Price Hikes amid Soaring Input Costs, LIC IPO Update, and Buzzing Stocks Today

Wed, 17 Nov Pre-Open

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Indian share markets ended on a weak note yesterday.

Benchmark indices extended losses in the second half, dragged by the bank, pharma, and metal stocks.

RBI's statement that equity market valuations is stretched added to the pressure.

At the closing bell yesterday, the BSE Sensex stood lower by 396 points (down 0.7%).

Meanwhile, the NSE Nifty closed lower by 110 points (down 0.6%).

Maruti Suzuki and Mahindra & Mahindra were among the top gainers.

Shree Cement and Reliance Industries, on the other hand, were among the top losers.

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

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

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

Shares of eClerx Services and Finolex Cables hit their respective 52-week highs.

Gold prices for the latest contract on MCX were trading up by 0.5% at Rs 49,530 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 Macrotech Developers.

Shares of Mumbai-based real estate developer Macrotech Developers rose as much as 13.7% to hit record high of Rs 1,459 after the company informed stock exchanges that its board of directors will meet on 18 November 2021 to consider fund raising by allotting equity shares to qualified institutional buyers.

Meanwhile, according to a Reuters report, the company has raised Rs 40.3 bn by issuing 34 m shares via a qualified institutional placement (QIP).

Macrotech approved opening of the QIP and set a floor price for the issue at Rs 1,184.7 per share, a 7.8% discount to its closing price on 15 November.

A QIP helps publicly-listed companies raise capital from domestic markets without the usual standard regulatory compliance and allows only institutional investors to take part in the offer.

Macrotech, formerly known as Lodha Developers, had also said it may offer an additional 5% discount on the floor price.

The company, which has most of its residential projects concentrated in the country's financial capital of Mumbai, had seen a tepid market debut on Indian exchanges in April earlier this year.

VA Tech Wabag share price will also be in focus today.

Va Tech Wabag share price jumped over 7% yesterday after the company declared its September quarter earnings.

The water treatment player reported consolidated profit for the quarter ending 30 September 2021 at Rs 259.3 m. It had registered consolidated profit at Rs 139.3 m during the same quarter last year.

For the half-year ending 30 September 2021, consolidated profit stood at Rs 405 m up from Rs 189.7 m registered a year ago.

Total income for the quarter under review grew to Rs 6.9 bn from Rs 6.1 bn registered during the previous period.

For the six-month period ending 30 September 2021 consolidated total income grew to Rs 13.6 bn from Rs 10.4 bn registered in the same period last financial year.

Japanese research firm Nomura has raised the share price target of the company. It is of the view that the company's execution/ordering outlook is robust adding that growing environmental, social and governance (ESG)-related water capex is likely to benefit in the long run.

Anchor Investor Talks for LIC IPO to Start Next Week

Bankers will start reaching out to potential anchor investors in the initial public offering (IPO) of Life Insurance Corp. of India next week, as they seek to ensure there's enough demand for what's set to be the nation's biggest share sale.

A list with the names of about 100 global investors has been shared with the 10 banks working on the deal and the institutions will approach different sets of investors.

Banks plan to file the draft IPO prospectus with the market regulator by the first week of December, once the embedded value of the firm is finalized.

Prime Minister Narendra Modi is pushing ahead with LIC's IPO which could raise between Rs 4 bn and Rs 1 tn to help plug a widening budget gap.

India is seeking a valuation of between Rs 8 tn rupees and Rs 10 tn and may sell a 5% - 10% stake in the company as part of a broader divestment target.

Asian Paints Hikes Prices

Asian Paints has hiked its prices by 4-5% yet again after taking a price increase of 7-10% in November.

According to a report, the company has increased the price by 10% from December but due to various schemes, the effective rise would be only 4-5%.

Paint companies such as Asian Paints, Berger Paints India had increased prices in high single-digits in November, in their highest-ever increase to offset the impact of rising inputs costs on account sky-high inflation.

In the second quarter of the financial year 2022, Asian Paints had a 34% volume growth on a base of 11% but earnings before interest, taxes, depreciation, and amortization (EBITDA) and gross margins dipped 900-1000 basis points each. Asian Paints' profitability had been significantly impacted by the steep material inflation leading to PBT (profit before tax) loss, according to CEO and Managing Director Amit Syngle.

While addressing investors after reporting the second-quarter results earlier this month, Syngle had said that steep inflation seen in raw material prices, since the beginning of this calendar year, has been phenomenal and has impacted gross margins across all businesses in the quarter.

We will keep you posted on more updates from this space. Stay tuned.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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