The latest on Swiggy's US$1 bn IPO, Indian Oil & Adani Ports' Breakthrough Deal, and Buzzing Stocks Today

Wed, 9 Mar Pre-Open

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Indian share markets ended on a strong note yesterday.

Benchmark indices reversed their trend and ended with gains led by export-oriented sectors like pharma and IT which witnessed buying interest as the rupee fell to record lows.

Favourable exit poll results of state election and low-level buying seen in mid and smallcaps also helped in adding optimism in the domestic market.

At the closing bell yesterday, the BSE Sensex stood higher by 581 points (up 1.1%).

Meanwhile, the NSE Nifty closed higher by 150 points (up 1%).

IOC and Sun Pharma were among the top gainers.

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

The BSE Mid Cap index and the BSE Small Cap index ended up by 1.5% and 1.3%, respectively.

Sectoral indices ended on a positive note with stocks in the realty sector, IT sector and healthcare sector witnessing most of the buying interest.

Metal and oil & gas stocks, on the other hand, witnessed selling pressure.

Shares of Power Grid Corp and GMDC hit their respective 52-week highs.

Gold prices for the latest contract on MCX were trading up by 0.7% at Rs 53,884 per 10 grams at the time of closing stock market hours yesterday.

Speaking of the precious metal, India's #1 trader Vijay Bhambwani explains whether you should worry about Russia selling its gold, in his latest video for Fast Profits Daily.

Can the price of gold crash due to Russian selling pressure? And should you worry about it?

Vijay answers these questions in the below video. Tune in to find out more...

Top Stocks in Focus Today

Among the buzzing stocks today will be Infosys.

Dow Jones and Infosys on Tuesday announced expanded collabortation to develop new human-centered digital experiences.

As part of the program, Infosys will work with Dow Jones to build and deliver an enhanced set of capabilities that will use analytics and machine learning to save decision-makers time and separate the signal from the noise.

'Dow Jones continues to build on our promise to deliver unique, unparalleled journalism, information, data and analysis for our audiences, and this partnership with Infosys will aid in our ongoing digital transformation and provide our customers with exciting new tools and solutions,' said Dow Jones CEO Almar Latour.

'As our world becomes more digital, we have been working with our clients, across industries, to find digital pathways to make more human connections with their customers,' said Salil Parekh, CEO of Infosys.

Building on the strong Dow Jones digital ecosystem, technology platform and data foundation, this collaboration will focus on product enhancements aimed at helping busy professionals best leverage the most important and relevant information to inform daily business decisions, Infosys said in a statement.

Indian Oil and Adani Ports share price will also be in focus today.

Adani Ports and Special Economic Zone (APSEZ) on Tuesday signed an agreement with Indian Oil (IOCL) towards augmentation of IOC's crude oil volumes at Mundra.

Indian Oil will expand its existing crude oil tank farm at APSEZ's Mundra Port, thus enabling it to handle and blend additional 10 mmtpa crude oil at Mundra.

This will support IOCL's expansion of its Panipat Refinery (Haryana). IOCL is raising the capacity at its Panipat Refinery by 66% to 25 MMPTA to meet India's rapidly growing energy requirements, Adani Ports said in a statement.

'Mundra Port is a major economic gateway that serves the northern hinterland of India by providing multimodal connectivity. It gives us immense pride to strengthen our partnership further and support IOCL, which plays a vital role in ensuring the energy security of the nation. As IOCL's trusted long-term partner, APSEZ is well equipped to handle the additional 10 MMTPA crude oil at our existing single buoy mooring (SBM) at Mundra.' said Karan Adani, CEO and Whole Time Director of APSEZ.

Indian Oil, which accounts for nearly half of India's petroleum products' market share, has a refining capacity of 80.6 MMTPA and over 15,000 KM of pipeline network. Part of IOCL's current crude oil requirement of 15 MMTPA for its Panipat Refinery is handled at the SBM at Mundra Port.

Swiggy Hires JP Morgan, I-Sec for US$1 bn IPO

Indian food delivery company Swiggy has hired two investment banks JP Morgan and ICICI Securities for the launch of its US$800 million-US$1 bn IPO.

A couple of merchant banks will be hired later to run the process. Swiggy plans to offer about 10% stake in the initial public offering (IPO), which may be a mix of primary and secondary offering, said one of the persons cited above.

Swiggy, backed by SoftBank Group, had doubled its valuation to US$10.7 bn in the latest funding round in January.

Swiggy had closed a US$700 m funding round led by asset manager Invesco, and a host of new investors such as Baron Capital Group, Sumeru Ventures, IIFL AMC Late Stage Tech Fund, Kotak, also participated in the latest round.

Swiggy had raised US$1.3 bn from Japan's SoftBank, Accel and existing investor Prosus, among others, in fundraising between April - July 2021. Swiggy's existing investors include Alpha Wave Global (formerly Falcon Edge Capital), Qatar Investment Authority, ARK Impact and Prosus.

Rival Zomato saw a stellar market debut in July last year wherein its shares jumped nearly 53% against its issue price of Rs 76. Zomato's market capitalisation had crossed the Rs 1 tn mark on BSE. At present, Zomato has a market cap of Rs 616.4 bn on BSE.

In the recent past, Swiggy has expanded the business into new areas like instant grocery delivery space through Instamart, which aims to deliver groceries in 15-30 minutes through a network of seller-owned warehouses. Swiggy claimed that Instamart delivers more than a million orders per week across 18 cities.

Swiggy Genie, Swiggy's pick up and drop service is currently present in 68 cities, while its meat delivery service, and daily grocery service, Supr Daily are present across all major Indian cities. It also launched Swiggy One, India's first comprehensive membership program with benefits across food, groceries, and other on-demand services by Swiggy, according to a statement.

Shipping Corp Says War in Ukraine Needs to Abate for Stake Sale

Shipping Corporation of India's proposed privatisation may need to wait until the market turbulence triggered by Russia's invasion of Ukraine blows over and investors regain confidence.

'Globally markets are facing impact of the crisis, I don't think this is the right opportune moment,' said Shipping Corp. Chairperson and Managing Director Harjeet Kaur Joshi.

The performance of the market will 'majorly' drive the timing for the divestment, she said, adding that is not the government's view.

The war in Ukraine is sparking supply crunch concerns as Russia is a key supplier of energy, metals and crops.

Moves to isolate Moscow has led to a surge in commodities prices from crude, nickel to aluminum and wheat. Oil freight transportation costs from Russian ports are surging as shipowners avoid business with the nation.

Over a thousand seafarers and about hundred ships are stranded near Ukraine as the war shut ports.

The war hasn't affected Shipping Corp.'s operations as Indian refiners buy very little crude from Russia, Joshi said.

The deadline for financial bids for privatising Shipping Corp. was extended from 18 January as bidders sought a more detailed due diligence given the mammoth size of the firm, she said, adding the company is in the process of providing data.

Shipping Corporation is simultaneously demerging its non-core assets as part of the divestment transaction.

How this pans out remains to be seen. Meanwhile, stay tuned for more updates 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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