Falling Gold Prices, CAMS IPO, and Top Buzzing Stocks Today

Tue, 22 Sep Pre-Open

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Indian share markets stated ended deep in the red yesterday, tracking weak global cues.

Selling pressure was seen after reports that some European countries are contemplating to reimpose lockdown measures as the Covid-19 cases see a spike.

As per media reports, British Prime Minister Boris Johnson was pondering the second lockdown in Britain while Spain and other European countries were witnessing fresh restrictions due to the coronavirus pandemic.

At the closing bell yesterday, the BSE Sensex stood lower by 812 points. Meanwhile, the NSE Nifty ended down by 254 points.

IndusInd Bank was the top loser in NSE yesterday. Meanwhile, the top gainers in NSE include Infosys and TCS.

Midcap and smallcap stocks witnessed huge selling pressure yesterday. The BSE Mid Cap index ended down by 3.4%. The BSE Small Cap index tumbled 3.6%.

On the sectoral front, telecom stocks and realty stocks were among the hardest hit. Banking stocks also witnessed huge selling as FinCEN leak named Indian banks for suspicious transactions.

Gold prices were trading down by 1.1% at Rs 51,140 per 10 grams at the time of closing stock market hours yesterday.

Despite higher global rates, domestic gold and silver prices edged lower yesterday. Selling pressure was seen as traders booked profits while waiting for clarity on the US Fed policy.

Gold prices in India have remained choppy in recent weeks after hitting a record high of over Rs 56,000 last month.

Investors are now looking forward to clues on Fed's monetary policy as a slew of policymakers are due to make public speeches, including Chairman Jerome Powell, who will appear before Congressional committees later this week.

So, is it time to book profits in gold and silver?

In our latest episode of Investor Hour Podcast, Jim Rogers joins Rahul Goel to talk about gold and more...

In the podcast, he tells that he was buying gold and silver and would buy even more. He believes you can get rich with investments in gold and silver.

In this freewheeling chat, he also talks about China, his view on the US dollar, the opportunities in agriculture, the bubble in tech stocks, bonds, bitcoin...and more.

Listen in to the podcast here.

You can also watch the podcast video here:

Top Stocks in Focus Today

Birla Corporation will be among the top buzzing stocks today as the Calcutta High Court (HC) on Friday restrained Harsh Vardhan Lodha from holding any office in M P Birla group entities.

The stock of cement & cement products company recorded its sharpest intra-day fall yesterday since March 23, 2020, when it had tanked 20% on the BSE. Birla Corporation said that it is in the process of reviewing the said order of the Hon'ble High Court. Further material development, if any, in the matter will be intimated to the exchanges.

HCL Technologies share price will be in focus today as the company announced its intent to acquire IT company DWS Limited, a leading Australian IT, business, and management consulting group, for $158.2 million. The acquisition is expected to be completed by December 2020.

Market participants will also track ITC share price today after it was reported that ITC has increased its stake in start-up Delectable Technologies Pvt Ltd to 20.1% through acquisition of compulsorily convertible preference shares as part of its deal to acquire 33.4% stake in the latter.

Last year in November, ITC had announced that it would acquire 33.4% of the share capital of Delectable Technologies for a cash consideration of up to Rs 75 million, to be paid in four tranches over a period of 12 months.

ED Cites Suspicious Trading Between JSW Steel and BPSL

The Enforcement Directorate (ED) has cited suspicious trading between JSW Steel and Bhushan Power and Steel (BPSL) in its latest filing before the Supreme Court.

The agency said that while investigating the role of a resolution professional, they found documents that revealed commission of Rs 6 million is shown to be payable to the bank officials, including Rs 5 million for Punjab National Bank officials and Rs 1 million for PFC officials.

Note that the ED is probing BPSL in a money laundering case. It has been opposing JSW Steel's bid of Rs 197 billion for 3.5 million tonne plant, claiming there are certain related party transactions.

The ED also claimed that in May 2020, BPSL sold Rs 430 million of coke to Monnet Ispat & Energy, a JSW group company.

ED said, "this sale took place without a tender. There has earlier not been such a significant sale of coke by BPSL. It appears this is not a normal transaction and the price at which coke has been transferred is required to investigated for correctness."

Reports state that BPSL allegedly cleared goods value at Rs 7 billion without paying taxes and duties and without issuing statutory invoices.

How this pans out remains to be seen. Meanwhile, we will keep you updated on the latest developments from this space.

IPO Buzz: Route Mobile Makes Stellar Debut and CAMS Subscription

In latest developments from the IPO space, Route Mobile share price made a strong debut at the bourses yesterday with its shares listing at Rs 717, 105% higher against its issue price of Rs 350 per share.

The Rs 6-billion initial public offering (IPO) of Route Mobile had received strong response from all categories of investors. The IPO was subscribed 73.3 times and received bids for 892 million shares against the offer size of over 12.2 million equity shares, data available on the exchanges showed.

In other news, the IPO of Chemcon Speciality Chemicals received strong response on the very first day of bidding itself. The IPO was subscribed 3.3 times at the time of closing stock market hours yesterday.

Meanwhile, the Rs 22.6-billion public offer of Computer Age Management Services (CAMS) was subscribed 65% on the first day of the issue.

The portion set aside for retail investors witnessed 1.2 times subscription and the non-institutional investors segment saw 26.67% subscription so far, while the qualified institutional buyers' portion has subscribed 0.01%.

The company has fixed price band at Rs 1,229-1,230 per share for its maiden public issue which will remain opened till September 23.

The public issue consists an offer for sale of 1,82,46,600 equity shares by NSE Investments, the subsidiary of National Stock Exchange which has been asked by markets regulator to divest its entire stake in CAMS in the current IPO.

To know more about the company, you can read our note on the IPO here: CAMS IPO: Should You Apply? (requires subscription).

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.

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

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