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December Auto Sales, IPO Buzz, and Top Cues in Focus Today
Thu, 2 Jan Pre-Open | Monish Vora, TM Team

On Wednesday, Indian share markets traded on a positive note throughout the day and ended marginally higher.

The BSE Sensex closed higher by 52 points to end the day at 41,306. Power Grid and NTPC were among the top gainers.

While the broader NSE Nifty ended up by 21 points to end at 12,190.

Among BSE sectoral indices, power stocks gained the most, followed by IT stocks and FMCG stocks.

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Top Stocks in Action Today

JSW Steel share price will be in focus today as the company has completed the acquisition of Vardhman Industries (VIL) by infusing Rs 635 million into the debt-ridden company. The acquisition has been done as per the resolution plan approved by the lenders of VIL and the National Company Law Tribunal (NCLT).

Piramal Enterprises share price will also be in focus today as the company has raised funds worth Rs 16 billion through the allotment of 16,000 secured, rated, unlisted redeemable non-convertible debentures (NCDs) each having a face value of Rs 1 million on private placement basis.

Market participants will also track NESCO share price. Reportedly, NESCO has incorporated a Section 8 company as its wholly owned subsidiary namely, 'Nesco Foundation for Innovation and Development'.

The company has been incorporated to carry out CSR and other activities. It is been incorporated with an initial subscription of 10,000 equity shares of Rs 10 each.

December Automobile Sales

Maruti Suzuki has reported total sales of 133,296 units in December 2019, as compared 128,338 units in December 2018, registering rise of 3.9%. This includes 125,735 units in domestic market and 7,561 units of exports.

Mahindra & Mahindra (M&M) has reported auto sales performance for December 2019 which stood at 39,230 vehicles, compared to 39,755 vehicles during December 2018, registering a fall of 1.3%.

The company's domestic sales touched 37,081 vehicles during December 2019, as against 36,690 vehicles in December 2018. Exports for December 2019 stood at 2,149 vehicles.

SML Isuzu has reported 32.1% fall in December 2019 sales. The company sold 549 vehicles in December 2019 against 817 vehicles in December 2018.

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From the Economic Space...

India's current account deficit (CAD) narrowed sharply to 0.9% of GDP in the July-September (Q2) of FY20 from 2.9% in the year ago period and 2% in the preceding quarter.

This contraction in CAD was primarily on account of lower trade deficit.

CAD occurs when the value of goods and services a country imports exceeds the value of exports. A large CAD can cause the domestic currency to depreciate.

In absolute terms, the CAD in the second quarter came down to US$ 6.3 billion from US$ 19 billion in the year ago quarter and US$ 14.2 billion in the preceding (April-June 2019) quarter.

Trade deficit in the quarter was lower too at US$ 38.1 billion as compared with US$ 50 billion a year ago.

In the financial account, net foreign direct investment was US$ 7.4 billion, almost same level as in corresponding Q2 of 2018-19.

Foreign portfolio investment recorded net inflow of US$ 2.5 billion as against an outflow of US$ 1.6 billion in Q2 of 2018-19, on account of net purchases in the debt market.

Net inflow on account of external commercial borrowings to India was US$ 3.2 billion as compared with US$ 2 billion in Q2 of 2018-19.

There was an accretion of US$ 5.1 billion to the foreign exchange reserves as against a depletion of US$ 1.9 billion in Q2 of 2018-19.

IPO Buzz

In latest developments from the IPO space, Mindspace Business Parks REIT on Tuesday filed the draft prospectus for its initial public offering (IPO), making it the second REIT to attempt a listing on the Indian bourses.

In March 2019, Bengaluru-based developer Embassy and Blackstone had launched India's first public REIT, Embassy Office Parks REIT, in a Rs 47.5-billion IPO.

Mindspace Business Parks REIT is backed by real estate developer K. Raheja Corp. and private equity investor Blackstone.

According to the draft prospectus filed by Mindspace, the REIT aims to raise Rs 10 billion through a fresh issue of shares, while the existing shareholders, K. Raheja Corp. and Blackstone, will offload a part of their shareholding through an offer for sale.

The REIT will use the IPO proceeds for partial or full prepayment, or scheduled repayment, of certain debt facilities of the assets held by it.

In other news, Apeejay Surrendra Park Hotels has filed draft papers with Indian stock markets regulator for its proposed IPO to raise up to Rs 10 billion.

The IPO comprises a fresh issue of up to Rs 4 billion and an offer-for-sale (OFS) of up to Rs 6 billion.

The amount to be raised through OFS comprises up to Rs 1.25 billion by promoter selling shareholder, up to Rs 3.54 billion by Apeejay Pvt Ltd, up to Rs 847 million by Apeejay House Pvt Ltd and Rs 349 million by investor selling shareholders.

The group's business is spread across industries such as hospitality, shipping, tea, real estate, retail brands such as Oxford bookstores, and education.

The hospitality company has pioneered the concept of luxury boutique hotel in India under "THE PARK" brand.

It has presence in Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai, Delhi-NCR as well as in other major cities such as Coimbatore, Jaipur, Jodhpur, Jammu, Navi Mumbai, Raipur and Visakhapatnam, the DRHP stated.

The net proceeds from the IPO will be utilised towards repayment/prepayment of certain borrowings availed and for general corporate purposes.

We will keep you updated on all the 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.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

Read the latest Market Commentary

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Stock Market Updates

ONGC Share Price Down by 7%; BSE OIL & GAS Index Down 4.0% (Today's Market)

Feb 26, 2021 03:34 PM

ONGC share price is trading down by 7% and its current market price is Rs 118. The BSE OIL & GAS is down by 4.0%. The top gainers in the BSE OIL & GAS Index is CASTROL INDIA (up 1.3%). The top losers are ONGC (down 7.1%) and GAIL (down 6.3%).

ULTRATECH CEMENT Share Price Down by 5%; BSE 500 Index Down 3.4% (Today's Market)

Feb 26, 2021 03:30 PM

ULTRATECH CEMENT share price is trading down by 5% and its current market price is Rs 6,487. The BSE 500 is down by 3.4%. The top gainers in the BSE 500 Index are SOUTH IND.BANK (up 10.4%) and JAGRAN PRAKASHAN (up 10.0%). The top losers are ULTRATECH CEMENT (down 5.0%) and BAJAJ FINSERV (down 6.3%).

JAGRAN PRAKASHAN Share Price Up by 10%; BSE 500 Index Down 3.2% (Today's Market)

Feb 26, 2021 03:26 PM

JAGRAN PRAKASHAN share price is trading up by 10% and its current market price is Rs 60. The BSE 500 is down by 3.2%. The top gainers in the BSE 500 Index are JAGRAN PRAKASHAN (up 10.1%) and RCF (up 11.0%). The top losers are MAHINDRA CIE AUTO. and AJANTA PHARMA (down 0.1%).

UPL Share Price Down by 5%; BSE 500 Index Down 3.2% (Today's Market)

Feb 26, 2021 03:26 PM

UPL share price is trading down by 5% and its current market price is Rs 589. The BSE 500 is down by 3.2%. The top gainers in the BSE 500 Index are RCF (up 11.0%) and SOUTH IND.BANK (up 10.4%). The top losers are UPL (down 5.4%) and BAJAJ FINSERV (down 6.2%).

ICICI LOMBARD GENERAL INSURANCE Share Price Down by 5%; BSE 500 Index Down 3.2% (Today's Market)

Feb 26, 2021 03:26 PM

ICICI LOMBARD GENERAL INSURANCE share price is trading down by 5% and its current market price is Rs 1,479. The BSE 500 is down by 3.2%. The top gainers in the BSE 500 Index are RCF (up 11.0%) and SOUTH IND.BANK (up 10.4%). The top losers are ICICI LOMBARD GENERAL INSURANCE (down 5.2%) and BAJAJ FINSERV (down 6.2%).

Sensex Crashes 1,800 Points; Nifty Trades Below 14,700 Mark (Today's Market)

Feb 26, 2021 02:30 pm

The BSE Sensex is trading down by 1,464 points, while the NSE Nifty is trading down by 423 points.

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