Burger King IPO, Auto Sales in November, and Top Buzzing Stocks Today

Thu, 3 Dec Pre-Open

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Indian share markets ended on a flat note yesterday.

Benchmark indices fell more than 1% before recovering partial losses, amid a sell-off in banking, financial services and IT shares.

Pfizer share price jumped over 5% after reports emerged that the United Kingdom (UK) had authorised the Pfizer-BioNTech COVID-19 vaccine for use.

At the closing bell yesterday, the BSE Sensex stood lower by 37 points. The NSE Nifty ended up by 5 points.

ONGC and Asian Paints were among the top gainers. Kotak Mahindra Bank, on the other hand, was among the top losers.

The BSE Mid Cap index ended up by 0.6%. The BSE Small Cap index ended higher by 0.7%.

Sectoral indices ended on a mixed note with stocks in the realty sector and metal sector witnessing buying interest. Auto stocks also rose after wholesale numbers for November came in higher than expected.

Banking stocks and finance stocks, on the other hand, witnessed selling pressure.

Gold prices for the latest contract on MCX were trading up by 0.9% at Rs 48,699 per 10 grams at the time of closing stock market hours yesterday.

In global markets, gold was weighed down by optimism that the global economy can finally get back on course in 2021 with some pharma giants seeking approval for their Covid-19 vaccine candidates. On the other hand, expectations of further US stimulus helped support gold prices.

To know more about gold, you can check out our detailed article on investing in gold here: How to Invest in Gold?

Speaking of stock markets, the past month was a staggering one. Benchmark indices saw huge buying interest and went on to touch record-high levels.

The BSE smallcap index was up 13% in November.

The BSE smallcap index has risen more than 10% in a month only 6 times in the last decade.

Foreign investors (FIIs) invested a net amount of around Rs 650 bn in November. This is the biggest purchase by FIIs by a big margin so far.

Will this rally in Indian share markets continue in December?

We reached out to Brijesh Bhatia, our new team member and Research Analyst of Fast Profits Reports, for his view on the Indian stock markets.

Here's what he had to say...

• The bulls celebrated Diwali with fireworks and started Samvat 2077 with a roar.
  
  The Nifty gained 11.4% in the month of November. 80% of the trading days ended on positive note. Midcap and Small Cap indices gained 15.5% and 13% respectively.
  
  We had 20 trading days in November 2020. 16 of them ended on positive note with 8 straight days of gains from 2nd to 11th November.
  
  The Nifty has now turned positive for CY2020 and has hit a new all-time high of 13,145.85.
  
  All sectorial indices ended on a positive note for the month.
  
  Metals (24.84%), Private Banks (24.25%), PSU Banks (23.63%), and Financial Services (22.84%) gained more than 20%.
  
  Sectors like IT (4.05%) and Pharma (5.30%) which has outperformed in the first leg of rally, were the underperformers.
  
  The stocks in Nifty 200 were on fire too. Out of 200 stocks, 179 ended on a positive note which means 90% stocks were in green zone.
  
  The broad-based buying indicates the momentum is still in the bull's favour. Entering the month of December, can this momentum prolong?
  
  Well, if we look at the seasonality chart for Nifty 50, December tends out to be the best month for bulls with an average return of 3.43% since 1996.
  
  Hope we have a Santa rally this Christmas too and end the pandemic year near all-time high levels!

You can read Brijesh's detailed profile here.

And in case you missed his first Equitymaster video, you can watch it now.

Top Stocks in Focus Today

Phoenix Mills will be among the top buzzing stocks today.

India's largest mall developer, Phoenix Mills (PML) along with its subsidiaries, signed a non-binding term-sheet with an affiliate of GIC to create a strategic, retail-led mixed-use platform.

GIC will invest in the PML subsidiaries-Offbeat Developers, Graceworks Realty and Leisure, and Vamona Developers by way of a combination of primary infusion and secondary purchase of equity shares.

GAIL (India) shares price will also be in focus today. Shares of the company jumped 8% intraday yesterday on the back of heavy volumes in an otherwise subdued market. Trading volumes on the counter nearly doubled and the stock was trading at its highest level since February 20, 2020.

In the past three trading days, GAIL (India) share price has rallied as much as 18% after oil regulator Petroleum and Natural Gas Regulatory Board (PNGRB) notified regulations for unified gas transmission tariff structure. The tariffs will be applicable based on two zone structure related to distance from source of gas.

Burger King India IPO Fully Subscribed on First Day of Issue

In latest developments from the IPO space, the Rs 8.1 billion IPO of Burger King India got fully subscribed today, within two hours of the kick start of the bidding process.

The initial public offering was subscribed 2.1 times so far. The issue received bids for 158.2 million equity shares against IPO size of 74.5 million equity shares, as per the data available on stock exchanges.

The IPO consists of a fresh issue of Rs 4.5 billion and an offer for sale (OFS) of up to 60 million shares, aggregating Rs 3.6 billion.

The price band for the issue has been fixed at Rs 59-60 per share.

The company also raised Rs 3.6 billion from 55 anchor investors on December 1, ahead of its public issue opening.

To know more about this IPO and our view on it, you can check our IPO note on the same here: Burger King IPO: Should You Subscribe to This QSR Chain Business?

Speaking of IPOs, so far this year, 12 companies have raised nearly Rs 250 billion through IPOs compared with Rs 123.6 billion raised by 16 companies in 2019.

Furthermore, nearly half a dozen companies are lining up to launch their IPO this month.

Companies like Suryoday Small Finance Bank, ESAF Small Finance Bank, Nazara Technologies, RailTel, Burger King, Kalyan Jewellers and Antony Waste Management are among those that are conducting road shows and planning IPOs in December, The Economic Times mentioned in a report citing bankers.

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

You can check out the same here: My View on the IPO Market.

Auto Sales Contract in November

Auto sales contracted in November after three months of robust growth as automakers trimmed production to reduce inventory pile up at dealerships.

Despite record wholesale numbers in October, dealers had warned vehicle manufacturers, and especially two-wheeler manufacturers, to curb production in November due to high inventory in the system, saying that retail sales hadn't recovered, leading to pile up of inventory.

"We once again caution both OEMs (original equipment manufacturers) and dealers to keep a check on vehicle inventory as post-festival demand may remain subdued. Since inventory levels are at their highest during this financial year, it may impact dealers' financial health, leading to closures and job losses," the Federation of Automobile Dealers Associations (Fada) had said.

Maruti Suzuki reported a 2.4% year-on-year (YoY) decline in domestic wholesales for November to 135,775 units, as it reduced vehicle inventory at dealerships after the festive season. It had sold 139,133 units a year ago.

Sequentially, factory dispatches decreased from 166,825 units in October and 150,040 units in September.

The sales of Hyundai, the second largest passenger vehicles manufacturer, also reflected the industry's strategy to control production. The company reported a 9.4% YoY increase in domestic dispatches to 48,800 units in November on the back of decent demand for its sport utility vehicles, Venue and Creta.

However, sequentially, dispatches declined from 56,605 units in October and 50,313 units in September.

The country's largest two-wheeler maker Hero MotoCorp said it is seeing an increase in demand and is continuously ramping up supply and production across its manufacturing units to cater to this.

Mahindra & Mahindra (M&M) reported a 3.6% growth in its vehicle sales for November. The company sold 42,731 vehicles last month, compared to 41,235 during the same period last year.

In the utility vehicles segment, Mahindra sold 17,971 vehicles in November 2020, compared to 14,161 vehicles in November 2019, registering a growth of 27%.

Tata Motors' November sales also grew to 49,650 vehicles from 41,124 units in the year-ago period.

Meanwhile, Eicher Motors sold 63,782 units of motorcycles in November 2020, against 60,411 units in November 2019.

India's automakers, which were grappling with a slowdown even before the pandemic, saw a recovery after the nation restarted most activities to revive sentiment and growth in the aftermath of one of the world's strictest coronavirus lockdowns.

The pandemic had stalled production and led to a washout in the initial months of the lockdown. Sales slowly picked up from July, mostly led by first-time buyers as people opted for personal mobility over public transport.

How these numbers pan out in coming months remains to be seen. Stay tuned as we keep you updated on all the news from this space.

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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