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Tatva Chintan Pharma's IPO Update, L&T Infotech's June Quarter Performance, and Buzzing Stocks Today
Mon, 19 Jul Pre-Open

Indian share markets ended on a flat note on Friday.

Benchmark indices ended on a flat note as investors worried about the recent surge in Covid-19 cases in the country and different parts of the world.

At the closing bell on Friday, the BSE Sensex stood lower by 19 points (down 0.1%).

Meanwhile, the NSE Nifty closed lower by 1 point (down 0.1%).

Divi's Laboratories and Bharti Airtel were among the top gainers.

HCL Technologies and Eicher Motors, on the other hand, were among the top losers.

The BSE Mid Cap index and the BSE Small Cap index ended up by 0.5% and 0.4%, respectively.

Sectoral indices ended on a mixed note with stocks in the IT sector, banking sector and finance sector witnessing most of the selling pressure.

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

At 8:05 am today, the SGX Nifty was trading down by 226 points, or 1.4% lower at 15,710 levels. Indian share markets are headed for a gap-down opening today following the trend on SGX Nifty.

Gold prices for the latest contract on MCX were trading down by 0.3% at Rs 48,268 per 10 grams at the time of closing stock market hours on Friday.

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Top Stocks in Focus Today

Among the buzzing stocks today will be L&T Infotech.

L&T Infotech (LTI) reported a net profit of Rs 5 bn for the quarter ended 30 June 2021, up 19.3% year on year (YoY).

Revenue for the three-month period rose 17.4% to Rs 34.6 bn.

In dollar terms, revenue was 20.4% higher YoY, and up 5.1% sequentially to US$470.2 m. In constant currency terms, revenues were up 17.8%.

Commenting on the earnings, CEO and managing director of L&T Infotech said,

  • We are pleased to report our best-ever quarter one sequential growth of 5.1% driven by holistic growth across our verticals, service lines, client pyramid and geographies.

    Our healthy pipeline and continued strong demand make us confident of future growth.

    Also, quarter one marks the 5-year anniversary of LTI's IPO, and our board has declared a special dividend to commemorate this occasion.

    Over these past 5 years, we have delivered US dollar revenue compound annual growth rate (CAGR) of 13.5% and more than doubled our net profit.

The company added a net 2,300 employees during the quarter, taking total headcount to 38,298.

The attrition rate for the quarter was 15.2% compared to 12.3% in the previous quarter.

The company signed on 23 new clients during the quarter, including one in the over US$50 m category.

Angel Broking share price will also be in focus today.

Shares of Angel Broking jumped 20% on Friday after the company posted strong numbers for the June 2021 quarter.

The recently listed broking firm reported a jump of 210% in net profit at Rs 1.2 bn, against a net profit of Rs 382 m in the same period last year.

It had clocked a profit of Rs 997 m in the March 2021 quarter.

The company reported an operational revenue of Rs 4.6 bn, 94.3% higher than its revenue of Rs 2.4 bn in the year-ago period.

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The board of directors of the company declared an interim dividend of Rs 5.15 per share with a record date of 26 July 2021.

The company's board has consented to submit an application to the market regulator to obtain approval for acting as a sponsor for its mutual fund business and to constitute a committee.

This committee will oversee the activities related to the proposal of setting up of its mutual fund business.

The board in its meeting also approved the change of name of the company from 'Angel Broking Limited' to 'Angel One Limited' or 'Angel One Fintech Limited' or any other name as may be approved by the Central Registration Center ("CRC') of Ministry of Corporate Affairs.

Shares of Angel Broking were listed in October 2020. The company had issued shares at Rs 306 in its initial offering. The scrip has almost turned four times from the issue price.

Tatva Chintan Pharma Chem IPO Subscribed 4.5 Times on Day 1

Tatva Chintan Pharma Chem's initial public offering (IPO) saw strong demand, as the IPO was fully subscribed in the initial hour of bidding on the first day itself.

The offer was subscribed 4.5 times on July 16, as investors put in bids for 14.6 m equity shares against the IPO size of 3.3 m equity shares, data available on the exchanges showed.

The demand from retail investors remained strong for the specialty chemical company, as their reserved portion was subscribed 8.2 times.

The portion set aside for non-institutional investors was subscribed 1.1 times, while qualified institutional buyers' portion was subscribed 50%.

Tatva Chintan mobilised Rs 1.5 bn of the total issue size of Rs 5 bn through the anchor book on July 15 at the higher end of the price band of Rs 1,073-Rs 1,083 per equity share.

The IPO comprises a fresh issue of Rs 2.3 bn and an offer for sale of Rs 2.8 bn by promoter and promoter group whose shareholding will be reduced to 79.2% after the issue.

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Zomato IPO Subscribed 38.3 Times on July 16

The initial public offering of Zomato was subscribed 38.3 times on July 16, the third and final day of bidding.

The offer received bids for 27.5 bn equity shares against IPO size of 0.72 bn equity shares, the subscription data available on the exchanges showed.

The retail investor portion was subscribed 7.5 times, while non-institutional investors put in bids for 33 times against their reserved portion.

The portion set aside for employees was subscribed 62% and that of qualified institutional buyers (QIBs) subscribed 51.8 times.

Speaking of Zomato's IPO, Equitymaster's telegram channel conducted two polls on the food delivery company to know about the mindset of market participants towards the company's IPO.

The two questions asked by us were as follows:

  • Are you investing in the Zomato IPO?

According to the poll data, around 36% of participants said yes to apply for the public offer, while 64% of them people denied to subscribe the IPO. (Sample size - 434)

  • If you are investing in the Zomato IPO, pick the reason you are choosing to invest...

For the above question, out of 297 people around 35% of them said they will invest in the Zomato IPO for long term gains, while 21% of the market participants said they will apply to the pubic offer only for short term gains.

On the other hand, around 44% of them said that they will subscribe to the offer just for listing gains.

How the IPO sails through remains to be seen. Meanwhile, we will keep you updated on the latest news from this space.

if you haven't subscribed to Equitymaster's telegram channel yet, you can do so here.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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Dec 3, 2021 02:54 PM