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Falling Services Activity, Happiest Minds IPO, and Top Stocks in Focus Today
Fri, 4 Sep Pre-Open | Monish Vora, TM Team

Indian share markets ended marginally lower yesterday.

Benchmark indices opened on a cautious note and fluctuated between gains and losses as the session progressed, amid weakness in private bank stocks.

At the closing bell yesterday, the BSE Sensex stood lower by 95 points. Meanwhile, the NSE Nifty ended down by 8 points.

The BSE Mid Cap index ended up by 0.4%. The BSE Small Cap index ended up by 0.7%.

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

Consumer durable stocks, on the other hand, witnessed buying interest.

At 8:10 am today, the SGX Nifty was trading down by 120 points, or 1% lower at 11,430 levels. Indian share markets are headed for a gap-down opening today following the negative trend on SGX Nifty.

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Gold prices were trading down by 0.1% at Rs 50,790 per 10 grams at the stock market closing hours yesterday.

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Top Stocks in Focus Today

CDSL will be among the top buzzing stocks today as the company said the number of active demat accounts opened with it has reached 25 million. CDSL, which began its operations in 1999, reached 10 million active demat accounts in September 2015, crossed the 20 million figures in January this year, and the 25 million mark as on August 2020.

In the period of less than 5 years, CDSL has added 15 million demat accounts. Reportedly, the rise in the number of investors, especially during the current unprecedent times, is a representation that the investors are now moving to self-sufficient environment with opening and operating demat accounts from the comfort of their homes.

TVS Motor Company will also be in focus today as the company has invested a sum of Rs 300 million in electric vehicle maker Ultraviolette Automotive for an undisclosed stake as part of the latter's series B round of fundraising.

TVS Motor had earlier invested Rs 110 million in the Bangalore-based company for an equity stake of 25.8% as per its latest annual report.

Market participants will also track Rossari Biotech share price as Plutus Wealth Management LLP acquired 3 lakh shares of the company at Rs 773.82 per share. The stock has witnessed huge buying interest in last few trading days and is trading at its highest level since its listing on July 23, 2020.

The market price of Rossari Biotech has more-than-doubled against its issue price of Rs 425 per share. Rossari Biotech raised Rs 5 billion thorough its initial public offer (IPO), which had received massive investor interest with the IPO getting subscribed 79.37 times.

India's Services Activity Shrinks for Sixth Month in August

Activity in India's services industry fell for a sixth straight month in August as coronavirus restrictions continued to hurt business operations and demand, causing the longest streak of job losses on record, an industry survey showed.

This survey adds to the gloom in the service sector, an engine of economic growth and jobs, suggesting a long and painful road to recovery after the economy shrank nearly a quarter in April-June.

Although the IHS Markit Services Purchasing Managers' Index increased to 41.8 in August from July's 34.2, it remained well below the 50-mark separating growth from contraction.

August was the sixth straight month the index was sub-50, the longest such stretch since a 10-month run to April 2014.

A composite index, which measures both services and factory activity, improved to 46.0 in August from July's 37.2, cushioned by a better manufacturing performance, but remained well below the neutral 50 level.

A Reuters poll also showed the Indian economy is likely to suffer its worst 12-month performance since 1979 for the fiscal year that ends March 2021, contracting 6.0%, pushing millions more into poverty.

How this trend pans in the coming months remains to be seen. Meanwhile, we will keep you updated on the latest developments from this space. Stay tuned.

Happiest Minds to Launch IPO on 7 September

In latest developments from the IPO space, Bengaluru-based IT services company Happiest Minds Technologies said it will launch its initial public offer (IPO) on 7 September.

The offer will close on 9 September and the company has fixed the price band at Rs 165-166 per equity share.

The offer comprises of fresh issue of Rs 1.1 billion and an offer for sale (OFS) aggregating up to 35.6 million equity shares, which includes 8.4 million equity shares held by promoter and executive chairman Ashok Soota and 27.2 million equity shares by private equity fund CMDB II.

Bids for the IPO can be made for a minimum of 90 equity shares and in multiples of 90 equity shares thereafter.

The face value of the equity shares is Rs 2 each. The issue will open for anchor investors for a day on September 4.

As per reports, as much as 97% of the company's revenue comes from digital, which is much higher than peers Infosys, Cognizant, and Mindtree where the average contribution from digital stands at 40-50%.

How this IPO sails through 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.

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Stock Market Updates

MRPL at 52 Week High; BSE 500 Index Up 2.0% (Today's Market)

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GUJARAT ALKALIES Share Price Up by 10%; BSE 500 Index Up 1.6% (Today's Market)

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DEEPAK NITRITE Share Price Up by 13%; BSE 500 Index Up 1.4% (Today's Market)

Mar 1, 2021 03:10 PM

DEEPAK NITRITE share price is trading up by 13% and its current market price is Rs 1,553. The BSE 500 is up by 1.4%. The top gainers in the BSE 500 Index are DEEPAK NITRITE (up 12.8%) and JUST DIAL (up 14.2%). The top losers are BAJAJ HOLDINGS & INVESTMENT and CADILA HEALTHCARE .

HIMADRI SPECIALITY CHEMICAL Share Price Down by 11%; BSE 500 Index Up 1.4% (Today's Market)

Mar 1, 2021 03:08 PM

HIMADRI SPECIALITY CHEMICAL share price is trading down by 11% and its current market price is Rs 55. The BSE 500 is up by 1.4%. The top gainers in the BSE 500 Index are RCF (up 20.0%) and MMTC (up 20.0%). The top losers is HIMADRI SPECIALITY CHEMICAL (down 11.3%).

Sensex Rallies 600 Points in Opening Trade; Power Grid & Tech Mahindra Top Gainers (Today's Market)

Mar 1, 2021 09:30 am

The BSE Sensex opened up by 620 points while the Nifty is trading higher by 165 points.

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Mar 1, 2021 03:36 PM