Macrotech Developers and RailTel IPO, Nestle Q3FY21 Results, and Buzzing Stocks Today

Thu, 18 Feb Pre-Open

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Indian share markets witnessed huge selling pressure during closing hours yesterday and ended on a negative note.

At the closing bell yesterday, the BSE Sensex stood lower by 400 points.

The NSE Nifty ended down by 104 points.

Hero MotoCorp was among the top gainers.

Nestle Indian and Asian Paints, on the other hand, were among the top losers.

The BSE Mid Cap index ended flat, while the BSE Small Cap index ended up by 0.5%.

On the sectoral front, stocks in the IT sector, banking sector and pharma sector witnessing maximum selling pressure.

Power stocks on the other hand ended in the green.

Gold prices for the latest contract on MCX were trading down by 0.7% at Rs 46,561 per 10 grams at the time of closing stock market hours yesterday.

In global markets, gold prices fell near two-week lows amid a stronger US dollar and hardening of US bond yields.

Tracking softer global prices, gold prices in India skidded for the fifth day in a row yesterday.

Note that the recent fall in global rates and import duty cut in the Budget has pushed gold prices in India to near multi-month lows. In August gold had hit a record high of Rs 56,200 per 10 grams.

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Top Stocks in Focus Today

Among the buzzing stocks today will be Adani Ports & SEZ.

Adani Ports and Socio Economic Zone (APSEZ) touched its 52-week high yesterday after the company completed the acquisition of Dighi Port (DPL) for Rs 7.1 billion.

The company had intimated the commencement of this development to stock exchanges on March 6, 2020.

DPL, the twelfth port to join APSEZ's string of economic gateways across the eastern and western coast of India would establish the company's footprint in Maharashtra, the largest contributor to India's GDP, company said in the release.

Tata Group stocks will be in focus today.

As per a leading financial daily, Indian conglomerate Tata group will buy 68% stake in online grocery startup BigBasket for Rs 91-92 billion. As per reports, the deal was finalised this month.

The transaction, which is a mix of a primary and secondary sale of shares, will provide a full exit to two of BigBasket's biggest investors, Chinese e-commerce giant Alibaba and scandal-hit private equity firm Abraaj Group.

While Alibaba Group holds a 27.6% stake in the company, Abraaj owns about 18.1%. Acquiring the stakes of just these two investors will give Tata Group close to the majority stake it's seeking in BigBasket.

Tata group is waiting for the Competition Commission of India's (CCI) approval to the deal.

Nestle India Q3FY21 Results: 2.3% YoY Rise in Net Profits

Nestle India reported a 2.3% year-on-year (YoY) rise in its net profit for the quarter ended December to Rs 4.8 billion.

The company's revenues in the quarter grew 9% on a YoY basis to Rs 34.3 billion. Volume-led domestic sales growth and improved out-of-home consumption helped the country's largest packaged foods company report 9% increase in revenues.

Domestic sales growth is broad based largely driven by volume and product mix. Demand in out-of-home channel further improved in the quarter but continues to be impacted by Covid-19, the company said in its earnings statement.

The company's total expenses in the quarter rose 8.3% YoY to Rs 27.9 billion, which was largely because of a 11.3% jump in other expenses of the company.

Sales through e-commerce channels more than doubled last year and now contribute 3.7% to Nestle India's total domestic sales, the packaged foods maker said.

The maker of Maggi noodles and Nescafe coffee said about 75% of its products grew double-digit last year, riding on strong in-home consumption.

For the full year ended December 31, 2020, Nestle which follows a calendar year, reported 8% growth in revenues to Rs 132.9 billion, and net profit increase of 6% to Rs 20.8 billion.

The company's board also approved a final dividend for the financial year ended December 31 of Rs 65 per share.

IPO Buzz: Macrotech Developers Files DRHP; RailTel IPO Sees Huge Retail Participation

In news from the IPO space...

Mumbai-based Macrotech Developers, formerly known as Lodha Developers, has filed a draft red herring prospectus (DRHP) for its proposed initial public offering with Indian stock market regulator.

The IPO size is about Rs 25 billion.

Macrotech Developers had appointed ten merchant bankers for the proposed share sale. Kotak Securities, Axis Capital and JP Morgan have been named lead advisors for the issue, said multiple people aware of the matter. Other investment banks appointed by Macrotech Developers include JM Financial, SBI Caps, ICICI Securities, Edelweiss Securities, IIFL Securities, Yes Securities, and Bank of Baroda Capital.

This is the realtor's third attempt at launching a public offering after 2009 and 2018. The group attempted to launch a Rs 28 billion IPO first in 2009, but had to drop its plan due to the uncertain macro-economic environment in the aftermath of the global financial crisis.

It then re-attempted to launch an IPO in 2018, and even got SEBI's nod for the share sale but had to shelve its plans yet again due to the liquidity crisis in the real estate sector.

Lodha Group's proposed IPO size of Rs 25 billion is almost half of Rs 55 billion the group had intended to raise in 2018.

The proceeds from the share sale are expected to be used to pare down debt, which stood at Rs 171.7 billion as of March 2020.

The group reported consolidated revenues of Rs 124.8 billion as of FY 2019-2020 and profits of Rs 7.4 billion.

As of March 2020, Lodha Group had 38 projects spread over 23 million square feet, including marquee projects like the Trump Tower in India and Grosvenor Square in London, UK. It also had 19 projects in the planning stage at the time.

In other news, the Rs 8.2-billion initial public offer (IPO) of RailTel Corporation of India continued to see good subscription for the second day of bidding on February 17.

The issue was subscribed 5.32 times at the time of closing stock market hours yesterday with strong support from retail investors whose reserved portion saw a 9.6 times subscription.

The mini-ratna PSU is one of the largest neutral telecom infrastructure providers in the country owning an optic fiber network on exclusive Right of Way (RoW) along railway track. The company provides broadband telecom and multimedia network across the country.

The company has fixed a price band of Rs 93-94 a share for its initial share-sale.

The IPO is entirely an offer-for-sale (OFS) through which government will offload 87,153,369 equity shares, or 27.16% stake.

Half of the issue is reserved for qualified institutional buyers, 35% for retail investors and 15% for non-institutional bidders.

The last railway IPO that hit the street of IRFC had a weak market debut. But grey market trends suggest investors are betting big on the RailTel IPO.

The premium on the unlisted shares of RailTel had surged to Rs 44-47 in the grey market last week, the unofficial market for trading in unlisted shares. That translated into a 50% bump up on the IPO price of Rs 93-94 per share.

How the 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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