Developments in BFSI Sector, Happiest Minds IPO Oversubscribed, and Top Buzzing Stocks Today

Wed, 9 Sep Pre-Open

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Indian share markets ended marginally lower yesterday.

Benchmark indices pared gains during the last hour of trading, dragged down by metal and telecom stocks.

At the closing bell yesterday, the BSE Sensex stood lower by 52 points. Meanwhile, the NSE Nifty ended down by 38 points.

The BSE Mid Cap index ended down by 1.5%. The BSE Small Cap index ended down by 0.9%.

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

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

IRCTC was among the top gainers.

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Top Stocks in Focus Today

Dr. Reddy's Lab will be among the top buzzing stocks today as the company launched generic Fulvestrant injection, used for the treatment of advanced breast cancer, in the US market. Dr. Reddy's Laboratories has launched Fulvestrant injection, 250 mg/5 mL (50 mg/mL) per single-dose syringe, approved by the United States Food and Drug Administration (USFDA).

The product is a generic version of Faslodex injection in the same strength. According to the IQVIA Health data, Faslodex brand and generic market had US sales of around US$ 407 million MAT for 12 months to June 2020.

ICICI Bank will also be in focus today after it was reported that Deepak Kochhar and husband of former ICICI Bank CEO Chanda Kochhar has been arrested by the Enforcement Directorate for alleged money laundering in a deal between the bank and Videocon Group.

Market participants will also track Vodafone Idea share price as the company has said it will seek shareholders' approval to raise borrowing limit to Rs 1 trillion, at the annual general meeting (AGM) scheduled to be held on September 30. Shareholders of the company, which was earlier listed as Idea Cellular, had approved a borrowing limit of Rs 250 billion at AGM in September 2014.

Reportedly, Vodafone Idea is exploring various avenues for raising additional funds to ensure adequate cash flows for stable ongoing operations.

Happiest Minds IPO Subscribed Over 6 Times

In the news from the IPO space, the IPO of Happiest Minds Technologies, which has drawn strong response from investors, was subscribed 6.2 times as of closing market hours on Day 2.

Happiest Minds IPO opened on Monday and will close today. At the end of Day 1, the Rs 7 billion IPO was 2.9 times subscribed.

Happiest Minds Technologies has raised Rs 3.2 billion from anchor investors ahead of the IPO.

The price band of the offer has been fixed at Rs 165 to Rs 166 per equity share. The offer comprises a fresh issuance of shares aggregating up to Rs 1.1 billion and an offer for sale of up to 35.6 million equity shares.

Happiest Minds shares are likely to get listed on 17 September 2020. The minimum lot size is 90, which means investors have to apply for a minimum of 90 shares and in multiples thereafter.

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 IPO sail through remains to be seen. Meanwhile, we will keep you updated on the latest developments from this space.

IT Stocks Rise on Expectations of Swift Recovery in BFSI Sector

Shares of IT companies were in limelight yesterday with the BSE IT index hitting an all-time high on expectation of a swift recovery in BFSI (banking, financial services and insurance) sector to pre-Covid growth levels through FY21.

The optimism comes on the back of receding supply challenges and steady technology budgets at large US banks.

That apart, the KV Kamath Committee, which identified 26 sectors most affected by Covid-19, recognised IT sector as "mostly unaffected".

Among the individual stocks, Tata Consultancy Services (TCS) hit a record high of Rs 2,389.50, up 2.5% in the intra-day trade yesterday. The stock surpassed its previous high of Rs 2,357.

Shares of Infosys, Wipro and HCL Technologies ended up in the range of 2-4% yesterday.

Other IT stocks such as Mastek, Birlasoft, Cyient, Ramco Systems, Nucleus Software Exports and Newgen Software Technologies ended up between 4-7%.

We are tracking this sector closely and will keep you updated on all the 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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