Equitas Small Finance Bank IPO, LIC Q2 Stake Hike in Companies, and Top Buzzing Stocks Today

Thu, 22 Oct Pre-Open

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It was indeed a volatile trading day for share markets in India yesterday.

After staging a gap-up opening, Indian share markets reversed gains and slipped into the red in the afternoon session, plunging sharply and wiping all morning gains after European share markets opened lower.

All major European share markets were trading lower, as EU and UK are racing towards an ugly divorce and countries have started enforcing stringent curbs as virus cases have also picked up.

The BSE Sensex fell over 600 points from day's high yesterday on back of the above news. Later on, Sensex recovered all losses during the last hour of trading, led by gains in banking and metal stocks.

At the closing bell yesterday, the BSE Sensex stood higher by 163 points (up 0.4%).

The NSE Nifty closed higher by 41 points (up 0.3%).

Power Grid and Bharti Airtel were among the top gainers.

The BSE Mid Cap index ended up by 0.2%. The BSE Small Cap index ended on a flat note.

On the sectoral front, gains were largely seen in the metal sector and realty sector.

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

Gold prices were trading up by 0.5% at Rs 51,149 per 10 grams at the time of closing stock market hours yesterday.

Domestic gold prices edged higher yesterday, extending gains to the third day on signs that US lawmakers could agree on a new stimulus package before the November 3 election.

Gold was also supported by a weak US dollar.

Note that even with the recent volatility in prices, gold remains among the best performing commodities this year to combat the fallout from the coronavirus pandemic.

To know more about gold, visit our YouTube Playlist on gold investing.

Speaking of the current stock market scenario, note that Indian share markets have climbed back to their highest levels since the pandemic began.

The Sensex breached the 40,000-mark earlier this month. Meanwhile, the Nifty went past the 12,000-mark last week on Monday.

As per Richa Agarwal, lead smallcap analyst at Equitymaster, there could still be a lot of steam left to this smallcap rebound rally.

Richa believes if you focus on the quality of business, margin of safety in valuations, and an optimum asset allocation, you are likely to create huge wealth for yourself.

Top Stocks in Focus Today

Hindustan Zinc will be among the top buzzing stocks today.

According to an exchange filing, Hindustan Zinc, a subsidiary of metal major Vedanta Resources Ltd (VRL) announced a dividend of Rs 21.3 per share, its highest interim dividend in 12 years, days after the failed delisting offer of its parent. Hindustan Zinc had previously paid a higher dividend of Rs 30 per share in July 2008.

The record date for paying the dividend is October 28.

The company also reported a strong 25% year-on-year (YoY) and 42% quarter-on-quarter (QoQ) growth in revenue led by higher volumes for the quarter ended September. During the quarter, the zinc and lead segment put together, which accounts for 74% of its revenue, witnessed 13% YoY growth in volumes due to higher production and demand.

Motherson Sumi share price will also be in focus today as the auto component major said it has inked a pact to acquire Bombardier's Mexico-based electrical wiring interconnection systems (EWIS) business for around US$ 10 million.

The company through its Mexican subsidiary, Motherson Rolling Stocks (MRS), has signed an asset sale and purchase agreement to acquire the activities of EWIS at Bombardier Transportation's manufacturing site in Huehuetoca, Mexico. The transaction includes the transfer of assets, employees and inventories, on a debt-free and cash-free basis.

Market participants will also track Bajaj Auto share price as Life Insurance Corporation of India (LIC) has increased its stake in Bajaj Auto to 6.4% in the September quarter from 4.76% in the June quarter.

Equitas Small Finance Bank IPO: Retail Investor Portion Oversubscribed

In latest developments from the IPO space, the initial public offer of Equitas Small Finance Bank (ESFB) was subscribed more than 50% around noon time yesterday - it's second day of bidding.

The Rs 5.2 billion IPO received bids for 60.5 million equity shares against an offer size of 115.8 million shares, data available on the exchanges showed.

The portion reserved for retail investors was subscribed 1.13 times and that of non-institutional investors 3.6%.

The initial public offer comprises a fresh issue of Rs 2.8 billion and an offer for sale of 72 million shares.

ESFB, a subsidiary of Equitas Holdings, has fixed the price band for the IPO at Rs 32-33 per share.

Equitas Small Finance Bank has allotted 42,327,271 shares to 35 anchor investors and raised Rs 1.4 billion.

ICICI Prudential Life Insurance Company, SBI Life Insurance, Franklin India Smaller Companies Fund, Mirae Asset Large Cap Fund and HDFC Life Insurance Company are among the anchor investors.

How this IPO sails through remains to be seen. Meanwhile, we will keep you updated on all the developments from this space. Stay tuned.

Speaking of IPOs, in one of his videos, Vijay Bhambwani shares his thoughts on the recent spate of IPOs and what it means for the market.

Tune in here to find out more:

LIC Hikes Stake in 55 Companies Between July and September

As per a leading financial daily, LIC has increased stakes in Lupin, Alkem Laboratories and Pfizer in Q2.

Data showed that India's biggest institutional investor, LIC also hiked stake in IT firm Mphasis to 2.1% from 2% on a quarter-on-quarter basis.

From the auto sector, LIC bought additional shares in Amara Raja Batteries, Ashok Leyland, Bosch, Exide Industries, Hero MotoCorp and TVS Motor Company ahead of the festive season.

During the September quarter, the insurer also purchased additional shares in beaten-down banking and finance names like State Bank of India (SBI), HDFC Bank, HDFC, Kotak Mahindra Bank, Central Bank of India, IndusInd Bank, Bandhan Bank and Yes Bank.

In August, Yes Bank had said LIC acquired close to 5% shareholding in it by purchasing shares from the open market. With the fresh acquisition, LIC's holding in the lender has increased from 1.6% to 5%.

LIC increased its shareholding in Kotak Mahindra Bank to 3.2% from 2.5%.

From the metal sector, LIC added JSW Steel and Steel Authority of India.

LIC also bought high dividend yield stocks of IOC, Power Grid, Oil India, ONGC, Moil, Mahanagar Gas and IGL.

Some of other purchases of LIC during the September quarter included Bata India, Berger Paints, Titan, UltraTech Cement and HUL.

Initial shareholding data available till October 19 showed the insurer raised its stakes in at least 55 companies between July and September.

We will keep you updated on all the news from this space and also how this development influences share price of the above companies. 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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