Rossari Biotech IPO, Avenue Supermarts June Quarter Results, and Top Buzzing Stocks Today

Tue, 14 Jul Pre-Open

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After opening the day on a strong note yesterday, Indian share markets erased most of the gains and turned highly volatile in the afternoon session.

Benchmark indices erased gains during closing hours tracking weakness in banking and finance stocks.

Sectoral indices ended on a mixed note with stocks in the energy sector and IT sector witnessing buying interest.

Banking stocks witnessed selling pressure.

After rising more than 400 points in early trade yesterday, the BSE Sensex ended up by 99 points.

Meanwhile, the NSE Nifty stood higher by 47 points.

The BSE Mid Cap index ended up by 0.1%. The BSE Small Cap index ended down by 0.2%.

Top Stocks in Focus Today

Reliance Industries will be among the top buzzing stocks today ahead of its annual general meeting (AGM) to be held on 15 July.

As in the past, market participants are expecting a slew of big-ticket announcements from Reliance Industries, and details of the recently launched videoconferencing app, JioMeet.

Shares of the company also hit a lifetime high of Rs 1,947 on the BSE yesterday, after it announced the sale of 0.15% stake in Jio Platforms to Qualcomm Ventures for Rs 7.3 billion.

The markets and shareholders are also awaiting the announcements of Jio Platforms' listing, probably on the global bourses.

From the chemical sector, market participants will be tracking Clariant Chemicals.

Clariant Chemicals share price zoomed yesterday after the company announced a special interim dividend of Rs 140 per share (1400%) for the current financial year 2020-21 (FY21).

The company has fixed July 18, 2020 as the record date for the purpose of payment of special interim dividend. The dividend shall be paid on or after July 19, 2020.

The stock of the specialty chemical was trading at its fresh 52-week high level yesterday. In the past three months, it has rallied 106%.

Alembic Pharma will also be in focus today after it was reported that the company is looking at enhancing profitability of its domestic business and expects it to grow in double digits in the current financial year with focus on high-margin products.

The company stated that it has already started witnessing an uptick in domestic business with new product strategy in place.

Avenue Supermarts June Quarter Results

Avenue Supermarts reported an 88% fall in its net profit for the April-June quarter (Q1FY21).

Avenue Supermarts, the operator of hypermarket stores DMart, said that operations and financial performance during the quarter were hit by the lockdown. Revenues were down 32% from the previous year.

Consolidated total revenue for the hypermarket chain stood at Rs 39.3 billion in the June quarter, down from Rs 58.3 billion in the same quarter last year.

EBITDA during the quarter stood at Rs 1.1 billion, as compared to Rs 5.9 billion in Q1FY20. EBITDA margin too showed a significant drop of 2.9% in Q1FY21 as compared to 10.3% in Q1FY20.

The company said that General Merchandise & Apparel constitute around one-fourth of the total revenue. This segment continues to be under constant pressure for the past few months and is impacting gross margins negatively. The duration of operation also continues to remain inconsistent across cities due to strict lockdowns enforced by respective local authorities from time to time thereby, affecting revenue.

D-Mart has a total of 196 stores, with the majority being in Maharashtra (74). Maharashtra, which is one of the most affected regions in India suffering from the COVID-19 crisis, has hit D-Mart's revenue in the past few months.

Rossari Biotech IPO Open for Subscription

In news from the IPO space, after a four-month lull in the IPO market, Rossari Biotech's public issue opened for subscription yesterday.

At the time of closing hours yesterday, the issue had received bids for 27,58,560 shares, which was 34% of the issue size of 81,73,530 shares.

On Friday, the company raised Rs 1,488.7 million from anchor investors, who included top three fund houses - SBI Mutual Fund, HDFC Mutual Fund and ICICI Prudential Mutual Fund.

In the Rs 5 billion IPO, Rossari Biotech has fixed a price band of Rs 423-425 per equity share and the issue will remain open till July 15th.

Rossari Biotech's IPO comprises fresh issuance of shares worth Rs 500 million and sale of 1,05,00,000 equity shares by company's promoters through offer-for-sale route. Post the IPO, the promoter shareholding will fall to 73% from 95% earlier.

Investors can bid in lot sizes of 35 shares. The equity shares will be listed on the NSE and BSE.

The net proceeds from the IPO will be utilised for funding working capital requirements, repaying certain debt availed by the company and for general corporate purposes.

Rossari Biotech is a specialty chemicals manufacturing firm with focus on home and personal care, performance chemicals, textile specialty chemicals and animal health and nutrition products.

Early in March this year, Rossari had postponed its IPO plans due to the extreme volatility in the market due to the Covid-19 pandemic.

How the above IPO sails through remains to be seen. Stay tuned for more updates from this space.

Yes Bank Sets Floor Price for FPO

Yes Bank will be in focus as the lender fixed floor price for its proposed follow-on public offer (FPO) at Rs 12 per share and a cap of Rs 13 per unit.

The fundraising is important for the bank to boost its capital base, especially after it announced last month that it has failed to make interest payments on its bonds, after the RBI said its capital adequacy ratio was below regulatory ratio.

On a reported book value basis, Yes Bank's FPO is priced below its FY20 book value and the 50% discount to current market price seems to partly capture the future pain. However, reports state that on adjusted book value basis, the FPO is priced at above 1x.

According to reports, though the discount suggests that there could be some short-term gains, valuations are not significantly attractive. Also, Yes Bank's asset quality concern, which could aggravate due to Covid-19-led economic disruptions, offer little comfort.

Meanwhile, the market regulator may look into a large amount of share transaction of the private lender under the Securities Lending and Borrowing Mechanism (SLBM) on July 9.

These transactions took place a day prior to the announcement of the bank's floor price for its FPO.

The FPO will open on July 15th.

Speaking of the banking sector, note that 2019 was brutal for some banking stocks.

The market severely punished them. This is due to issues such as worsening asset-quality, corporate governance, and inadequate capital.

Stocks such as Yes Bank and Lakshmi Vilas Bank have witnessed huge selling pressure.

Falling Knives in the Banking Sector

Falling stock prices could be enticing. After all, we love deep discounts and good bargains.

But if you're thinking of buying these stocks it's important to remember this point - If a stock is in a falling spree, there's probably a good reason behind it.

And realising this in a falling market is the first step towards correcting one's investing process.

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!

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