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SGX Nifty Up 114 Points, FabIndia IPO, Tanla Platforms' Partnership with Vodafone Idea, and Buzzing Stocks Today
Wed, 8 Dec Pre-Open

FabIndia IPO, Tanla Platforms

Indian share markets ended on a strong note yesterday.

Benchmark indices snapped two days of losses and witnessed sharp gains as globally fears of a significant impact on economic recovery owing to Omicron variant receded.

Dr Anthony Fauci, the top US infectious disease official, said that it does not look like Omicron has a 'great degree of severity.'

At the closing bell yesterday, the BSE Sensex stood higher by 887 points (up 1.6%).

Meanwhile, the NSE Nifty closed higher by 264 points (up 1.6%).

Power Grid Corp and ONGC were among the top gainers.

Cipla and Asian Paints, on the other hand, were among the top losers.

The BSE Mid Cap index and the BSE Small Cap index ended up by 1.3% and 1.1%, respectively.

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

Shares of Torrent Power and Tanla Platforms hit their respective 52-week highs.

At 8:10 am today, the SGX Nifty was trading up by 114 points, or 0.7% higher at 17,325 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 up by 0.1% at Rs 47,960 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 Tanla Platforms.

Shares of Tanla Platforms were locked at 5% upper circuit at Rs 1,675.9 on the BSE after the company and Vodafone Idea (Vi) entered into a partnership to deploy patented block-chain enabled Wisely Platform to manifold increase ROI for global enterprises. This was also the shares' record high level.

Tanla, a leading CPaaS provider and Vodafone today announced a partnership wherein Tanla will be the exclusive provider of solutions to secure, encrypt and enhance performance for the entire international messaging traffic on the Vi network. India's international messaging market is estimated to be around Rs 35 bn annually.

Vodafone's pact with Tanla comes at a time when its rivals are also betting big on blockchain solutions.

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Infact at a recent event Mukesh Ambani, chairman of Reliance Industries-parent company of Reliance Jio, said 'Blockchain is very important for a trust-based, equitable society'.

Mr. Uday Reddy, founder chairman of Tanla Platforms, said,

  • Our partnership with Vi, powered by Wisely platform, is a massive step forward to lead the global digital interactions space.

    Wisely platform is a win-win proposition for all stakeholders - consumers, global enterprises, suppliers, and regulators, as we are committed to innovate with the entire ecosystem in mind.

    I am confident this partnership will help expand our global footprint by addressing the needs of global enterprises not just in India but across the world.

Wisely, co-developed with Microsoft, offers a digital marketplace bringing together enterprises and suppliers connected by secure express routes and Microsoft's global network.

Defence sector stocks will also be in focus today.

Hindustan Aeronautics (HAL), Bharat Electronics (BEL) and Indian Ordnance Factories were among the top 100 global arms-producing and military services companies in 2020, Stockholm International Peace Research Institute (SIPRI) said on Monday.

The world's top five arms manufacturers are US-based companies - Lockheed Martin, Raytheon Technologies, Boeing, Northrop Grumman and General Dynamics.

Their aggregated arms sales of US$6.5 bn were 1.7% higher in 2020 than in 2019 and accounted for 1.2% of the top 100 total.

The arms sales of HAL ranked 42nd, and BEL ranked 66th, increasing by 1.5% and 4%, respectively.

In a statement SIPRI said,

  • In 2020, the Indian Government announced a phased ban on imports of more than a hundred different types of military equipment to support domestic companies and enhance self-reliance in arms production.

Meanwhile, with a 13% share of total top 100 arms sales, Chinese arms companies had the second-highest volume of aggregated arms sales in 2020, behind US firms and ahead of British companies.

ICICI Bank's Increased Digital Push Gets Investors Excited

Private sector lender ICICI Bank remains committed to becoming a full-scale technology-driven bank from a traditional bank.

At its analyst day event held on 4 December, the management presented the bank's industry-first digital offerings for retail and SME/corporate customers.

The management said that customer data in the banking sector has exploded over the past few years driven by factors including rapid growth in digital payments. Further, 74% of ICICI Bank's customers are digitally active.

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According to the management, retail internet banking (iMobile) has 19 monthly logins per user and corporate internet banking (InstaBIZ) has 37 monthly logins per user. The bank has seen 4.5 million activations in iMobile Pay from non-ICICI Bank customers and 10% of the users have bought one ICICI bank product. There has been a 45% year on year (YoY) increase in average ticket size on iMobile Pay.

Despite this optimism, on Monday, there were no fireworks as far as the stock's reaction is concerned. However, yesterday, the stock rose nearly 4% on the NSE.

Billionaire-Backed FabIndia Seeking US$500 mn in IPO

FabIndia, a retailer of clothing and furniture inspired by traditional Indian crafts, plans to file preliminary documents for an initial public offering (IPO) of as much as US$500 million (Rs 37.7 bn).

The Delhi-based company, whose backers include Premji Invest, the family office of Wipro founder Azim Premji, aims to submit its so-called draft red herring prospectus as soon as early next year, the people said. Its IPO will largely consist of investors selling existing shares.

FabIndia is considering seeking a valuation of about US$2 bn

Indian companies are pushing ahead with their IPO plans even after Paytm's tumultuous listing, which saw the firm behind the country's biggest IPO plunge more than 35% in the first two days of trading - challenged investors' exuberance.

FabIndia connects more than 55,000 rural producers to urban markets, and runs its own school with nearly 500 students, the website shows.

How this pans out remains to be seen. Meanwhile, stay tuned for more updates from this space.

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

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Stock Market Updates

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