Macleods Pharma IPO, Shriram Properties Strong Q3 Performance, and Buzzing Stocks Today

Wed, 16 Feb Pre-Open

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Indian share markets ended on a strong note yesterday.

Benchmark indices recouped most of the losses incurred on Monday as reports of withdrawal of Russian troops from Ukranian border improved investor sentiment.

Reportedly, some troops in Russia's military districts adjacent to Ukraine are returning to their bases after completing drills, Russia's defence ministry was quoted as saying.

Further, a drop in crude oil prices added to the relief. Crude oil edged lower after Russian foreign minister Sergei Lavrov said there was "always a chance" for agreement with the West on the Ukraine crisis.

At the closing bell yesterday, the BSE Sensex stood higher by 1,736 points (up 3.1%).

Meanwhile, the NSE Nifty closed higher by 510 points (up 3%).

Bajaj Finance and SBI were among the top gainers.

Cipla and ONGC, on the other hand, were among the top losers.

Broader markets rallied in tandem and ended on a strong note. The BSE MidCap index zoomed 2.7% while the BSE SmallCap index gained 2%.

All sectoral indices ended on a positive note with stocks in the automobile sector, banking sector and IT sector witnessing most of the buying.

Shares of White Organic Retail and Excel Industries hit their 52-week highs.

Gold prices for the latest contract on MCX were trading down by 0.9% at Rs 49,450 per 10 grams at the time of closing stock market hours yesterday.

Speaking of stock markets, in his latest video for Fast Profits Daily, Research Analyst at Equitymaster Brijesh Bhatia talks about why he is still bullish on metal stocks.

As per Brijesh, metal stocks are set for a new momentum phase and you should keep a close watch on them. Watch the below video to know why...

Top Stocks in Focus Today

Among the buzzing stocks today will be Vedanta.

Anil Agarwal-led Vedanta and Hon Hai Technology Group, popularly known as Foxconn, have formed a joint venture (JV) to manufacture semiconductors in India.

Foxconn is the world's largest contract electronics manufacturer and a major Apple supplier.

Note that this is a big development from a performance-linked incentive (PLI) scheme perspective as this is the first JV in the electronics manufacturing space.

In December 2021, the Centre had cleared a PLI scheme for semiconductor and display board production in India targeting an investment of Rs 760 bn over the next five to six years.

The Taiwanese electronics manufacturer teamed up with Vedanta as it plans to diversify business amid the global chip shortage that has engulfed the world.

While Foxconn stated it plans on investing US$118.7 m (around Rs 9 bn) to set up a JV firm yesterday, Vedanta Group had already shared its intent last month and was planning to invest US$15 bn for making displays and semiconductor chips in India.

According to the MoU signed between the two companies on Monday, Vedanta will hold majority in the JV while Foxconn will be the minority shareholder. Vedanta's Agarwal will be the chairman of the joint venture company.

Note that the PLI scheme gave a huge boost to semiconductor manufacturing, attracting several chipmakers including Intel, TSMC (Taiwan Semiconductor Manufacturing Company) and United Microelectronics Corporation to explore setting up semiconductor manufacturing facilities in India.

Shriram Properties share price will also be in focus today.

Shriram Properties reported sales volumes of 1 million square feet (msf) for the quarter ended 31 December 2021, supported by new launches and a 29% jump in quarterly collections to Rs 3.1 bn during the quarter under review.

The company has reported a turnaround in profitability. Its net profit stood at Rs 132 m in December 2022 quarter and total revenues have gone up by 38% to Rs 1.3 bn, the company said in its maiden quarterly results post listing. It had posted a net loss of Rs 271.6 m in the year-ago period.

On an aggregate basis, for the first nine months of the fiscal 2022 sales volumes stood at 2.6 msf, up 56% year on year (YoY) and collections were up 64% YoY at Rs 8.4 bn.

Murali M, Chairman and Managing Director, SPL, said,

It is encouraging to see positive earnings momentum in the company. Our focused efforts to ramp up and build scale, leveraging a strong operating platform built in recent years is yielding results. We believe we are on the right path to profitability and delivering superior shareholder value.

The average realisation for plotted development and residential apartments stood at Rs 1,920 per sq ft and Rs 4,521 per sq ft, respectively in the first nine months of the year 2022.

The company, which has adopted the development management model as a growth strategy, is looking to acquire more assets through such routes to expand its portfolio. The firm acquired 15 residential projects last year through DMA.

Shriram Properties is also in an advanced stage of negotiation in several new projects, aggregating to 14 m sq ft potential, with the DM model accounting for 32% of pipeline followed by JV and JDA.

Macleods Pharma Files DRHP for Rs 50 bn IPO

Macleods Pharmaceuticals on Tuesday said it has filed a draft red herring prospectus (DRHP) with market regulator for its Rs 50 bn initial public offering (IPO).

The IPO consists of an offer for sale (OFS) of up to 60.5 m shares by the promoter and promoter group. The promoters of the company who will be selling shares include Girdharilal Bawri, Banwarilal Bawri and Dr Rajendra Agarwal.

Established in 1989, Macleods is the seventh-largest company in the Indian pharmaceutical market for the six months ended 30 September 2021, according to AIOCD.

The company had revenues of Rs 77.5 bn and a net profit of Rs 20.2 bn in the financial year 2021.

Its domestic business comprises branded generics, constituting 51.73% of its total revenue from operations in the fiscal 2021. Its domestic sales grew faster than the IPM at a compound annual growth rate (CAGR) of 15.3% from the fiscal 2011 to 2021, compared to 10.8% growth in domestic sales of the IPM in the same period.

The company is known for its anti-infectives, cardiovascular, anti-diabetic, dermatology, and hormone treatment brand and has a significant presence in North and East India.

India's January Trade Deficit Touches US$17.4 bn

India's merchandise trade deficit in January touched US$17.4 bn, revised data released by the government showed on Tuesday.

India's merchandise exports rose US$34.5 bn from US$27.5 bn a year earlier, registering a growth of 25%, while imports rose 23% to US$51.9 bn in January from US$42 bn last year.

Non-petroleum and non-gems & jewellery exports in January 2022 were US$27.1 bn, registering a positive growth of 20.1% over non-petroleum and non-gems & jewellery exports of US$22.6 bn in January 2021, according to the data released by ministry of commerce.

Meanwhile, non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports were US$34.6 bn in January 2022 with a positive growth of 31.3% over non-petroleum, non-gems & jewellery imports of US$26.4 bn in January 2021.

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

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

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