Author: Mousumi Paul

Closing Bell: Market ends near record highs led by HDFC twins; Divis Labs top gainer

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Indian stock market ended nearly record highs on Thursday led by gains in heavyweights HDFC twins, RIL, and Bajaj Finance. Meanwhile, the global sentiment also remained positive after US Fed maintained benchmark interest rates near zero.

At closing, the Sensex closed 223 points higher to 46,890.34 while Nifty50 index closed at 13,740.70, up 58 points.This is the fifth straight day that the market ended with gains. Broader markets settled mixed as compared to the  benchmarks.

India Volatility Index ended flat at 19.18.

Despite 33 out of 50 Nifty stocks ending with losses, HDFC twins, Bajaj Finance and Divi’s Labs ensured that the market closed in the green.

Among sectoral indices, Nifty Financials remained the best-performing index of the day, closing a percent higher while Nifty Media was the worst-performing index of the day, closing 2 percent lower.

Divi’s Labs, HDFC, Bajaj Finance, HDFC Bank and IndusInd Bank were the Nifty50 gainers while Hindalco, Maruti Suzuki, Tata Steel, Adani Ports and ONGC remained the index top losers.

1,068 stocks on the NSE ended with losses while 846 registered gains.

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Burger King’s shares turn upside-down due to profit-booking, stock down 10%

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Retail investors who did not receive the allotment in Burger King’s IPO or didn’t even subscribe to the newly listed company have missed one of the greatest investment opportunities this year. However, the stock today turned upside-down after it slipped 10 percent to Rs 175 per share on the NSE, due to profit-booking. The shares in the morning trade hit an upper circuit of 10 percent. Moreover, it climbed about 265 percent from the issue price including today’s rally.

The company has witnessed a dream run at the exchanges with a spectacular response from the Street. The stock’s listing performance has been the best one witnessed by any company since 2017. Moreover, it has quadrupled investors’ money at a time where the economy is still recovering from the distress that occurred by COVID-19 this year.

“There are a frenzy and a left-out feeling in the market,” said Sanjiv Bhasin, Director at IIFL Securities.

“The momentum in midcaps has picked up so much that the stretched valuations are now being ignored,” added Bhasin.

The company’s market capitalization doubled to Rs 8,364 crore from Rs 4,402 crore on the day of listing.

Aamar Deo Singh, Head of Advisory at Angel Broking said, “For long-term investors, this a stock that they can look at holding, however those who are short-term traders, they should look at booking profits as well.”

Investors are heavily betting on the stock as more and more restaurants are opening up post-lockdown and that everyone expects a strong recovery now.

The IPO was subscribed 156.65 times earlier this month. The quick-service restaurant chain currently operates 268 stores in India and out of them, eight are franchises, mainly located at airports, while the rest is owned by the company.

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Coronavirus News Dec 17 Highlights: India’s COVID-19 recovery rate is highest in world, says Health Ministry

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Coronavirus News Dec 17 Highlights: India has recorded 99,56,557 confirmed COVID- 19 cases till now, including 1,44,451 deaths. A total of 94,89,740 patients have recovered, as per the latest data from the Union Health Ministry. There are 3,22,366 active cases in the country right now, with 24,010 fresh cases.  Active cases fall for 19th straight day now to lowest levels since July 15. Mortality rate remained at 1.45% for 18 days, positivity rate slipped to 3.24% while recovery rate rose to 95.31%.

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Key stocks that moved the most on December 15

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Indian markets trimmed losses to end flat on Tuesday led by gains in heavyweights like Bajaj and  HDFC twins. However, the decline in RIL, ICICI Bank, HUL, and TCS capped the gains.

At 3:30 pm, the Sensex ended 9.7 points to 46,263 while the Nifty50 index closed at 13,567, up 9.7 points. Broader markets outperformed the benchmarks, by ending nearly half a percent higher.

Among sectors, the Nifty PSU Bank and the Nifty FMCG dragged while auto, metal and fin services indices settled higher, nearly a percent higher.

Here are the key stocks that moved the most:

Burger King: Burger King’s shares ended 20 percent higher to Rs 162 per share on the NSE after Basant Maheshwari Wealth Advisers and Valiant Mauritius Partners Offshore acquired 1.29 percent equity stake in the company via open market transactions.

Majesco: Majesco’s share price closed a percent higher to Rs 982 on the NSE after the company’s board approved an interim dividend of Rs 974 per equity share for the financial year 2020-2021. The company has fixed December 25 as the record date for the dividend.

Indian Hotels: Indian Hotels’ share price ended 0.6 percent higher to Rs 129 after HSBC raised the stock target price by 25 percent. Staying bullish on the stock, the brokerage maintains a ‘buy’ stance on Indian Hotels with the target set at Rs 151 per share from Rs 120.50 earlier.

KNR Constructions: KNR Constructions’ shares settled 5 percent higher to Rs 311 after the company said that the board will meet on Friday (December 18) to consider a maiden bonus issue.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Mrs Bectors Food over-subscribed on day-1; retail portion bid the most

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Rs 540.54 crore-IPO of the bread and biscuit maker Mrs. Bectors Food Specialties Ltd opened for subscription on Tuesday and got over-subscribed on the day one itself. The price band is fixed at Rs 286-288 per share.

At 4:00 pm, the public issue received bids for 3.07 crore equity shares against an offer size of 1.32 crore equity shares, excluding the anchor book portion, the data available on the NSE showed.

Retail book got subscribed 4.37 times and that of employees had been bid 86 percent. The reserved portion of non-institutional investors received a subscription of 66 percent and qualified institutional buyers subscribed 0.02 percent to the issue.

Also read: Should you subscribe Mrs Bectors Food IPO?

The portion reserved for retail investors is 35 percent, qualified institutional buyers is 50 percent and that for non-institutional buyers is 15 percent.

The premium biscuits and bakery products maker Mrs. Bectors Food Specialities raised Rs 162 crore from anchor investors ahead of its initial public offer opening today.

The IPO comprises of a fresh issue of equity shares worth Rs 40.54 crore and an offer for sale (OFS) worth Rs 500 crore by existing shareholders Linus Pvt Ltd, GW Confectionary PTE. Ltd., GW Crown PTE. Ltd and Mabel Pvt Ltd.

The lot size of the issue is 50 shares. A retail-individual investor can apply for up to 13 lots (650 shares or Rs 187,200).

This offer includes a reservation of up to such equity shares aggregating up to Rs 50 lakh for purchase by eligible employees. A discount of Rs 15.00 per equity share shall be offered to eligible employees bidding in the Employee Reservation Portion.

The proceeds from the fresh issue will be used for financing the project cost towards the expansion of Rajpura facility by establishing a new production line for biscuits.

SBI Capital Markets, ICICI Securities and IIFL Securities are the Book Running Lead Managers to the Offer.

Track our market live blog to receive more updates on this

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Closing Bell: Market pare losses to end flat, Nifty settles above 13,560; private banks slip, Nestle top loser

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

Indian markets trimmed losses to end flat on Tuesday led by gains in heavyweights like Bajaj and  HDFC twins. However, the decline in RIL, ICICI Bank, HUL, and TCS capped the gains.

At 3:30 pm, the Sensex ended 9.7 points to 46,263 while Nifty50 index closed at 13,567, up 9.7 points. Broader markets outperformed the benchmarks, by ending nearly half a percent higher.

Among sectors, the Nifty PSU Bank and Nifty FMCG dragged while auto, metal and fin services indices settled higher, nearly a percent higher.

Bajaj Finance, Bajaj Finserv, Eicher Motors, JSW Steel and Shree Cement remained the Nifty50 top gainers while Nestle India, Hindustan Unilever, BPCL, Axis Bank and ICICI Bank remained the index top losers.

Burger King’s shares ended 20 percent higher to Rs 162 per share on the NSE after Basant Maheshwari Wealth Advisers and Valiant Mauritius Partners Offshore acquired 1.29 percent equity stake in the company via open market transactions.

Majesco’s share price closed a percent higher to Rs 982 on the NSE after the company’s board approved an interim dividend of Rs 974 per equity share for the financial year 2020-2021. The company has fixed December 25 as the record date for the dividend.

Indian Hotels’ share price ended 0.6 percent higher to Rs 129 after HSBC raised the stock target price by 25 percent. Staying bullish on the stock, the brokerage maintains a ‘buy’ stance on Indian Hotels with the target set at Rs 151 per share from Rs 120.50 earlier.

KNR Constructions’ shares settled 5 percent higher to Rs 311 after the company said that the board will meet on Friday (December 18) to consider a maiden bonus issue.

914 stocks on the NSE ended with gains while 977 stocks posted losses.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

KNR Constructions surge over 7% as board to consider maiden bonus issue on Friday

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

Listen to the Article (6 Minutes)

KNR Constructions’ share price rallied over 7 percent on Tuesday after the company said that the board will meet on Friday (December 18) to consider a maiden bonus issue. The stock climbed as much as 7.4 percent to Rs 318 per share on the NSE. At 12:24 pm, the shares traded 6 percent higher to Rs 314.

In the previous month, the stock has rallied as much as 23 percent to current levels, outperforming the 6 percent gain made by S&P BSE Sensex.

In its regulatory filing, the company said, “The meeting of the board of directors of the Company is scheduled to meet on Friday the 18th day of December 2020 at 12:30 P.M at Hyderabad inter alia to consider the declaration of bonus shares and other related issues.”

In the quarter gone by, the company reported a consolidated net profit of Rs 46.68 crore, as against profit of Rs 42.89 crore in the year-ago period. Sequentially, the profit declined from Rs 84.82 crore reported in the March quarter of FY20. The profit before tax stood at Rs 59.28 crore, while revenue from operation came in at Rs 522.52 crore.

Motilal Oswal in its recent research report said that the order book of the company stood strong at Rs 8,550 crore, which provides healthy revenue visibility.

The brokerage said that KNR Constructions strong balance sheet gives it a key competitive advantage against its peers given the bidding for new projects and strong execution despite financing challenges in the sector.

For more stock updates, follow our market live blog

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow