Indian Indices Close at Record High, Prince Pipes and Fittings IPO, and Top Cues in Focus Today

Fri, 20 Dec Pre-Open

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Indian share markets ended their day on a positive note yesterday.

The Sensex and Nifty both closed at their record closing highs.

At the closing bell yesterday, the BSE Sensex stood higher by 115 points (up 0.3%) and the NSE Nifty closed higher by 38 points (up 0.3%).

The BSE Mid Cap index ended up by 0.2%, while the BSE Small Cap index ended up by 0.1%.

On the sectoral front, gains were seen in the telecom sector, auto sector and energy sector. Banking sector, on the other hand, witnessed selling.

Speaking of Indian share markets, in the video below, Rahul Shah talks about the one important chart all investors should see before making a big investment in 2020.

Top Stocks in Action Today

Tata Motors share price will be in focus today as the company's wholly owned subsidiary - Jaguar Land Rover (JLR) has acquired Bowler, a UK-based manufacturer of all-terrain performance cars, parts and rally raid vehicles. The entity would now be a part of JLR's special vehicle operations business.

Hero MotoCorp share price will also be in focus today as the company has emerged as the largest R&D spender among Indian two-wheeler makers, having invested Rs 35 billion on it over the last five years.

In comparison, Bajaj Auto spent Rs 18.9 billion, TVS Motors Rs 12.4 billion, and Eicher Motors Rs 8.5 billion during the period.

In news from the banking sector, Yes Bank share price will also be in focus today as India Ratings has downgraded the lenders long-term rating to "A" from "A+".

Market participants will also track Lupin share price.

Lupin's subsidiary, Nanomi B.V. has completed the divestiture of the entire stake (99.8%) in Kyowa Pharma to Unison, pursuant to the satisfactory completion of all customary closing conditions.

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.

IPO Buzz

As per an article in a leading financial daily, UTI Asset Management Company is likely to file a draft red herring prospectus (DRHP) with markets regulator for its public offer this week.

The public issue consists of an offer for sale by shareholders including State Bank of India (SBI), Bank of Baroda and LIC. There won't be any fresh issue.

The offer size could be about Rs 38-48 billion.

SBI, LIC and Bank of Baroda may sell a maximum 10.5 million shares each, while Punjab National Bank and T Rowe Price may sell 3.8 million shares each through the issue.

SBI, LIC, Punjab National Bank and Bank of Baroda each hold 18.5% stake in UTI AMC. The remaining stake is held by US company T Rowe Price.

In other news, the initial public offering (IPO) of Prince Pipes and Fittings has been subscribed around 52% so far on the second day of the bidding process.

The issue continued to get support from retail investors, whose reserved portion has been subscribed 77% so far.

The IPO has received bids for 80.81 lakh equity shares against offer size of over 1.97 crore equity shares.

The portion set aside for qualified institutional buyers has seen subscription of 5% and that of non-institutional investors of 3%.

Prince Pipes and Fittings is one of India's leading pipe and fitting manufacturers.

It has 5% share in the organised market and was the sixth largest player in terms of sales at the end of FY19.

The offer is a combination of both fresh issue of shares and offer-for-sale (OFS). The proceeds will be utilised to repay partial debt and expand capacity at Rajasthan and Telangana plants.

The price band of the offer has been fixed at Rs 177-178. The bid lot consists of 84 shares and multiple thereof. The issue will close on 20 December (Friday).

Post issue, the promoters' holding in the company will come down to 65.8% from 90.1%.

How this IPO sails through remains to be seen. Stay tuned for more updates from this space.

Ankit has share a detailed note on this IPO with his readers at Insider. You can read the same here (subscription required): Prince Pipes and Fittings: Another Rs 500 Crore IPO

RBI Defends Nod for Chanda Kochhar's Removal

The Reserve Bank of India (RBI) has defended ICICI Bank's nod for Chanda Kochhar's sacking from the bank.

On December 18, RBI told the Bombay High Court that its decision to grant approval to ICICI Bank for termination of the appointment of Chanda Kochhar as MD and CEO was fair and not arbitrary.

Last month, Kochhar had filed a petition challenging her ouster as the chief executive and managing director of ICICI Bank, months after she voluntarily left the private sector lender.

The bank, while terminating her employment, also denied her remuneration and rescinded the bonuses and stock options given to her from April 2009 to March 2018.

The RBI in its affidavit said there was no violation of Kochhar's fundamental rights, and its decision to approve the termination of her services was devoid of any "malafides or arbitrariness".

We will keep you updated on all the latest developments 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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