MTAR Technologies IPO, Tata Motors February Sales, and Buzzing Stocks Today

Wed, 3 Mar Pre-Open

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Indian share markets witnessed buying interest during closing hours yesterday and ended higher.

Benchmark indices ended on a strong note amid positive cues from Asian peers and a record close by S&P 500, as global worries around inflation calmed down.

GST collection numbers further indicated some positive trend with GST revenues over Rs 1 lakh crore for the 5th time in a row. Post hitting a new high in terms of GST collections in January 2021, the collections in February 2021 too, were 7% higher YoY.

At the closing bell yesterday, the BSE Sensex stood higher by 447 points (up 0.9%).

Meanwhile, the NSE Nifty closed higher by 158 points (up 1.1%).

M&M and NTPC were among the top gainers.

ONGC and HDFC, on the other hand, were among the top losers.

Both, the BSE Mid Cap index and the BSE Small Cap index ended up by 1.6%.

On the sectoral front, gains were largely seen in the automobile sector and IT sector.

Paper stocks rallied yesterday as China producers hiked prices.

The dollar rose to its highest level in a month yesterday as underlying concerns about rising bond yields drove investors back into safe-haven assets.

Gold prices for the latest contract on MCX were trading up by 0.1% at Rs 45,359 per 10 grams at the time of closing stock market hours yesterday.

Speaking of the stock markets, India's #1 trader, Vijay Bhambwani talks about why it's prudent to be extra cautious during the month of March, in his latest video for Fast Profits Daily.

Tune in to the video below to find out more:

Top Stocks in Focus Today

Nestle India will be among the top buzzing stocks today.

In a recently held analysts' meet, Nestle India's management said it expects to sustain volume-led double-digit growth.

Nestle registered a volume growth of 6% in CY20 aided by strong growth in Maggi Noodles (approximately 20% in Q4 CY20) and KitKat (more than 20% in H2 CY20).

Some key challenges faced by the company during the pandemic were supply constraints in the noodles category in Q2 CY20 and demand contraction from out of home channels in the beverage segment.

The company also maintained its strong focus on driving increased distribution reach in the rural markets.

Privatization-bound Bharat Petroleum Corporation (BPCL) will also be in focus today as the company said it will exit the Numaligarh refinery in Assam by selling its entire stake to a consortium of Oil India and Engineers India for Rs 98.7 billion.

The sale of Numaligarh Refinery clears the way for the privatization of India's second-largest fuel retailer.

In keeping with the Assam Peace Accord, the government had decided to keep Numaligarh Refinery (NRL) in the public sector. As part of this, BPCL was to sell its entire 61.7% stake to state-owned firms. A consortium of Oil India, Engineers India, and the Government of Assam expressed interest in buying the stake and the BPCL board on Monday approved the sale.

Market participants will also track HDFC Bank share price as the private lender said issues related to internet banking were resolved after some customers faced the second outage in three months.

"There were intermittent issues in accessing Net Banking and Mobile Banking, faced by some of our customers. The issue stands resolved," the bank's spokesman said in a text message.

The nation's most valuable lender has been facing repeated technical glitches for its netbanking platform, an issue which prompted the central bank to take rare steps recently including an external audit of the bank's technology infrastructure, and curbing digital and credit card launches.

MTAR Technologies IPO Opens for Subscription

In latest developments from the IPO space...

Hyderabad-based MTAR Technologies will open its Rs 5.96-billion initial public offering (IPO) for subscription today.

The IPO comprises a fresh issue of 2.15 million shares and an offer-for-sale (OFS) of 822.4 million shares and will close on March 5.

MTAR is a leading maker of nuclear, defence and aerospace equipment, fabrication facilities and fuel cells. The company recently sold 185.1 million shares at Rs 540 apiece in a pre-IPO placement to schemes of SBI Mutual Fund and Axis Mutual Fund.

The price band has been fixed at Rs 574-575 apiece for the IPO.

According to the company's prospectus, proceeds from the fresh issue will be used for repayment or pre-payment of its borrowings and funding working capital requirements.

The company has three key customers in the fuel cell, nuclear, and space and defence segments.

In the fuel cell segment, Bloom Energy is its largest customer. In the nuclear segment, Nuclear Power Corporation of India is the company's key customer. In the space and defence segment, clients such as the Indian Space Research Organisation (ISRO) and Defence Research and Development Organisation (DRDO) are the key customers of the company.

How this IPO sails through remains to be seen. Meanwhile, stay tuned to get all the updates from this space.

Tata Motors February Sales Outperform Sector Peers

Tata Motors sales growth in the month of February outperformed sector peers across domestic commercial vehicle (CV) & passenger vehicle (PV) segments.

The auto major reported a 51.1% increase in total sales at 61,365 units in February. It had sold a total of 40,619 units in the same month last year.

The Tata group company reported 54% year-on-year (YoY) growth in domestic sales at 58,473 units in the month of February 2021.

It retained the positive momentum in PV segment and reported 119% YoY jump at 27,225 units.

The February sales have been the highest-ever sales for Tata Motors PV in nearly 9 years, the company said.

The company's CV segment, too, reported volumes of 33,966 units, up 21% YoY and 3.2% on month-on-month (MoM) basis.

How these numbers show up in coming months remains to be seen. Meanwhile, we will keep you updated on all the developments 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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