Textile Stocks Shine | Anand Rathi's Brokerage Arm Files DRHP | Top Buzzing Stocks Today

Tue, 17 Dec Pre-Open

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Indian benchmark remained in negative territory as the session progressed and ended the day lower.

Benchmark equity indices BSE Sensex and NSE Nifty50 ended in the red, mirroring their Asian peers.

At the closing bell on Monday, the BSE Sensex closed lower by 384 points (down 0.5%).

Meanwhile, the NSE Nifty closed lower by 100 points (down 0.4%).

IndusInd Bank, Bajaj Finance and HDFC Life Insurance were among the top gainers.

TCS, Titan and BPCL 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 0.7% higher and BSE SmallCap index ended 0.5% higher.

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

Speaking of stock markets, the global landscape appears skewed. The US leads the pack, while China, despite its size, remains on the sidelines.

In the following video, research analyst Rahul Shah highlights how India, positioned in the middle, needs to act swiftly to leverage this imbalance.

Top buzzing stocks today

HBL Power Systems share price will be in focus today.

HBL Power Systems shares hit a 52-week and an all-time high in the 16 December trade after winning a Rs 15.2 bn KAVACH order.

The Delhi-based company informed the shareholders through an exchange filing that it bagged the order from the Chittaranjan Locomotive Works.

GE Power will also be a top buzzing stock.

Shares of GE Power stock surged 7.5% on 16 December after the company received an extension of a Rs 182.7 m purchase order, awarded by the MP Power Generating Co.

The order which is stated to be executed within the next three and a half months, is for the supply of boiler parts at Sanjay Gandhi Power Station.

Textile Stocks Shine

Shares of textile and related companies were on a roll, zooming up to 20% on the BSE in Monday's intra-day trade backed by heavy volumes on hopes of improvement in business outlook.

Donear Industries and Siyaram Silk Mills surged 20%, Mafatlal Industries rallied 14%, while, Jindal Worldwide, Zodiac Clothing Company, Shiva Mills, Suryalata Spinning Mills and Surylakshmi Cotton Mills soared 10% each.

Indo Count Industries, Arvind, Himatsingka Seide and Vardhman Textiles were up in the range of 2% to 6%.

In the long term, growth prospects of the Indian textiles industry are strong, aided by augmentation of capacity with value-added products, China +1 factor, the government entering into a trade agreement in various countries, incremental benefits from the Production Linked Incentive (PLI) scheme, and market share gains in export markets.

Among individual stocks, Gokaldas Exports hit a new high of Rs 1,210.65, surging 48% in one month. The company's management expects a strong recovery in the performance in the second half (October to March) of the financial year 2024-25 (H2FY2025) and expects the momentum to sustain with improving demand in the global markets.

Anand Rathi's Brokerage Arm Files DRHP

Anand Rathi Group's brokerage arm, Anand Rathi Share and Stock Brokers is planning to go public as the company has filed its Draft Red Herring Prospectus (DRHP) with the capital markets regulator, the Securities and Exchange Board of India (Sebi), for its Initial Public Offering (IPO).

With the IPO, Anand Rathi Share and Stock Brokers are planning to raise up to Rs 7.5 bn, which comprises an entire fresh issue of shares with a face value of Rs 5 apiece. The offer includes reservations for subscriptions by eligible employees.

In its DRHP, the company said that it intends to utilise the net proceeds from the issue to fund long-term working capital requirements and for general corporate purposes.

The issue is being made through the book-building process, wherein not more than 50% of the net issue will be allocated to qualified institutional buyers, and not less than 15% and 35% of the net offer will be allocated to non-institutional investors and retail individual investors, respectively.

The equity shares proposed under the DRHP will be listed on the National Stock Exchange of India (NSE) and the BSE.

For the public offering, Link Intime India serves as the registrar, while the book-running lead managers include Nuvama Wealth Management, DAM Capital Advisors, and Anand Rathi Advisors.

Anand Rathi Share and Stock Brokers offers a wide range of financial services, including broking, margin trading, and the distribution of financial products, under the brand name 'Anand Rathi.'

LG Mulls Raising India Unit Valuation

LG Electronics Inc is considering increasing the valuation of its Indian unit to as much as US$ 15 bn in a planned listing in Mumbai next year after initial feedback from analysts and investors.

The South Korean company is planning to start a formal roadshow for LG Electronics India Pvt.'s IPO within the next two months and is targeting a listing in the first half of 2025.

The company had earlier eyed a valuation of around US$ 13 bn, Bloomberg News reported in September.

LG has been sounding out preliminary interest from potential investors.

LG may ultimately seek a slightly lower valuation for the business based on final demand.

LG filed a draft red herring prospectus with Indian regulators earlier this month, detailing plans to sell as many as 101.82 million (m) shares.

Morgan Stanley, JPMorgan Chase & Co., Axis Capital Ltd., Bank of America Corp. and Citigroup Inc. will manage the IPO.

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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