Weak Debut by Aptus Value, Bajaj Twins at Record High, and Buzzing Stocks Today

Wed, 25 Aug Pre-Open

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Indian share markets ended on a strong note yesterday.

Benchmark indices rallied for the second consecutive day as reopening hopes post a full USFDA approval of Pfizer-BioNTech's Covid-19 vaccine boosted global markets.

At the closing bell yesterday, the BSE Sensex stood higher by 403 points (up 0.7%).

Meanwhile, the NSE Nifty closed higher by 128 points (up 0.8%).

Bajaj Finserv and Hindalco were among the top gainers.

Nestle India and Britannia Industries, on the other hand, were among the top losers.

The BSE Mid Cap index and the BSE Small Cap index ended up by 1.5% and 1.7%, respectively.

Sectoral indices ended on a positive note with stocks in the metal sector, oil & gas sector and realty sector witnessing most of the buying interest.

FMCG stocks, on the other hand, witnessed selling pressure.

Shares of Bajaj Finserv and AU Small Finance Bank hit their respective 52-week highs.

Gold prices for the latest contract on MCX were trading on a flat note at Rs 47,576 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 Eicher Motors.

The board of Eicher Motors has decided to reappoint Siddhartha Lal as Managing Director, with effect from 1 May 2021.

The board will now go back to shareholders for approval through postal ballot.

In an exchange filing, Eicher Motors said,

• Given the background of actual remuneration paid to the MD in preceding years, the board has now approved a revised remuneration structure for the post, with a maximum cap of 1.5% of profits as per Section 198 of the Companies Act.

Last week on 17 August, the shareholders at the company's 39th Annual General Meeting (AGM) had rejected the proposal for re-appointment of Siddhartha Lal as MD.

His reappointment as MD was voted down by the shareholders over a 10% hike in his salary proposed amid pandemic when the revenues and profits have been slow.

Speaking about the outcome of the AGM and specifically on the remuneration issue, S Sandilya, Chairman of Eicher said, the primary concern with investors was not Siddhartha's re-appointment as MD or the proposed compensation.

Shareholder's main concern was the lack of clarity regarding the enabling provision that potentially allowed payment of remuneration up to 3% of profits.

Bajaj Finserv share price will also be in focus today.

Shares of Bajaj Finserv rose over 8% yesterday after the company said that it has received an approval from the market regulator to set up a mutual fund in the country.

In an exchange filing, Bajaj Finserv said,

• Accordingly, the company would be setting up an asset management company (AMC) and a trustee company, directly or indirectly i.e., itself or through its subsidiary in accordance with applicable regulations and other applicable laws.

Last month, the board of the company had approved an investment of Rs 3.4 bn in its wholly-owned subsidiary Bajaj Finserv Direct to create a digital marketplace for loans, insurance, mutual funds, payments and e-commerce.

Bajaj Finserv holds stakes in Bajaj Allianz Life (sixth-largest private insurer), Bajaj Allianz General Insurance (BAGIC) (second-largest general insurer), Bajaj Finance (BFL) and Bajaj Financial Solutions.

In the past three months, the stock has outperformed the market by surging 42% compared to a 10% gain in the Sensex. A sharp run-up in the stock price has propelled its market capitalisation beyond Rs 2.5 tn mark.

Kabra Extrusiontechnik Rallies 16% as Battrixx Gets Single Largest Order

Shares of Kabra Extrusiontechnik (KET) soared 16% yesterday on the BSE to hit a record high of Rs 248.6 after Battrixx, the company's battery division, announced its association with WardWizard Innovations and Mobility.

The stock surpassed its previous high of Rs 244.4, touched on 18 August 2021.

Battrixx said it has received its single largest order to supply 8000 battery packs for Joy E-Bike (electric two-wheelers) produced by WardWizard.

WardWizard Innovations & Mobility is one of the leading auto manufacturing companies in the electric vehicle (EV) segment under the brand name Joy e-bike, providing a greener alternative to traditional fuel-driven bikes.

Battrixx is positioned to provide a wide range of advanced lithium-ion battery packs with a smart Battery Management System (BMS) to power the growth of India's transition to green energy storage and electric transportation.

Battrixx offers light weight, high efficiency, maintenance free, smaller carbon footprint batteries.

KET has been the country's largest manufacturer of plastic extrusion machinery for more than 4 decades and has recently ventured into manufacturing of lithium-ion battery packs.

Aptus Value Housing Makes Weak Stock Market Listing

Aptus Value Housing Finance shares made a muted listing on the stock exchanges, continuing the recent trend of discounted listing on the street.

Shares of Aptus Value opened for trade at Rs 330 per share down 6.5% or Rs 23 apiece from the upper end of the initial public offering (IPO) price band of Rs 353 per share.

The retail-focused housing finance company had entered primary markets to raise Rs 27.8 bn through the IPO earlier this month.

Of the total issue size, Rs 5 bn was a fresh issue of equity shares while the remaining was an offer for sale (OFS) by existing investors.

The IPO of Aptus Value Housing Finance was oversubscribed by all pockets of investors.

Half of the entire IPO was reserved for qualified Institutional Buyers (QIB) who subscribed their portion 32.41 times.

Retail investors had 35% of the IPO reserved for themselves and subscribed to the issue 1.35 times.

Non-Institutional Investors (NII) bid for the IPO 33.91 times the portion reserved for them.

Aptus Value Housing serves low and middle income self-employed rural and semi-urban customers. The company had a market capitalization of Rs 163.5 bn on listing.

How the stock performs in the long term 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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