Vedant Fashions' Decent Debut, the Latest on LIC IPO, and Top Buzzing Stocks Today

Thu, 17 Feb Pre-Open

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Indian share markets ended on a negative note yesterday.

Benchmark indices continued to swing amid high volatility, with selling pressure at regular intervals followed by a recovery.

Markets were however, seen recovering after reports said that Russia has announced end of its military drills near the Ukraine border and the troops are pulling back.

At the closing bell yesterday, the BSE Sensex stood lower by 145 points (down 0.3%).

Meanwhile, the NSE Nifty closed lower by 30 points (down 0.2%).

Divi's Laboratories and ONGC were among the top gainers.

Power Grid Corp and NTPC, on the other hand, were among the top losers.

The BSE Mid Cap index ended on a flat note, while the BSE Small Cap index ended up by 0.4%.

Sectoral indices ended on a mixed note with stocks in the metal sector, banking sector and engineering sector witnessing most of the selling pressure.

Realty and telecom stocks, on the other hand, witnessed buying interest.

Shares of Blue Star and GMDC hit their respective 52-week highs.

Gold prices for the latest contract on MCX were trading up by 0.1% at Rs 49,427 per 10 grams at the time of closing stock market hours yesterday.

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Top Stocks in Focus Today

Vedant Fashions Makes a Decent Debut

Vedant Fashions, the owner of ethnic wear brand Manyavar, made a good stock market debut on Wednesday, with shares of the company getting listed at Rs 936, an 8% premium over its issue price of Rs 866 per share on the BSE.

The Rs 31.5-bn IPO of Kolkata-based Vedant Fashions had received lukewarm response with issue subscribed nearly three times. While institutional investor portion saw 7.5 times oversubscription, the wealthy investor portion was subscribed 1.07 times, and retail portion remained undersubscribed at 40%.

Vedant Fashions is among the top companies in the Indian wedding and celebration wear segment with the brand name Manyavar Mohey.

Mankind to Acquire Dr Reddy's Brands

Mankind Pharma on Wednesday said it has inked a pact with Dr Reddy's Laboratories to acquire two brands - Combihale and Daffy. While Combihale is used for the treatment of asthma and chronic obstructive pulmonary disease, Daffy is a soap-free moisturising bar for infants.

Mankind Pharma said the market for Combihale is valued at Rs 9 bn growing at 14%. While the total market for Daffy is valued at Rs 10 bn growing at 18%.

The entire integration and transition of the brands is expected to be completed next month.

Tech Mahindra's Latest Acquisition

IT major Tech Mahindra will acquire 80% stake in Australian artificial intelligence (AI) firm Geomatic.AI for 6 m Australian dollars through its Singapore-based subsidiary. In rupee terms, this amount to Rs 320 m.

As part of this deal, Tech Mahindra will have 80% shareholding in Geomatic.AI while Ausnet will have 20% shareholding and transfer digital workforce, intellectual property, assets and client contracts to the newly formed entity.

Geomatic.AI Pty is a company incorporated under Australian laws on 7 February 2022 and operates in the field of energy and utilities.

Note that the recent acquisitions made by Tech Mahindra had raised questions as it was on a continuous spree. With the most recent acquisition, Tech Mahindra completed its 11th acquisition in fiscal 2022.

The Indian IT sector is one of the few sectors that is witnessing strong demand conditions even during the pandemic, with businesses big and small across the globe, demanding a range of solutions to digitize their day-to-day operations.

To keep up with the demand, several top tier Indian tech players like Tech Mahindra, Infosys and Wipro have gone on an acquisition spree overseas over the last 15-18 months and the valuations for these purchases have shown an upward trend.

What's Brewing on the Economy Front?

In news from the economic space, the Finance Ministry's Monthly Economic Review showed that the Indian economy is poised to grow at the quickest pace among the league of large nations on the back of various initiatives taken by the government in Budget 2022-23.

Observing that the IMF in its January 2022 update has lowered its global growth estimate for 2022, the finmin report said that India is yet the only large and major country listed by the IMF whose growth projection has been revised upwards in 2022-23.

The capex budget, higher by 35.4% over current year's budget estimates and rising to 4.1% of GDP after inclusion of grants-in-aid to states for capital works, will power the seven engines of Gatishakti to reduce the infrastructure gap and facilitate private investment in the country.

The unchanged repo and reverse repo rate along with the MPCs accommodative stance prioritise growth during these uncertain times and reinforce the investment orientation of the budget, the report added.

LIC IPO from 10-14 March?

In latest developments from the IPO space, Life Insurance Corporation (LIC) has sought exemption from the market regulator on deposits with exchanges for its upcoming initial public offering (IPO).

Any company floating an IPO has to deposit an amount equivalent to 1% of the issue size with stock exchanges. The security deposit, aimed at countering fraud, is returned to the issuer after the share sale.

While exact figures are not out, the street expects LIC to raise Rs 500 bn to Rs 900 bn. So LIC may have to deposit Rs 5-8 bn or more with exchanges which may be a challenge for an IPO of LIC's size.

The markets regulator has already granted an exemption to LIC on furnishing the financial statements of subsidiaries while filing consolidated financial information.

LIC has also asked for an exemption on disclosing the consolidated number of creditors, decision for which is still pending.

Meanwhile, the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) have given their approval to the LIC IPO.

While the government has not decided the exact dates when the mammoth issue will open, sources said that the share sale will open on 10 March and run till 14 March. Speculation is that the price band could be Rs 2,000-2,100 apiece which would amount to about Rs 654 bn.

LIC will join listed peers SBI Life Insurance, HDFC Life Insurance, and ICICI Prudential Life Insurance Company.

It remains to be seen how India's largest IPO pans out. 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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