Indian Indices End Flat; Bajaj Finance and Bajaj Finserv Among Top Nifty Gainers

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Indian share markets ended their volatile day on a flat note today.

At the closing bell, the BSE Sensex stood higher by 9 points (up 0.02%).

The NSE Nifty ended up by 9 points (up 0.07%).

Bajaj Finance and Bajaj Finserv were among the top gainers today.

Hindustan Unilever, on the other hand, was among the top losers today.

SGX Nifty was trading at 13,579, down by 12 points, at the time of writing.

The BSE Mid Cap index ended up by 0.4%. The BSE Small Cap index ended up by 0.1%.

Except auto and metal sector, sectoral indices ended in the red with oil & gas and FMCG sector falling more than 1% percent each.

Asian share markets ended on a negative note with the Nikkei ending down by 0.2% and the Hang Seng ending down by 0.7%.

The rupee is trading at 73.59 against the US$.

In news from the commodity space, gold prices for the latest contract on MCX were trading up by 0.8% at Rs 49,344 per 10 grams.

In global markets, gold prices edged higher today as investors assessed the likelihood for further virus-related economic restrictions amid surging Covid-19 cases in many countries.

Tracking positive global cues, gold prices edged higher in Indian markets as new coronavirus-related restrictions in some countries lifted the safe-haven appeal of the precious metals.

Note that gold exchange-traded funds (ETFs) offered by domestic mutual funds saw net redemptions of Rs 1.4 billion in November - their first outflow since March.

Between April and October, these funds had seen inflows of nearly Rs 50 billion.

Reports state that the correction in gold prices has discouraged some investors from investing in gold.

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As you can see, barring just two years - 2013 and 2015, gold has delivered positive returns in 13 of the last 15 years.

Even with the recent volatility in prices, gold remains among the best performing commodities this year to combat the fallout from the coronavirus pandemic.

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Moving on to stock specific news...

NMDC was among the top buzzing stocks today.

This comes as the state-owned iron ore mining major NMDC has submitted buyback offer letter to BSE.

IDBI Capital Markets & Securities Ltd, which is handling the share buyback offer as the Manager for NMDC has submitted a copy of the Letter of Offer to BSE for eligible shareholders.

IDBI Capital Markets has certified that the disclosures made in this Letter of Offer are generally adequate and are in conformity with the provisions of the Companies Act, 2013 and the Buyback Regulations.

The cash offer for buyback is for shares not exceeding 13,12,43,809 fully paid up equity shares of face value of Rs 1 each, representing 4.29% of the total number of equity shares issued, subscribed and paid up equity share capital of the company from all the existing shareholders as on November 23, 2020, the record date, on a proportionate basis.

The tender offer is at Rs 105 per share for an aggregate amount not exceeding Rs 13.7 billion.

Moving on to news from the telecom sector...

Vodafone Idea and Bajaj Finance share price were also in focus today.

Vodafone Idea and Bajaj Finance, the lending and investment arm of Bajaj Finserv Group, have teamed up to facilitate easy access to smartphones at affordable EMIs, along with 6 months and 1-year prepaid plans from the telco.

Under the pact, the EMI will be calculated on the basis of the total billed amount including the price of the smartphone and the recharge. Thereafter, the amount will be divided into 6 to 12 monthly instalments to derive the EMI amount.

If a customer opts for the Rs 1,197 prepaid recharge of Vodafone Idea Ltd (VIL) for six months tenure, the EMI amount required to be paid by the customer will be Rs 200 instead of Rs 249 paid in open market recharges, the release said.

As part of the bundled offering, VIL customers choosing the prepaid recharge with a validity of 6 months, can get unlimited voice benefits along with 1.5 GB data a day at Rs 1,197. Similarly, customers selecting 12 months recharge validity will get 2 GB data a day with unlimited voice benefits at a Rs 2,399.

Bajaj Finance today also became India's twelfth company to cross Rs 3 trillion in market capitalisation and the stock of the company also touched its record high on the BSE.

In latest developments from the IPO space...

Bakery products manufacturer Mrs Bectors Food Specialties which opened its initial public offering (IPO) today witnessed huge buying interest as the IPO was fully subscribed within the first two hours of the bidding process.

By afternoon today the IPO was subscribed 2.3 times as the public issue received bids for 3.07 crore equity shares against an offer size of 1.32 crore equity shares, excluding the anchor book portion.

The company raised Rs 1.6 billion from anchor investors.

Retail investors showed interest in the IPO as the portion set aside for them was subscribed 4.37 times within hours of opening and that of employees had been bid 1.4 times.

The reserved portion of non-institutional investors witnessed a subscription of 66%.

This is the fifteenth IPO in 2020.

The company plans to raise Rs 5.4 billion via its public issue. The IPO consists of a fresh issue of Rs 405.4 million and an offer for sale of Rs 5 billion by selling shareholders.

The company has fixed a price band of Rs 286-288 per share for its public issue.

SBI Capital Markets, ICICI Securities and IIFL Securities are acting as the book running lead managers to the offer.

Note that the previous IPO to this - Burger King India's IPO - received an overwhelming response from investors, with the public offer being subscribed 157 times. The issue generated bids for 11.7 billion shares, worth Rs 700 billion, as against only 75 million on offer.

That made Burger King India the fourth mainboard IPO this year, which saw bidding of 100 times and more. The other three were Mazagon Dock Shipbuilders (157.41 times), Happiest Minds (156.65 times) and Chemcon Speciality (149.3 times).

While Mazagon got listed at a near 50% premium to its IPO price, Chemcon Speciality saw a 115% surge. Shares of Happiest Minds Technologies rallied 111% at its listing.

How the IPO of Mrs Bectors Food Specialties sails through remains to be seen. Meanwhile, we will keep you updated on the latest developments 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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