India's Fiscal Deficit, Anand Rathi Wealth IPO, and Buzzing Stocks Today

Wed, 1 Dec Pre-Open

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Indian share markets ended on a negative note yesterday.

Benchmark indices edged lower as global cues turned bearish after US pharma major Moderna warned that Covid-19 shots seemed less effective against Omicorn.

At the closing bell yesterday, the BSE Sensex stood lower by 196 points (down 0.3%).

Meanwhile, the NSE Nifty closed lower by 71 points (down 0.4%).

Power Grid and Titan Company were among the top gainers.

Tata Steel and Kotak Mahindra Bank, on the other hand, were among the top losers.

The BSE Mid Cap index and the BSE Small Cap index ended up by 0.3% and 1.5%, respectively.

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

Consumer durables and IT stocks, on the other hand, witnessed buying interest.

Shares of Timken India and Orient Electric hit their respective 52-week highs.

Gold prices for the latest contract on MCX were trading up by 0.7% at Rs 47,908 per 10 grams at the time of closing stock market hours yesterday.

Speaking of stock markets, Brijesh Bhatia shares the sector to avoid in 2022, 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 Yes Bank.

In a big relief to Yes Bank, the supreme court on 30 November 2021 stayed the Uttar Pradesh Police order, freezing the lender's voting rights in the Dish TV annual general meeting.

A bench headed by Justice DY Chandrachud took serious exception to police action in a corporate matter and also stayed the investigation until further orders.

'We cannot permit police officers sitting in Gautam Buddha Nagar to freeze voting rights of a shareholder', the bench said. 'The police here did what even the National Company Law Tribunal did not do (freeze shares and voting rights).'

Senior Counsel Abhishek Manu Singhvi, representing Yes Bank, essentially questioned the validity of the police notice issued earlier last month, asking the bank to not act on the shares, that is to say not to sell the shares or even carry out voting rights that come attached with the ownership of the shares.

Terming the notice as an 'extraordinary ingenious misuse of the criminal law', Singhvi alleged that the notice of freeze on voting rights came at an opportune time only to prevent the bank, as the largest shareholder, from voting in the annual general meeting.

If Yes Bank votes during the Dish TV AGM, it may vote to change or refuse to reappoint directors. This, the bank contends, is a primary reason behind police action against the bank coming just ahead of the AGM.

The civil proceedings that were initiated by Essel group against the bank were withdrawn earlier this year, however, the 'FIR filed in the case had been languishing since August 2020' saw police action over a year later.

Remarking on this, the court said that there cannot be short-circuiting of the judicial process by using police action.

Using criminal procedure to achieve results of civil proceedings will have dangerous consequences, the supreme court bench observed.

Go Fashion share price will also be in focus today.

Go Colors brand operator Go Fashion saw a stellar debut on the bourses on 30 November 2021 as the stock listed at a whopping 90% premium over the issue price of Rs 690 per share.

It opened at Rs 1,316 on the BSE and at Rs 1,310 on the NSE.

The maiden public offer of the women's bottom-wear brand operator had seen tremendous response from investors as the offer was subscribed 135.46 times.

It saw the biggest demand from non-institutional investors, who bid for shares 262.08 times the portion set aside for them.

Qualified institutional investors had put in bids 100.73 times the reserved portion, and retail investors subscribed for 49.70 times the reserved portion.

Go Fashion has mopped up Rs 10.1 bn through its public issue that comprised a fresh issue of Rs 1.3 bn and an offer for sale (OFS) of Rs 8.9 bn.

The funds from the fresh issue will be utilised to roll out 120 exclusive brand outlets, and meeting working capital requirements.

Anand Rathi Wealth IPO to Open Tomorrow

Anand Rathi Wealth, part of Mumbai-based financial services group Anand Rathi said it has fixed a price band of Rs 530-550 a share for its Rs 6.6 bn initial public offering (IPO), which will open for public subscription on 2 December 2021.

The three-day public issue will conclude on 6 December 2021.

The initial share sale is entirely an OFS of 12 m equity shares by promoters and existing shareholders.

The OFS consists of the sale of 9.2 m equity shares by Anand Rathi Financial Services, and 3.8 lakh equity shares each by Anand Rathi, Pradeep Gupta, Amit Rathi, Priti Gupta, Supriya Rathi, Rawal Family Trust, and Feroze Azeez, and 90,000 equity shares by Jugal Mantri.

The issue includes a reservation of 2.5 lakh equity shares for employees.

Half of the issue size has been reserved for qualified institutional buyers (QIBs), 15% for non-institutional investors, while 35% has been set aside for retail investors.

Anand Rathi Wealth operates in the financial services industry with a focus on mutual fund distribution and the sale of financial products.

India's Fiscal Deficit for April-October Reaches 36.3% of Full Year Target

The central government's fiscal deficit at end-October worked out to be 36.3% of the annual budget target for 2021-22 due to an improvement in the revenue collection, according to official data released on Tuesday.

Fiscal deficit or the gap between expenditure and revenue was 119.7% of the budget estimate of 2020-21 during the same period last year.

In actual terms, the deficit was Rs 5.5 tn at end of October 2021 against the annual estimate of Rs 15.1 tn, while total expenditure was Rs 18.3 tn, said the data released by the controller general of accounts (CGA).

The fiscal deficit for 2020-21 was 9.3% of the gross domestic product (GDP), better than 9.5% projected in the revised estimates in the budget in February.

We will keep you updated on the latest developments from this space. Stay tuned.

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