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SGX Nifty Up 243 Points, Upcoming IPOs, NTPC-GAIL Share Purchase Agreement, and Buzzing Stocks Today
Thu, 25 Feb Pre-Open | Monish Vora, TM Team

Indian share markets witnessed huge buying interest during the extended closing hours yesterday and ended on a strong note.

Equity markets witnessed sharp gains after trading resumed post the technical glitch on NSE yesterday. The Nifty jumped over 14,950, while Sensex jumped more than 1,050 points during the extended trading hours.

Note that trading was halted on the NSE yesterday due to a technical glitch and market trading timing for both the exchanges - BSE and NSE - was extended till 5:00 pm.

At the closing bell yesterday, the BSE Sensex stood higher by 1,030 points (up 2.1%).

Meanwhile, the NSE Nifty closed higher by 274 points (up 1.8%).

Coal India and HDFC Bank were among the top gainers.

Power Grid was among the top losers.

The BSE Mid Cap index ended up by 0.8%. The BSE Small Cap index ended up by 1.1%.

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Sectoral indices ended on a positive note yesterday. Gains were largely seen in the banking sector and finance sector which ended the day up by 3.7% and 3.3%, respectively.

At 8:10 am today, the SGX Nifty was trading up by 243 points, or 1.6% higher at 15,049 levels. Indian share markets are headed for a firm opening today following the trend on SGX Nifty.

Gold prices for the latest contract on MCX were trading flat at Rs 46,782 per 10 grams at the time of closing stock market hours yesterday.

Talking about Indian stock markets, Rahul Shah, co-head of Research at Equitymaster, in his latest video talks about how one should invest in the current times.

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Top Stocks in Focus Today

Nava Bharat Ventures will be among the top buzzing stocks today.

Shares of Nava Bharat Ventures witnessed huge buying interest yesterday after the company announced that its board will consider share buyback proposal on Friday, February 26.

The firm informed the stock exchanges that the meeting of the board of directors will be held on February 26, 2021, to consider the proposal for buyback of equity shares of the company.

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Aurobindo Pharma share price will also be in focus today as the company said that it has inked a pact to acquire a 26% stake each in two Hyderabad-based solar power generating companies.

The drug firm has entered into binding agreements to invest Rs 53.8 million each in NVNR (Ramannapet I) Power Plant and NVNR (Ramannapet II) Power Plant, aggregating to Rs 107.6 million, Aurobindo Pharma said in a regulatory filing.

The company has invested in the two firms to avail the benefit of captive consumption of solar power, it added.

IPO Buzz: MobiKwik and Sona Comstar Set to File RHP

Moving on to news from the IPO space...

As per a leading financial daily, Fintech startup MobiKwik has appointed investment banks ICICI Securities and IIFL, besides a few law firms, to kickstart work on its draft red herring prospectus.

The company may bring a few more investment banks on board to manage the domestic initial public offer (IPO).

As per the reports, the IPO will help the company raise fresh funds to continue its growth trajectory, but also provide an exit for its earlier investors. A large part of the IPO is expected to be a sale of shares by existing investors.

Several Indian startups in the fintech and consumer payments space, such as Paytm and PhonePe, are planning to go public.

In other news, Indian auto components maker Sona Comstar is also set to file draft red herring prospectus this week to raise about Rs 60 billion through an IPO.

The Blackstone-backed company will be valued at about Rs 217.1 billion in this proposed IPO.

Meanwhile, the IPO of agrochemical manufacturer Heranba Industries was subscribed 1.9 times at the time of Indian stock market closing hours yesterday - the second day of bidding.

The retail investors have put in bids 3.5 times against their reserved portion, while the portion set aside for non-institutional investors has been subscribed 61%, and that of qualified institutional buyers 2%.

The agrochemical company's IPO includes a fresh issue of Rs 600 million and the remaining is an offer for sale (OFS) by existing investors.

The price band for the issue has been fixed at Rs 626-627 per share.

Heranba Industries is a crop protection chemicals manufacturer, exporter and marketing company. It has over 9400 dealers/distributors across 16 states and 1 Union Territory in India and exports to over 60 countries across the Middle East, South East Asia and Africa.

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

NTPC Inks Pact to Buy GAIL's Stake in Ratnagiri Gas and Power

State-owned National Power Thermal Corporation (NTPC) has signed a share purchase agreement to buy GAIL's 25.5% stake in Ratnagiri Gas and Power (RGPPL), which is commonly known as the Dabhol project.

After the transaction is complete, NTPC would have an 86.5% stake in RGPPL.

Earlier in January, the company had announced acquiring a 37.5% stake in RGPPL from its lenders. Initially, NTPC and GAIL had a 25.5% stake each in the Dabhol project.

"NTPC has executed a share purchase agreement with GAIL (India) on February 23, 2021, for the purchase of GAIL's share (25.5%) in Ratnagiri Gas and Power (RGPPL) and sale of NTPC's share (14.8%) (on a fully dilutive basis) in Konkan LNG (KLL)," the company said in a BSE filing.

It added that after the transfer of shares as per the agreements, NTPC will exit from KLL, and NTPC's shareholding in RGPPL will stand at 86.5%.

RGPPL was incorporated on July 8, 2005, and is promoted by NTPC and GAIL (India). The company was set up to take over and revive the assets of the Dabhol Power Company Project.

RGPPL owns an integrated power generation and re-gasified LNG facility. The power station is one of India's large gas-based combined cycle power station.

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

And 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

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