TVS Motor's Fund-Raising Plan for EV Business, Paytm IPO, and Buzzing Stocks Today

Wed, 10 Nov Pre-Open

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Indian share markets ended on a negative note yesterday.

Benchmark indices registered marginal losses after two days of decent gains following mixed cues from global markets.

At the closing bell yesterday, the BSE Sensex stood lower by 112 points (down 0.2%).

Meanwhile, the NSE Nifty closed lower by 24 points (down 0.1%).

M&M and Tata Motors were among the top gainers.

Britannia Industries and HDFC Bank, on the other hand, were among the top losers.

The BSE Mid Cap index and the BSE Small Cap index ended up by 0.8% and 0.7%, respectively.

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

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

Shares of Prestige Estates and United Breweries hit their respective 52-week highs.

Gold prices for the latest contract on MCX were trading up by 0.2% at Rs 48,099 per 10 grams at the time of closing stock market hours yesterday.

Speaking of gold, India's #1 trader Vijay Bhambwani discusses whether you should invest in gold and silver this Diwali, 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 M&M.

Mahindra and Mahindra (M&M) reported consolidated net profit jumped to Rs 19.3 bn in quarter ended-September, up around 214% from Rs 6 bn year on year (YoY).

The significant rise in M&M's second quarter profit comes on the back of a one-time charge taken by the company in the year ago quarter.

The automaker's consolidated revenue from operations rose nearly 12% to Rs 214.7 bn for quarter two against Rs 192.3 bn in the same quarter of the previous fiscal.

M&M operating margin stood at 12.5% despite rising commodity prices and shortage of semi-conductors.

In consolidated financial results, M&M said that it has ceased consolidating Ssangyong Motor Co as a subsidiary from 28 December 2020 and has classified it as discontinued operations for all periods.

The tractor manufacturer said that with better availability of semiconductors, it expects to maintain volume growth momentum from the third quarter onwards. The auto industry has seen strong recovery in demand for passenger vehicles in the past two quarters, but with chip shortages hurting carmakers globally companies have scrambled to make up for the production hit.

'Global shortage of semi-conductors has impacted the production and sales for another quarter. Stringent cost control measures have helped partially mitigate margin impact of commodity price,' Mahindra & Mahindra added.

The company said that auto business continues to maintain strong booking pipeline for its key products. On the other hand, Farm Equipment Sector (FES) tractors market share stood at 40.1% up 1.9% compared to the same quarter last year.

Cadila Healthcare share price will also be in focus today.

Cadila Healthcare said that the Government of India has placed an order with the company for 10 lakh doses of its Covid-19 vaccine 'ZyCoV-D' at Rs 265 per dose.

Meanwhile, the needle-free applicator will be offered at Rs 93 per dose, exclusive of GST.

Zydus Cadila's ZyCoV-D, the world's first plasmid DNA vaccine is a 3-dose shot that was approved by the Drugs Controller General of India on 20 August 2021 for emergency use in adults and children aged 12 years and above.

It also happens to be the first Covid-19 vaccine that can be administered using a needle-free applicator as opposed to traditional syringes.

ZyCoV-D is yet to be used in India's vaccination drive.

The company's Managing Director Sharvil Patel said,

• We are happy to support the Government's vaccination programme with ZyCoV-D.
  
  The needle-free application of the vaccination, we hope, will motivate many more to vaccinate and safeguard themselves from COVID-19, especially children and young adults in the age group of 12 to 18 years.

The three doses of ZyCoV-D are to be administered 28 days apart, with each dose comprising a shot in both arms.

Interim results from Phase-III clinical trials, in over 28,000 volunteers, showed primary efficacy of 66.6% for symptomatic RT-PCR positive cases.

Paytm IPO sees Strong Retail Participation

One97 Communications-owned Paytm opened its initial public offering (IPO) for subscription on 8 November 2021. This is the largest-ever public issue in the history of Indian capital markets.

The Rs 183 bn IPO had been subscribed 48% on 9 November 2021, the second day of bidding, receiving bids for 23.4 m equity shares against offer size of 48.3 m shares.

The portion set aside for retail investors was subscribed 1.23 times, while the reserved portion of non-institutional investors was subscribed 5%, and qualified institutional buyers have put in bids for 46% shares of the portion set aside for them.

One97 Communication, which has become a household name as Paytm, has been among the biggest beneficiaries of demonetisation. The IPO hit the Street on the fifth anniversary of the note ban.

It is selling its shares in the range of Rs 2,080-2,150 apiece, with a face value of Re 1 each.

TVS in Talks to Raise Funds for EV Subsidiary

TVS Motor, India's third largest two-wheeler maker, is in talks with a clutch of global private equity investors to raise US$300-500 m or its electric vehicle subsidiary at a valuation of US$3.5-4 bn.

In the second half of October, TVS had carved out a subsidiary for EVs, reasoning that it will give it 'scale and flexibility' to expand the EV business.

TVS is seeking to raise the funds from pure financial investors and has no plans to onboard strategic investors.

Another homegrown automaker, Tata Motors, had raised US$1 bn from TPG Capital in October at a valuation of US$9.1 bn for its EV business.

TVS' rival, Bajaj Auto, in July had announced a plan to set up a dedicated electric vehicle subsidiary, which will primarily cater to manufacturing and selling of two, three and four-wheelers.

TVS is said to have roped in an investment banker to advise it. The exact amount of investment and the valuation is yet to be firmed up, the people close to the development said.

The fund proposed to be raised will be primarily used to develop a product pipeline to cater to the global and local market.

The core aim of this fundraising is to be a serious global player, led by recently acquired British bike maker Norton and Switzerland-based group company Ego Movement.

How this pans out 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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