India's Largest Green Hydrogen Plant, Nykaa IPO, and Buzzing Stocks Today

Mon, 25 Oct Pre-Open

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Indian share markets ended on a negative note on Friday.

Benchmark indices finished lower for the fourth straight session amid volatility and weakness in shares of ITC, Tata Steel and Infosys.

At the closing bell on Friday, the BSE Sensex stood lower by 102 points (down 0.2%).

Meanwhile, the NSE Nifty closed lower by 63 points (down 0.4%).

HDFC and Bajaj Auto were among the top gainers.

Hindalco and Coal India, on the other hand, were among the top losers.

The BSE Mid Cap index and the BSE Small Cap index ended down by 1% and 1.2%, respectively.

Sectoral indices ended on a negative note with stocks in the metal sector, IT sector and healthcare sector witnessing most of the selling pressure.

Realty stocks, on the other hand, witnessed buying interest.

Shares of HDFC and Shriram Transport hit their respective 52-week highs.

Gold prices for the latest contract on MCX were trading up by 0.7% at Rs 47,721 per 10 grams at the time of closing stock market hours on Friday.

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Top Stocks in Focus Today

Among the buzzing stocks today will be Yes Bank.

Private lender YES Bank on Friday reported 74% jump in net profit at Rs 2.3 bn for the quarter ending September 2021. It was Rs 1.3 bn in the year ago period.

Net interest income declined 23% to Rs 15.1 bn against Rs 19.7 bn a year ago.

Total income slipped to Rs 54.3 bn during the July-September period from Rs 58.4 bn in the same quarter last year, the bank said in regulatory filing.

Gross bad loans declined to 14.9% of gross advances as on 30 September 2021. The same stood at 16.9% in the year ago period and 15.6% a quarter ago.

Net non-performing assets (NPAs) or bad loans declined to 5.6% in the quarter under review compared to 5.8% in June quarter.

The bank has made prudent provisioning of Rs 3.4 bn on a single telecom exposure in the latest quarter.

Biocon share price will also be in focus today.

Shares of Biocon dipped over 7% on Friday after the company's net profit declined 18% for the second quarter ended September 2021.

Biotechnology major Biocon said its consolidated net profit declined to Rs 1.4 bn for the second quarter.

The Bengaluru-based company had reported a net profit of Rs 1.7 bn in the July-September quarter of the previous fiscal.

Revenue from operations, however, increased 5% in the second quarter to Rs 18.4 bn from Rs 17.5 bn in the year ago period.

The company said it has made provisions under exceptional item regarding modification of the optionally convertible debentures of a PE investment in Biocon Biologics, and reversal of services export incentive scheme (SEIS) claims relating to a prior period.

It added that net profit for the second quarter, before such exceptional items, stood at Rs 1.9 bn, up 11% from the year ago period.

Biocon's Executive Chairperson Kiran Mazumdar-Shaw stated,

• With the waning pandemic and improvements in supply chain conditions, I believe all three business segments, generics, biosimilars and research services, are well positioned for sustained growth in the second half of the financial year 2022.

The company noted that its entry into vaccines and novel antibodies for infectious diseases, which are a natural adjacency to its biosimilars business, will be a future growth driver for its subsidiary Biocon Biologics.

Biocon Biologics and Serum Institute Life Sciences (SILS) have entered into a strategic alliance that provides Biocon Biologics an asset light and accelerated entry into the vaccines segment.

GAIL to Build India's Largest Green Hydrogen Plant

State-owned GAIL (India) will build India's largest green hydrogen-making plant as it looks to supplement ?its natural gas business with carbon-free fuel.

The company has already floated a global tender to procure an electrolyser.

GAIL chairman and managing director Manoj Jain said it will take 12-14 months to set up the plant. The plant will have a capacity of 10 megawatts (MW), the largest announced so far in the country.

He added,

• We have on a pilot basis started mixing hydrogen in natural gas in one of the cities. The company is testing for idea mix percentage before scaling it up.
  
  The hydrogen GAIL plans to produce can be sold to fertiliser units which as per government mandate are required to use hydrogen as fuel.

India's largest gas transporting and marketing company is also looking at newer avenues to boost business including pushing for use of LNG as fuel in long haul trucking. For India to achieve the target of raising the share of natural gas in the energy basket to 15% gas usage by 2030 from the current level of 6.2%, gas consumption has to rise three and half times to 600 million standard cubic meters per day.

The oil and gas industry plans to set up 20 LNG dispensing stations on Golden Quadrilateral by March 2022 and 500-600 outlets in 3-4 years.

The ultimate target is 1,000 LNG stations.

Nykaa IPO to Open on 28 October 2021

FSN E-Commerce Ventures, a digital native consumer technology platform that runs Nykaa and Nykaa Fashion, has decided to launch its initial public offering (IPO) on 28 October 2021. The offer will close on 1 November 2021.

The company plans to raise Rs 53.5 bn through its public issue at the upper price band. The price band has been fixed at Rs 1,085-1,125 a share. FSN E-Commerce Ventures is promoted by Falguni Nayar and backed by private equity firm TPG.

Bids can be made for a minimum of 12 shares and in multiples of 12 shares thereafter. Retail investors can invest a minimum of Rs 13,500 for one lot and a maximum of Rs 1,89,000 for 14 lots

The share allotment will be finalised on 8 November 2021. Trading of shares will commence from 11 November 2021.

The IPO comprises a fresh issue of Rs 6.3 bn and an offer for sale (OFS) of 42 m equity shares by the promoters and investors.

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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