TCS Buyback Offer, Anthony Waste Handling Cell IPO, and Buzzing Stocks Today

Mon, 21 Dec Pre-Open

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Indian share markets ended their session marginally higher on Friday.

At the closing bell on Friday, the BSE Sensex stood higher by 70 points (up 0.2%).

The NSE Nifty ended up by 19 points (up 0.1%).

Dr Reddy's Laboratories and Bajaj Auto were among the top gainers.

IndusInd Bank, on the other hand, was among the top losers.

The BSE Mid Cap index ended down by 0.4%. The BSE Small Cap index ended down by 0.2%.

Sectoral indices ended on a mixed note with IT stocks and pharma stocks witnessing maximum buying interest and rising more than 1% each.

Telecom sector stocks, on the other hand, witnessed most selling.

Gold prices for the latest contract on MCX were trading down by 0.4% at Rs 50,204 per 10 grams at the time of closing stock market hours on Friday.

In one of his latest videos, India's #1 trader, Vijay Bhambwani, talks about whether you should buy gold bullion or gold exchange-traded-funds (ETFs).

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Top Stocks in Focus Today

Among the buzzing stocks today will be BPCL.

Privatization-bound Bharat Petroleum Corporation (BPCL) said its board has approved buying out Oman Oil Company's stake in the Bina refinery project in Madhya Pradesh on mutually agreeable terms.

The BPCL board at its meeting also approved a proposal to approach the Madhya Pradesh government for acquiring 26.9 million warrants held by it in Bharat Oman Refineries (BORL).

Besides, the meeting approved the merger of Bharat Gas Resources (a wholly-owned subsidiary of BPCL) with BPCL. BPCL incorporated BGRL for handling the natural gas business in June 2018.

Solar glass maker Borosil Renewables share price will also be in focus today as the company said it has raised Rs 2 billion by issuing 1.58 crore shares through qualified institutional placement (QIP).

The issue opened on December 14, 2020, and closed on December 17, the company added.

BRL allotted 1,58,04,030 shares of the face value of rupee one each at Rs 126.55 per share. Post the QIP issue, the holding of promoter and promoter group will be 61.92%.

Market participants will also tracking defence stocks today.

The Ministry of Defence last week said that its Defence Acquisition Council (DAC) cleared proposals worth Rs 280 billion, of which acquisitions worth Rs 270 billion would be sourced from Indian industries.

The approved acquisition proposals of various weapons, platforms, equipment and systems were required by the Indian Army, Indian Navy, and the Indian Air Force.

Defence stocks including Bharat Dynamics, Bharat Electronics and Astra Micro will be in focus on the back of above news.

TCS Buyback Offer: Floor Price at Rs 3,000 Per Share; Offer Closes on January 1, 2021

The country's largest software exporter Tata Consultancy Services (TCS) opened its Rs 160 billion share buyback offer for investors Friday last week.

TCS has decided to buyback up to 53.3 million equity shares and the floor price for this offer has been fixed at Rs 3,000 per share.

The offer, as per the schedule, will close on January 1, 2021.

This is the third share buyback offer from the company after August 2018 and May 2017.

Going by the past trends and historic data, TCS has given record breaking compounded returns to every investor with an average 35-50% acceptance ratio.

Based on the market regulator's mandate that companies have to reserve 15% of the buyback for small shareholders with holdings of less than Rs 200,000 as on the record date, means TCS has to buy Rs 24 billion from retail shareholders.

Note that the buyback is to be made under the tender offer route, and is open to all eligible shareholders of the company holding equity shares either in physical or electronic form, as on the record date which is November 28.

It is also in line with the company's shareholder-friendly capital allocation practice of returning excess cash to shareholders thereby increasing shareholder value in the longer term, and improving the return on equity.

We will keep you posted on more updates from this space. Stay tuned.

IPO Buzz: Anthony Waste Handling Cell IPO Opens for Subscription

In latest developments from the IPO space...

Municipal solid waste services provider Antony Waste Handling Cell on December 17 fixed Rs 313-315 per share as the price band for its initial public offering (IPO).

The issue will open for subscription today i.e. December 21 and close on December 23.

The company aims to raise Rs 3 billion through the IPO that comprises a fresh issue of Rs 850 million and an offer for sale of up to 68,24,933 equity shares.

The offer for sale consists of 13,90,330 equity shares by Leeds (Mauritius), 20,85,510 equity shares by Tonbridge (Mauritius), 11,58,667 equity shares by Cambridge (Mauritius) and 21,90,426 equity shares by Guildford (Mauritius).

Note that the company had in March launched the IPO to raise around Rs 2 billion but had to withdraw following a tepid response from investors.

It had even lowered the price band and extended the closing date.

The company plans to utilise the net proceeds towards part-financing for the waste-to-energy project at Pimpri Chinchwad through investment in its subsidiaries AG Enviro and ALESPL. It also plans to reduce consolidated borrowings of the company and its subsidiaries by infusing debt in its subsidiary.

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

In other news, Mrs Bectors Food Specialities, a premium biscuit and bakery firm in north India, became the most successful IPO of 2020 attracting bids for nearly 199.41 times the number of shares on offer.

The qualified institutional investor category was subscribed 178.08 times, receiving bids for 667.86 million shares, the non-institutional category comprising high net worth individuals was subscribed 625.20 times.

Demand from retail individual investors stood at 29.53 times.

The subscription figures beat Mazagon Dock Shipbuilders and Burger King India, the other IPOs that drew big subscription numbers this year, getting subscribed nearly 157 times each.

This also puts it among the three biggest subscribed IPOs in a decade. The two companies that got better attractions are Salasar Techno Engineering, which subscribed over 270 times in July 2017 and Astron Paper and Board Mill, which got over 240 times in December that year.

How the above IPO performs on listing day remains to be seen.

Stay tuned for all the updates from this space.

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

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