Nykaa's Blockbuster Debut, PharmEasy IPO, and Buzzing Stocks Today

Thu, 11 Nov Pre-Open

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Indian share markets ended on a flat note yesterday.

Benchmark indices witnessed selling pressure for the second consecutive session amid selling seen in the metal and realty stocks, ahead of the US inflation data release.

At the closing bell yesterday, the BSE Sensex stood lower by 81 points (down 0.1%).

Meanwhile, the NSE Nifty closed lower by 27 points (down 0.2%).

UPL and Bharti Airtel were among the top gainers.

IndusInd Bank and Hindalco, on the other hand, were among the top losers.

The BSE Mid Cap index ended down by 0.6%, while the BSE Small Cap index ended on a flat note.

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

Telecom and oil & gas stocks, on the other hand, witnessed buying interest.

Shares of KPIT Technologies and ACC hit their respective 52-week highs.

Gold prices for the latest contract on MCX were trading on a flat note at Rs 48,307 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 Bank of Baroda.

Bank of Baroda (BoB) reported a standalone net profit of Rs 20.9 bn, up 24%, for the quarter ended 30 September 2021.

The higher bottom line was mainly due to health growth in non-interest income.

The lender had posted a net profit of Rs 16.8 bn in the year ago period.

Net Interest Income (NII) of the bank increased to Rs 75.7 bn during the quarter against Rs 74.1 bn in last year period, registering a growth 2.1%.

Bank of Baroda, during the quarter, clocked an operating profit of Rs 56.7 bn against Rs 53.6 bn in the same quarter of last year, up 5%.

Meanwhile, non-interest income during the reporting period rose by 23% year on year (YoY) to Rs 35.8 bn.

On the asset quality front, the gross non-performing assets (NPA) of the bank reduced to Rs 595 bn in quarter two of the fiscal 2022 from the level of Rs 657 bn in the same period last year.

Subsequently the gross NPA ratio improved to 8.1% in the reporting quarter from 9.1% in year ago period.

The bank's total provisions during the quarter, other than tax, came in at Rs 27.5 bn, down over 2% when compared to last year.

The net NPA ratio of the bank stood at 2.8% in September quarter, higher than 2.5%, while the provision coverage ratio (PCR) of the bank came in at 83.4%.

Mahindra & Mahindra share price will also be in focus today.

Indian auto major Mahindra & Mahindra (M&M) revealed plans to launch 16 electric vehicles (EVs) by 2027 across SUV and light commercial vehicle categories.

The proposed portfolio is meant to strengthen the company's leadership position in India's electric mobility segment.

Mahindra has set a cumulative revenue growth target of 15-20% by 2025. Under the plan to expand its EV offerings, the utility vehicle manufacturer is keeping its options open to either bring in private equity investors or carve out its EV business into a separate entity to drive its growth.

M&M Executive Director Rajesh Jejurikar said,

• In SUV, we are looking at 13 new launches by 2027 of which eight will be electric. We think by 2027 we'll be ready for at least 20% of the total UV (utility vehicles) volumes coming from electric vehicles.

Four of the new electric SUVs are expected between 2025-27. In the light commercial vehicles (LCV) segment, he said there will also be eight EVs out of 17 new product launches planned by 2027.

'So you can clearly see a strong focus on electric, some of these electrics will be completely new, the balance will be derived from existing products,' Jejurikar added.

Nykaa Makes Outstanding Debut on the Bourses

FSN Ecommerce Ventures, the parent of e-commerce beauty giant, Nykaa and India's first unicorn start-up headed by Falguni Nayar, saw a blockbuster debut on Dalal Street yesterday, more than a week after its initial public offering (IPO) concluded.

The stock started trading at a premium of over 82% at Rs 2,054 per share on the NSE as compared to its IPO issue price of Rs 1,125 apiece.

Meanwhile, Nykaa shares listed at Rs 2,063 on the BSE, with the market capitalization crossing Rs 1 tn.

According to reports, Nykaa's market cap has already matched industry giants such as Britannia, Godrej, and IndiGo.

A day before listing, the counter was commanding a strong premium of Rs 800 per share in the grey market, which signalled a blockbuster listing for the new-age start-up on the bourses.

Nykaa's IPO witnessed huge demand from qualified institutional buyers (QIB) as the portion reserved for them was subscribed 91.18 times. Among the QIBs, foreign institutional investors (FIIs) placed bids for over 740 m shares and domestic financial institutions placed bids for over 300 m shares.

Launched in 2012, Nykaa grew popular by selling cosmetics and grooming products on its website, apps and through its physical stores, before expanding into fashion, pet care and household supplies. Its investors include film actresses Alia Bhatt and Katrina Kaif.

PharmEasy Parent API Holdings Files Papers for Rs 62.5 Bn IPO

PharmEasy parent firm API Holdings has filed preliminary papers with capital markets regulator for a public listing to raise over Rs 62.5 bn via an initial share sale.

The digital pharmacy and healthcare platform has become the latest among a list of Indian start-ups to pursue share market listing this year.

The funds will be raised through the fresh issuance of equity shares, according to PharmEasy's draft red herring prospectus (DRHP).

The company may also consider a pre-IPO fundraise of about Rs 12.5 bn before it files the red herring prospectus with the registrar of companies (RoC). If the round takes place, the size of the IPO will be reduced.

It intends to use the funds raised from the issue to prepay and repay outstanding borrowings availed by the parent and subsidiary firms. It also intends to use Rs 12.6 bn to fund organic growth initiatives. It has set aside Rs 15 bn for inorganic growth opportunities via acquisitions and other strategic actions.

The company will focus on core areas of growth like marketing and promotional activities to increase brand awareness, supply chain infrastructure, and technology capabilities.

API Holdings with subsidiaries like PharmEasy and Thyrocare provides health services ranging from radiology tests, teleconsultation, and home delivery of medical devices and products. The firm had acquired Thyrocare, India's largest diagnostic test provider, earlier this year.

How this IPO sail 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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