Policybazaar's Mega IPO, Glenmark's New Deal for Covid Treatment, and Buzzing Stocks Today

Tue, 3 Aug Pre-Open

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Indian share markets ended on a positive note yesterday.

Benchmark indices rallied after tracking positive cues across global markets and helped by gains in realty and auto stocks.

At the closing bell yesterday, the BSE Sensex stood higher by 364 points (up 0.7%).

Meanwhile, the NSE Nifty closed higher by 122 points (up 0.8%).

Titan and Shree Cement were among the top gainers.

UPL and Tata Steel, on the other hand, were among the top losers.

Both, the BSE Mid Cap index and the BSE Small Cap index ended the day up by 1.1%.

Sectoral indices ended on a positive note with stocks in the realty sector, oil & gas sector and energy sector witnessing most of the buying interest.

Gold prices for the latest contract on MCX were trading down by 0.2% at Rs 47,755 per 10 grams at the time of closing stock market hours yesterday.

Speaking of the stock markets, Brijesh Bhatia, Research Analyst at Fast Profits Report, shares why he thinks the Nifty is making a short-term top in his latest video for Fast Profits Daily.

Tune in to the video below to find out more:

Top Stocks in Focus Today

Among the buzzing stocks today will be Glenmark Pharmaceuticals.

Glenmark Pharmaceuticals announced that it has signed an agreement with Canadian biotech firm SaNOtize Research to commercialise its nitric oxide nasal spray for the treatment of Covid-19 in India and other asian markets.

Glenmark Pharmaceuticals said -

• The committee has recommended a phase III clinical trial to be conducted in Indian patients in the weeks to follow.
  
  The phase III clinical trial for NONS is expected to be completed, followed by a commercial launch under the brand name FabiSpray in India, by the fourth quarter of the calendar year 2021.

SaNOtize developed and patented a nitric oxide releasing solution platform technology (NORSTM) to treat and prevent microbial infections in 2017.

Glenmark's partnership with SaNOtize will bring in much needed therapeutic relief to patients in India and Asia.

DLF share price will also be in focus today.

DLF is planning to develop 27 m sq ft of residential space in the medium term with a revenue potential of Rs 300 bn, on the back of higher demand for houses from corporate executives amid the shift to work from home.

The company sold apartments worth Rs 30.8 bn in 2020-21. These included Rs 10.1 bn from the sale of 36 units at its super luxury 'The Camellias' project, where demand was strong despite the lockdown.

A company official said that DLF is looking to generate sales of Rs 40 bn in fiscal 2022 with Rs 10 bn every quarter.

The company will develop 7 m sq ft of residential space in 2021-22, one of the highest in recent times, and then up to 6 m sq ft every year.

DLF's net sales bookings totalled Rs 10.1 bn, a more than six-and-a-half times increase from a year earlier, while sales from new launches were Rs 5.4 bn.

Kumar Mangalam Birla to Give Up Promoter Stake in Vodafone Idea

Kumar Mangalam Birla has told the government that he is willing to offer his stake in Vodafone Idea (VIL) to any state-owned or 'domestic financial entity' to keep the stressed telecom company afloat.

Birla, VIL's promoter and chairman of the Aditya Birla Group, made the suggestion in a letter to union cabinet secretary Rajiv Gauba on June 7.

The company has a debt of around Rs 1.8 tn, which includes deferred spectrum obligations and adjusted gross revenue liabilities.

Its board had last September announced a plan to raise Rs 250 bn but investors have not been forthcoming in the absence of government support.

Birla's letter highlighted the need for urgent measures from the government while offering to give up control of the company.

'It is with a sense of duty towards 270 m Indians connected by VIL, I am more than willing to hand over my stake in the company to any entity-public sector/government/domestic financial entity or any other that the government may consider worthy of keeping the company as a going concern,' Birla said in his letter.

Birla owns over 27% stake in VIL, while Vodafone Public limited company (Plc) holds over 44%.

The current market capitalisation of VIL is over Rs 240 bn.

The two promoters have decided against infusing fresh funds in the company. Vodafone Plc has already written off all its investment in VIL following continuous losses.

Policybazaar Files for Mega Rs 60 bn IPO

Policybazaar has filed papers with the market regulator to raise Rs 60.2 bn through a mega initial public offering (IPO).

The online insurance marketplace which is backed by marquee investors such as Info Edge, Premji Invest, Softbank, Tiger Global and Temasek, is targeting a valuation between US$ 5.5 bn to US$ 6 bn.

The IPO will comprise a fresh issue of Rs 37.5 bn and an offer for sale (OFS) of Rs 22.7 bn.

The company will utilise approximately Rs 15 m from the funds raised through the market for enhancing the visibility of its brands.

The funds will also be utilised for expanding growth initiatives to increase its consumer base, offline presence, funding investments and new acquisitions, and for expansion outside India.

Shardul Amarchand Mangaldas is the company's counsel and Cyril Amarchand Mangaldas is the counsel to the bankers, whereas Latham and Watkins and Linklaters are the international legal counsels.

Besides the above-mentioned marquee investors, Policybazaar's long list of backers also comprises Ribbit Capital, True North, Inventus, True North, Chiratae Ventures & Wellington Management.

The online insurance aggregator's listing plans come on the back of a steep spike in the demand for online life and health insurance products post the Covid-19 outbreak.

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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