its December quarter results.

Selling pressure was also seen after the Indian army said Indian and Chinese troops were involved in a "minor face-off" last week in a disputed stretch of their shared border in the eastern Himalayas.

At the closing bell on Monday, the BSE Sensex stood lower by 531 points. The NSE Nifty ended down by 133 points.

Bajaj Auto was among the top gainers. Reliance Industries, on the other hand, was among the top losers.

Both, the BSE Mid Cap index and the BSE Small Cap index ended down by 1.1%.

Barring metal and healthcare stocks, all sectoral indices ended on a negative note with stocks in the energy sector, oil & gas sector and IT sector witnessing maximum selling pressure.

Tata Consultancy Services (TCS) on Monday surpassed Reliance Industries to become the country's most valued firm by market capitalization.

Shares of Apollo Hospitals hit their 52-week high after the company said it has raised Rs 11.7 billion via qualified institutional placement (QIP) issue.

Gold prices were trading down by 0.2% at Rs 49,059 per 10 grams at the time of closing stock market hours on Monday.

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

Oberoi Realty will be among the top buzzing stocks today.

The Mumbai-based realty firm posted a 93.4% jump in profit after tax for Q3FY21, to Rs 2.9 billion from Rs 1.5 billion in Q3FY20.

The company said that sales in Mumbai Metropolitan Region boomed after the state government cut stamp duty and other levies last year.

The company's revenues went up 56% at Rs 8.4 billion in Q3FY21 as compared to Rs 5.4 billion in Q3FY20.

He added that the volumes during the quarter shows a clear shift of home buyers towards developers with financial stability and a proven track record.

Tata Motors share price will also be in focus as the company has raised prices of its passenger vehicle (PV) range to maximum Rs 26,000 depending upon the variant. The new price hike has come into effect from January 22, 2021.

Tata Motors said, "Rising input costs and material costs of steel, precious metals and semiconductors have compelled the company to pass on a part of the cost to customers."

"Continuing its commitment towards customers, the company will also offer protection from the price increase to customers who have booked Tata passenger vehicles on or before January 21, 2021," Tata Motors said.

On the company's Q3FY21 results, Tata Motors said that its PV business has witnessed strong demand for its 'New Forever' range of cars & SUVs and that the segment grew by 39% year-on-year (YoY) in FY21 over FY20.

In Q3FY21, Tata Motors also registered the highest ever sales in last 33 quarters and continues to work on debottlenecking the supply chain and ramp up its output to meet the increased demand."

Ultratech Cement share price will also be in focus as the cement producer's net profit more than doubled in the quarter ended December 31, 2020.

The Aditya Birla group company reported over two-fold jump in consolidated net profit to Rs 15.84 billion in the third quarter of the financial year.

The company's revenue from operations stood at Rs 122.5 billion, up 17.4%, during the October-December quarter under review compared to Rs 104.4 billion in the corresponding period of the last fiscal year.

Market participants will also track Reliance Industries (RIL) share price as the company reported a 12.5% year-on-year (YoY) rise in its consolidated net profit to Rs 131 billion.

The oil-to-telecom conglomerate reported consolidated revenues of Rs 1,200 billion which were up 21.1% YoY.

The weak topline performance of the company was attributable to the continued struggles of the refining business and retail business of the company due to the Covid-19 pandemic.

Speaking of stocks, in his latest video for Fast Profits Daily, Brijesh Bhatia shows a crucial chart that you need to check before you decide to sell any stock or index.

Tune in to the video to find out more:

IPO Buzz: Stove Kraft IPO Sees Strong Retail Interest

In news from the IPO space, Kitchen appliances maker Stove Kraft which opened its initial public offering (IPO) for subscription on Monday was subscribed 80% on the first day of bidding.

The offer size has been reduced after the company raised Rs 1.8 billion from anchor investors on last Friday, a day before the issue opening.

The subscription at retail investors desk was full as their reserved portion subscribed 4.3 times.

This is the fourth company to launch an IPO in the current month after Indian Railway Finance Corporation (IRFC), Indigo Paints and Home First Finance Company.

The IPO comprises fresh issue of Rs 950 million by the company and offer for sale of 8.25 million equity shares by promoters and investors.

The company has fixed a price band of Rs 384-385 per share.

Stove Kraft aims to raise Rs 4.1 billion through this offer. The company already raised Rs 1.9 billion from anchor investors on January 22.

In other news, Blackstone, the world's largest alternative asset manager and the largest owner of commercial real estate in India, has filed a draft red herring prospectus (DRHP) with markets regulator for an IPO by its portfolio company Aadhar Housing Finance to raise Rs 73 billion.

As per reports, the IPO will be a combination of fresh and secondary issue of shares.

The listing of Aadhar Housing Finance would be the first IPO of an Indian portfolio company backed by the US private equity giant in the past five years.

In October 2015, SH Kelkar backed by Blackstone launched a Rs 5-billion IPO. The US based private equity major is also considering a 2021 IPO by its auto component firm Sona Comstar.

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

DoT to Favorably Consider Telcos' Plea on Notice Period for New Service

In news from the telecom sector...

As per an article in The Economic Times, the telecom department may favorably consider requests by Reliance Jio Infocomm and Bharti Airtel to halve the notice period for starting services based on a new technology to six months, a move that may increase bidding interest in the upcoming spectrum auction.

If the Department of Telecommunications (DoT) approves the requests, the telcos will be allowed to offer 5G services on 4G spectrum bands such as 700 MHz or 800 MHz that also support the faster mobile standard and can be purchased in the March auction.

It's not clear when 5G airwaves in the 3,300-3,600 MHz bands will be auctioned. Both Airtel and Jio have written to reduce the pre-intimation notice period for a new service.

DoT is considering their requests and it is possible to reduce the notice period from one year to six months, said an official aware of the development.

Note that Jio has said it is 5G-ready and has developed its own eco-system that will make the telco a global 5G vendor.

Jio and Bharti Airtel are expected to be the major bidders in the spectrum auction. DoT aims to sell 2,250 MHz of 4G airwaves across seven bands from March 1, although it is yet to clear the air on when 5G airwaves will be auctioned.

The government may net Rs 400 billion from the auction in which airwaves worth Rs 3.92 lakh crore at the base price will be up for sale.

Jio is expected to spend Rs 200 billion, followed by Airtel, which is likely to spend Rs 100-150 billion in the auction.

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

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