DCX Systems IPO | HUL's Top Boss on Recession in India | Top Buzzing Stocks Today

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On Muhurat trading session yesterday, Indian share markets started Samvat 2079 on a firm footing as index heavyweight stocks witnessed heavy buying.

At the closing bell on Monday, the BSE Sensex stood higher by 525 points (up 0.9%).

Meanwhile, the NSE Nifty closed higher by 154 points (up 0.9%).

Nestle, ICICI Bank, and L&T were among the top gainers.

HUL and Kotak Bank, on the other hand, were among the top losers.

The BSE MidCap index ended higher by 0.5% while the BSE SmallCap index ended higher by 1%.

Smallcap stocks have seen a sharp run-up in recent days so keep the best smallcap stocks on your radar.

Barring FMCG, all sectoral indices ended in the green with stocks in the banking sector, finance sector, and capital goods sector witnessing most of the buying.

Shares of Nestle and Cipla hit their 52-week high.

LIC share price which was falling, also bucked the trend and rose 2% yesterday.

At 7:50 AM today, the SGX Nifty was trading up by 70 points or 0.4% higher at 17,800 levels.

Indian share markets are headed for a positive opening today following the trend on SGX Nifty.

Speaking of stock markets, Co-head of Research at Equitymaster Tanushree Banerjee talks about a green energy stock that trumped Voltas and Bluestar, in her latest video.

HUL MD on Recession in India

HUL's managing director Sanjiv Mehta said India is unlikely to face a recession and the country remains a bright spot, sounding a note of cheer amid a mostly grim global economic commentary.

Comments from the top FMCG company's MD come at a time when 66% of CEOs in India are anticipating a recession in the next 12 months, compared with 86% CEOs globally.

HUL, the maker of Rin detergent and Dove soap, posted 16% growth in sales, fuelled by price increases and not demand as volumes-or the products consumers actually buy-expanded 4%.

HUL is India's largest FMCG company. Over the past few years, HUL has innovated across value chains to enable greater agility, flexibility and efficiency.

Government Aims US$7.7 bn Valuation for IDBI Bank Stake Sale

The Indian government is attempting to value its state-owned IDBI Bank at approximately Rs 640 bn (US$7.7 billion). It will be the biggest government stake sale in a lender in decades.

Earlier this month, the government issued a call for bids for a 60.7% share in the Mumbai-listed institution. Based on IDBI Bank's market value of about US$5.8 billion, the administration aims for a premium of nearly 33% with the valuation objective.

The bank's current increased profitability would help to achieve the target valuation.

However, after November, as the process moves further, bidders might receive security clearances and regulatory approvals.

The majority interest might be sold as early as the first of the following fiscal year, on 1 April 2023.

The Prime Minister's commitment to divest from most of the significant companies that India owns and utilize the proceeds to strengthen the public finances would be put to the test with the sale of the IDBI Bank stake.

The government has spent years seeking to sell refiner Bharat Petroleum Corporation but has only been successful in privatizing national carrier Air India and bringing in outside investors for LIC.

This year, the government has struggled to raise money through disinvestment. For the current fiscal year, the annual budget allocated Rs 650 bn from asset sales; however, it has only raised slightly more than one-third of that amount. It was mostly from the US$2.7 bn initial public offering of LIC in May.

Upcoming IPO

DCX Systems, a manufacturer of cables and wire harness assemblies, is set to hit the capital market on 31 October 2022.

The company reduced the size of its new equity share offering from the previously anticipated Rs 5 bn to Rs 4 bn.

In addition to the fresh offering, the IPO furthermore includes a sale of equity shares by the promoters for up to Rs 1 bn.

For the upcoming IPO, DCX Systems has set a price range of Rs 197-Rs 207 per equity share.

The net proceeds from the new issue will be used to meet working capital needs and pay down debt.

It will be also used in its wholly owned subsidiary Raneal Advanced Systems to pay for general company expenses and capital expenditures.

According to the firm, eligible institutional investors would receive 75% of the issue size, followed by non-institutional investors with 15% and retail investors with the remaining 10%.

Investors can bid for a minimum of 72 equity shares and in multiples of 72 equity shares.

Edelweiss Financial Services, Axis Capital and Saffron Capital Advisors Private are the book-running lead managers.

The public issue will close on 2 November 2022.

The Bengaluru-based company is primarily engaged in system integration and manufacturing a comprehensive array of cables and wire harness assemblies and are also involved in kitting.

Coal India's Eco-Friendly Coal Transport Push

Coal India has started 17 more first-mile connectivity (FMC) projects in phase 3. A project to transport environmentally friendly coal has been initiated by the largest government-owned coal producer in the world, with an estimated price tag of Rs 110 bn.

This would result in a sizable reduction in carbon footprint once the project is fully operational.

According to the current projection, they would each account for more than two-thirds of the company's total production, or most future production.

The 17 initiatives are a supplement to the 44 similar projects already in development that the company is actively pursuing in two phases.

During the first phase, only projects with a 4 MTPA output capacity were considered for FMC mode evacuation.

The business is currently finalizing plans to launch a plan to release tenders for the most recent projects by financial year 2025. While commissioning would take place by financial year 2027 in two years from then.

Additionally, 12 rail connectivity projects from Coal India that are expected to cost Rs 17 bn are being integrated with FMC projects as a complement. By financial year 2027, when Phase 3 projects are anticipated to become operational, the goal is to commission rail connectivity.

With the monopoly in the coal manufacturing in India, Coal India stands among the 5 Indian companies with over 7% dividend yield .

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