Macrotech Developers IPO, Tata Motors March Sales, and Buzzing Stocks Today

Mon, 5 Apr Pre-Open

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Indian share markets ended on a strong note on Thursday last week.

Benchmark indices extended gains led by strong gains in metal and pharma stocks. The BSE metal index surged over 5%.

Investors welcomed Joe Biden's economy-boosting infrastructure proposals while a healthy US private jobs report also boosted optimism.

At the closing bell on Thursday, the BSE Sensex stood higher by 521 points (up 1.1%).

Meanwhile, the NSE Nifty closed higher by 177 points (up 1.2%).

IndusInd Bank and JSW Steel were among the top gainers.

HUL and Nestle, on the other hand, were among the top losers.

The BSE Mid Cap index and the BSE Small Cap index ended up by 1.7% and 2.1%, respectively.

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

Shares of Tata Steel and Adani Gas hit their respective 52-week highs.

Market participants were tracking SBI share price as customers of India's biggest bank were reportedly facing issues while trying to push through online transactions.

Gold prices for the latest contract on MCX were trading up by 0.1% at Rs 44,698 per 10 grams at the time of closing stock market hours on Thursday.

Speaking of stock markets, in his latest video, Rahul Shah talks whether Bharti Airtel will emerge as the next big thing in the Indian stock market.

While the growth in recent years is nothing to write home about, the future seems brighter than ever.

But are the valuations running ahead of fundamentals or the stock still seems reasonably priced from a long term perspective?

Rahul answers these questions in the video below. Tune in to find out more:

Top Stocks in Focus Today

Among the buzzing stocks today will be Piramal Enterprises.

Shares of Piramal Enterprises surged over 3% in opening trade on Thursday after the company announced the acquisition of Hemmo Pharmaceuticals by Piramal Pharma, a subsidiary of the company.

Boosted by the development, Piramal Enterprises share price gained as much as 3.3% to hit a high of Rs 1,809.5 on the BSE. The market capitalization of the diversified global business conglomerate rose to Rs 403 billion.

In an exchange filing on March 31, 2021, Piramal Enterprises said Piramal Pharma, a subsidiary of the company, has entered into an agreement to acquire a 100% stake in Hemmo Pharmaceuticals for an upfront consideration of Rs 7.8 billion and earn-outs linked to the achievement of milestones.

Companies from the realty sector will also be in focus today as the Maharashtra government last week decided not to extend the 2% stamp duty waiver on property registrations from April.

It said it would reinstate its earlier system of 5% stamp duty on property registrations.

The state government had slashed the stamp duty charges to 2% between August and December last year to boost the real estate market, which was facing a slowdown due to Covid-19 and the subsequent lockdown. It was made 3% between January 1 and March 31.

Market participants will also track Axis Bank and ICICI Bank share price today.

As per an article in The Economic Times, leading private sector lenders ICICI Bank and Axis Bank have tied up with global e-commerce major Amazon and cards major Visa to launch a retail payments entity, which will be a rival to state-owned NPCI.

Tata Motors Reports 505% Growth in Domestic Sales in March 2021

In news from the automobile sector...

Tata Motors reported 505% growth in total domestic sales at 66,609 units in March 2021 as compared to 11,012 units in the same month last year due to mandatory business closures to control the spread of coronavirus outbreak.

The company's total passenger vehicle sales grew to 29,654 units last month, compared with 5,676 units in March 2020, the company said in a statement.

The company's PV business posted its highest ever sales in 9-years, in Q4FY21.

In FY21 the company's PV sales registered its highest ever annual sales in 8 years at 222,025 units, while posting a growth of 69% versus FY20.

In the electric vehicle (EV) segment, the company sold 4,219 units in FY21, a threefold increase over FY20. The company also registered its highest-ever monthly and quarterly sales of 705 EVs and 1,711 EVs in Q4FY21.

Meanwhile, the country's largest carmaker Maruti Suzuki reported total sales of 1,67,014 units in March. It had sold 83,792 units in March last year.

Its domestic sales stood at 1,49,518 units last month. The auto major had reported sales of 76,976 units in March 2020.

For FY21, Maruti Suzuki reported total sales of 14,57,861 units, down 6.7% from 15,63,297 units in FY20.

Lodha Developers Group Company Macrotech Developers to Launch IPO This Week

In news from the IPO space...

Mumbai-based Macrotech Developers, erstwhile Lodha Developers, will open its initial public offering (IPO) on April 7, 2021, in the price band of Rs 483-486 per share of the face value of Rs 10, each.

The Rs 25 billion issue will close for subscription on April 9, 2021.

Investors can bid for a minimum of 30 equity shares and in multiples of 30 shares thereafter, implying a minimum investment amount of Rs 14,580 per lot.

Up to 50% of the net issue will be reserved for the qualified institutional buyers (QIBs), 15% for non-institutional investors and the remaining 35 per cent for the retail category. The employee reservation portion is of shares worth Rs 300 million.

This company has a core business in residential housing construction with a focus on affordable mid-income housing range. The expansionary monetary policy and the growing real estate space are expected to have great potential for this company.

Macrotech Developers has planned to utilise the net proceeds from the issue towards reduction of the aggregate outstanding borrowings of the company on a consolidated basis, acquisition of land or land development rights, and general corporate purposes.

The book running lead managers to the issue are ICICI Securities, Edelweiss Financial Services, JM Financial, YES Securities (India), SBI Capital Markets and BOB Capital Markets. The global co-ordinators book running lead managers are Axis Capital, JP Morgan India, Kotak Mahindra Capital Company. The registrar to the issue is Link Intime India.

This is the third time when the developer has come up with its IPO. Previously in September 2009, the company had tried to raise Rs 28 billion via IPO and later in 2018, the company had tried to raise funds again. However, the global recession forced it to shelve the issue in 2009, while it retreated in 2018 due to adverse conditions in the sector.

How this IPO sails through 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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