Prince Pipes & Fittings IPO, Global Stock Market Drivers, and Top Cues in Focus Today

Wed, 18 Dec Pre-Open

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On Tuesday, Indian share markets moved sharply higher amid positive global cues. The BSE Sensex and NSE Nifty registered new record highs amid optimism over an initial Sino-US trade pact.

On the sectoral front, gains were largely seen in the telecom sector, metal sector and IT sector.

At the closing bell on Tuesday, the BSE Sensex stood higher by 413 points (up 1%) and the NSE Nifty closed higher by 111 points (up 0.9%).

Speaking of Indian stock markets, Vijay Bhambwani states why he is positive about the markets and the Indian economy for the next 11 months.

As per Vijay, the US election season is set to have a big impact on India. In the video below, he covers what to expect over the next 11 months. Tune in to find out more...

Top Stocks in Action Today

Cipla share price will be in focus today as the company has acquired the brand name and trademark rights for Vysov & Vysov M (Vildagliptin plus Metformin) of the anti-diabetic drug, Vildagliptin for the Indian market.

The company has been co-marketing Vildagliptin in agreement with Novartis under brand names Vysov & Vysov M and has witnessed a strong uptake for the product in India for the last couple of years.

Lupin share price will also be in focus today as its subsidiary - Nanomi B.V. has completed the divestiture of the entire stake (99.8%) in Kyowa Pharmaceutical Industry (Kyowa) to Unison.

The divestiture which valued Kyowa at an enterprise value of Japanese Yen 57,361 million, was announced on 11 November 2019 and approved by Lupin's shareholders.

Market participants will also track HDFC share price. The mortgage lender has lent US$ 100 million to the promoters of India's largest hospital chain Apollo Hospitals, to help repay immediate debt obligations of the hospital chain's promoters.

Reports state that the loan has been used by Apollo promoters to repay debt owed to Credit Suisse.

From the IPO Space...

The initial public offer (IPO) of the Mumbai-based Prince Pipes & Fittings will open for subscription today.

Prince Pipes and Fittings, India's third-largest PVC pipes manufacturer, is planning to raise about Rs 5 billion through an IPO.

The firm is looking to raise Rs 5 billion via the IPO, of which Rs 2.5 billion will be fresh issue and the remaining portion would see its promoters selling their stakes partially.

The price band has been fixed at Rs 177 to Rs 178 per share.

The company plans to use Rs 1.8 billion of the net proceeds towards setting up a new plant at Sangareddy in Telangana. The firm plans to start production at the plant by fiscal year 2021, and expects its installed capacity to reach 51,943 tonnes per annum.

The remaining funds would be used for repayment of certain outstanding loans and upgrading equipment at its manufacturing facilities.

In other news, Equitas Small Finance Bank has filed draft papers with the markets regulator for its proposed initial public offering.

According to the draft red herring prospectus (DRHP) filed on Monday, the initial public offering (IPO) comprises of a fresh issue aggregating up to Rs 5.5 billion and an offer for sale of up to 80 million equity shares by Equitas Holdings Limited.

Chennai-based Equitas Small Finance Bank proposes to utilize the net proceeds from the offer towards augmenting bank's Tier I capital base to meet its future capital requirements.

Equitas Holdings Limited (EHL) is the promoter of the company.

As per the DRHP, Equitas Small Finance Bank has been providing housing finance since 2011 through Equitas Housing Finance Limited (EHFL).

The company also provides vehicle finance and micro and small enterprises (MSE) finance.

Global Stock Market Updates

Asian shares rose to their highest in eight months on Tuesday, as trade deal optimism and Wall Street's streak to all-time highs supported sentiment.

The preliminary deal between Washington and Beijing will double US exports to China, White House adviser Larry Kudlow told Fox News on Monday. The United States will also reduce some tariffs on Chinese goods under the agreement.

It is not yet signed, and the Chinese side have been more circumspect in their praise, but US Trade Representative Robert Lighthizer said over the weekend it is "totally done".

On the commodities front, oil prices gained above US$ 65 a barrel on Tuesday, supported by hopes that the US-China trade deal will bolster oil demand in 2020 and the prospect of lower US crude supplies.

Top White House advisor, Larry Kudlow on Monday said the "Phase One' agreement between the world's two largest economies has been absolutely completed.

Crude oil prices further gained support as the Organization of the Petroleum of Exporting Countries (OPEC) and allies like Russia - a grouping known as OPEC+ - are making a further oil supply cut of 500,000 barrels per day from January 1 to support the market.

As per the economic schedule released by Vijay Bhambwani, here are the important events due later today:

• USA - Crude Inventory
• UK - Nov CPI & PPI
• Japan - Trade Balance Nov

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

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