Wipro June Quarter Results, Rossari Biotech IPO Oversubscribed, and Top Buzzing Stocks Today

Thu, 16 Jul Pre-Open

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Indian share markets witnessed selling pressure during closing hours yesterday and ended flat.

Benchmark indices gave up early gains and slipped into the red during the last hour of trading.

In early trade yesterday, Indian share markets rose in sync with overnight gains in the US market.

Optimism over vaccine trials and more stimulus from the governments boosted sentiment. Zydus Cadila said it had begun human trials for its potential coronavirus vaccine across multiple sites.

Separately, the first Covid-19 vaccine tested in the US revved up people's immune systems just the way scientists had hoped, researchers reported, with the shots poised to begin key final testing.

The experimental vaccine, developed by US government's top infectious disease expert Anthony Fauci's colleagues at the National Institutes of Health and Moderna Inc, will start its most important step around July 27, a 30,000-person study to prove if the shots really are strong enough to protect against the coronavirus.

At the closing bell yesterday, the BSE Sensex stood higher by 19 points. The BSE Sensex rose over 750 points in intraday trade yesterday before settling on a flat note.

Meanwhile, the NSE Nifty closed up by 11 points (up 0.1%).

The BSE Mid Cap index ended down by 0.4%. The BSE Small Cap index ended down by 0.1%.

Sectoral indices ended on a mixed note with stocks in the telecom sector and energy sector witnessing selling pressure.

IT stocks, on the other hand, witnessed buying interest.

Speaking of the current stock market scenario, have a look at the chart below which shows how the BSE Sensex and the smallcap index have moved over the past one year:

The markets are coming out of the deep fall. An important driver of this rally is the increasing inflow from foreign institutional investors now that the global economies have opened the liquidity tap.

A lot of this money is coming to the mid and smallcap space.

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Top Stocks in Focus Today

Yes Bank share price will be in focus today as the lender garnered Rs 41 billion from anchor investors on Tuesday, a day ahead of its follow-on public offering (FPO).

All 12 anchor investors placed their bids for 3,415.4 million equity shares at the lower end of price band of Rs 12-13 per share.

Reportedly, Bay Tree India Holdings I, owned by Tilden Park, was the largest anchor investor, investing Rs 22.5 billion in Yes Bank for an allocation of 1,875 million shares.

Yes Bank is aiming to raise Rs 150 billion through this issue, the price band for which have been fixed at Rs 12-13 per share, a 53-49% discount to its last week's closing price.

Eveready Industries will be among the top buzzing stocks today.

This comes as the Burman family, the promoters of Dabur, acquired around an 8.48% additional equity stake in battery major Eveready Industries from the open market operations, taking its holding in the company to 19.84%.

Significantly, the Khaitans, promoters of Eveready, a Williamson Magor group company, held a 22.99% equity stake at the end of the last fiscal, which was down from 30.83% at the end of the second quarter of FY20.

Dabur India vice-chairman Mohit Burman said, "this is a portfolio investment by the Burman family. It's a personal investment and is not connected with Dabur India".

Wipro June Quarter Results

Wipro, the Bengaluru-based IT major, reported a better-than-expected net profit in the April-June period.

The company reported a net profit of Rs 23.9 billion for the quarter ended June 30, beating analysts' expectations.

The company's revenue came in at Rs 149.1 billion in the first quarter of current financial year, marking a fall of 5.1% compared to the previous quarter.

Wipro's IT services revenue stood at Rs 146 billion in the quarter ended June 30 (Q1FY21), down 4.6% from the previous quarter.

Operating margin improved to 195 in the June quarter, compared to 17.6% in the January-March period.

Wipro said the conditions caused by the coronavirus pandemic could adversely affect its future sales, operating results and overall financial performance.

The stock of the company yesterday witnessed the biggest intraday jump since May 2004 on the back of above news.

Rossari Biotech IPO Gets Oversubscription

In news from the IPO space, the Rs 5-billion IPO by Rossari Biotech attracted 38 times bids on Day 3 of the bidding process.

At the time of market closing hours yesterday, the issue by the specialty chemicals company had attracted bids for 31,06,99,025 shares, which was 38 times the issue size of 81,73,530 shares.

The reserved portion for retail investors has seen 5.14 times subscription and non-institutional investors portion is subscribed 121.69 times. The portion set aside for qualified institutional buyers has been subscribed 32.77 times.

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

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

How this IPO performs on listing day remains to be seen. Stay tuned for more updates from this space.

And 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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