Bharti Airtel Quarterly Results, Delhivery IPO, and Buzzing Stocks Today

Wed, 3 Nov Pre-Open

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Indian share markets ended on a negative note yesterday.

At the closing bell yesterday, the BSE Sensex stood lower by 109 points (down 0.2%).

Meanwhile, the NSE Nifty closed lower by 41 points (down 0.2%).

Maruti Suzuki and NTPC were among the top gainers.

Tata Steel 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 0.6% and 1.1%, respectively.

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

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

Shares of Allcargo Logistic and Phoenix Mill hit their respective 52-week highs.

Gold prices for the latest contract on MCX were trading down by 0.2% at Rs 47,788 per 10 grams at the time of closing stock market hours yesterday.

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Top Stocks in Focus Today

Among the buzzing stocks today will be Dabur.

Fast-moving consumer goods major Dabur reported healthy numbers during the July-September quarter of the financial year 2021-22.

The company posted growth on all fronts including volume growth, while its margins for the quarter slipped marginally by 60 basis points year on year (YoY) basis.

On a consolidated basis, Dabur's net profit grew by around 5% to Rs 5.1 bn compared to Rs 4.8 bn in the same quarter a year ago period. Similarly, its revenue jumped 12% to Rs 28.2 bn against Rs 25.2 bn in the corresponding quarter in the year ago period.

The company in its release statement said,

• All verticals of the business, from ayurvedic medicines to hair care, oral care, home care and food & beverages, reported a growth in sales and market share with volume growth of 10% in the domestic FMCG business.

Dabur continues to invest in expanding its rural footprint and strengthening its digital capabilities. The investments bore rich dividend with rural demand outpacing urban demand during the quarter, and ecommerce contribution to domestic sales reaching 7%, the management said.

Dabur's International Business reported a constant currency growth of 13.8% during the second quarter, led by Sub-Saharan Africa (25%), Egypt (17.8%), SAARC (17.6%), Namaste (16.7%) and MENA (12.8%).

The board has also declared an interim dividend of Rs 2.5 per share, aggregating to a total payout of Rs 4.4 bn.

Bharti Airtel share price will also be in focus today.

Telecom major Bharti Airtel reported a consolidated net profit of Rs 11.3 bn for the quarter ending 30 September 2021.

This is an increase of a massive 300% when compared to Rs 2.8 bn in June quarter of current financial year.

Bharti Airtel had posted a loss of Rs 7.6 bn in same quarter of last year.

Its revenue from operations rose 5.4% to Rs 283.3 bn compared to Rs 268.5 bn in the June quarter of current fiscal.

On a YoY basis, the revenues rose 13% against Rs 250.6 bn in last year period.

Segment wise, revenues from the mobile services India business came in at Rs 151.9 bn compared to Rs 138.3 bn in the year ago period.

Bharti Airtel's average revenue per user (ARPU) in the quarter jumped to Rs 153 against Rs 146 in the previous quarter.

Gopal Vittal, MD and CEO of India and South Asia at Bharti Airtel said,

• Our strategy of focusing on quality customers has been validated by the strong price flow and ARPU increase that we have seen in our wireless business.
  
  The step-up in performance of our enterprise and homes business reflects the resilience and strength of our overall portfolio.

Semiconductor Crunch

India is planning to roll out a multi-billion-dollar capital support and production-linked incentive (PLI) plan to push manufacturing of semiconductors.

Reportedly, senior officers are in talks with some of the top semiconductor manufacturers such as Taiwan Semiconductor Manufacturing Co. (TSMC), Intel, AMD, Fujitsu, United Microelectronics Corp.

A senior official said that the government is willing to talk capital support and they are closer to it like never before.

Note that this move comes at a time when a global chip shortage has massively affected production in industries across several sectors.

Auto companies such as Tata Motors and Maruti Suzuki have reported decline in their sales due to the semiconductor shortage.

The plan is being coordinated and monitored closely by the Prime Minister's Office (PMO) and multiple ministries have been roped into the process.

Financial support on capital expenditure, tariff reductions on certain components, and benefits through programmes such as Scheme for Promotion of Manufacturing of Electronic Components and Semiconductors (SPECS) and PLI could be on the cards.

Previous attempts failed to get companies to invest in manufacturing semiconductors because sophisticated processes require heavy investments, besides an uninterrupted supply of clean water and electricity.

The government expects domestic production of electronics to move up to US$350-400 bn by 2025, against the estimated US$75 bn now. This will be a big enabler to get in investments.

Delhivery Files DRHP for Rs 74.6 Bn IPO

New-age logistics player Delhivery has filed its draft papers with market regulator. The issue size of the initial public offerings (IPO) is Rs 74.6 bn.

The company will raise Rs 50 bn through the issuance of fresh shares while it will have an offer for sale (OFS) component of Rs 24.6 bn where some of its existing investors will dilute their holdings.

Delhivery, a new age domestic logistics giant and supply chain firm, backed by the likes of Softbank, Tiger Global Management and Carlyle, earlier signed an agreement to acquire a 100% stake in rival express logistics player Spoton Logistics.

The company earlier issued bonus shares to shareholders through a resolution passed in the extraordinary general meeting (EGM) held on 29 September 2021.

With this, Delhivery joins a growing list of top-tier startups like Paytm, Nykaa and Policybazaar going public in India after Zomato's stellar Rs 90 bn IPO in July.

Delhivery, which competes with Blue Dart, Ecom Express and others, reported revenue from contracts with customers at Rs 36.5 bn in the financial year 2021 compared to Rs 27.8 bn a year ago. In the fiscal 2021, its net loss was at Rs 4.2 bn against almost Rs 2.7 bn in the financial year 2020.

For the quarter ending June 2021, Delhivery's revenue was at Rs 13.2 bn with a loss of over Rs 1.3 bn during the same period.

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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