Mobikwik Cuts IPO Size | Venus Remedies Receives Marketing Authorization | Top Buzzing Stocks Today

Mon, 9 Dec Pre-Open

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Indian benchmark turned negative as the session progressed and ended the day lower.

The Benchmark equity indices gave up their 5-day winning streak to settle in red after the Governor Shaktikanta Das-led Monetary Policy Committee of the Reserve Bank of India (RBI MPC) announced to keep the repo rate unchanged at 6.5%

At the closing bell on Friday, the BSE Sensex stood lower by 57 points (down 0.1%).

Meanwhile, the NSE Nifty closed lower by 39 points (down 0.2%).

Tata Motors, Bajaj Auto and Axis Bank were among the top gainers.

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

For impact of the Bank Nifty companies and comprehensive overview of the index, check out Equitymaster's Bank Nifty Companies list.

The BSE MidCap index ended 0.4% higher and BSE SmallCap index ended 0.6% higher.

Sectoral indices were trading mixed today with socks in IT sector and metal sector witnessing buying. Meanwhile stocks in IT sector and realty sector witnessing selling pressure.

Speaking of stock markets, Asian Paints, once a market favourite, now faces uncertainty as it lags behind the broader market.

With growing competition and declining profitability, concerns about its future prospects are rising.

Rahul Shah, Research Analyst at Equitymaster, examines its valuation, performance, and potential growth factors.

Top buzzing stocks today

Advait Infratech share price will be in focus today.

Shares of Advait Infratech hit the 5% upper circuit at Rs 1,713.35 on the BSE after the company secured a significant order for the supply and installation of 24F OPGW (Optical Ground Wire) on a turnkey basis for a 400 kV transmission line.

The contract, awarded by NRSS XXXI (B) Transmission, pertains to the Kurukshetra-Malerkotla 400 kV line and is set to be executed within seven months.

Maruti Suzuki will also be a top buzzing stock.

Shares of India's leading automaker Maruti Suzuki India jumped as much as 4% in Friday's trade after the company announced plans to increase the prices of its cars.

The carmaker said that the move is being made to combat in light of rising input costs and operational expenses. The prices will increase from January 2025.

Mobikwik Cuts IPO Size

MobiKwik had initially filed for a Rs 19 bn IPO in July 2021, and then it further cut down the issue size to Rs 7 bn in January 2024.

Now, the company is planning to raise Rs 5.7 bn. The issue is a 100% fresh issue with no OFS component.

When asked about the rationale behind reducing the size of MobiKwik's IPO, Bipin Preet Singh, founder and CEO of the company, stated that MobiKwik no longer requires the same level of capital it once did.

The founder also said that in payments the margins are much lower but the market is much bigger for payments.

The company is also planning to expand its distribution arm, which is selling loans and mutual funds.

Anchor bidding for the IPO will begin on 10 December, and the issue will open for the public on 11 December and close on 13 December.

The basis of allotment is scheduled for 16 December, followed by the initiation of refunds and equity credit on 17 December.

On the upper price band, the total market cap of the firm will be around Rs 21.7 bn.

Venus Remedies Receives Marketing Authorization

Pharma company Venus Remedies bagged a Marketing Authorization nod in the Philippines for Pemetrexed 500mg, an agent used in Chemotherapy while treating lung cancer.

The company said the authorization is a 'significant milestone' in its journey to strengthen its presence in the high-growth market of South-East Asia. Venus has previously noted that the pharmerging markets, emerging countries seeing rapid growth in the pharma industry, is a focus area for the company which is expected to experience considerable growth.

Back home, the Centre has set an ambitious target to raise the size of the pharmaceutical sector to US$ 120 bn by 2030 from the current US$ 43 bn.

Samvardhana Motherson Acquires Atsumitec

Samvardhana Motherson has announced an acquisition of Japan-based high-precision component maker Atsumitec for US$ 57 million (m), in which the company will hold 95% stake with the rest of the 5% to be owned by Honda Motors.

Shares of Samvardhana Motherson were higher by over 3% in mid-day trade soon after the announcement of the acquisition but cooled off later to trade flat.

Atsumitec is into the production of high-precision machined components, including gear shifters, chassis and transmission parts for 4-wheelers as well as 2-wheelers, with FY24 turnover at US$ 412 m.

As per the current shareholding pattern, Honda Motor was in possession of a 48% stake in the company.

Through the acquisition, SMIL said it is aiming to expand the share of its business with Japanese OEMs and improve its penetration in that market. The competencies of Atsumitec will also enable Samvardhana's entry into new product lines such as chassis and transmission parts for 4W and 2Ws.

The acquisition also enables SMIL's entry into new geographies like Vietnam for the 2W segment.

Atsumitec has direct and indirect subsidiaries in Thailand, Hong Kong, USA, Vietnam, China, Japan, Indonesia and Mexico, all of which have been acquired as part of the transaction.

Samvardhana Motherson International (SMIL) will complete the acquisition through a subsidiary in multiple steps. The transaction is expected to be completed by Q1FY26, ultimately resulting in 95% ownership for SMIL and 5% for Honda Motor.

Atsumitec is a supplier to marquee Japanese OEMs such as Honda Motor, Toyota, Mitsubishi, Suzuki, Daihatsu, among others, with nine facilities and over 3,400 employees.

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

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