Sensex Ends Above 50,000-Mark, Brookfield REIT IPO, HDFC Q3FY21 Results, and Buzzing Stocks Today

Thu, 4 Feb Pre-Open

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Indian share markets extended their rally seen this week and ended at record-high levels yesterday.

The BSE Sensex ended above the 50,000-mark for the first time.

At the closing bell yesterday, the BSE Sensex stood higher by 458 points (up 0.9%).

The NSE Nifty closed higher by 142 points (up 0.9%).

IndusInd Bank and Power Grid were among the top gainers.

The BSE Mid Cap index ended up by 1.4%, and the BSE Small Cap index ended higher by 1.5%.

On the sectoral front, gains were largely seen in the pharma sector, banking sector and power sector.

Gold prices for the latest contract on MCX were trading flat at Rs 47,749 per 10 grams at the time of closing stock market hours yesterday.

In global markets, silver attempted a rebound yesterday after an over 8% plunge in the previous session prompted some buying.

Note that silver rocketed to their highest since 2013 on Monday after small investors responded to calls on Reddit and other social media to pile into the market and push prices up.

The amount of silver traded in the London market surged to 1.006 billion ounces on Monday, three times the level typical in recent months, the London Bullion Market Association said on Tuesday.

Speaking of silver, in his latest video for Fast Profits Daily, Vijay Bhambwani talks about the recent developments in the silver market.

The silver market is facing a short squeeze and thus the silver price could go up. However, as per Vijay, you should not participate in this frenzy.

In the video below, Vijay explains why. Tune in to find out more:

Top Stocks in Focus Today

Among the buzzing stocks today will be Tata Consumer Products.

Tata Consumer Products (TCPL), earlier known as Tata Global Beverages, reported a 25.3% year-on-year (YoY) rise in consolidated net profit to Rs 2.4 billion for the quarter ended December, helped by higher sales in branded business.The company's revenue from operations rose 23.1%to Rs 30.7 billion during the quarter under review as against Rs 25 billion in the corresponding period last fiscal.In a post earnings call, TCPL Group, Chief Financial Officer, L Krishnakumar said that the results were driven by the performance of the branded business across markets, both India as well as international.

Sate-owned Indian Oil Corporation's (IOCL) share price will also be in focus as the company's board has agreed to form a subsidiary to set up a refinery for more than Rs 293 billion in Tamil Nadu with Chennai Petroleum Corporation (CPCL).

The two companies will hold 25% stake each, while the balance will be with other investors.

The 9 million metric tonne per annum (MMTPA) refinery will be built at Nagappattinam, with a Polypropylene unit to start with and facility to process crude oil. The process packages have been finalised and a feasibility report completed.

HDFC Sees 65% YoY Decline in Q3FY21 Net Profits

Housing Development Finance Corp (HDFC) reported a 65% year-on-year (YoY) decline in net profit for the quarter ended December to Rs 29.3 billion.

The company's total revenues fell 42.3% to Rs 117.1 billion.

The company said that earnings for the December quarter was not comparable with the previous quarter as it included the earnings of Gruh Finance.

HDFC said, on a like-to-like basis, the company's net profit was at Rs 36.9 billion as against Rs 29.1 billion in the year-ago quarter.

At the end of the December quarter, the loans on an assets under management basis stood at Rs 5.52 lakh crore as against Rs 5.05 lakh crore same time a year ago.

The company witnessed a 26% YoY growth in individual loan disbursements during in the quarter ended December.

The company reported non-performing loans in individual loans portfolio at 0.79%. However, the non-bank lender said that not accounting for the Supreme Court's standstill, the non-performing loans would be at 0.98% in individual loan portfolio.

The provisions of the company stood at Rs 123.4 billion at the end of December.

Brookfield REIT IPO: Company Raises Rs 17.1 Billion from Anchor Investors

In news from the IPO space...

Brookfield India Real Estate Investment Trust's (REIT) initial public offering (IPO) which opened for subscription yesterday has raised Rs 17.1 billion from anchor investors, where 62.1 million units were subscribed at a bid price of Rs 275 per unit.

The anchor investors included financial institutions such as HDFC AMC, SBI Life, Tata AIG, HDFC Life, Kotak Mahindra AMC, and Bajaj Holdings, among others.

The company owns a portfolio of four office parks located at Noida, Kolkata, Gurugram and Mumbai with a size of 14 million square feet.

Brookfield REIT will be third REIT to be listed on the bourses in India, but the only 100% institutionally managed public commercial real estate vehicle.

The issue will close on Friday.

Investors can bid for Brookfield India REIT at an issue price of Rs 274 to Rs 275 per unit, translating to Rs 38 billion issue size. Bids for the REIT can be placed for 200 units or multiples thereafter, with 138.1 million units on offer.

Through the public issue, the real estate trust aims to repay its existing debt.

REITs act an attractive dividend play as at least 90% of the net distributable cash flows shall be declared and paid once every quarter of a financial year by their manager.

So far, domestic markets have seen Embassy Office Parks REIT in 2019 and Mindspace Business Parks REIT in 2020, both trading at a premium over their issue price.

How this IPO sails through 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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