Adani Green Energy's Largest Deal, October IPO Rush, and Buzzing Stocks Today

Tue, 5 Oct Pre-Open

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Indian share markets ended on a strong note yesterday.

Benchmark indices returned to the green zone after four days of losing streak, ahead of RBI monetary policy committee (MPC) meet and earnings season that is set to kick off this week.

At the closing bell yesterday, the BSE Sensex stood higher by 534 points (up 0.9%).

Meanwhile, the NSE Nifty closed higher by 159 points (up 0.9%).

Divi's Labs and Hindalco Industries were among the top gainers.

Cipla and Grasim 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, power sector and realty sector witnessing buying interest.

Shares of Bata India and PVR hit their respective 52-week highs.

Gold prices for the latest contract on MCX were trading on a flat note at Rs 46,283 per 10 grams at the time of closing stock market hours yesterday.

Speaking of stock markets, Rahul Shah talks whether IRCTC's valuations are running ahead of its fundamentals, in his latest video.

In the video, Rahul discusses whether investors should buy more shares of IRCTC or should they partially exit.

Top Stocks in Focus Today

Among the buzzing stocks today will be Cipla.

Pharma major Cipla has signed a deal with Eli Lilly to sell and distribute two of the US drugmaker's best-selling diabetes treatments in the country.

Lilly will transfer its rights in India to sell, promote and distribute its Trulicity and Humalog products, while continuing to maintain its existing operating model for the remaining portfolio of its products.

The deal will allow Cipla to expand access to the drugs in the country with the second-highest number of diabetic people in the world. India has more than 70 m adults with diabetes.

Trulicity, a once-weekly shot to control blood sugar through the week, is Lilly's best-selling drug that raked in sales of US$ 1.5 bn in the second quarter. Its Humalog, a fast-acting insulin injection, is also a key part of its diabetes portfolio.

Luca Visini, Lilly's managing director for the Indian subcontinent said,

• Developing strategic partnerships to adopt different operating models is the key to make innovative medicines available to more people in India.

Cipla has a strong local footprint and is well established to expand access to (Trulicity and Humalog) around India.

Adani Green Energy share price will also be in focus today.

Adani Green Energy (AGEL) has completed the acquisition of SB Energy Holdings (SB Energy India) in an all-cash deal for which definitive agreements were signed on 18 May 2021.

With this deal, SB Energy India is now a 100% subsidiary of AGEL. Earlier, it was an 80:20 joint venture between Japan-based SoftBank Group Corp and Bharti Group.

The transaction pegs SB Energy India at an enterprise valuation of US$ 3.5 bn (Rs 260 bn) and marks the largest acquisition in the renewable energy sector in India.

Just last week, Adani Group Chairman Gautam Adani had announced that the group would invest over US$ 20 bn across the next 10 years in renewable energy generation.

The addition of these high-quality large utility-scale assets from SB Energy India demonstrates Adani Green Energy's intent to accelerate India's efforts to transition towards a carbon neutral future.

Flurry of IPOs

As many as 35 companies are planning to raise a record Rs 800 bn in the third quarter. In comparison, the previous record for a calendar year was in 2017 when 36 companies raised Rs 671.5 bn.

Paytm, Aadhar Housing Finance, Star Health & Allied Insurance, Policybazaar, Emcure Pharma, Adani Wilmar, and Nykaa are among the most awaited.

Meanwhile, Paradeep Phosphates, Vedant Fashions, CMS Infosystems, and Northern Arc are also expected to tap the primary markets.

Policybazaar and Nykaa are most likely expected to launch their IPOs this month.

With equity markets trading at record-high levels, market experts suggest that the IPO euphoria is likely to continue in the coming months with ample liquidity.

There's also strong support from foreign portfolio investors (FPIs).

So far this year, 42 companies have hit the primary market, raising a record Rs 696.8 bn.

FPIs contributed to nearly 55% of the funds raised in the initial public offerings (IPOs) so far in 2021.

Paytm Gears Up for Pre-Diwali IPO Launch

Digital payments and financial firm Paytm, is gearing up for a pre-Diwali initial public offering (IPO) launch.

The company, which is seeking to raise US$2.2 billion, is receiving demand from sovereign wealth funds (SWFs) and foreign institutional investors (FIIs) valuing it about $20-122 billion

A SWF has offered to buy over US$500 m of shares in the IPO. The company had been expecting a valuation of up to US$30 bn.

Paytm is aiming for a pre-Diwali IPO launch and is awaiting approval from market regulator, which is expected this week.

It is noteworthy that Paytm has filed a draft red herring prospectus (DRHP) for an IPO of up to Rs 166 bn. The total issue size of Rs 166 bn consists of a fresh issue and an offer for sale (OFS) of up to Rs 83 bn each.

According to a source, the company is yet to decide on the pre-IPO round, which depends on aspects like investor requirements, tax implications and the lock-in period.

Founder Vijay Shekhar Sharma and other shareholders will sell part of their stock in the offer for sale portion of the IPO. Key investors include Elevation Capital with 17.7%, SoftBank at 18.7%, Alibaba and its affiliate Ant Group at 38%.

Sharma holds 15% and will cease to be listed as a promoter because Paytm seeks to be a professionally managed company after its listing on the stock exchanges.

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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