PharmEasy's IPO Plans, Global Oil Majors Eye BPCL Stake, and Buzzing Stocks Today

Mon, 30 Aug Pre-Open

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Indian share markets ended on a positive note on Friday.

At the closing bell on Friday, the BSE Sensex stood higher by 176 points (up 0.3%).

Meanwhile, the NSE Nifty closed higher by 68 points (up 0.4%).

The Sensex ended above the 56,000 level for the very first time.

UltraTech Cement and Hindalco were among the top gainers.

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

Both, the BSE Mid Cap index and the BSE Small Cap index ended up by 0.9%.

Sectoral indices ended on a positive note with stocks in the engineering sector, power sector and metal sector witnessing most of the buying interest.

Shares of Info Edge and Hindustan aeronautics hit their respective 52-week highs.

Gold prices for the latest contract on MCX were trading down by 0.3% at Rs 47,077 per 10 grams at the time of closing stock market hours on Friday.

Speaking of the stock market, India's #1 trader, Vijay Bhambwani, talks about how you should trade in the month of September, in his latest video for Fast Profits Daily.

Tune in to the video below to find out more:

Top Stocks in Focus Today

Among the buzzing stocks today will be CAMS.

Computer Age Management Services (CAMS) has announced its plans to set up an office at GIFT city (Gujarat) to provide asset management support services for financial institutions which have set up or plan to set up operations in GIFT City.

The company on Wednesday, 25 August 2021, said it was authorised by the International Financial Services Centres Authority (IFSCA) to undertake "administration, asset management support services and trusteeship services."

It had earlier received a letter of approval from the GIFT City Multi Services-SEZ which extended the facilities and entitlements admissible to units in GIFT City.

CAMS has been serving the AIF (alternative investment funds) segment for over twelve years and has deep domain experience in this arena serving several marquee funds.

The company's operations in GIFT city will enable it to readily offer this canvas of services to AIFs based out of GIFT city.

InterGlobe Aviation share price will also be in focus today.

Low-cost carrier IndiGo has launched eight new daily direct flights to enhance domestic connectivity, the company said in a statement on Thursday.

The airline said it has launched new flights between Indore-Lucknow and Lucknow-Jaipur, while bettering the connectivity between Delhi, Dehradun and Lucknow.

This will be effective 1 September.

In a press release, the company's chief strategy officer Sanjay Kumar said,

• The new routes will enhance mobility between the states of Uttar Pradesh, Rajasthan, Madhya Pradesh, and Uttarakhand and improve accessibility, while promoting trade and commerce in the region providing hassle-free flight experience.

One week back, the airline had announced that it will start new flights from Gwalior to Delhi and Indore from September.

IndiGo is also planning to commence operations from Bareilly in Uttar Pradesh.

Global Oil Majors Joining Race for BPCL

Global oil majors may be teaming up with investment funds that are already in the race to acquire Bharat Petroleum Corporation (BPCL), a document detailing steps needed to complete India's biggest privatisation showed.

Billionaire Anil Agarwal's Vedanta group as well as two US funds, Apollo Global and I Squared Capital, had last year submitted initial bids to buyout the government's entire 53% stake in India's third-biggest oil refiner and second-largest fuel retailer.

Detailing the 'Next Step', the 'Brief Note on BPCL Disinvestment' said transaction advisor and asset valuer are to submit an inception report, bidders have to complete due diligence of the company and sale purchase agreement has to be finalised.

Also, security clearance of bidders may be needed since consortiums are being formed, it said without giving details.

The bidding process allows for other interested parties to join and form a consortium with any one of the bidders which had submitted an expression of interest (EoI).

Firms run by Indian billionaires Mukesh Ambani and Gautam Adani as well as global oil majors such as Royal Dutch Shell, BP and Exxon did not submit an EoI for acquiring BPCL at the close of the deadline on 16 November 2020.

However, several top oil producers from the middle east and Russia's Rosneft were said to be interested in BPCL which would give the buyer access to over 14% of India's oil refining capacity and 23% fuel market share.

PharmEasy Plans to File IPO Papers by October

India's largest e-pharmacy platform PharmEasy is gearing up to file draft papers by October before an initial public offering (IPO) later in the fiscal year.

The above IPO development comes at a time when discussions with Japan's SoftBank for a new funding round have fallen through.

PharmEasy is on track for an IPO but is still negotiating with new investors to raise between US$200 m and US$300 m at a valuation of around US$5.6 bn.

API Holdings, which runs PharmEasy, was valued at US$4.2 bn in June.

API Holdings is working with JM Financial and Kotak Investment Banking for the DRHP, since the two banks had managed its purchase of diagnostics chain Thyrocare Technologies in June.

Over the last few months, the company has raised over US$650 m from investors such as Prosus, B Capital, TPG and others.

The conversation between SoftBank and PharmEasy, which have been going on for the last few months, is stuck since PharmEasy's promoters are looking at a valuation of well over US$5 bn.

Note that after Reliance Industries bought more than 60% stake in e-pharmacy startup Netmeds last year and the Tata Group acquired 1mg in June, PharmEasy is the only large independent player remaining.

It bought smaller rival Medlife last year though the deal officially closed only earlier this year.

PharmEasy's IPO plans would also follow the footsteps of the success of Zomato's IPO in July which set the stage for Indian online firms to go public this year.

Besides medicine delivery and diagnostic bookings, PharmEasy is also ramping up its play in online doctor consultations.

How this pans out 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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