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Stove Kraft IPO, Key Q3FY21 Results, and Top Buzzing Stocks Today
Mon, 25 Jan Pre-Open | Yash Vora, TM Team

On Friday, Indian share markets witnessed huge selling pressure and ended deep in the red, amid a global selloff.

At the closing bell on Friday, the BSE Sensex stood lower by 746 points. Meanwhile, the NSE Nifty ended down by 218 points.

Bajaj Auto was among the top gainers. Axis Bank, on the other hand, was among the top losers.

The BSE Mid Cap index ended down by 1.2%. The BSE Small Cap index ended lower by 1%.

Sectoral indices ended on a negative note with stocks in the banking sector, finance sector and metal sector witnessing maximum selling pressure.

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Shares of Cyient and Ceat hit their respective 52-week highs.

At 8:00 am today, the SGX Nifty was trading up by 120 points, or 0.9% higher at 14,475 levels. Indian share markets are headed for a gap-up opening today following the trend on SGX Nifty.

Gold prices were trading down by 0.5% at Rs 49,224 per 10 grams. Domestic gold prices slid on Friday amid weak global cues.

Note that gold prices have seen wild swings this year amid higher US bond yields, strengthening dollar and US stimulus announcement.

To know more about gold, check out our detailed article on how to invest in gold here: How to Invest in Gold?

Speaking of the current stock market scenario, note that the market scaled new life-time highs last week, but it was the bears who took control. Benchmark indices - Sensex and Nifty - ended mostly flat last week but the momentum was in favour of the bears.

For the last two weeks, we have seen the markets facing resistance at higher levels. The bulls have been showing signs of tiring. Momentum was low when the market was going up and high when the market went down.

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This is first time in 25 years that a benchmark index in India, the BSE Sensex, is trading at a P/E multiple of 40x. The last time the Sensex breached this multiple in October 1994.

Most investors are worried about parking money in safe stocks or safe asset classes. But are they making the right choices?

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Top Buzzing Stocks Today

Indian Energy Exchange (IEX) will be among the top buzzing stocks today.

Adani Total Gas and Torrent Gas have become the first strategic investors in IGX (Indian Gas Exchange) by acquiring 5% stake each. The IGX is an arm of IEX and first authorized gas exchange in the country.

Alembic Pharma share price will also be in focus today as the company has received an approval from US Food & Drug Administration (USFDA) for its abbreviated new drug application (ANDA) Midodrine Hydrochloride Tablets USP, 2.5 mg, 5 mg, and 10 mg.

Market participants will also track L&T share price and Aarti Drugs share price as these companies are scheduled to announce their December quarter results later today.

Watch Now: 3 Little-known Stocks We are Super Bullish On

December Quarter (Q3FY21) Results

In news from the pharma sector, biopharmaceutical major Biocon has posted a 19% dip on a year-on-year (YoY) basis in its consolidated net profit at Rs 1.86 billion for the third quarter of FY21, owing to its generics business taking a hit along with headwinds across operational, regulatory and commercial functions.

The company had posted a net profit of Rs 2.3 billion in the same quarter last year.

Biocon's consolidated revenue for Q3FY21 increased by 7.2% at Rs 18.8 billion as against Rs 17.5 billion for the said quarter last year.

Revenue growth came on the back of a 13% rise in research services and 11% in biosimilar business segments on a YoY basis, along with core earnings before interest, tax, depreciation and amortization (EBITDA) margins of 31%, said Biocon's executive chairperson Kiran Mazumdar-Shaw.

On the other hand, the company's generics business reported a 3% dip in the third quarter at Rs 5.6 billion.

In news from the automobile sector, Bajaj Auto reported its highest-ever profit and turnover during the December quarter (Q3FY21). The company's standalone net profit went up by 23% YoY to Rs 15.5 billion, while revenues rose 17% to Rs 87.3 billion.

The company said it has posted its highest-ever turnover during the December quarter and for the first time exceeded the Rs 90 billion mark to reach Rs 92.7 billion, a rise of 16%. Revenue from consolidated operations of the company was up 17% at Rs 89.1 billion while consolidated profit after tax stood at Rs 17.1 billion.

The company's operating margin during the quarter was higher at 19.8% compared to 18.3% in the year-ago period. The improvement in margins was driven by higher operating leverage and better product mix.

To know more, you can read Bajaj Auto's Q3FY21 result analysis on our website.

In news from the IT sector, Cyient reported an 11.9% YoY decline in net profit at Rs 954 million for the quarter. It had posted a net profit of Rs 1.1 billion in Q3FY20.

On a sequential basis, the company's net profit saw a growth of 13.8%.

The company's consolidated revenue during the third quarter stood at US$ 141.4 million, a growth of 4.7% QoQ (4.1% in constant currency) and de-growth of 8.9% YoY.

In news from the banking sector, SBI Cards and Payment Services reported 50% YoY decline in net profit at Rs 2.1 billion, led by 3% YoY decline in operating revenues and 70% increase in provisions.

SBI Cards said the gross non-performing assets (GNPA) were at 1.61% of gross advances as on Q3FY21 as against 2.47% as on Q3FY20.

Net non-performing assets (NNPA) were at 0.56% as against 0.83% in a year ago quarter.

Upcoming IPO: Stove Kraft

In news from the IPO space, the Rs 4.1 billion Stove Kraft initial public offer (IPO) is set to open for subscription today in the price band of Rs 384-385 apiece.

This is the fourth public issue of the calendar year 2021, after the recently concluded IPOs of Indian Railway Finance Corp, Indigo Paints and the ongoing Home First Finance IPO.

The Rs 46.3-billion IPO of IRFC was oversubscribed 3.49 times on the final day of the three-day bidding process. Meanwhile, the IPO of Indigo Paints received strong response across all categories and was subscribed 117 times so far on January 22, the final day of bidding.

The IPO of Stove Kraft comprises fresh issue of shares worth Rs 950 million and an offer-for-sale (OFS) of up to 8.3 million equity shares.

The OFS consists a 6,90,700 equity shares by promoter Rajendra Gandhi, 59,300 equity shares by promoter Sunita Rajendra Gandhi, 14,92,080 shares by Sequoia Capital India Growth Investment Holdings I, and 60,07,920 shares by SCI Growth Investments II.

Stove Kraft shares were commanding a grey market premium of Rs 101 on Friday. The shares were seen trading at Rs 486, implying an upside of 26% over the IPO price in the grey market.

The company will utilize its net proceeds from the fresh issue for repayment of certain borrowings and general corporate purposes.

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

Crude Oil Prices Fall 1%

Crude oil prices fell on Friday, retreating further from 11-month highs, weighed down by worries that new pandemic restrictions in China will curb fuel demand in the world's biggest oil importer.

US West Texas Intermediate (WTI) crude futures dropped 65 cents, or 1.2%, to US$ 52.48 a barrel after slipping 18 cents on Thursday.

Meanwhile, Brent crude futures fell 58 cents, or 1.1%, to US$ 55.52 a barrel, erasing a 2% gain on Thursday.

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

WELSPUN CORP Share Price Up by 7%; BSE CAPITAL GOODS Index Down 0.1% (Today's Market)

Feb 25, 2021 03:34 PM

WELSPUN CORP share price is trading up by 7% and its current market price is Rs 132. The BSE CAPITAL GOODS is down by 0.1%. The top gainers in the BSE CAPITAL GOODS Index are WELSPUN CORP (up 6.6%) and THERMAX (up 7.1%). The top losers are V GUARD INDUSTRIES (down 0.7%) and L&T (down 1.4%).

L&T TECHONOLOGY Share Price Up by 6%; BSE IT Index Up 0.4% (Today's Market)

Feb 25, 2021 03:34 PM

L&T TECHONOLOGY share price is trading up by 6% and its current market price is Rs 2,640. The BSE IT is up by 0.4%. The top gainers in the BSE IT Index are L&T TECHONOLOGY (up 5.7%) and ZENSAR TECHNOLOGIES (up 7.3%). The top losers are TECH MAHINDRA (down 0.1%) and INFOSYS (down 0.1%).

JINDAL SAW Share Price Up by 13%; BSE METAL Index Up 3.2% (Today's Market)

Feb 25, 2021 03:22 PM

JINDAL SAW share price is trading up by 13% and its current market price is Rs 84. The BSE METAL is up by 3.2%. The top gainers in the BSE METAL Index are JINDAL SAW (up 12.6%) and COAL INDIA (up 7.9%). The top losers is HINDUSTAN ZINC (down 0.1%).

INDIABULLS REAL EST Share Price Up by 13%; BSE REALTY Index Up 1.7% (Today's Market)

Feb 25, 2021 03:22 PM

INDIABULLS REAL EST share price is trading up by 13% and its current market price is Rs 95. The BSE REALTY is up by 1.7%. The top gainers in the BSE REALTY Index is INDIABULLS REAL EST (up 13.4%). The top losers are OMAXE (down 0.6%) and OBEROI REALTY (down 1.9%).

BHEL Share Price Up by 11%; BSE CAPITAL GOODS Index Up 0.1% (Today's Market)

Feb 25, 2021 03:20 PM

BHEL share price is trading up by 11% and its current market price is Rs 48. The BSE CAPITAL GOODS is up by 0.1%. The top gainers in the BSE CAPITAL GOODS Index is BHEL (up 10.8%). The top losers are V GUARD INDUSTRIES (down 0.4%) and L&T (down 1.1%).

Sensex Trades Over 200 Points Higher; Dow Futures Up by 103 Points (Today's Market)

Feb 25, 2021 12:30 pm

BSE Sensex is trading up by 246 points, while the NSE Nifty is trading up by 112 points.

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