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G R Infraprojects' IPO, Tata Power's Solar Project, and Buzzing Stocks Today

Mon, 12 Jul Pre-Open

   Previous Close   

   SGX Nifty   

   09:30 am   

   12:30 pm   

   Closing   

Indian share markets ended on a negative note on Friday.

Benchmark indices edged lower, tracking the decline in global peers amid concerns that the spread covid variants could disrupt economic recovery.

At the closing bell on Friday, the BSE Sensex stood lower by 183 points (down 0.4%).

Meanwhile, the NSE Nifty closed lower by 38 points (down 0.3%).

Tata Steel and Bajaj Finserv were among the top gainers.

Bajaj Auto and TCS, on the other hand, were among the top losers.

The BSE Mid Cap index and the BSE Small Cap index ended up by 0.6% and 0.4%, respectively.

Sectoral indices ended on a mixed note with stocks in the energy sector, banking sector and oil & gas sector witnessing most of the selling pressure.

Metal and realty stocks, on the other hand, witnessed buying interest.

Gold prices for the latest contract on MCX were trading up by 0.2% at Rs 47,820 per 10 grams at the time of closing stock market hours on Friday.

Speaking of the stock markets, India's #1 trader, Vijay Bhambwani, talks about why the bulls are finding it difficult to push the market higher, in his latest video for Fast Profits Daily.

Tune in to the video below to find out more:

Top Stocks in Focus Today

Among the buzzing stocks today will be Tata Consultancy Services (TCS).

India's largest IT company TCS reported a 28.5% year-on-year (YoY) growth in its consolidated net profit to Rs 90.1 bn for the quarter ended June 2021.

Its consolidated revenues for the quarter surged 18.5% YoY to Rs 454.1 bn.

TCS missed estimates as analysts had expected the firm to report near 5% sequential growth in consolidated revenues and consolidated net profit of Rs 93.7 bn.

In a press conference, the company's MD and CEO Rajesh Gopinathan said,

• Our business in North America, BFSI and retail all showed an appreciable growth which underlines the resilience of our operating model, relevance of our offerings and above all, the passion and dedication of our associates.

TCS' order book showed significant strength as it managed order wins worth US$8.1 bn in the June quarter, a 17.3% growth YoY.

TCS managed to keep a lid on attrition. At a headcount of 509,058, TCS reported attrition of 8.6%.

Although the attrition rate is the lowest among peers, it has gone up from last quarter's 7.2%.

The company's board also approved an interim dividend of Rs 7 per equity share.

Tata Power share price will also be in focus today.

Tata Power announced that the company has been empanelled and won a contract worth Rs 4 bn from the Kerala State Electricity Board (KSEBL) on 2 July 2021 to develop 64 megawatt (MW) solar rooftop project for domestic consumers across all districts of Kerala.

'As a part of this agreement, the company will implement projects through KSEBL of 80 MW for individual households with solar capacity ranging from 3 kilowatt (kW) - 10 kW and for 20 MW of residential / housing society with projects (solar capacity ranging from 11 kW - 100 kW),' Tata Power said.

The company has won this capacity in a bid announced by KSEBL in February 2021 under the 'Soura Subsidy Scheme in Domestic Sector', Kerala, in line with the phase II subsidy programme of the ministry of new & renewable energy.

The project has to be commissioned within three months of receipt of an order from individual residential customers.

Besides rooftop, the company had earlier received a letter of award (LoA) from KSEBL on 6 January 2021 to develop a 110 MW solar project which is expected to generate about 274 mega units (MU) of energy per year.

Upon completion of this 84 MW of solar rooftop project, it is expected to generate 120 MU of energy per year and will annually offset approximately 100 m kg of CO2.

CDSL Becomes First Depository to Open 40 m Demat Accounts

An euphoric rise in the stock market indices continues to attract more first time investors. Central Depository Services Limited (CDSL) on 8 July said that it hit a significant milestone of onboarding 40 m active demat accounts.

CDSL is currently the largest depository in the country in terms of active demat accounts.

The company, which allows investors to deposit securities by opening an account in electronic form (dematerialised), gets its revenues from transaction charges, account maintenance charges and settlement charges paid by depository participants.

It also earns through annual fees, corporate action and e-voting charges paid by companies whose securities are admitted in the depository's system

Major shareholders of CDSL include BSE, Canara Bank, HDFC Bank, LIC and Standard Chartered Bank.

The company in February became the first depository to open 30 m demat accounts. It took just five months to add another 10 m.

G R Infraprojects IPO Subscribed 75 Times on the Last Day of Bidding

G R Infraprojects continued to witness healthy demand from investors as it received subscription of 75.3 times on 9 July 2021, the final day of bidding.

Investors have applied for 611.4 m equity shares, so far, against the offer size of 8.12 m equity shares, the subscription data available on exchanges showed.

The portion set aside for qualified institutional buyers is subscribed 91.4 times and that of non-institutional investors is 211.8 times.

Retail investors have put in bids 11.8 times their reserved portion and employees applied for 1.1 times their portion.

G R Infraprojects opened its public issue for bidding on 7 July 2021, which consisted of an offer for sale by existing selling shareholders.

Anchor investors have already invested Rs 2.8 bn in the company, on July 6, against 3.4 m equity shares at a price of Rs 837 per equity share.

How this IPO performs on listing day remains to be seen. Meanwhile, we will keep you updated on the latest news 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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