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Of IPOs, LIC-IDBI Bank Deal, and Top Cues in Focus Today
Mon, 23 Jul Pre-Open | Monish Vora, TM Team

Share markets in India closed marginally higher on Friday last week. All sectoral indices traded in green, with stocks in the IT sector and stocks in the pharma sector, leading the gains.

At the closing bell on Friday, the BSE Sensex stood higher by 145 points (up 0.4%) and the NSE Nifty closed up by 53 points (up 0.5%). The BSE Mid Cap index ended up 0.7% while the BSE Small Cap index ended up by 0.4%.

Top Stocks in Focus Today

From stocks in the pharma sector, Alembic Pharma share price will be in focus today. The stock of the company was among top gainers on Friday last week as the company received an establishment inspection report (EIR) from the US Food and Drug Administration (USFDA). The company received the establishment inspection report (EIR) for its active pharmaceutical ingredient (API) facility at Karakhadi, Gujarat indicating a closure of inspection.

Jain Irrigation share price will also be in focus today as the company on Friday announced that it has received an order worth Rs 9.75 billion from Madhya Pradesh government to execute the Mohanpura Major Project.

Form the auto sector, Bajaj Auto share price will also be in focus today as the company reported 21% YoY growth in standalone net profit at Rs 11.2 billion for the quarter ended June 30, 2018.

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RBI Gives LIC Nod to Acquire IDBI Bank

From stocks in the banking sector, IDBI Bank share price will be in focus today as the Reserve Bank of India (RBI) last week gave an in-principle nod to Life Insurance Corporation (LIC) for acquiring a majority stake in IDBI Bank.

The RBI's approval comes right after LIC's board approved the deal for the buyout of the state-owned IDBI Bank Ltd.

The LIC board approved the acquisition of up to 51% stake in IDBI Bank.

The government owns over 81% stake in IDBI Bank, while LIC already holds a 7.98% stake in IDBI Bank as of end June this year; the latest approval will enable it to acquire another 43% stake in the bank.

A stake sale of 40-43% in the lender could net the government over Rs 100-110 billion.

Notably, the government had announced that it would bring its stake in IDBI Bank below 50% in the Union Budget 2016.

The IDBI Bank board is scheduled to meet soon to draw capital raising plan for the next five years.

From the IPO Space...

The initial public offering (IPO) of Women's apparel maker TCNS Clothing Company which opened for offer last week, was subscribed 3.2 times on its final day of the bidding process.

The firm sells its products under W, Aurelia and Wishful brands.

As on 30 September 2017, TCNS sold its products through 418 exclusive brand outlets, 1,305 large format store outlets and 1,361 multi-brand outlets in different parts of the country. It also sold products through six exclusive brand outlets in Nepal, Mauritius and Sri Lanka.

To know our view on the IPO of TCNS Clothing, you can read our entire IPO analysis here (subscription required).

Further, HDFC Asset Management Company, the country's second largest mutual fund firm, has fixed a price band of Rs 1,095-1,100 per share for its initial public offering. The IPO is estimated to garner Rs 28 billion.

The initial share sale offer will be open for public subscription from July 25 to 27.

HDFC AMC operates as a joint venture between Housing Development Finance Corporation (HDFC) and Standard Life Investments.

Reportedly, the proposed IPO will put up to 25.4 million equity shares of the fund house on sale, of which 8.6 million shares will be put up by HDFC and up to 16.8 million shares by Standard Life.

HDFC AMC is selling a 4.1% stake in the IPO, while Standard Life will offload 8%.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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Stock Market Updates

Most Active Small-Cap Stocks Today; RELIANCE COMMUNICATIONS the Most Traded (Today's Market)

Dec 19, 2018 03:50 PM

Here's a list of most active small-cap stocks today. It also includes information on BSE Smallcap index and the broader benchmark indices.

Top 5 Mid-Cap Gainers Today; NBCC (INDIA) LTD Leads the Pack (Today's Market)

Dec 19, 2018 03:49 PM

Here's a list of 5 stocks that gained the most in the BSE Mid-Cap Index today. It also includes information on BSE Mid-Cap index and the broader benchmark indices.

TORRENT POWER LTD Surges by 6%; BSE POWER Index Up 1.4% (Today's Market)

Dec 19, 2018 03:25 PM

TORRENT POWER LTD share price has surged by 6% and its current market price is Rs 271. The BSE POWER is up by 1.4%. The top gainers in the BSE POWER Index is TORRENT POWER LTD (up 5.9%). The top losers are NHPC LTD (down 0.4%) and ABB INDIA LTD. (down 0.5%).

ICICI LOMBARD GENERAL INSURANCE Plunges by 5%; BSE 500 Index Up 0.8% (Today's Market)

Dec 19, 2018 03:19 PM

ICICI LOMBARD GENERAL INSURANCE share price has plunged by 5% and its current market price is Rs 906. The BSE 500 is up by 0.8%. The top gainers in the BSE 500 Index are NBCC (INDIA) LTD (up 9.9%) and INDIABULLS REAL EST (up 9.2%). The top losers are ICICI LOMBARD GENERAL INSURANCE (down 5.2%) and RELIANCE NAVAL & ENGINEERING LTD (down 5.3%).

KPIT TECHNOLOGIES Surges by 6%; BSE IT Index Down 1.0% (Today's Market)

Dec 19, 2018 03:17 PM

KPIT TECHNOLOGIES share price has surged by 6% and its current market price is Rs 230. The BSE IT is down by 1.0%. The top gainers in the BSE IT Index is KPIT TECHNOLOGIES (up 5.6%). The top losers are TECH MAHINDRA (down 0.3%) and SONATA SOFTWARE (down 0.6%).

Sensex Trades Marginally Higher; Asian Paints & Axis Bank Top Gainers (Today's Market)

Dec 19, 2018 12:30 pm

The BSE Sensex is trading up by 110 points, while the NSE Nifty is trading up by 49 points.

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