Chemplast Sanmar's IPO, Future Group - Amazon Deal, and Buzzing Stocks Today

Wed, 11 Aug Pre-Open

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Indian share markets ended on a positive note yesterday.

At the closing bell yesterday, the BSE Sensex stood higher by 152 points (up 0.3%).

Meanwhile, the NSE Nifty closed higher by 22 points (up 0.1%).

Bharti Airtel and Tech Mahindra were among the top gainers.

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

The BSE Mid Cap index and the BSE Small Cap index ended down by 0.9% and 2%, respectively.

Sectoral indices ended on a mixed note with stocks in the telecom sector and IT sector witnessing most of the buying interest.

Metal, realty and power stocks, on the other hand, witnessed selling pressure.

Gold prices for the latest contract on MCX were trading on a flat note at Rs 45,920 per 10 grams at the time of closing stock market hours yesterday.

Speaking of the stock markets, India's #1 trader, Vijay Bhambwani explains why the yellow metal has been in a down trend, 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 HDFC Bank.

HDFC Bank has received about Rs 300 bn in prepayments through the June quarter, primarily from companies in the commodities and infrastructure sectors.

This is a clear sign of robust economic recovery and sustained deleveraging by top-rated Indian corporates.

People aware of the matter said that HDFC Bank has not seen such a high level of prepayment in the recent past. Other banks also obtained prepayments, but the scale is not that high because of lower business volumes.

As per sources, in the April-June quarter, AAA or AA-rated companies sought to deleverage as they recorded solid cash balances.

Cash flows were robust at commodity companies because of record iron ore or aluminium prices, boosting net profits.

HDFC Bank is now expecting renewed credit demand from these companies in a quarter or two, with the pace of economic recovery quickening and fueling the need for more funds.

In the recently concluded quarter, HDFC Bank expanded its corporate loans in excess of 10% to about Rs 3.2 tn.

About four years ago, the book size was about Rs 1 tn.

HDFC Bank is increasingly leaning toward companies, with the franchise built around individual consumption pushing credit to deleveraged corporates after Covid-induced job losses and wage cuts raised the risk perception of retail borrowers.

Reliance share price will also be in focus today.

Reliance New Energy Solar (RNESL), a wholly-owned subsidiary of Reliance Industries (RIL), has started off the group's new energy plans with an acquisition.

Along with Paulson & Co. Inc and Bill Gates, and a few other investors, it has announced an investment of US$ 144 m in Ambri Inc, an energy storage company based in Massachusetts, US.

The investment will help the company commercialise and grow its long-duration energy storage systems' business globally, RIL said in a statement.

RNESL will invest US$ 50 m to acquire 42.3 m shares of preferred stock in Ambri.

Based on patented technology and designed to last between 4-24 hours, Ambri's long-duration energy storage systems will break through the cost, longevity and safety barriers associated with lithium-ion batteries used in grid-scale stationary storage applications.

They will enable a crucial energy storage solution capable of supporting the increasing amounts of renewable energy being integrated into electric power grids.

RNESL and Ambri are also in discussions for an exclusive collaboration to set up a large-scale battery manufacturing facility in India, which could add scale and further bring down costs for Reliance's green energy initiative.

Future Retail Rebounds 21% From Day's Low on Amazon Bail-Out Report

Shares of Future Group companies were in focus yesterday as they rallied up to 17% on the BSE in the intra-day trade on report that Amazon has drawn up blueprint to bailout for cash-strapped Future Retail.

Amazon.com Inc. is preparing a bailout plan for cash-strapped Future Retail if the Singapore international arbitration centre (SIAC) rules against a planned takeover of the Indian retail chain by Reliance Industries.

The stock of Future Retail was locked in the 10% upper circuit band at Rs 52 on the BSE. It bounced back 21% from its intra-day low of Rs 43.1.

In the past one week, all Future Group stocks declined between 24% and 26%, after the supreme court last week ruled in favour of Amazon in its tussle with the company.

The apex court allowed the appeal filed by Amazon against a Delhi High Court order staying attachment of properties of Future Group companies and Kishore Biyani in relation to the Rs 247.1 bn Future-Reliance deal. This came as a big boost to Amazon.

Chemplast Sanmar Mobilises Rs 17.3 bn from Anchor Investors Ahead of IPO

Specialty chemicals manufacturer Chemplast Sanmar on 9 August 2021 garnered Rs 17.3 bn from anchor investors ahead of its initial public offering (IPO) opening.

The company in consultation with book running lead managers and shareholders finalised an allocation of 32 m equity shares to anchor investors at Rs 541 per share.

Some of the marquee investors which participated in the anchor book were Abu Dhabi Investment Authority, CLSA, Goldman Sachs, Nomura, and Societe Generale.

Domestic investors including SBI Mutual Fund, Axis Mutual Fund and Edelweiss also invested in the company.

The company's IPO is open for subscription with a price band of Rs 530-541 per equity share. It will close on 12 August 2021.

Chemplast Sanmar aims to raise Rs 38.5 bn through its public offer. The IPO comprises a fresh issue of Rs 13 bn by the company, and an offer for sale of Rs 24.6 bn by promoters, Sanmar Holdings and Sanmar Engineering Services.

The net proceeds from the fresh issue will be utilised for early redemption of non-convertible debentures (Rs 12.4 bn), besides general corporate purposes.

Chemplast is a specialty chemicals manufacturer in India with a focus on specialty paste PVC (polyvinyl chloride) resin and custom manufacturing of starting materials and intermediates for the pharmaceutical, agro-chemical and fine chemicals sector.

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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