Paytm to Seek SFB Licence, HUL Rejigs Top Management, and Buzzing Stocks Today

Thu, 10 Mar Pre-Open

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Indian share markets ended on a strong note yesterday.

Benchmark indices added to Tuesday's gains following a clawback in European markets and US futures as smart investors saw value in the current market valuations.

The sharp rally comes on hopes of de-escalation of the Russia-Ukraine conflict after the Ukrainian President Zelenskyy indicated that the country was no longer interest in NATO membership, the main reason behind the war.

At the closing bell yesterday, the BSE Sensex stood higher by 1,223 points (up 2.3%).

Meanwhile, the NSE Nifty closed higher by 332 points (up 2.1%).

Asian Paints and Reliance Industries were among the top gainers.

Shree Cement 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 2.4% and 2.2%, respectively.

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

Metal stocks, on the other hand, witnessed selling pressure.

Shares of Gujarat Narmada and Lemon Tree Hotels hit their respective 52-week highs.

Gold prices for the latest contract on MCX were trading down by 1.1% at Rs 53,606 per 10 grams at the time of closing stock market hours yesterday.

Speaking of stock markets, Brijesh Bhatia explains why IT stocks are rallying even in this volatile market, in his latest video for Fast Profits Daily.

As per Brijesh, IT stocks have the potential to take the Nifty higher.

Tune in to find out more:

Top Stocks in Focus Today

Among the buzzing stocks today will be Sun Pharma.

Sun Pharma share price jumped over 3% yesterday after the firm said a step-down US subsidiary has acquired companies of Galderma in the US, Japan and Canada.

Taro Pharmaceuticals USA, one of the wholly owned subsidiaries of our Taro Pharmaceutical Industries, has agreed to acquire all of the outstanding capital stock of Galderma Holdings Inc (incorporated in Delaware), Proactiv YK (incorporated in Japan), The Proactiv Company Corporation (incorporated in Canada), and other assets of The Proactiv Company Sari.

This stock is used in the business of developing, manufacturing, marketing, selling and distributing products sold under the Proactiv, Restorative Elements and in Defense of Skin brands (the Alchemee Business).

The subsidiary has completed the acquisition by making a payment of US$99.3 m after taking into account working capital adjustments.

Sun Pharma has acquired an anti-acne brand that at one time had a billion dollars in sales in the US and was endorsed by celebrities such as Justin Bieber and Katy Perry.

Sun Pharma's US arm Taro has acquired a skin care company Alchemee for US$ 90 m from derma focused pharma company Galderma. Alchemee which was till last year known as 'The Proactiv Company' has the Proactiv line of products used to treat acne.

Paytm share price will also be in focus today.

Vijay Shekhar Sharma-promoted Paytm Payments Bank is likely to apply to the Reserve Bank of India (RBI) for a small finance bank (SFB) licence by June.

The move to obtain the SFB licence will be coinciding with the payments bank completing five years of existence.

The company has charted out an ambitious plan to enter the lending business with business partners.

'As and when that application is processed and we were to be given a licence we will obviously look at what we can do in building a loan business with our partners,' according to a source.

Paytm Payments Bank's conversion into a small finance bank will enable the company to build a sustainable business model.

Current norms permit payments banks to only accept deposits of up to Rs 2 lakh per person. Also, such entities are not allowed to lend and thus have to form partnerships with non-bank lenders and others to originate and source loans.

Presently, Paytm Payments Bank's partners include HDFC, Aditya Birla Capital, Hero Fincorp and Fullerton.

As per Paytm's earnings presentation, loans amounting to Rs 21.8 bn were disbursed through Paytm during the December 2022 quarter. In terms of volumes, over 4.4 million loans were disbursed through the platform in October-December.

Hindustan Unilever Announces Key Changes to Management Committee

FMCG major Hindustan Unilever (HUL) on Wednesday said it has appointed Madhusudhan Rao and Deepak Subramanian to its management committee.

Rao has been appointed as executive director, beauty & wellbeing and personal care, while Subramanian has been named as executive director, home care.

Rao takes over from Priya Nair, who will move into her new global role as chief marketing officer for Beauty & Wellbeing. Similarly, Subramanian takes over from Prabha Narasimhan, who has decided to leave the company to pursue an external opportunity.

'I am delighted to welcome Madhusudhan and Deepak to the HUL Management Committee. Madhusudhan has a successful track record in a variety of operational and strategic roles. He has brought in a strong performance edge in his teams and has pioneered several innovations that uphold Unilever's high science and technology credentials,' Hindustan Unilever (HUL) chairman and managing director Sanjiv Mehta said in a statement.

LIC's Mega IPO Gets Market Regulator's Nod

The market regulator has approved the much-awaited Life Insurance Corporation (LIC) IPO. The approval has come within 22 days of filing.

LIC had in February filed its draft papers with the market regulator. The issue would be an offer for sale of 31,62,49,885 equity shares by the government, which holds 100% stake in the insurance behemoth.

A total of 50% of the net issue would be reserved for qualified institutional buyers (QIBs), whereas non-institutional buyers will have 15% of shares allocated for them. The retail portion has been fixed at 35% of the offer.

Note that there have been reports that the government may defer the mega LIC IPO to the next financial year, starting 1 April due to higher volatility on account of the ongoing Russia-Ukraine war.

The government was expected to sell 5% stake in LIC this month, which could fetch over Rs 600 bn to the exchequer.

IPO approvals are valid for a period of 12 months from the date of regulator's final observation.

The LIC public issue would be the biggest IPO in the history of the Indian stock market. Once listed, LIC's market valuation would be comparable to top companies like Reliance Industries and TCS.

So far, the amount mobilised from the IPO of Paytm in 2021 was the largest ever at Rs 183 bn, followed by Coal India in 2010 at nearly Rs 155 bn and Reliance Power in 2008 at Rs 117 bn.

It remains to be seen whether or not the government moves ahead with its scheduled March 2022 launch.

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

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