Watchdog's Proposal for Debt Mutual Funds, Glenmark Life Sciences IPO, and Buzzing Stocks Today

Thu, 22 Jul Pre-Open

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Indian share markets ended on a negative note on Tuesday.

Continued selling in global markets pushed benchmark indices lower on Tuesday.

The rising Covid cases in the US and UK due to the Delta variant, inflation concerns, and concerns about growth coming below consensus expectations are the few reason for the fall in markets.

At the closing bell on Tuesday, the BSE Sensex stood lower by 355 points (down 0.7%).

Meanwhile, the NSE Nifty closed lower by 120 points (down 0.8%).

Asian Paints and UltraTech Cement were among the top gainers.

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

The BSE Mid Cap index and the BSE Small Cap index ended down by 1.3% and 1.4%, respectively.

All sectors ended the day on a negative note. Banks, metals, realty, telecom and power stocks were among the biggest drags.

Gold prices for the latest contract on MCX were trading on a flat note today at Rs 48,079 per 10 grams at the time of closing stock market hours on Tuesday.

Speaking of the stock markets, India's #1 trader, Vijay Bhambwani talks about OPEC and his next crude oil trade, in his latest video for Fast Profits Daily.

Tune in here to find out more:

Top Stocks in Focus Today

Among the buzzing stocks today will be Tata Steel.

Tata Steel's mining company, Tata Steel Mining (TSML) and Jindal Stainless (JSL) signed a memorandum of understanding (MoU) to jointly utilise chrome ore locked up in the boundary between their mines located in Sukinda of Jajpur district, Odisha.

Abhyuday Jindal, Managing Director, Jindal Stainless said,

• This is a very unique collaboration where JSL & TSML will derive maximum value from a joint mining effort. This effort will enhance the availability of ore in the region without any adverse environmental impact, as it's an already explored area.

Both the companies would now initiate steps to get necessary statutory approvals from concerned authorities before jointly starting mining operations.

In other news, Tata Steel has been awarded with Dun & Bradstreet corporate award 2021 for best sectoral performance in iron & steel category.

In a virtual event, Dun & Bradstreet announced the 2021 edition of India's top 500 companies.

The theme for this year's awards was 'Laying the Foundations for an ESG-Ready Corporate India' which formed the basis of evaluation for this edition.

For more than two decades, Dun & Bradstreet has been compiling an annual list of India's top companies. These companies have grown faster than the Indian economy over the past 20 years, and contribute to nearly 20% of India's GDP, 30% of India's exports and almost 33% of India's tax revenues.

Glenmark Pharma share price will also be in focus today.

The Rs 16 bn initial public offering of Glenmark Life Sciences (GLS), a unit of Glenmark Pharmaceuticals, is likely to be launched later this month.

The company filed an updated draft red herring prospectus (DRHP) last week. The initial public offering (IPO) comprises a fresh issue of Rs 11.6 bn and sale of 7.3 m shares by listed promoter Glenmark Pharmaceuticals.

Glenmark Life would be the fifth IPO to be launched in July after G R Infraprojects, Clean Science and Technology, Zomato and Tatva Chintan Pharma.

The last IPO from the pharmaceutical sector was from Gland Pharma, which raised Rs 64.8 bn in November 2020. Since its listing, Gland Pharma shares have returned 164%.

Glenmark Life Sciences is a developer and manufacturer of high value, non-commoditised APIs (active pharmaceutical ingredients).

Its products are used to treat illnesses linked to cardiovascular, central nervous system therapy, diabetes and anti-infectives.

Market Regulator Proposes Swing Pricing Mechanism for Debt Mutual Funds

The market regulator on Monday proposed introducing swing pricing mechanism for open ended mutual fund debt schemes as part of efforts to ensure fairness in treatment of investors, especially during times of market dislocation.

The regulator has suggested partial swing during normal times and a mandatory full swing during times of market dislocation.

The suggestion is aimed at ensuring fairness in treatment of entering and exiting in mutual fund schemes, particularly during market dislocation.

Generally, swing pricing refers to a process for adjusting a fund's net asset value (NAV) to effectively pass on transaction costs stemming from net capital activity to the investors concerned.

The regulator will examine the applicability of swing pricing mechanism to equity schemes, hybrid schemes, solution oriented schemes and other schemes, in phases.

Swing pricing should be made applicable to all unitholders with an exemption for redemptions up to Rs 2 lakh for all unitholders and up to Rs 5 lakh for senior citizens at a mutual fund level.

During market dislocation, applicability of minimum swing factor will be as stipulated by the watchdog, which will be risk-based.

Beyond this, the asset management company (AMC) can choose to levy higher swing factor if it considers such a factor to be in the best and equitable interest of its unitholders based on pre-defined parameters.

Tatva Chintan IPO Subscribed 180.19 Times on Final Day

The Rs 5 bn IPO of Tatva Chintan Pharma Chem witnessed an overwhelming response from investors as it got oversubscribed by 180.19 times on 20 July, the final day of bidding.

Investors have put in bids for 587.7 m equity shares against offer size of 3.3 m equity shares, the subscription data available on the exchanges showed.

The offer size mentioned above was reduced as the company raised Rs 1.5 bn from anchor investors on July 15.

Retail investors seem to be strongly backing the issue as their reserved portion was subscribed 35.01 times and that of non-institutional investors 512.22 times.

Qualified institutional buyers have put in bids 185.23 times their reserved portion.

The specialty chemicals company is planning to raise Rs 5 bn through its public issue which comprises a fresh issue of Rs 2.3 bn and an offer for sale of Rs 2.8 bn by existing selling shareholders.

The price band for the offer has been fixed at Rs 1,073-1,083 per equity share.

How the IPO sails through 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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