Nykaa's IPO Update, HUDCO's Offer for Sale, and Buzzing Stocks Today

Wed, 28 Jul Pre-Open

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Indian share markets ended on a negative note yesterday.

Benchmark indices were caught in the global crossfire as a heavy selloff in Chinese tech giants soured sentiment in late noon deals yesterday.

At the closing bell yesterday, the BSE Sensex stood lower by 274 points (down 0.5%).

Meanwhile, the NSE Nifty closed lower by 78 points (down 0.5%).

Hindalco Industries and SBI Life Insurance were among the top gainers.

Dr Reddy's Laboratories and Cipla, on the other hand, were among the top losers.

The BSE Mid Cap index ended down by 0.6%, while the BSE Small Cap index ended on a flat note.

Sectoral indices ended on a negative note with stocks in the healthcare sector and power sector witnessing most of the selling pressure.

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

Gold prices for the latest contract on MCX were trading up by 0.1% at Rs 47,500 per 10 grams at the time of closing stock market hours yesterday.

Speaking of the stock markets, India's #1 trader, Vijay Bhambwani, shares why he is sticking to his energy trading blueprint, in his latest video for Fast Profits Daily.

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Top Stocks in Focus Today

Among the buzzing stocks today will be L&T.

Infrastructure giant Larsen & Toubro reported a 287% year on year (YoY) rise in consolidated net profit at Rs 11.7 bn for the June 2021 quarter, which was below analysts' estimates. The construction major also reported a 38% YoY rise in consolidated revenue at Rs 293 bn, which also missed Street estimates. The year on year performance of the company was aided by a low base in the year ago quarter, which was affected by the national lockdown to contain the Covid-19 pandemic.

The infrastructure segment posted a 63% YoY growth in revenue at Rs 104 bn aided by better execution of projects.The segment saw an improvement in profitability as operating margin expanded 80 basis points YoY to 7.1% due to higher recovery of of overheads and better job mix.

The hydrocarbon segment had a muted quarter in terms of order inflows but recorded 37% YoY revenue growth. The segment's margins saw a staggering improvement of 4.3% YoY to 9.6%. With the waning of the second wave of the pandemic and lockdown restrictions progressively being eased in recent weeks, signs of pick up in economic activity are visible, L&T said. The company is optimistic of its growth aspirations in the medium term as the economic outlook improves and is committed to creation of sustainable returns to stakeholders.

HUDCO share price will also be in focus today.

The government's up to 8% stake sale in HUDCO at a floor price of Rs 45 per share opened for institutional investors yesterday.

The sale of over 160.1 m shares, or a total of 8% stake, would fetch around Rs 7.2 bn to the exchequer.

The government is selling over 5% stake with an option to retain over-subscription of 2.5% through an offer for sale (OFS).

The offer will open for retail investors from today.

The sale would reduce the government's shareholding in the company to 81.81% if it offloads the entire 8% in the public sector undertaking (PSU).

This is the second time the government is offloading its stake in a PSU through an OFS in the current financial year - the first one being NMDC.

The government is looking to meet its Rs 1.75 tn divestment target.

It has already raised Rs 76.5 bn through minority stake sale. Of this, Rs 36.5 bn is from NMDC OFS and Rs 39.9 bn from sale of SUUTI stake in Axis Bank.

Nykaa Converts to Public Company Ahead of IPO

Ahead of its initial public offering (IPO), lifestyle e-commerce firm Nykaa has converted into a public entity.

The stakeholders of the company have passed a special resolution changing the status of the company from private to public, as per regulatory filings.

The company is now named FSN e-commerce Ventures.

In a regulatory filing, Nykaa said,

• The company is proposing to undertake an initial public offer of its equity shares of face value of Re 1 each by way of a fresh issuance of equity shares, and/or an offer of sale of such number of equity shares.
  
  In order to undertake the offer, the company is required to be converted from a private limited company to a public limited company, in accordance with the applicable laws.

Founded by former investment banker Falguni Nayar, Nykaa is expected to go public at a valuation of US$ 4.5 bn. It is targeting to raise US$700 m through the IPO.

The company is expected to file its draft Red Herring Prospectus (DRHP) soon.

Nykaa's website which logs 55 m monthly visits, lists over 1,200 brands ranging from makeup and skincare to health supplements.

Nykaa has six warehouses across India, which receive over 13 m orders every month.

Season of IPOs: Nine Companies Aim to Raise Over Rs 200 Bn

At least nine companies are planning to raise over Rs 200 bn through IPOs over the next two weeks.

Companies are rushing to tap the primary markets on the back of strong response from investors to the IPO of Zomato and its stellar listing.

While Rolex Rings has announced the opening of its IPO on 28 July, three companies - Devyani International, CarTrade, and Windlas Biotech are expected to launch their issues early in August.

Other companies that plan to launch their IPOs in early August include Nuvoco Vistas, Krsnaa Diagnostics, and Aptus Value Housing.

Ruchi Soya, owned by Patanjali Ayurved, is also expected to launch its follow-on offer (FPO) early in August.

The flood of share sales comes after the success of Zomato's listing. Shares of the food delivery technology company have risen almost 82% from their issue price of Rs 76 since listing on July 23.

So far in July, four companies have raised Rs 123.9 bn through IPOs. Glenmark Life Science and Rolex Rings are expected to raise Rs 22.5 bn.

How this pans out remains to be seen. Meanwhile, stay tuned for more updates 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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