Maruti Suzuki Quarterly Results, Oyo's Rs 84 bn IPO, and Buzzing Stocks Today

Thu, 27 Jan Pre-Open

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Indian share markets ended on a positive note on Tuesday.

Benchmark indices snapped their five-day losing run and ended on a positive note in a highly volatile session as global markets looked to stabilise post a manic Monday.

At the closing bell on Tuesday, the BSE Sensex stood higher by 367 points (up 0.6%).

Meanwhile, the NSE Nifty closed higher by 129 points (up 0.8%).

Maruti Suzuki and Axis Bank were among the top gainers.

Wipro and Bajaj Finserv, on the other hand, were among the top losers.

The BSE Mid Cap index and the BSE Small Cap index ended up by 1% and 0.8%, respectively.

Sectoral indices ended on a positive note with stocks in the power sector, auto sector and telecom sector witnessing most of the buying interest.

IT and consumer durables stocks, on the other hand, witnessed selling pressure.

Shares of Bharat Dynamics and ABB India hit their respective 52-week highs.

Gold prices for the latest contract on MCX were trading up by 0.1% at Rs 48,597 per 10 grams at the time of closing stock market hours on Tuesday.

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Top Stocks in Focus Today

Among the buzzing stocks today will be Maruti Suzuki.

The country's largest carmaker Maruti Suzuki on Tuesday reported a 48% fall in third-quarter net profit, as a global chip shortage slowed production and high material costs squeezed margins.

The top car maker reported a profit of Rs 10.1 bn for the three months ended 31 December compared to Rs 19.4 bn a year earlier.

Total revenue from operations fell 1% to Rs 232.5 bn rupees.

The company hopes to increase production in the fourth quarter, though it would not reach full capacity.

Though still unpredictable, the electronics supply situation is improving gradually, Maruti Suzuki said in a regulatory filing.

Car makers, which closed plants or operated at reduced capacities during the height of the pandemic, have found themselves competing against the consumer electronics industry for chips which are a critical component in electronic devices.

'Production was constrained by a global shortage in the supply of electronic components because of which an estimated 90,000 units could not be produced,' Maruti, majority owned by Japan's Suzuki Motor Corp, said in a statement.

The company said that there was no lack of demand as it had over 2.4 lakh pending customer orders at the end of the third quarter.

Raw material prices and shipping costs have also spiked due to supply chain disruptions, squeezing profit margins at companies looking to recover from the impact of the pandemic

The company, which sells every second car in India, sold a total of 4,30,668 units during the December quarter, lower than 4,95,897 units in same period, previous year.

Maruti Suzuki had earlier said it has increased prices of its models by up to 4.3% with immediate effect to partially offset the impact of the rise in input costs.

Bharti Airtel share price will also be in focus today.

Bharti Airtel has said its board will meet on 28 January to consider raising funds via a preferential share issue to investors other than its promoter group.

Following this news, several experts said this move could be to accommodate a "global strategic investor", which would strengthen the telco's financials ahead of a 5G spectrum auction mid-year.

The latest fundraising plans have sparked speculation of a possible stake sale in Airtel to a strategic global investor as part of Bharti's digital asset monetisation plans.

At present, Airtel's promoter group Mittal family and SingTel hold 55.93% stake in the company while the rest is held by the public. The Mittal family directly and indirectly owns around 24.13%, while SingTel holds 31.72%.

On the possible monetisation of Bharti's digital assets, Sunil Mittal had previously said that any potential alliances or equity stake offers to key strategic global investors would only be through parent company, Airtel.

This was in the aftermath of media speculation last year that US search giant Google was likely to make a substantial investment in Airtel.

Note that this fundraise will come on top of the rights issue it conducted last year, raising around Rs 210 bn to bolster its balance sheet and prepare for an upcoming 5G spectrum auction likely in April-May.

IPO-Bound OYO Gets Listing Approval From BSE, NSE

Oravel Stays, the parent company of travel-tech firm OYO, has received in-principle approval from BSE and NSE to list on the respective bourses, says a report.

OYO has filed preliminary documents for a Rs 84.3 bn initial public offering (IPO). The offering will consist of a fresh issue of shares of up to Rs 70 bn and an offer for sale (OFS) of as much as Rs 14.3 bn.

As per documents reviewed by PTI, the company recently received the go-ahead for listing from the NSE and BSE.

Bourses typically provides such go ahead at advanced stages of the approval process thus signaling that regulatory path is close to getting cleared for the company to approach for its listing.

Sources told PTI that the market regulator observations are reaching the final stage and the last rounds of observations are expected in about 10 days.

According to sources, OYO's founder Ritesh Agarwal, who holds 33% stake in the company directly and through his holding company, is not planning to dilute any stake during the IPO process, while Softbank Vision Fund, OYO's largest investor which holds 46% stake in the company, plans to dilute around 2% of his holding.

Manyavar-Owner Vedant Fashions IPO To Open Next Week

The IPO of Vedant Fashions, which owns ethnic wear brand Manyavar, will open on 4 February 2022. The initial share sale will conclude on 8 February 2022, according to the red herring prospectus (RHP).

The public issue is purely an offer for sale (OFS) of 36.4 million equity shares by the promoter and existing shareholders.

The promoters of the company are Ravi Modi, Shilpi Modi and Ravi Modi Family Trust.

Since the IPO is entirely an offer for sale, the company will not receive any proceeds from the public issue.

As of September 2021, the company has an extensive retail network with 546 exclusive brand outlets (EBOs), including 58 shop-in-shops globally - 11 overseas EBOs across the US, Canada and the UAE, having a large Indian diaspora.

In India, the company's EBO network spans 212 cities and towns as of September 2021.

'We seek to grow our retail network and product reach by entering new geographies, including in Tier II and III towns and cities in India, as we believe that these markets offer significant growth opportunities for us,' the company said.

Axis Capital, Edelweiss Financial Services, ICICI Securities, IIFL Securities and Kotak Mahindra Capital are the book running lead managers to the issue.

How this IPO pans out remains to be seen. Meanwhile, stay tuned for more updates from this space.

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

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