IPOs This Week, Bank and NBFCs Loan Recast, and Top Buzzing Stocks Today

Mon, 7 Sep Pre-Open

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Indian share markets witnessed heavy selling pressure on Friday last week and ended deep in the red.

Benchmark indices fell as investors booked profits after witnessing a massive selloff on the Wall Street.

A fast rise in Covid-19 cases and further contraction in services output also kept investors worried.

At the closing bell on Friday, the BSE Sensex stood lower by 634 points. Meanwhile, the NSE Nifty ended down by 170 points.

The BSE Mid Cap index ended down by 1.7%. The BSE Small Cap index ended down by 1.1%.

All sectoral indices ended on a negative note. Metal stocks and power stocks were among the hardest hit.

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Gold prices were trading up by 0.3% at Rs 50,836 per 10 grams at the time of closing stock market hours on Friday.

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Top Stocks in Focus Today

Vodafone Idea will be among the top buzzing stocks today after it was reported that its board had no investment proposal to consider from US wireless carrier Verizon Communications Inc or Amazon.com Inc.

Vodafone Idea's statement followed a report in the Mint that Verizon and Amazon may invest more than US$4 billion for a stake in heavily indebted Vodafone Idea.

Vodafone Idea won something of a reprieve last week as the court gave mobile carriers 10 years to settle government dues, but the company's longer-term problems are not over.

KEC International share price will also be in focus today as the company said it has secured new orders of Rs 14 billion across its various businesses.

The company's railways business has secured orders of Rs 1.2 billion for Overhead Electrification (OHE)/Civil, while the Smart Infra business has secured orders of Rs 480 million in the Defence segment in India, it said.

Market participants will also track stock from the automobile sector today as the auto industry has requested the government to put on hold the next generation emission norms that kick in from 2022.

The BSE auto index gained as much as 1% intraday on Friday, before paring gains, after the heavy industry minister said that the auto industry will get some important concessions.

Banks and NBFCs Loan Restructuring Scheme to be Rolled by September 15

Finance Minister Nirmala Sitharaman asked banks and NBFCs to roll out loan restructuring scheme for COVID-19 related stress by September 15 and provide adequate support to the borrowers following the lifting of moratorium on repayment of debts.

The minister urged lenders to immediately put in place a board-approved policy for resolution at the review meeting with heads of scheduled commercial banks and NBFCs through video conferencing.

During the meeting last week, the minister impressed upon the lenders that as and when the moratorium on loan repayments is lifted, borrowers must be given support and COVID-19 related distress must not impact the lenders' assessment of their creditworthiness.

The six months moratorium on payment of EMIs ended on 31 August.

Route Mobile and Happiest Minds IPO

In news from the IPO space, Route Mobile, a cloud communications service provider, will launch its initial public offering (IPO) this week to raise an estimated Rs 6 billion.

As per reports, the public offer comprises a fresh issue worth Rs 2.4 billion and an offer for sale (OFS) of Rs 3.6 billion by promoters Y Sandipkumar Gupta and Rajdipkumar Gupta.

Additionally, a pre-IPO placement aggregating up to Rs 1 billion may be considered in consultation with the book running lead managers (BRLMs) which will reduce the size of the offer, retrospectively, the draft papers noted.

The company had received approval from Indian markets regulator in December 2019 to float the IPO.

The cloud communications service provider had initially filed for its IPO in January 2018. Later, it refiled the document in October 2019.

Apart from Route Mobile, the initial share-sale of IT services firm Happiest Minds Technologies will be open for public subscription during September 7-9. The IPO is expected to garner Rs 7 billion.

The grey market premium on the issue of Happiest Minds has risen by Rs 115-125 per share over the IPO price band of Rs 165-166 per share.

Strong and experienced promoters, along with a niche business model and exponential growth prospects are the prime reasons cited for the hefty premium in grey market, said dealers in the unofficial market for unlisted shares.

Ashok Soota, promoter of Happiest Minds, was the founder of midcap IT firm Mindspace, which was later taken over by Larsen & Toubro group. The industry veteran previously had a long stint in Wipro from 1984 to 1999.

How the above IPOs sail through remains to be seen. Meanwhile, we will keep you updated on the latest developments from this space. Stay tuned.

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

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