Upcoming IPOs, Jet Airways' Woes, and Top Stocks in Action Today

Thu, 11 Apr Pre-Open

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On Wednesday, Indian share markets witnessed maximum selling pressure during closing hours and ended the day deep in red.

The BSE Sensex closed lower by 354 points to end the day at 38,585. Bharti Airtel and Asian Paints were among the top losers.

While the broader NSE Nifty ended down by 88 points to end at 11,584.

Among BSE sectoral indices, telecom stocks fell the most by 2.1%, followed by finance stocks.

Top Stocks in Focus Today

In the news from the IT sector, Tata Consultancy Services (TCS) share price will be in focus today as the company yesterday announced it is in advanced talks to settle discrimination suits filed by some former employees in the US.

As per a leading financial daily, lawyers representing TCS, as well as those filing the suit, have made a joint filing with the US District Court, Northern District of California, stating that they are in talks for a settlement.

Wipro share price will also be in focus today as the company is set to announce its largest share buyback ever. The company has received approval from the markets regulator to buy back shares worth US$ 1.7 billion.

This would be Wipro's third buyback. The company had bought back Rs 25 billion worth of shares in 2016 and Rs 110 billion worth in December 2017.

From the automobile sector, market participants will be tracking Tata Motors share price on expectations of margin expansion due to an improvement in Jaguar Land Rover (JLR) businesses.

Last month, the company's wholly owned subsidiary JLR said it expects improved financial results for the quarter ended March 2019 (Q4FY19). JLR is also planning to launch its electrified products in India.

Market participants will also track NTPC share price.

Reportedly, NTPC has awarded order worth Rs 1.4 billion to GE Power India for supply and installation of emission control equipments. This is the first project awarded on such a large scale by NTPC to install low NOx (nitrogen oxides) combustion technology at its thermal power plant fleet.

From the Aviation Space...

Jet Airways founder Naresh Goyal yesterday told lenders seeking to rescue the carrier that he will pledge the rest of his shares to them on condition they release the promised interim loan funding of Rs 15 billion without delay.

Goyal owns 51% in the airline but has pledged 31.2% with lenders.

The pledging of Goyal's remaining shares is critical to the plan by the banks to sell a controlling stake in the airline to a new investor.

Meanwhile, Etihad Airways which is Jet's second largest shareholder, is planning a board meeting to discuss the revival plan proposed by the lenders led by State Bank of India (SBI).

Reportedly, Etihad has stuck to the demand that it should be exempted from the takeover norm that requires investors to make an open offer for a further 20% stake if they exceed a 25% threshold.

Jet's lenders have been holding talks with Etihad and reached out to private equity investor TPG and government-backed National Investment and Infrastructure Fund (NIIF).

The debt laden airline's CEO told employees that the airline is working to secure interim funding to get more planes flying.

A lawyer representing the airline's pilots wrote to the CEO, saying they would be forced to "resort to all constitutional and legal methods" if the outstanding salaries weren't cleared by April 14 and future salaries by the 1st of each month.

From the IPO Space...

In the latest developments from the IPO space, Bajaj Energy has filed for an initial public offering (IPO) with the market regulator. The company is planning to raise Rs 54.5 billion through offer.

The offer comprises fresh issue of share up to Rs 51.5 billion by the company and an offer-for-sale (OFS) of equity shares by Bajaj Power Ventures aggregating up to Rs 3 billion.

The company plans to utilise the proceeds from the IPO to purchase 6.99 million equity shares of Lalitpur Power from Bajaj Power Ventures and Bajaj Hindustan Sugar for Rs 49.7 billion. The remaining amount will be utilised for general expenses.

Meanwhile, Polycab India's Rs 13.5 billion initial public offering (IPO) on Tuesday received bids for 52 times on day 3 of the bidding process.

The issue received bids for 91,63,83,591 units against the total size of 1,76,37,777 units. This has made it the first issue of 2019 to see subscription of 10 times or more.

The IPO is the biggest hit since HDFC AMC IPO which received a staggering 83 times bids in July last year.

Polycab India is engaged in the business of manufacturing and selling wires and cables and fast-moving electrical goods (FMEG) under the "POLYCAB" brand.

According to CRISIL Research, Polycab India is the largest manufacturer in the wires and cables industry in India, in terms of revenue from the wires and cables segment and provides one of the most extensive range of wires and cables in India.

To get a detailed view of the IPO, you can read Ankit Shah's latest note in the Equitymaster Insider: Polycab India IPO: All You Need to Know.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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