Nazara Technologies IPO, IDBI Bank's Exit from PCA, and Buzzing Stocks Today

Mon, 15 Mar Pre-Open

   Momentum Moves   

   SGX Nifty   

   09:30 am   

   12:30 pm   

   Closing   

Indian share markets witnessed huge selling during closing hours on Friday and ended their day 1% lower.

Benchmark indices witnessed a sharp selloff across all sectors in the afternoon session on Friday with the Sensex declining more than 700 points in intraday deals, while Nifty fell below 15,000 level.

Investors turned cautious followed the signing of a US$ 1.9 trillion US stimulus bill into law on Thursday and a further dovish tilt from the European Central Bank that had prompted a retreat in bond yields and eased global concerns about rising inflation.

US 10-year Treasury yields rose again last week, back above 1.6% and on track to rise for the seventh straight week.

At the closing bell on Friday, the BSE Sensex stood lower by 487 points (down 1%). Meanwhile, the NSE Nifty ended down by 144 points (down 1%).

Power Grid was among the top gainers. Bajaj Auto and Maruti Suzuki, on the other hand, were among the top losers.

The BSE Mid cap index ended down by 0.5%. The BSE Small cap index ended up by 0.1%.

On the sectoral front, automobile stocks, banking stocks and FMCG stocks were among the hardest hit.

Shares of 3M India and Lakshmi Machine hit their respective 52-week highs.

SBI share price was in focus last week after the lender said it will conduct e-auctions of 12 bad accounts this month to recover dues of over Rs 5.1 billion under sale to asset reconstruction company (ARC) mechanism.

Gold prices for the latest contract on MCX were trading down by 1.1% at Rs 44,375 per 10 grams at the time of closing stock market hours on Friday.

Speaking of stock markets, in his latest video for Fast Profits Daily, Brijesh Bhatia, Research Analyst at Equitymaster, talks about his favourite sector to bet on for the long term.

A few weeks ago, Brijesh did a video on energy stocks. He said these stocks are good picks for the short term and the market validated that view.

But what about the long term? Which is the best sector, long term investors should bet on? Brijesh discusses these points in the video below.

Tune in to find out more:

Top Stocks in Focus Today

Dixon Technologies will be among the top buzzing stocks today.

Shares of Dixon Technologies hit a record high of Rs 20,855.60 on Friday, up 4%, after the company fixed March 19, 2021 as the record date for 1:5 stock split i.e. from Rs 10 to Rs 2.

Dixon Technologies said the rationale behind the stock split is to encourage wider participation of small investors and to enhance the liquidity of the equity shares at the stock market.

Infosys share price will also be in focus today as Infosys BPM, the business process management arm of Infosys, announced a five-year extension of its strategic collaboration with Newmont Corporation to standardize and digitize delivery models across the latter's mine sites.

Founded in 1921, the Colorado, US-based Newmont Corporation is a leading gold mining company.

Through this renewed engagement, Infosys BPM will drive operational excellence leveraging automation, artificial intelligence (AI), and design thinking, to deliver increased business value for Newmont, a statement said.

IPO Buzz: Nazara Technologies to Launch IPO This Week

In news from the IPO space...

Rakesh Jhunjhunwala-backed Nazara Technologies is set to launch its three-day initial public offering (IPO) on March 17.

The online gaming company has fixed the issue price at Rs 1,100-1,101 apiece. At the upper end of price band, the issue will fetch nearly Rs 5.8 billion to the company.

Rakesh Jhunjhunwala owned 11.51% shares in Nazara Technologies at the end of September quarter of 2020.

Note that this is a second attempt by the company to list its shares on the bourses. It had earlier filed preliminary papers with markets regulator in February 2018 and had received approval to float the IPO, but the firm did not launch the issue.

The company, popularly known for its games on World Cricket Championship, Chhota Bheem and Motu Patlu series, will see a sale of 49,65,476 equity shares by the promoters and existing shareholders, according to draft red herring prospectus (DRHP) filed with capital markets regulator.

The entities which will be selling shares in the IPO include Mitter Infotech LLP (a promoter of the company), IIFL Special Opportunities Fund, Good Game Investment Trust, IndexArb Securities and Azimuth Investments.

How this IPO sails through remains to be seen.

Speaking of IPOs, as per an article in The Economic Times, investors' cost of borrowing to punt on IPOs is set to spike as the rush of issues next week could push up demand for funding.

Six IPOs, including Anupam Rasayan, Laxmi Organic, Craftsman Automation, Kalyan Jewellers, Suryoday Small Finance Bank and Nazara Technologies, which will raise about Rs 51 billion, will open for subscription in the next one week.

The article stated that the interest rate to borrow for investing in these IPOs could go up by at least 200 basis points from the current 7-8% levels. NBFCs are gearing up for short-term funding requirements to the tune of at least Rs 750 billion.

We will keep you updated on the latest developments from this space. Stay tuned.

IDBI Bank Out of Prompt Corrective Action

Private lender IDBI Bank is out of prompt corrective action (PCA) after improving its finances and credit profile, the Reserve Bank of India (RBI) said last week.

This eases the rules for the lender to expand business. This also sets the stage for strategic divestment by the Government of India, which holds 45.48% stake.

The RBI in a statement said its board for financial supervision had reviewed the performance of IDBI Bank at its meeting on February 18. According to published results for the quarter ended December 31, 2020, the bank is not in breach of the PCA parameters on regulatory capital, net non-performing assets (NPAs), and leverage ratio.

IDBI Bank had been under the PCA framework since 2017. The PCA regime places curbs on big-ticket lending and expenditure and calls for a plan for turnaround.

The bank has furnished a written commitment saying it would comply with the norms of minimum regulatory capital, net NPAs, and leverage ratio on an ongoing basis.

As per an article in a leading financial daily, IDBI Bank exit from central bank purgatory has raised hopes that the remaining three banks under PCA could be next in line for similar relief, having achieved parameters to justify their exit.

The three banks under PCA - Indian Overseas Bank (IOB), UCO Bank and Central Bank of India - have reported net non-performing assets (NPAs) below levels that trigger PCA.

While IOB was placed under PCA in 2015, the other two joined two years later.

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

Top Gainers TodayTop Gainers over 1-WeekTop Gainers over 1-MonthTop Gainers over 1-YearTop Gainers over 3-YrsTop Gainers over 5-YrsTop Losers TodayTop Losers over 1-WeekTop Losers over 1-MonthTop Losers over 1-YearTop Losers over 3-YrsTop Losers over 5-YrsOnly BuyersOnly SellersMost Active StocksMost Popular Stocks52 Week High Stocks52 Week Low Stocks

INDICESBSE (Rs 0 to 1)BSE (Rs 1 to 2)BSE (Rs 2 to 4)BSE (Rs 4 to 10)BSE (Rs 10 to 20)BSE (Above Rs 20)BSE - AllBSE-30BSE-100BSE-200BSE-500BSE AutoBSE BankexBSE Capital GoodsBSE Consumer DurablesBSE FMCGBSE HealthcareBSE ITBSE MetalBSE Oil & GasBSE PSUBSE TeckBSE RealtyBSE PowerBSE A GroupBSE B GroupBSE Mid-CapBSE Small-CapBSE Basic MaterialsBSE Consumer DiscretionaryBSE IndustrialsBSE UtilitiesBSE Sensex 50BSE Sensex Next 50BSE Bharat 22BSE 150 MidCapBSE 250 SmallCapBSE 250 LargeMidCapBSE 400 MidSmallCapBSE AllCapBSE LargeCapBSE SmallCap SelectBSE 100 LargeCap TMCBSE InfraBSE ManufacturingBSE CPSEBSE Private BankBSE Diversified FinancialsBSE MomentumBSE Low VolatilityBSE QualityBSE Enhanced ValueBSE Divident StabilityS&P BSE IPOBSE SMEIPOBSE 100 ESGBSE CarbonexBSE GreenexNSE (Rs 0 to 10)NSE (Rs 10 to 20)NSE (Above Rs 20)NSE - AllNSE-50NSE ITNSE Nifty Midcap 50NSE JR. NiftyNSE Bank NiftyNIFTY Next 50NIFTY 100NIFTY 200NIFTY 500NIFTY MidCap 100NIFTY SmallCap 250NIFTY SmallCap 50NIFTY SmallCap 100NIFTY LargeMidCap 250NIFTY MidSmallCap 400NIFTY AutoNIFTY Consumer DurablesNIFTY FinanceNIFTY FMCGNIFTY MediaNIFTY MetalNIFTY PharmaNIFTY Private BankNIFTY PSU BankNIFTY RealtyNIFTY Oil & GasNIFTY SME EmergeNIFTY CommoditiesNIFTY CPSENIFTY EnergyNIFTY India ConsumptionNIFTY InfraNIFTY MNCNIFTY PSENIFTY Serv SectorNIFTY100 Liquid 15NIFTY Midcap Liquid 15NIFTY Midcap 150 Quality 50NIFTY50 Equal WeightNIFTY100 Equal WeightNIFTY100 Low Volatility 30NIFTY100 Alpha 30NIFTY Alpha 50NIFTY Dividend Opportunities 50NIFTY High Beta 50NIFTY Low Volatility 50NIFTY200 Quality 30NIFTY 500 Value 50NIFTY 100 Quality 30SECTORSAgricultureAirlinesAluminiumAsset Management CompaniesAutomobilesAuto AncillariesBanks (Private)Banks (PSU)BankingCementChemicalsDefenceDiagnosticsDronesEngineeringElectric VehicleElectric Vehicle BatteryEnergy SourcesESGEthanolFertilizersFintechFMCGFoodGreen HydrogenHotelsInfrastructureInsuranceInvestment and FinanceInvITIT (Large)IT (Others)LogisticsMediaMetalMiningIndia's Big Tech StocksIndian PharmaMNC PharmaPSUPaintPaperPlasticPowerRating AgenciesReal EstateREITsRenewable EnergyRetailingSemiconductorShippingSteelSugarSupply ChainTelecomTextilesTravel Support Services

10 results 25 results 50 results 100 results All results

Indian Share Market Update: Top Gainers and Losers