CSB Bank IPO, October Passenger Vehicle Sales, and Top Cues in Focus Today

Wed, 20 Nov Pre-Open

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On Tuesday, Indian share markets witnessed buying interest during closing hours and ended on a positive note.

At the closing bell, the BSE Sensex stood higher by 186 points (up 0.5%) and the NSE Nifty closed higher by 56 points (up 0.5%).

The BSE Mid Cap index ended down by 0.1%, while the BSE Small Cap index ended the day up by 0.3%.

Top Stocks in Focus Today

From the engineering sector, Dilip Buildcon share price will be in focus today as the company has received a Rs 21 billion order from country's largest coal mining company - Coal India.

The construction company in a statement said it has been awarded overburden removal contract mining work for Nigahi Project at Singrauli District in Madhya Pradesh by the Northern Coalfield Limited (NCL), a subsidiary of Coal India.

Market participants will also be tracking Bharat Heavy Electricals (BHEL) share price as the company has commissioned two more pumping units each at Package-6 (7x116 MW) and Package-8 (7x139 MW) of Kaleshwaram Lift Irrigation Scheme (LIS).

Notably, with this, the company has successfully commissioned all 14 pumping units of these packages within a record period of six months and well within the scheduled time.

Reportedly, these are very large size pump sets with each pump designed to lift 89 cumecs of water against a head of 100 to 125 metres.

From the banking sector, ICICI Bank share price will also be in focus today as the lender is looking to raise around Rs 200 billion by selling 6% to 7% stake to institutional investors. The bank has approached at least 10 investment banks for the same.

As per the news, the country's largest private-sector lender plans to complete the entire raise in a single tranche and may soon issue formal mandates to some of the investment banks it approached.

The move, which would be the largest such capital raise in India, is aimed at subverting liquidity squeeze created in the sector after the IL&FS saga.

From the IPO Space...

Kerala-based private sector lender CSB Bank, formerly known as Catholic Syrian Bank has announced the launch of its initial public offering (IPO) worth nearly Rs 4.1 billion.

The IPO will hit the markets between 22-26 November and will be available at a price band of Rs 193-195 apiece.

The bids for the offer can be applied for a minimum of 75 shares and its multiples.

The proposed initial share sale will see the lender raise fresh capital worth Rs 240 million, while its existing shareholders, including ICICI Lombard General Insurance, HDFC Life Insurance, ICICI Prudential Life Insurance, The Federal Bank, Bridge India Fund, Satellite Multicomm, Way2Wealth Securities and Edelweiss Tokio Life Insurance, will sell 19.78 million shares for Rs 3.85 billion via the offer for sale route.

According to its red herring prospectus, the company will use the proceeds from the fresh issue during the current fiscal to augment the bank's tier-1 capital base and to meet its future capital requirements.

While 75% of the offer is kept aside for qualified institutional buyers (QIBs), 15% is reserved for non-institutional investors and 10% for retail investors.

CSB Bank is one of the oldest private lenders in India, having a strong presence in Kerala, Tamil Nadu, Maharashtra and Karnataka.

For the six months ended September 30, the bank reported a revenue of Rs 8.17 billion. Its profit, for the first half of FY20, stood at Rs 443 million, reversing the loss of Rs 657 million reported in FY19.

In terms of asset quality, the bank's gross non-performing assets (NPA) were 2.86% of its total advances, declining from 4.87% as of March 31.

Its total NPA provisioning and write-offs stood at Rs 2.7 billion for the six-month period ended September 30, against Rs 11.3 billion provisioning and write offs between FY17-19.

How this IPO sails through remains to be seen. Meanwhile, we will keep you updated on the latest developments from this space.

Passenger Vehicles Sales Jump in October

In the news from the automobile space, retail sales of passenger vehicles jumped 11% year-on-year (YoY) in October to 248,036 units.

This was seen largely because of discounts offered during Navaratri and Diwali.

Sales, however, were largely flat when compared with 223,498 units sold in September.

In the two-wheeler segment, retail sales rose 5% YoY to 1,334,941 units in October, while those of three-wheelers increased 4% YoY to 59,573 units.

Given the slump in overall economic activity and over capacity with fleet owners because of an increase in freight carrying capacity of trucks, sales of heavy commercial vehicles slumped 23% YoY to 67,060 units during the month.

According to the Federation of Automobile Dealers Associations (FADA), during the festival period, retail sales of vehicles rose just 1% YoY to 343,319 units, while those of motorcycles eased 2% to 1,899,032 units in October. Commercial vehicle segment registered an 18% YoY decline in retail sales during the period.

How these numbers show up in the coming months remains to be seen. Meanwhile, we will keep you updated on all the developments from this space.

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