Kotak Mahindra's June Quarter Performance, Rolex Rings' IPO, and Buzzing Stocks Today

Tue, 27 Jul Pre-Open

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Indian share markets ended on a negative note yesterday.

At the closing bell yesterday, the BSE Sensex stood lower by 124 points (down 0.2%).

Meanwhile, the NSE Nifty closed lower by 32 points (down 0.2%).

SBI Life Insurance and Bajaj Finserv were among the top gainers.

JSW Steel and Wipro, on the other hand, were among the top losers.

The BSE Mid Cap index and the BSE Small Cap index ended up by 0.1% and 0.3%, respectively.

Sectoral indices ended on a mixed note with stocks in the energy sector, power sector and realty sector witnessing most of the selling pressure.

Consumer durables and metal stocks, on the other hand, witnessed buying interest.

Gold prices for the latest contract on MCX were trading up by 0.3% at Rs 47,695 per 10 grams at the time of closing stock market hours yesterday.

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Top Stocks in Focus Today

Among the buzzing stocks today will be insurance stocks.

The government is ready with a proposal to amend insurance laws to privatise one of the three unlisted general insurance companies.

The draft bill, which has been sent for approval by the Union Cabinet before introducing it in Parliament, seeks to remove the 51% floor on government holding.

Foreign investors will be able to hold up to 74% in the divested general insurance firm subject to Indian management and control, as per government sources.

The article also stated that the centre has ruled out plan to sell New India Assurance (NIACL) or GIC.

While NITI Aayog has suggested the name of at least one general insurer to be privatised, a decision on which one of the three - United India, National or Oriental Insurance will be privatised is yet to be taken.

The name has been shared with the department of investment and public asset management (DIPAM) and will be recommended by a panel of secretaries with ministerial panel taking a call on it before it is endorsed by the Union Cabinet.

In the budget, finance minister Nirmala Sitharaman had announced the privatisation of one general insurance company and two public sector banks (PSBs), for which the process is yet to commence.

Reportedly, NITI Aayog has identified Central Bank of India and Bank of Maharashtra for privatisation.

The process for listing of Life Insurance Corporation (LIC) has already begun, which will happen later in this financial year.

Yes Bank share price will also be in focus today.

Yes Bank reported a four-fold jump in its net profit to Rs 2.1 bn for the quarter ended June 2021.

This is the highest quarterly profit since December 2018.

The net profit was aided by a 41% year-on-year (YoY) fall in provisions during the reported quarter.

Yes Bank's net interest income (NII) in the quarter slumped 26.5% YoY to Rs 14 bn.

The bank's gross non-performing loans ratio rose to 15.6% in the June quarter from 15.4% in the previous quarter.

However, net NPA ratio declined sequentially to 5.78%.

While the overall advances fell 1% in the June quarter, the lender reported 23% growth in its retail and small businesses loan book.

The current account-savings account (CASA) ratio improved to 27.4% and remained on-track to meet the lender's guidance of more than 30% in fiscal 2022.

Kotak Mahindra Bank June Quarter Net Profit Rises 32%

Kotak Mahindra Bank's standalone net profit for the first quarter of the current fiscal rose 32% to Rs 16.4 bn compared to Rs 12.4 bn in the same quarter of the previous fiscal.

The net interest income (NII), which is the difference between the interest earned and interest expended, grew 5.8% to Rs 39.4 bn against Rs 37.2 bn year on year (YoY). The private lender's net interest margin (NIM) for first quarter was at 4.6%.

Asset quality weakened during the quarter as the gross non-performing asset (NPA) stood at 3.6% against 3.3% on sequential basis whereas the net NPA came at 1.3% from 1.2% quarter on quarter (QoQ).

Provisions and contingencies fell to Rs 9.3 bn from Rs 11.8 bn QoQ and Rs 9.6 bn in the year-ago quarter.

Current account saving account (CASA) ratio as at 30 June 2021 stood at 60.2% compared to 56.7 % as at 30 June 2020.

Average current account deposits grew by 28% to Rs 463.4 bn for the first quarter of 2022 compared to Rs 360.7 YoY.

Average savings deposits grew by 10% to Rs 1162.2 bn for the June quarter compared to Rs 1056.7 bn for the same period last year.

Kotak Mahindra Bank said that Covid related provisions as at 30 June 2021 were maintained at Rs 12.8 bn.

In accordance with the resolution framework for Covid-19 and micro, small and medium enterprise (MSME) announced by RBI, the bank has implemented total restructuring of Rs 5.5 bn as at 30 June 2021

Rolex Rings Fixes IPO Price Band at Rs 880-900 Per Share

Rolex Rings has fixed its initial public offering (IPO) price at Rs 880-900 a share. Earlier, the firm said its issue will open on 28 July and close on 30 July.

The IPO comprises a fresh issue of Rs 0.6 bn and an offer for sale of Rs 6.7 bn that is up to 7.5 m equity shares by Rivendell PE LLC.

Rivendell PE (formerly known as New Silk Route-PE Mauritius) currently holds a 41.01% stake in the company.

Equirus Capital, IDBI Capital, and JM Financial are the book lead managers on the issue.

Based in Rajkot, Gujarat, Rolex Rings is among the leading manufacturers of forged and machined components in the country.

The company will utilize the net proceeds from the fresh issue for funding long-term working capital requirements, and general corporate purposes.

As of March 2021, the company has posted a profit of Rs 869.6 m compared to Rs 529.4 m a year ago.

Its revenue from operations stood at Rs 6.2 bn versus Rs 6.8 bn last year.

How the IPO sails through remains to be seen. Meanwhile, stay tuned for more updates from this space.

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