Sensex Plunges 746 Points; Banking & Metal Stocks Bleed
Closing

Indian share markets witnessed huge selling pressure today and extended losses as the session progressed, dragged down by heavy selling in metal and banking stocks.

At the closing bell, the BSE Sensex stood lower by 746 points. The NSE Nifty ended down by 218 points.

Bajaj Auto was among the top gainers today. Axis Bank, on the other hand, was among the top losers today.

SGX Nifty was trading at 14,375, down by 265 points, at the time of writing.

The BSE Mid Cap index ended down by 1.2%. The BSE Small Cap index ended lower by 1%.

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Sectoral indices ended on a negative note with stocks in the banking sector, finance sector and metal sector witnessing maximum selling pressure.

Shares of Cyient and Ceat hit their respective 52-week highs today.

Asian stock market fell today as investors took a breather following a strong week for global equities. As of the most recent closing prices, the Nikkei retreated from 30-year peaks and fell 0.4% while the Hang Seng ended down by 1.6%.

US stock futures slipped today, signaling a muted end to a strong week on Wall Street as investors awaited data on how the economy performed at the start of 2021.

Nasdaq Futures are trading down by 76 points (down 0.5%), while Dow Futures are trading down by 238 points (down 0.8%).

European stock markets fell today, hit by tighter travel restrictions in the euro zone and weak UK retail sales numbers, while investors awaited the latest batch of business activity data to gauge the pace of recovery from the coronavirus crisis.

The rupee is trading at 72.95 against the US$.

Gold prices are trading down by 0.5% at Rs 49,224 per 10 grams.

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Speaking of stock markets, note that the BSE Sensex crossed the historical milestone of 50,000 yesterday as benchmark indices scaled fresh lifetime highs on the back of favourable global cues.

The BSE Sensex rose from 40,000-mark hit on October 8, 2020 to 50,000 in just 74 sessions. Developments on the vaccine front, a change of guard in the United States, FII buying and recovery in economic growth are the key factors behind this rally.

Our editors have been pointing out for many weeks now about the risky nature of the market as Covid-19 remains an overhang and the economic outlook remains uncertain. The Sensex valuation is at nearly 40 times.

Have a look at the two charts below, in the order they have been placed.

Near Term Volatility in Sensex Compensated by Long Term Gains

The year-on-year change in the Sensex was hardly predictable but someone who stayed invested multiplied every lakh nearly 14 times.

As per Co-head of Research at Equitymaster, Tanushree Banerjee, 2021 could be one of the best years for individual investors.

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Here's what she wrote in one of the editions of Profit Hunter:

  • 2021 could be one of the best years for individual investors.

    You read that right. Investing is one of those rare pursuits where amateurs can have an advantage over professional fund managers.

    It happens in almost no other field. If you compete against a professional sports person, you'd lose every time. As an amateur doctor or scientist, you need years of training before performing highly specialised tasks.

    However, individual investors who have a strategy to create long term wealth, stand a good chance at outperformance.

    Most professional fund managers can't afford to have long time horizons. A year or two of poor performance and they risk the sack.

    But an individual investor can sit tight over high conviction stocks and invest consistently to see the magic of compounding.

    Just like the investors in Titan saw their wealth creation unfold since 2004.

    So, 2021 could be extremely profitable, over time, provided you reset your portfolio with the right kind of safe assets and safe stocks.

    For the next decade, your best fund manager could none other than you!

    Prepare well and ensure you make the most of it.

In her latest video, Tanushree discusses the best safe assets for 2021.

Tune in to the video here:

In news from the IPO space, the initial public offer of Indigo Paints received strong response from investors as the issue was subscribed 113 times so far on January 22 at the time of writing, the final day of bidding.

The issue received bids for 625.4 million equity shares against the IPO size of 5.5 million shares (excluding anchor book).

The portion set aside for qualified institutional buyers witnessed a subscription of 186 times and that of non-institutional investors was subscribed 251 times. The retail investors have put in 15.6 times bids against their reserved portion.

Meanwhile, the IPO of Home First Finance Company was subscribed 1.8 times by noon hours today, the second day of bidding.

The Rs 11.5-billion IPO received bids for 27.9 million equity shares against an offer size of 15.6 million. The offer size excluded the anchor book portion through which the company mopped up Rs 3.5 billion on January 20.

The price band for the issue, which will close on Monday, has been fixed at Rs 517-518 per share.

How the above IPOs sail through remains to be seen. Meanwhile, we will keep you updated on the latest developments from this space.

In news from the automobile sector, auto and auto-ancillary stocks witnessed huge buying interest today, with the Nifty Auto and the BSE Auto index surging nearly 4% following a strong performance during the quarter ended December 2020 (Q3FY21).

Shares of Motherson Sumi Systems, Ashok Leyland, Tata Motors, Hero MotoCorp, Exide Industries, Bosch and TVS Motor Company gained in the range of 4-8%.

Individually, Bajaj Auto share price hit a record high of Rs 4,130, surging over 11% after the company reported its highest-ever profit and turnover during the December quarter (Q3FY21). The company's standalone net profit went up by 23% year-on-year (YoY) to Rs 15.5 billion, while revenues rose 17% to Rs 87.3 billion.

The company said it has posted its highest-ever turnover during the December quarter and for the first time exceeded the Rs 90 billion mark to reach Rs 92.7 billion, a rise of 16%. Revenue from consolidated operations of the company was up 17% at Rs 89.1 billion while consolidated profit after tax stood at Rs 17.1 billion.

To know more, you can read Bajaj Auto's Q3FY21 result analysis on our website.

Meanwhile, JK Tyre & Industries share price hit a fresh 52-week high of Rs 138.70 after the company reported highest-ever quarterly sales and net profit for Q3FY21. With today's gains, the stock of tyre & rubber products maker has surged as much as 55% in the past four trading days.

How automobile stocks perform in the coming months remains to be seen.

Moving on to news from the finance sector, SBI Cards and Payment Services was among the top buzzing stocks today.

Shares of SBI Cards rallied 5% today after a sharp improvement in asset quality during Q3FY21.

Stock of the company was trading at the highest level since its listing on March 16, 2020.

SBI Cards said the gross non-performing assets (GNPA) were at 1.61% of gross advances as on Q3FY21 as against 2.47% as on Q3FY20.

Net non-performing assets (NNPA) were at 0.56% as against 0.83% in a year ago quarter.

The company reported 50% year-on-year (YoY) decline in net profit at Rs 2.1 billion, led by 3% YoY decline in operating revenues and 70% increase in provisions.

SBI Cards share price ended the day up by 5.1%.

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


Sensex Trades Over 300 Points Lower; Dow Futures Down by 101 Points
12:30 pm

Share markets in India are presently trading on a negative note.

The BSE Sensex is trading up by 357 points, up 0.7% at 49,267 levels.

Meanwhile, the NSE Nifty is trading down by 86 points.

Bajaj Auto and Hero MotoCorp are among the top gainers today. Axis Bank and Hindalco are among the top losers today.

The BSE Mid Cap index is trading down by 0.3%.

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The BSE Small Cap index is trading down by 0.4%.

On the sectoral front, stocks from the metal sector, are witnessing most of the selling pressure.

On the other hand, stocks from the automobile sector, are witnessing most of the buying interest

US stock futures are trading lower today, indicating a negative opening for Wall Street.

Nasdaq Futures are trading down by 39 points (down 0.3%) while Dow Futures are trading down by 101 points (down 0.3%)

The rupee is trading at 73.04 against the US$.

Gold prices are trading down by 0.3% at Rs 49,311 per 10 grams.

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Gold prices slid today in Indian markets amid weak global cues. On MCX, gold futures dipped 0.1% to Rs 49,394 per 10 grams. In the previous session, gold had dipped 0.2%.

Note that gold prices have seen wild swings this year amid higher US bond yields, strengthening dollar and US stimulus announcement.

To know more about gold, check out our article on how to invest in gold here: How to Invest in Gold?

Speaking of stock markets, India's #1 trader, Vijay Bhambwani, talks about what happens behind the scenes in his trade recommendations, in his latest video for Fast Profits Daily.

In the video below, Vijay shares details of what he actually looks at when recommending and monitoring a trade.

Tune in here to find out more:

Moving on to stock specific news...

Among the buzzing stocks today is Bajaj Auto.

Bajaj Auto on January 21 reported its highest-ever profit and turnover during the December quarter (Q3FY21). The company's standalone net profit went up by 23% year-on-year (YoY) to Rs 15.5 billion, while revenues rose 17% to Rs 87.3 billion.

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The company said it has posted its highest-ever turnover during the December quarter and for the first time exceeded the Rs 90 billion mark to reach Rs 92.7 billion, a rise of 16%. Revenue from consolidated operations of the company was up 17% at Rs 89.1 billion while consolidated profit after tax stood at Rs 17.1 billion.

The company's operating margin during the quarter was higher at 19.8% compared to 18.3% in the year-ago period. The improvement in margins was driven by higher operating leverage and better product mix. However, these margins could get impacted during the last quarter of FY21 as steel and aluminium costs have gone up and the company would not be able to pass this onto customers.

Bajaj Auto's CFO, Soumen Ray, said that there was a shift in the market towards premiumisation and this as well as growth in the export markets contributed to profit and margins.

The company achieved its highest-ever exports of 687,000 units during the quarter. This growth was despite shortage of containers and the company could have achieved even more substantial growth in the export markets. Export revenues during the quarter was at Rs 40.8 billion.

Bajaj also expanded its market share in the domestic motorcycle market to 18.6% during the December quarter from 17.5% in the September quarter.

We will keep you posted on more updates from this space. Stay tuned.

At the time of writing, Bajaj Auto share price was trading up by 10.8% on the BSE.

Speaking of the automobile sector, note that the sector has rebounded sharply from its March lows.

The auto index entered the greed phase in September 2019 and is expected to stay there until December 2021. This means there is still a lot of fuel left for automobile stocks.

How automobile stocks perform in the coming months remains to be seen.

Moving on to news from the software sector...

Q3FY21 Results: Net Profit Falls 12% to Rs 950 Million

Cyient, a global engineering and technology solutions company, on January 21 reported its consolidated financial results for the December quarter (Q3FY21).

The Hyderabad based IT firm reported an 11.9% year-on-year (YoY) decline in net profit at Rs 954 million for the quarter. It had posted a net profit of Rs 1.1 billion in Q3FY20. The company's net profit, however, saw a growth of 13.8% quarter-on-quarter (QoQ).

The company's consolidated revenue during the third quarter stood at US$ 141.4 million, a growth of 4.7% QoQ (4.1% in constant currency) and de-growth of 8.9% YoY.

The revenue for the Design Led Manufacturing (DLM) business stood at US$ 26 million and grew by 24.8% QoQ and 72.4 % YoY. The operating margin at 11.2% is higher by 14 basis points (bps) QoQ and 154 bps YoY, mainly driven by operational efficiency and better DLM margins.

"We continue to focus on improving operational efficiency and executing actions to bring growth back in the business. We won a number of large deals which sets us up for a stronger performance in the coming quarters. Our Order Intake (OI) for the quarter has increased by 7% YoY backed by strong growth in key clients and digital opportunities," Krishna Bodanapu, Managing Director and Chief Executive Officer, said.

"Our outlook for FY21 remains unchanged wherein we expect a double-digit de-growth in revenue, he added.

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


Sensex Opens Flat; Bajaj Auto & Tata Motors Surge 4%
09:30 am

Asian stock markets retreated from record highs today as investors took some money off the table after a recent rally that was driven by hopes a massive US economic stimulus plan by incoming President Joe Biden will help temper the Covid-19 impact.

The Hang Seng is trading down by 1.2% while the Shanghai Composite is down 0.8%. The Nikkei is trading lower by 0.4%.

In US stock markets, Wall Street indices scaled fresh record highs on Thursday as investors bet on strong earnings from big tech companies next week.

A better-than-expected reading on jobless claims also supported sentiment. First-time claims for unemployment insurance totalled 900,000 for the week ended January 16, lower than an estimate of 925,000 according to economists surveyed by Dow Jones.

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The Dow Jones Industrial Average ended on a flat note while the tech heavy Nasdaq ended higher by 0.6%.

Back home, Indian share markets have opened the day on a flat note, following the trend on SGX Nifty.

Market participants are tracking Yes Bank share price and Reliance Industries share price as these companies are set to announce their December quarter results later today.

The BSE Sensex is trading down by 73 points. Meanwhile, the NSE Nifty is trading lower by 17 points.

Bajaj Auto and Asian Paints are among the top gainers today. Axis Bank is among the top losers today.

The BSE Mid Cap index and the BSE Small Cap index have opened up by 0.6% and 0.4%, respectively.

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Sectoral indices are trading mixed with stocks in the automobile sector and consumer durables sector witnessing buying interest.

Banking stocks and finance stocks, on the other hand, are trading in red.

Shares of Havells India and Kajaria Ceramics hit their respective 52-week highs today.

The rupee is trading at 73.00 against the US$.

Gold prices are trading down by 0.2% at Rs 49,345 per 10 grams.

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Speaking of stock markets, India's #1 trader, Vijay Bhambwani, talks about whether cash will be trashed, in his latest video for Fast Profits Daily.

In the video below, Vijay shares what will happen if the world moves towards digital money and the implications on our personal, social, and financial lives.

Tune in here to find out more:

In news from the pharma sector, biopharmaceutical major Biocon has posted a 19% dip on a year-on-year (YoY) basis in its consolidated net profit at Rs 1.86 billion for the third quarter of FY21, owing to its generics business taking a hit along with headwinds across operational, regulatory and commercial functions.

The company had posted a net profit of Rs 2.3 billion in the same quarter last year.

Biocon's consolidated revenue for Q3FY21 increased by 7.2% at Rs 18.8 billion as against Rs 17.5 billion for the said quarter last year.

Revenue growth came on the back of a 13% rise in research services and 11% in biosimilar business segments on a YoY basis, along with core earnings before interest, tax, depreciation and amortization (EBITDA) margins of 31%, said Biocon's executive chairperson Kiran Mazumdar-Shaw.

On the other hand, the company's generics business reported a 3% dip in the third quarter at Rs 5.6 billion.

The company also said that Christiane Hamacher has stepped down as the managing director of Biocon Biologics, the biosimilar subsidiary of Biocon, and also ceased to be a member of the board of Biocon Biologics Limited, effective January 20.

Arun Chandavarkar, member of the board of Biocon Biologics, has taken over as the managing director effective January 21 for a period of up to two years.

Biocon share price has opened the day down by 6.5%.

In other news, Sun Pharma is among the top buzzing stocks today.

Sun Pharma, in a communication to the stock exchanges informed that the Board of Directors of the company, in at its meeting scheduled to be held on Friday, January 29, 2021, will consider declaration of interim dividend on the equity shares of the company, for the financial year 2020-21.

Sun Pharma share price has opened the day down by 0.1%.

Moving on to news from the realty sector, as per an article in a leading financial daily, institutional investors continued to show interest in Indian real estate with a total US$ 5 billion investments, equivalent to 93% of transactions witnessed in the previous year, despite a sudden halt brought on by the pandemic.

The annual performance received major support from the fourth quarter's US$ 3.5 billion investments, while office assets accounted for a major share of investments during the year.

Data released by JLL India showed that the recovery has been narrow-based as 27 deals were transacted in 2020 over 54 in 2019. The two large portfolio deals with an estimated value of US$ 3.2 billion accounted for 65% of the total investments in 2020.

The two major deals- the Blackstone Group picking up 21 million sq ft completed and under construction office, retail and hospitality assets from Prestige Estates for US$ 1.2 billion and the Brookfield Group's US$ 2 billion deal with RMZ Group to acquire 12.5 million sq ft office and co-working assets indicate that office assets account for a major share of the portfolio deals.

The article also added that investments are expected to gain momentum during the second half of 2021 as investors increase their exposures and listing of forthcoming REITs will drive investment volumes in 2021.

In other news, real estate developers have urged the Centre for a two-year extension on the five-year deadline for completion of affordable houses.

"As an impetus to developers we seek an extension on the time-frame to around 7 years for completion of affordable houses, which is currently at five years from the date of sanction. We hope that this year's Budget will include some positive incentives for the sector," said Pavitra Shankar, Executive Director, Brigade Enterprises.

The realty sector is also expecting the government to accord industry status.

With finance minister Nirmala Sitharaman all set to table the Union Budget 2021 on February 1 for 2021-22 fiscal, the pandemic-hit real estate sector is eagerly expecting for some big-ticket announcements.

Speaking of the realty sector, note that the sector was the top gainer last month with gains of 16%, followed by metal and IT sector with gains of 9.4%.

The government has been taking proactive measures in the form of moratoriums, tax cuts, construction premium cuts and project timeline deferrals, to help the recovery of real estate sector.

In August last year, the stamp duty rates were reduced from 5% to 2% till December 2020 and 3% till March 2021.

Maharashtra cabinet on January 6 cleared the proposal to reduce all premiums for on-going as well as new real estate projects by 50%, up to December 2021. The decision was taken after the recommendations of the Deepak Parekh committee.

The developers welcomed this strong decision of Maharashtra Government to boost real estate sector which generates maximum employment and had not seen pick up in sales for several years.

How realty stocks perform in the coming months remains to be seen. Meanwhile, we will keep you updated on the latest developments from this space.

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


SGX Nifty Down 55 Points; Indicates Negative Opening for Indian Stock Markets
SGX Nifty

The SGX Nifty opened on a negative note today.

At 8:10 am, it was trading down by 55 points, or 0.39% lower at 14,580 levels.

Trends on SGX Nifty indicate a negative opening for Indian stock markets.

Asian stock markets retreated from record highs today as investors took some money off the table after a recent rally that was driven by hopes a massive US economic stimulus plan by incoming President Joe Biden will help temper the Covid-19 impact.

The Hang Seng is trading down by 0.3% while the Shanghai Composite is down 0.4%. The Nikkei is trading lower by 0.34%.

In US stock markets, Wall Street indices rose to another record highs on Thursday as investors bet on strong earnings from big tech companies next week.

A better-than-expected reading on jobless claims also supported sentiment. First-time claims for unemployment insurance totalled 900,000 for the week ended January 16, lower than an estimate of 925,000 according to economists surveyed by Dow Jones.

The Dow Jones Industrial Average ended on a flat note while the tech heavy Nasdaq ended higher by 0.6%.

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In the previous session, Wall Street indices had closed at record highs as President Joe Biden was sworn into office, ushering in hope that an improved vaccine rollout will ensure a smoother and faster reopening.

Biden released details of his Covid plan on his first full day in office, including 10 executive orders and his intent to use the Defense Production Act to ramp up protective equipment production.

US stock futures are trading lower today. Dow Futures are trading down by 93 points while Nasdaq Futures are trading lower by 49 points.

Crude oil prices fell in early trade today, retreating further from 11-month highs hit last week, on worries new pandemic restrictions in China will curb fuel demand in the world's biggest oil importer.

Here are the key events due later today:

  • Germany - Manufacturing & Services PMI - January
  • UK - Retail Sales - December
  • US - Manufacturing & Services PMI - January
  • US - Existing Home Sales - December

Back home, Havells India and Tata Communications will be among the top buzzing stocks today.

Market participants will also track the Rs 11.7 billion IPO by Indigo Paints, which will close for subscription today.

To know the top cues in today's stock market session, check out the pre-open commentary here.

Stay tuned for more updates on Indian stock markets in the upcoming commentary.


Indigo Paints IPO, India's Crude Oil Production in December, and Buzzing Stocks Today
Pre-Open

Indian share markets witnessed a sharp sell-off during closing hours yesterday and ended lower.

Benchmark indices gave up early gains and slipped into the red during the last hour of trading amid reports of a massive fire that broke out in the Serum Institute of India (SII), the manufacturer of Covidshield vaccine.

At the closing bell yesterday, the BSE Sensex stood lower by 167 points. The NSE Nifty ended down by 54 points.

The BSE Sensex tanked 785 points from record high levels of 50,184 to hit an intra-day low of 49,399.

Bajaj Finance was among the top gainers. ONGC, on the other hand, was among the top losers.

The BSE Mid Cap index ended down by 0.9%. The BSE Small Cap index ended lower by 0.7%.

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Sectoral indices ended on a mixed note with stocks in the consumer durables sector and energy sector witnessing buying interest.

Realty stocks and metal stocks, on the other hand, witnessed selling pressure.

Shares of Ceat and Polycab India hit their respective 52-week highs yesterday.

At 8:00 am today, the SGX Nifty was trading down by 57 points, or 0.43% lower at 14,580 levels. Indian share markets are headed for a negative opening today following the negative trend on SGX Nifty.

Gold prices were trading up by 0.2% at Rs 49,617 per 10 grams at the time of closing stock market hours yesterday.

Note that the BSE Sensex crossed the historical milestone of 50,000 in yesterday's session as benchmark indices scaled fresh lifetime highs on the back of favourable global cues.

The BSE Sensex rose from 40,000-mark hit on October 8, 2020 to 50,000 in just 74 sessions. Developments on the vaccine front, a change of guard in the United States, FII buying and recovery in economic growth are the key factors behind this rally.

{inlineads2}

Our editors have been pointing out for many weeks now about the risky nature of the market as Covid-19 remains an overhang and the economic outlook remains uncertain. The Sensex valuation is at nearly 40 times.

Have a look at the two charts below, in the order they have been placed.

Near Term Volatility in Sensex Compensated by Long Term Gains

The year-on-year change in the Sensex was hardly predictable but someone who stayed invested multiplied every lakh nearly 14 times.

As per Tanushree Banerjee, co-head of Research at Equitymaster, 2021 could be one of the best years for individual investors.

{inlineads3}

Here's what she wrote in one of the editions of Profit Hunter:

  • 2021 could be one of the best years for individual investors.

    You read that right. Investing is one of those rare pursuits where amateurs can have an advantage over professional fund managers.

    It happens in almost no other field. If you compete against a professional sports person, you'd lose every time. As an amateur doctor or scientist, you need years of training before performing highly specialised tasks.

    However, individual investors who have a strategy to create long term wealth, stand a good chance at outperformance.

    Most professional fund managers can't afford to have long time horizons. A year or two of poor performance and they risk the sack.

    But an individual investor can sit tight over high conviction stocks and invest consistently to see the magic of compounding.

    Just like the investors in Titan saw their wealth creation unfold since 2004.

    So, 2021 could be extremely profitable, over time, provided you reset your portfolio with the right kind of safe assets and safe stocks.

    For the next decade, your best fund manager could none other than you!

    Prepare well and ensure you make the most of it.

In her latest video, Tanushree discusses the best safe assets for 2021.

Tune in to the video here:

Top Stocks in Focus Today

Among the buzzing stocks today will be Tata Communications.

The Union government is selling its residual stake in Tata Communications through a combination of an offer for sale (OFS) and a strategic selloff in FY21. The Centre holds a 26.1% stake in Tata Communications, earlier known as Videsh Sanchar Nigam (VSNL).

In a notice, the Department of Investment and Public Asset Management (DIPAM) said a part of the shareholding will be offered through OFS and the balance, including any leftover portion in OFS, will be offered to strategic partner Panatone Finvest, which is part of the Tata group. It has now sought bids from merchant bankers to manage the proposed sale.

The transaction is to be completed by March 20, 2021.

Consumer electrical goods maker Havells India share price will also be in focus today as the company reported a 74.5% jump in its consolidated net profit to Rs 3.5 billion for the third quarter ended on December 2020 (Q3FY21).

Its revenue from operations was up 39.7% to Rs 31.8 billion during the period under review as against Rs 22.7 billion in the corresponding period last fiscal.

Revenue from its cables segment was up 27.1% to Rs 9.1 billion. Revenue from switchgears segment was Rs 4.4 billion, up 32.1%.

Meanwhile, in a separate filing, the company said its board has declared an interim dividend of 300%, which is Rs 3 per equity share.

IPO Buzz: Indigo Paints IPO Sees Overwhelming Response from Retail Investors

In latest developments from the IPO space...

The initial public offer (IPO) of Indigo Paints was subscribed 4.6 times during closing stock market hours on January 21, the second day of bidding. The offer will close on January 22.

Investors including employees have put in bids for 25.5 million equity shares against offer size of over 5.5 million equity shares.

The reserved portion of retail investors was subscribed 7 times. The portion set aside for qualified institutional buyers was subscribed 48% and non-institutional investors have put in 4 times bids against their reserved portion.

The price band for the issue has been fixed at Rs 1,488 and Rs 1,490 per share. At the upper end of the price band, the IPO is expected to fetch Rs 11.7 billion.

Meanwhile, the public offer of Home First Finance Company, which opened for subscription yesterday, was subscribed 79% by noon hours yesterday.

The affordable housing finance company's public issue received bids for 12.4 million equity shares against an offer size of more than 15.6 million shares.

The public issue comprises a fresh issue of Rs 2.7 billion and an offer for sale (OFS) of Rs 8.9 billion by promoters True North Fund V LLP and Aether (Mauritius), investor Bessemer India Capital Holdings II Ltd, and two individual shareholders-PS Jayakumar and Manoj Viswanathan.

Yesterday, the company raised a little over Rs 3.46 billion from anchor investors, ahead of its initial share-sale.

The company has fixed a price band of Rs 517-518 per share.

Half of the issue is reserved for qualified institutional buyers, 35% for retail investors and 15% for non-institutional buyers.

How the above IPOs sail through remains to be seen. Meanwhile, we will keep you updated on the latest developments from this space.

India's Crude Oil Production Falls 3.6% YoY in December

In news from the oil & gas sector, India's crude oil production fell 3.6% and natural gas shrank 7.1% in December from a year earlier as producers struggled with ageing fields.

ONGC, the nation's largest producer of oil and gas, registered a 2.8% decline in oil production while Oil India's output was down 16.2%, according to the Oil Ministry data.

Fields operated by the private sector witnessed 11.6% decline in oil production.

India's oil production has been falling for almost a decade due to ageing fields and the absence of any major discovery for years. Both state and private players have been working on investment plans to raise recovery from older fields.

Domestic gas output, however, is expected to rise in the coming months as new fields have begun production.

Crude oil imports increased 3.4% in December from a year earlier. The consumption of petroleum products was 1.8% lower than the previous December. The dependence on crude import for domestic consumption was 84.8% in December.

The price of the Indian basket of crude averaged US$ 49.84 per barrel in December as against US$ 43.34 in November and US$ 65.50 in December 2019.

How these numbers pan out in the coming months remains to be seen. Stay tuned for all the updates from this space.

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