Of June Quarter Results, Upcoming IPOs, and Top Cues in Focus Today

Wed, 7 Aug Pre-Open

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On Tuesday, share markets in India traded on a positive note throughout the day and ended higher.

The BSE Sensex closed higher by 277 points to end the day at 36,977. Yes Bank and Tech Mahindra were among the top gainers.

While the broader NSE Nifty ended up by 86 points to end at 10,948.

Among BSE sectoral indices, capital goods stocks gained the most by 1.5%, followed by telecom stocks and realty stocks.

Top Stocks in Focus Today

Titan share price will be in focus today as the company reported a 10.9% rise in its net profit at Rs 3,637.4 million for the June quarter as compared to Rs 3,281.5 million for the same quarter in the previous year.

The Tata Group firm reported a double-digit jewellery volume growth in the past three quarters. But in June quarter demand got impacted due to higher gold prices resulting in a miss on the internal estimates despite sustained market share gains.

Bharat Dynamics share price will also be in focus today as the company has inaugurated a 5 MW Solar Power Project. The project has 20,928 number of 265 wp and 270 wp modules powering the whole unit.

Market participants will also track Nilkamal share price, Indiabulls Housing Finance share price, and Pidilite Industries share price as these companies announced their June quarter (Q1FY20) results yesterday.

You can read our recently released Q1FY20 results of some other companies here: Ceat, Apollo Tyres, ITC, Nestle, Bata India.

June Quarter Results...

Berger Paints share price posted a 31.7% year-on-year (YoY) increase in consolidated net profit to Rs 1.8 billion for the first quarter ended June 2019.

The company's revenue from operations during the quarter rose 15.9% to Rs 17.3 billion from Rs 14.9 billion in the corresponding quarter of the previous fiscal.

Berger Paints' total expenses rose 13.2% to Rs 14.6 billion from Rs 12.9 billion in the year-ago period.

Meanwhile, in a separate filing, the company informed that it is considering investment opportunities in Russia to complement its existing operations. However, the company said, no decision has been taken in this regard.

Dilip Buildcon share price reported a 54.9% YoY fall in its consolidated net profit in Q1 June 2019.

The company's net sales were down 3.4% YoY and stood at Rs 24.3 billion.

On standalone basis, the company's net profit fell 50.9% YoY to Rs 1.2 billion on 6.1% YoY fall in net sales to Rs 22.8 billion.

The company's net order book as on 30 June 2019 stood at Rs 190.2 billion.

The company's 74.3% of the order book is constituted by roads and highways project, special bridge projects contribute 3.81%, mining contributes 14.37%, irrigation projects contribute 2.82%, metro projects contribute 2.22%, tunnel projects contribute 2.26% and urban development projects contribute 0.17%.

From the textiles sector, SRF share price will be in focus today as the company posted strong numbers for the quarter ended June 2019.

The company registered 42% jump in its Q1 profit to Rs 1,892 million against Rs 1,338 million in the same quarter last year. Revenue rose by 9% at Rs 18,284 million versus Rs 16,762 million.

The company's net sales witnessed 5.4% growth at Rs 15,240.4 million in June 2019 from Rs 14,458.8 million in June 2018. EBITDA stood at Rs 3,224.2 million in Q1FY20, up 18.6% from Rs 2,717.6 million in Q1FY19.

The board of directors of the company declared interim dividend at 70% i.e. Rs 7 per equity share on the paid-up share capital of the company.

From the IPO Space...

From the IPO space, the initial public offering (IPO) of microfinance lender Spandana Sphoorty Financial opened for subscription on Monday and was subscribed 6% on the first day of bidding. The portion reserved for qualified institutional buyers was subscribed 19%.

The company plans to raise around Rs 12 billion through the public issue, which consists of a fresh issue of Rs 4 billion and offer for sale of Rs 8 billion by promoters and investors.

The net proceeds from the fresh issue are proposed to be utilised towards augmenting its capital base to meet future capital requirements and general corporate purposes.

Ankit Shah, in his premium newsletter Insider, has shared the detailed note of the IPO. You can read it here.

Meanwhile, Shapoorji Pallonji-led Sterling and Wilson Solar's (SWSL) Rs 31.3 billion IPO will hit the markets yesterday. The IPO comprises entirely of an offer for sale of 40.3 million shares. The issue is priced at Rs 775-780 per share.

SWSL is an end-to-end solar EPC solutions provider and was the world's largest solar EPC solutions provider in 2018 based on annual installations of utility-scale Photo-voltaic (PV) systems of more than 5 megawatt (MW).

The company provides EPC services primarily for utility-scale solar power projects with a focus on project design and engineering. It also provides operations and maintenance (O&M) services.

The company operates in around 26 countries and is the largest solar EPC solutions provider in each of India, Africa and the Middle East.

As of March 31, the company's order book stood at Rs 77.4 billion, which includes letters of intent worth Rs. 39.1 billion for solar power projects for which it has won the bid but has not yet executed definitive.

Speaking of IPOs, the first half of 2019 hasn't seen a lot of activity in the IPO market.

There have been just 8 IPO on the main board, raising as much as Rs 55.1 billion, compared with 24 that raised Rs 309.6 billion in the year earlier period.

Despite lackluster activity in India's primary markets, there have been attractive money-making opportunities for attentive investors.

Ankit Shah recommended applying to the IPO of Polycab India and the more recent IPO of IndiaMART InterMESH.

Both IPOs were subscribed many times over. And both gave handsome double-digit returns on the listing date.

At Equitymaster, we believe a merit-based selection, primarily including valuation, business, and management quality, is the logical way to go about investing in IPOs.

If it means going against the herd, so be it. And going by recent past, this strategy has been proven to be successful more often.

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

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

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