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SGX Nifty Up 44 Points, Godawari Power's Bonus and Stock Split, LIC IPO Updates, and Buzzing Stocks Today
Wed, 15 Sep Pre-Open

Indian share markets ended on a flat note yesterday.

Led by gains in select IT and private bank stocks, benchmark indices settled in the green, rising for the second time in the last three sessions.

Market participant took cues from India's wholesale price inflation data, which accelerated to 11.39% in August after easing for two consecutive months as producers regain pricing power with economy showing signs of recovery.

At the closing bell yesterday, the BSE Sensex stood higher by 69 points (up 0.1%).

Meanwhile, the NSE Nifty closed higher by 25 points (up 0.1%).

IndusInd Bank and HCL Technologies were among the top gainers.

UltraTech Cement and HDFC, on the other hand, were among the top losers.

The BSE MidCap index and the BSE SmallCap index ended up by 1.1% and 0.6%, respectively.

Sectoral indices ended on a positive note with stocks in the auto sector and consumer durables sector witnessing most of the buying interest.

Metal stocks, on the other hand, witnessed selling pressure.

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Shares of Adani Transmission and Deepak Nitrite hit their respective 52-week highs.

At 8:05 am today, the SGX Nifty was trading up by 44 points, or 0.3% higher at 17,431 levels. Indian share markets are headed for a positive opening today following the positive trend on SGX Nifty.

Gold prices for the latest contract on MCX were trading down by 0.2% at Rs 46,820 per 10 grams at the time of closing stock market hours yesterday.

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Top Stocks in Focus Today

Among the buzzing stocks today will be Goldiam International.

Shares of Goldiam International soared 17% to a new high on the BSE yesterday after the company's board approved a proposal to buyback shares at a price of Rs 1,200 per share.

The company is an integrated manufacturer and supplier of diamond jewellery to leading retailers and wholesalers in the USA and Europe.

In an exchange filing, the company said,

  • The board of directors of Goldiam International at its meeting held on 13 September 2021 has approved a proposal to buyback up to 380,000 equity shares of the company for an aggregate amount not exceeding Rs 456 m, at a price of Rs 1,200 per equity share.

The company further said that the buyback is proposed to be made from the existing shareholders of the company as on the record date on a proportionate basis under the tender offer route.

On the rationale behind share buyback, Goldiam International said that the company believes the strong future and outlook of its business activities is not accurately reflected in the prevailing market price, thereby giving an opportunity for buyback to create long-term value for its shareholders.

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The buyback would help in improving financial ratios like earnings per share and return on equity, by reducing the equity base of the company; and thereby, enhancing the overall return to shareholders, it added.

Over the last five years, Goldiam has carried out two buybacks of shares to the tune of Rs 300 m. It has also utilized Rs 841.7 m on dividends and buybacks.

Godawari Power share price will also be in focus today.

Shares of Godawari Power & Ispat surged 5% to Rs 1,270 per share on the BSE yesterday after the company announced that its board of directors in a meeting held on 14 September 2021 have approved the proposal of sub-division of shares (stock split) in the ratio of 1:2.

The stock split plan will help to improve the liquidity of the company's share on the stock market and also to facilitate small investors to deal in its shares.

The board approved the proposal for sub-division of equity share of face value of Rs 10 each of the company into 2 equity shares of Rs 5 each.

Godawari Power's board has also decided to issue bonus shares in the ratio of 1:1 by capitalizing the free reserves after the proposal for split of the shares is approved by the shareholders of the company.

In order to accommodate the proposed issue of bonus shares, the company has decided to increase the authorised equity share capital from existing Rs 498 m to Rs 708 m by creation of additional 21 m equity shares of Rs 10 each (42 m equity shares of Rs 5 each post sub-division) subject to approval of the shareholders of the company.

Zomato co-founder Gaurav Gupta Quits

In a huge development, Gaurav Gupta, one of the top executives of food tech platform Zomato has decided to leave the company.

Gupta, who joined Zomato in 2015 was elevated as Chief Operating Officer in 2018 and as the founder in 2019. He was the face of the company in the run up to the initial public offering (IPO), leading discussions with investors and the media.

His exit comes days after Zomato exited its grocery delivery and nutraceutical business.

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According to sources familiar with the development, this exit was a long time coming as Zomato founder Deepinder Goyal and Gaurav Gupta had a fallout some time ago.

The businesses launched by Gupta, including grocery, nutraceuticals among others, were struggling or had to be shut down. Moreover, the overseas expansion led by him also didn't work out.

Last year due to Covid-19, Zomato said there has been a gradual rise in the adoption of healthy food among the average Indian.

Citing a huge opportunity in the segment, Zomato had made a plunge in the segment and named Gupta as the head of this division for five years.

'This business can potentially be a large value driver for Zomato in the future,' Gupta had said last year.

LIC IPO: Govt Amends Fee Structure for Legal Advisors After Failed Attempt

After the first attempt to appoint legal advisor for the initial public offering (IPO) of Life Insurance Corporation (LIC) failed, the government has amended the fee structure for law firms to make the offer attractive.

The Department of Investment and Public Asset Management (DIPAM) has introduced "milestone payments" by amending its request for proposal (RFP) for engagement of legal advisors for the LIC IPO.

Earlier, the legal advisors were supposed to get their fee after successful and satisfactory completion of the transaction. Now, the successful law firm will receive 50% of the fee after filing of the DRHP and the remaining half post listing.

This comes after the government did not receive adequate response from law firms for assisting in the LIC IPO.

Law firms will have to submit their bids by 16 September. The selected law firm will have to prepare the DRHP, RHP and the final prospectus for filing with the markets regulator and the stock exchanges.

There's more. The government is also mulling to align the rules of surplus distribution of LIC with those of its private counterparts.

LIC is governed by a special law, which currently allows to transfer only 5% of its surplus to the funds of shareholders. Rest of the 95% flows into the policyholder's fund in order to pay bonus on eligible life insurance policies.

The said ratio is 90:10 when it comes to other life insurance companies which are regulated by the Insurance Act.

The government aims to bring parity to make the investment into LIC an attractive offer, ahead of the planned IPO.

We will keep you updated on the latest developments from this space. Stay tuned.

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

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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