India's Core Sector Output, Sapphire Foods IPO, and Buzzing Stocks Today

Mon, 1 Nov Pre-Open

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Indian share markets ended on a weak note on Friday.

Benchmark indices exhibited high amount of volatility for the second day in row on the back of unabated selling pressure in select index heavyweight stocks.

Sensex tumbled to a low of 59,089 and has now shed 5% (2,938 points) from its recent peak of 62,245.

Meanwhile, the Nifty logged its second straight weekly loss on Friday, declining 3.8% (677 points) in the last two weeks.

At the closing bell on Friday, the BSE Sensex stood lower by 678 points (down 1.1%).

Meanwhile, the NSE Nifty closed lower by 186 points (down 1%).

UltraTech Cement and UPL were among the top gainers.

Tech Mahindra and NTPC, on the other hand, were among the top losers.

The BSE Mid Cap index ended up by 0.2%, while the BSE Small Cap index ended down by 0.4%.

Sectoral indices ended on a mixed note with stocks in the energy sector, IT sector and banking sector witnessing most of the selling pressure.

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

Shares of Canara Bank and Minda Corporation hit their respective 52-week highs.

Gold prices for the latest contract on MCX were trading down by 0.1% at Rs 47,925 per 10 grams at the time of closing stock market hours on Friday.

Speaking of stock markets, India's #1 trader Vijay Bhambwani talks about why underlying metal prices are falling, 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 Dr Reddy's Lab.

Pharma major Dr Reddy's Lab reported a consolidated net profit of Rs 9.9 bn for the September quarter, up 30% from Rs 7.6 bn in the same quarter of last year.

Revenue from operations during the quarter were higher by 18% at Rs 57.6 bn compared to Rs 49 bn in the year ago period.

The Hyderabad-based firm's earnings before interest, tax, depreciation and amortization (EBITDA) came in at Rs 15.6 bn during the reporting period.

The company's co-chairman and MD, G V Prasad said,

• I am pleased with the improvement in the financial performance across our businesses. While we continue to strengthen our core businesses of generics and AP ls, we are also making investments in our long-term growth drivers and deeper innovation capabilities.
  
  Our focus remains on meeting unmet patient needs around the world in keeping with our purpose.

The global generic business clocked a year on year (YoY) growth of 19% and sequential quarter growth of 15%, driven by Covid portfolio, new product launches and base business volume traction across key markets. However, this was offset partly by price erosion in some of the products.

Revenues from the India business stood at Rs 11.4 bn, up 25%, driven by an increase in sales volumes of their existing products.

Dr Reddy's said it continues to play its role in the fight against Covid-19 by acting proactively to bring multiple preventive and curative treatment options, including a vaccine.

Natco Pharma share price will also be in focus today.

Natco Pharma and Hetero have sought marketing authorisation for their anti-Covid drug molnupiravir from the drug regulator.

The Hyderabad based company has conducted Phase III trials of molnupiravir and submitted the trial results to the drug regulator last month.

Reportedly, the Subject Expert Committee (SEC) under the drug regulator is likely to take up their applications soon.

Hetero has also completed phase 3 clinical trials on 1,218 mild Covid-19 patients to assess the efficacy and safety of this drug and applied for emergency use authorisation (EUA).

During its trials, the company found fewer hospital admissions in Molnupiravir group compared to standard of care alone.

The drug was initially developed by US-based Ridgeback Biotherapeutics, who later partnered with Merck & Co for further development.

Molnupiravir is a new oral treatment for individuals diagnosed with Covid-19 infection. The experimental antiviral drug is also being evaluated by the USFDA for its effectiveness and safety.

In India, Merck & Co. has signed voluntary licensing agreements with Cipla, Dr Reddy's Lab, Emcure Pharmaceuticals, Hetero Labs and Sun Pharma, for allowing the drug to be manufactured and marketed in India.

Natco has not entered into a licensing agreement with Merck.

September Core Sector Output Slows 4.4% YoY

India's infrastructure output growth in September slowed to 4.4% year on year (YoY) from 11.5% in the previous month, dragged down by reduced growth in electricity and steel output, government data showed on Friday.

Infrastructure output, which comprises eight sectors including coal, crude oil and electricity and accounts for nearly 40% of industrial output, rose by 16.6% YoY over the April-September period.

Vodafone Idea's Board Clears Opting for 4-Year Moratorium on AGR Payment

Vodafone Idea's board has approved opting for a four-year moratorium on adjusted gross revenue (AGR) payments.

The telco now has accepted both spectrum and AGR moratorium which in turn will help the cash strapped operator save about Rs 1 tn cumulatively.

In a statement, the company said,

The board of directors of the company has approved the exercise of the option of deferment of the company's AGR related dues by a period of four years with immediate effect, in accordance with the notification dated 14 October 2021 issued by the Department of Telecommunications (DoT) to the company.

Vodafone's decision comes on the back of a relief package announced by the government in the middle of September. It included a four-year moratorium on adjusted gross revenue (AGR) and spectrum payments, reduced BGs and the option to convert statutory dues to government equity.

Vodafone though is yet to confirm on the option to convert the interest accruing on the deferred payments of AGR and spectrum into government equity.

KFC Operator Sapphire Foods IPO Opens on 9 November

KFC and Pizza Hut operator Sapphire Foods will open its initial public offering (IPO) for subscription on 9 November 2021. This would be the second IPO to open next week, after Paytm, which will open on 8 November.

The public offer with 18 m equity shares is entirely an offer for sale (OFS) issue by promoters and investors.

Promoters of quick service restaurant (QSR) management trust will sell 8.5 lakh equity shares, and Sapphire Foods Mauritius will offload 5.6 m equity shares through OFS.

Further, WWD Ruby will sell 4.8 m equity shares, Amethyst 4 m shares, and AAJV Investment Trust will offload 80,169 equity shares.

Other investors, Edelweiss Crossover Opportunities Fund and Edelweiss Crossover Opportunities Fund - Series II will sell 1.6 m equity shares and 6.5 lakh equity shares, respectively, via OFS.

The company will not receive any money from this issue as all the funds, excluding issue expenses, will go to shareholders that are selling their stakes.

How this 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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