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Dalal Street Week Ahead: Nifty Analysis for Next Week

Last Week in Nifty

It was a four-day week in the Indian markets with high volatility and net consolidation. On Monday, Indian markets opened with a huge gap-down with global negativity.

After this, many analysts turned bearish as European and U.S. markets crashed. On Tuesday night, international markets reversed but we were closed on Wednesday for Bakrid. Nifty opened with gap-up on Thursday and shot up.

Nifty closed the week down by 0.42% at 15,856. Bank Nifty closed 2.65% down at 35,003.

HDFC Bank opened with a huge gap-down on Monday and continued to fall in the other days of the week after reporting profits last Saturday. Closed 5% down from last Friday to this Friday.

Reliance results came on Friday. 7% YoY fall in net profits for Q2, but better than estimates at over Rs 12,000 crores. Reliance Retail reported good growth in numbers.

Asian Paints moved up in the week after reporting strong results.

Zomato was listed in the market with strong gains on Friday, and touched a market capitalisation of Rs 1 lakh crore. Currently, it is the 51st largest listed company in India.

ICICI Bank reported profits over the weekend, a 78% increase YoY in net profit to Rs 4,616 crores after lowering provisions. Gross non-performing assets increased to 5.15% lower than last year’s.

ITC reported 30% rise in Q1 net profit at Rs 3,343 crore with a similar rise in net revenue.

Week Ahead in Nifty

Tomorrow, the market will open with a huge reaction to ICICI Bank and Reliance Industries’ results. 

It is the week of the monthly index and stock futures and options expiry. Nifty continues to consolidate between 15,500 and 16,000.

Many more Nifty 50 and other important stocks are set to report Q1 earnings. 380 companies will release their quarterly results this week. You can keep an eye out for Axis Bank, Kotak Mahindra Bank, Larsen & Toubro, SBI Life, Tata Motors, IndusInd Bank, Maruti, TechM, IOC, UPL, SunPharma, Dr Reddy’s and more.

Many others including Torrent Pharma, Vedanta, SPARC, JSL, IDFC First, Marico, NTPC, TVS Motor, PVR, LIC Housing and Sobha.

U.S Fed meeting outcome on July 28 can be watched, and the monthly expiry is on 29th July.

Two companies are going public this week, Glenmark Life Sciences and Rolex Rings. Tatva Chintan Pharma Chem will list on July 29 after its amazing IPO. 

The highest call OI stands at 16,000, with more than 1.2 lakh contracts. But unlike last week, the highest Put OI is at a safe level of 15,000 with 1.15 lakh contracts. This indicates a slight bearishness in the market.

But Nifty has closed above 15,800 and Bank Nifty above 35,000 level. Support at 15,750 will be important for Nifty, then at 15,500. Bank Nifty will find resistance at 36,000 with support at 34,200. Global markets including S&P 500 in the U.S, closed at all-time highs on Friday.

Last week we expected Nifty to take support at 15,630. But as we wrote, the aggressive put option sellers at 15,800 caused a sudden fall on Monday along with HDFC Bank’s post-result fall. Similarly, this week we are seeing a strong put buildup which is very far away from the current Nifty level. 

Market saw a Doji candle for Friday, but looks in a mood to consolidate in the weekly charts. Reactions to result announcements will be in focus for the rest of the month. What do you think will happen this week? Will Nifty continue to consolidate or break out above 16,000 levels?

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Daily Market Feed

Dalal Street Week Ahead: Nifty Analysis for Next Week

Last Week in Nifty

Nifty moved up in the week after a fall on Monday. On Monday, there was a fall to shake off weak bulls in the market and support was taken at 15,650. The week was closed by Nifty at 15,923 at a fresh all-time high close. Bank Nifty also managed to cross 35,800 but could not close above it.

Market linked stocks including CDSL, CAMS and MCX performed well in the week. Also, midcap IT stock Happiest Minds closed the week with big gains.

Zomato’s historic IPO closed with 38.26 times oversubscription. GR Infra and Clean Sciences will get listed in the market tomorrow.

Inflation data from India came out slightly better than last month and than expected. Even though the U.S. inflation data came out much higher, the markets did not get affected that much.

Many IT stocks reported their results with Infosys disappointing while Wipro went well. Banks, FMCG, healthcare, IT and Metal stocks supported the market with Realty stocks being the outperformers.

HDFC Bank reported higher profit and revenue numbers, but the net NPA rates have shot up causing some concern.

Reliance announced they will be acquiring 40.4% in Just Dial through their subsidiary Reliance Retail. This along with HDFC Bank results will be important for analysing the market tomorrow morning.

Week Ahead in Nifty

Concerns of a third wave in India with still over 41,000 cases per day coming out despite the lockdowns. Concerns on the global event that is Tokyo Olympics exist in the general market along with high inflation numbers from around the world.

Nifty 50 companies including HCL Technologies, HDFC Life Insurance Company, Asian Paints, Bajaj Finance, Bajaj Finserv, Bajaj Auto, Hindustan Unilever, UltraTech Cement, JSW Steel, Reliance Industries, ICICI Bank and ITC will be reporting their results this week along with others.

Highest call OI stands at 16,000 along with Highest Put OI buildup at a very aggressive 15,900. Tomorrow’s morning market may see a downward move because of these aggressive option sellers. Yes, 16,000 is the major milestone for Nifty. 

15,750-15,800 will be immediate support for Nifty this week. Good support exists at 15,630, which is not expected to be broken unless there is some real bearishness in global markets.

Bank Nifty could not cross the 36,000 level but still ended the week in green. The very important level of 35,800 was crossed on Thursday, but on Friday it fell back down below this level.

FiIs continued to be net sellers for the whole week, while DIIs supported the market even at the tops.

If Nifty can sustain above the fresh all-time high, a further rally is being shown by the technicals. But otherwise, selling pressure may come in with this being just a false breakout.

So last week, our conclusion was that – “Experts are expecting consolidation. So do you expect the opposite?” and surely Nifty made fresh all-time highs. So you tell me in the comments of the marketfeed app- Do you think this rally will continue on to 16,000 and above this week?

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Dalal Street Week Ahead: Nifty Analysis for Next Week

Last Week in Nifty

Nifty continued consolidation, once again failing to break the all-time high at 15,900 resistance. The week opened at 15,800 and closed at 15,690, down 0.73% for the week.

Services PMI was announced last week at 42, an 11-month low. It was expected to fall because of the lockdowns in the past month.

GST Collection also came down below Rs 1 lakh crore, a 9-month low.

Tata Motors fell 10% on Tuesday afternoon, with Jaguar Land Rover saying that they will have a negative free cash flow for the upcoming quarter. The stock is down 11% for the week. Nifty Auto fell 2.5% in the week.

Kerala’s Kitex hit a 20% Upper Circuit on Friday after announcing they will be leaving the state.

Heavyweights remained weak, with midcaps giving a rally for the week. Nifty Realty and Nifty Metal performed well in the week.

Nifty Metal rallied with member stocks going up. China failing to control price inflation of metal and aluminium prices gaining back has given confidence to traders. Tata Steel has reached back to its all-time highs after June month fall. 

Crude oil prices remained volatile with the Saudi-UAE fight going in the OPEC+ group. There are reports from the U.S. showing there is high demand for oil with the summer tourist season in the country. Note – India likes lower crude oil prices as it is an importing country.

TCS results came out in the week with profits of Rs 9,008 crores but still did not meet the street expectations. The stock remained weak.

Reliance broke 2,100 downwards again and is struggling to move back up. Along with this, FIIs sold more than Rs 4,000 crores worth of equity this week. A weaker rupee has been causing problems for the market. These numbers will need to change for Nifty to break out this week.

Week Ahead in Nifty

Realty shares closed bullish and expected to continue the rally if Nifty consolidates. If Nifty is bullish, then these stocks might take a back-seat.

Clean Science and GR Infra IPOs saw good responses from investors and both will list on July 19th. The much-awaited Zomato IPO will open on July 14th.

More Q2 results are expected this week. On Wednesday, can expect Infosys and Wipro on Thursday. 75 companies are expected to announce Q2 results including Mindtree, LTI, Dodla Dairy, 5 Paisa, Angel Broking, Cyient, Tata Elxsi, Den and Tata Steel Long Products. 

CPI Inflation data for June will be out on Monday and Wholesale Inflation data on Wednesday. A high inflation rate may risk action from the Reserve Bank.

With the bullish close of U.S. and European markets on Friday, there are high chances of Asian markets to trade in the green. Indian markets are expected to open with a gap-up tomorrow.

15,500 continues to be good support for Nifty this week. But if we are being a bit more aggressive, the correct range for Nifty is between 15,630 and 15,915. Breaking these levels and sustaining above them may give further moves to either side.

35,800 has been respected by Bank Nifty multiple times in the past months. The index is struggling to break it. Will need some strength in Kotak Bank, which is underperforming even other private banks. 34,000 will be a good support for the index is turning really weak.

Experts are expecting consolidation. So do you expect the opposite? What do you think? Let us know in the comments section of the marketfeed app!

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Daily Market Feed

Week Ahead: Nifty Analysis for Next Week

Last Week in Nifty

Let us look at what all happened in the last week, and try to understand Nifty for the next week ahead.

For the last whole week, Nifty traded in a 280 point zone. Monday, Nifty opened at 15,915 at a fresh all-time high. Every single day from Monday till Thursday, Nifty opened with a gap-up and fell. 

But on Friday, Nifty opened with a gap-up and created a green candle in the daily charts.

India VIX closed at a post-Covid low of 12 with options premiums continuing to fall.

Happiest Minds, Tata Elxsi and Route Mobiles were some of the crowd favourite stocks that rallied this week.

Tata Motors reported it will be launching 10 electric vehicles by 2025. This also coincided with Tata Nexon EV hitting a new sales high in June 2021.

Auto sales data came out last week, with data showing good sales for June as expected. After the lockdown in April and June across the country, there was a lot of pent-up demand in the sector. Nifty Auto still closed 0.2% down.

Nifty Pharma performed the best last week with Nifty Metal performing the worst.

U.S. jobs data looked positive, with a good number of jobs being added to the economy.

Foreign institutional investors (FIIs) have been net sellers for the last three months but outflows have slowed down. Last week, FIIs sold equities worth Rs 5,416.84 crore, while domestic institutional investors (DIIs) bought equities worth Rs 6,418.3 crore.

As expected, the manufacturing sector showed a slowdown in the month of June. At a level of 48.1, it showed a contraction. The PMI was 50.8 in May. Above 50 means expansion, below 50 means contraction.

Week Ahead in Nifty

Experts see the Nifty to move ahead with 15,500 as strong support. Reopening of the economy, speeding up vaccination rates and continuing low-interest rates will help the market.

The services sector PMI from India will be out on July 5.

Data of Services PMI from the U.S. is also expected on Tuesday, July 6.

Crude oil prices can continue to be watched as OPEC+ will sit for discussion again on Monday. They had failed to reach a deal on oil output policy on Friday because the United Arab Emirates blocked some aspects of the pact.

High chances of Asian markets to trade in the green, and Indian markets to open with a gap-up tomorrow.

Results season is starting once again as Q1 has ended. The season is starting with TCS coming out with their results on July 8th.

15,500 is good support for Nifty this week. 15,900 is the next immediate resistance for the index. There is a good straddle being built up in 15,700, showing there is a chance for consolidation again. If there is a sharp crossing of 15,900, we may also see 16,000 and further this week.

34,000 to 35,500 is a big consolidation zone for Bank Nifty.

What do you think? Will Nifty break out above 15,900 in the week and touch fresh all-time highs? Or will weakness continue?

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Editorial

Happiest Minds Technologies: A Strong Pick for the Long Term?

A mid-cap IT company has given stellar returns to its investors ever since its listing in September last year. It had recently posted remarkable growth in earnings as well. They have turned out to be one of the fastest-growing companies in the highly competitive IT industry in India. We are talking about Happiest Minds Technologies. In this article, learn more about the company and its recent performance.

Company Profile – Happiest Minds Technologies

Happiest Minds Technologies Limited is a leading IT solutions and services provider based in Bengaluru. It is a relatively young company (established in 2011), and its shares were listed on the stock exchanges in September 2020. They primarily operate through three segments: 

  1. Infrastructure Management & Security Services (IMSS) – This segment provides cyber and infrastructure security, risk and compliance, data privacy, access management, and threat & vulnerability management services. The infrastructure management services provided by the firm include hybrid cloud services, workspace services, service automation, and software-defined infrastructure services.
  1. Digital Business Solutions (DBS) – This segment offers enterprise applications and customised solutions that include advisory, design & architecture, custom-app development services. It also comprises package implementation, testing, and ongoing support services to IT initiatives. 
  1. Product Engineering Services (PES) – The segment assists software product companies in building products and services that integrate mobile, cloud, and social technologies. Happiest Minds also provides Internet of Things (IoT) solutions, consisting of digital strategy creation consultation, end-to-end system integration on IoT platforms, IoT security and managed services, and implementation of IoT roadmaps.
(Approximate figures)

Other Offerings

Apart from these three verticals, Happiest Minds offers analytics/artificial intelligence (AI) solutions, including the implementation of advanced analytics using AI, machine learning, and statistical models. They also provide digital process automation solutions, such as robotic process automation and intelligent business process management (BPM).

The IT company offers its services across India, the United States, Canada, the United Kingdom, Australia, and the Middle East. Over the years, they have partnered with major players such as Google, Microsoft, Amazon Web Services (AWS), and Salesforce. By leveraging these partnerships, the firm has been able to secure large orders.  As of March 31, 2021 (FY21), they have a total of 173 clients spread across the Banking, Financial Services & Insurance (BFSI), Edutech, Retail, Manufacturing, and Travel, Media & Entertainment sectors.

Ashok Soota, widely recognised as one of the pioneering leaders of the Indian IT industry, is the Executive Chairman and Promoter of Happiest Minds. [He previously led Wipro’s IT business for around 15 years and was a driving force behind its exponential growth]. Moreover, Happiest Minds is considered one of the best places to work in India. They have also launched corporate social responsibility (CSR) initiatives that support poorer sections of society.

Financial Performance

Similar to most companies in the Indian IT & ITeS sector, Happiest Minds has posted a phenomenal increase in its revenue and profits over the past few years. More businesses and even government entities are being forced to adopt digital transformation practices to improve efficiency and cut costs. There has been an increase in demand for the services and products of IT firms, especially amidst the Covid-19 pandemic. 

Happiest Minds reported a 580.19% year-on-year (YoY) jump in consolidated net profit to Rs 36.05 crore for the quarter ended March (Q4 FY21). However, net profit had declined by 14.47% when compared to the previous quarter (Q3 FY21). Its total income in Q4 stood at Rs 223.74 crore, up 17.64% YoY and 11.16% on a quarterly basis.

Net profit for the full financial year 2020-21 (FY21) jumped 126.55% YoY to Rs 162.46 crore. The company’s total income rose 11.68% YoY to Rs 797.65 crore in FY21. They have reported an Earnings Per Share (EPS) of Rs 11.45 in FY21, a 113.6% jump over FY20. The attrition rate declined from 18.7% in FY20 to 12.4% in FY21, which is a great sign that shows increased job satisfaction amongst employees.  

Over the past five years, its revenue has grown at an amazing CAGR of 20.93%, whereas the industry average stood at just 9.78%. EBITDA has grown at a CAGR of 205% between FY18-FY21! However, Happiest Minds has only been able to secure a market share of 0.14%. As we all know, the level of competition in the IT services industry is extremely high. Overall, the fundamentals of the firm look very strong.

The Way Ahead

In March 2021, Happiest Minds announced a change in its shareholding structure. Most of Ashok Soota’s shareholding (~53%) will go into a holding trust and a medical research trust. However, there will not be any decline in total promoter holding. The IT firm has also indicated that it will continue with the Executive Board (EB) structure. Currently, the EB structure consists of three executives under each business segment (instead of a single Chief Executive Officer). This arrangement has proved to work in their favour for years. 

The company has targeted an organic revenue growth of 20% for the current financial year (FY22). Its management has stated that the growth will exceed its medium-term target in FY22 due to a series of acquisitions. In February 2021, they had completed the acquisition of US-based Pimcore Global Services for $8.25 million (~Rs 61 crore). PGS is a leading digital e-commerce and data management solutions firm. It will continue to focus on partnering with leading industry players and improve its offerings across key business segments. Happiest Minds plans to announce its vision for the next decade (2021-2031) before its 10th anniversary on August 29. 

Since its listing in Sept 2020, the shares of Happiest Minds Tech have rallied by ~160%! The strong fundamentals of the company and its future growth prospects could continue to drive up stock prices in the years to come. 

Have you invested in the company? Let us know your views on Happiest Minds in the comments section of the marketfeed app. 

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Market News Top 10 News

Berger Paints Reports 2x Jump in Net Profit in Q4 – Top Indian Market News

Berger Paints Q4 Results: Net profit rises 101% YoY to Rs 209 crore

Berger Paints India Ltd reported a 101% YoY increase in consolidated net profit to Rs 208.60 crore for the quarter ended March (Q4). Net profit has declined by 24% when compared to the previous quarter. Its revenue from operations rose 49.5% YoY to Rs 2,026.09 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit rose 9.4% YoY to Rs 719.75 crore. The company’s board has recommended a dividend of Rs 2.80 per share.

Read more here.

Happiest Minds partners with Yotta Infra to deliver co-location, managed IT services

Happiest Minds Technologies has entered into a strategic partnership with Yotta Infrastructure to jointly offer co-location services and cloud solutions on the ‘anything-as-a-service’ model. Yotta’s entire range of enterprise IT services and a full array of managed services will be made available by Happiest Minds. Mumbai-based Yotta Infra is a managed data centre service provider.

Read more here.

Manappuram Finance Q4 Results: Net profit rises 17% YoY to Rs 468 crore

Manappuram Finance reported a 17.6% YoY increase in consolidated net profit to Rs 468.35 crore for the quarter ended March (Q4). Net profit has declined by 2.8% when compared to the previous quarter. Its total income rose 0.75% YoY to Rs 1,630.25 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit increased by 16.5% YoY to Rs 1,724.95 crore. The non-banking finance company’s (NBFC) board has declared an interim dividend of Rs 0.75 per share.

Read more here.

Zydus and TLC sign pact to market Liposomal Amphotericin B to treat black fungus in India

Zydus Cadila has signed an agreement with Taiwan-based TLC to market Liposomal Amphotericin B Injection (AmphoTLC), a critical drug used to treat Mucormycosis (Black Fungus), in India. As per the agreement, TLC will manufacture and supply AmphoTLC on a non-exclusive basis to Zydus, and Zydus will commercialize the anti-fungal drug in India. There is a severe shortage of the drug due to the surge in Black Fungus cases in India.

In a separate filing, Alembic Pharmaceuticals said it has received approval from the Drugs Controller General of India (DCGI) to manufacture Liposomal Amphotericin.

Read more here.

V-Guard Industries Q4 Results: Net profit rises 112% YoY to Rs 68 crore

V-Guard Industries reported a 112% YoY jump in consolidated net profit to Rs 68.39 crore for the quarter ended March (Q4). Net profit has declined by 13% when compared to the previous quarter. Its revenue from operations rose 58% YoY to Rs 855.19 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has risen by 7.25% YoY to Rs 201.89 crore. The company’s board has declared a dividend of Rs 1.20 per share.

Read more here. 

TCS partners with VIAVI to accelerate disaggregated 5G RAN product innovation

Tata Consultancy Services (TCS) has partnered with US-based Viavi Solutions to launch new tech solutions that address the industry’s need for comprehensive testing of next-generation disaggregated 5G Radio Access Network (RAN) products. TCS will leverage its 5G expertise to help VIAVI launch its industry-first product suite for O-RAN implementations. Viavi Solutions is a global provider of network test, measurement and assurance solutions.

Read more here.

Burger King Q4 Results: Net loss at Rs 25.9 crore

Burger King India Ltd reported a consolidated net loss of Rs 25.9 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 37.41 crore in the corresponding quarter last year (Q4 FY20). Its revenue from operations rose 2.65% YoY to Rs 196.05 crore in Q4 FY21. Burger King India had an exceptional write-off of Rs 5.58 crore towards the decline in food inventory value and store shutdowns. For the financial year ended March 31, 2021 (FY21), net loss stood at Rs 173.91 crore. This is compared to a net loss of Rs 76.57 crore in FY20.

Read more here.

Hitachi ABB Power Grids in India announces carbon-neutral program

Hitachi ABB Power Grids in India announced a comprehensive program to achieve carbon-neutrality targets in its operations by 2030. The program is designed to reduce the carbon footprint of its own operations and in the products that it delivers. The company expects to achieve its carbon-neutral target of 100% fossil-free electricity by the close of FY 2021-22. Hitachi ABB Power also aims to achieve a 50% reduction in waste generation and a 25% cut in freshwater usage by 2030.

Read more here.

BPCL Q4 Results: Net profit at Rs 11,940 crore

Bharat Petroleum Corporation Ltd (BPCL) reported a net profit of Rs 11,940 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 1,361 crore in the corresponding quarter last year (Q4 FY20). Its revenue from operations rose 21.5% YoY to Rs 98,755.6 crore in Q4 FY21. The company’s market sales grew 4% YoY to 11.17 million tonnes. BPCL’s board has approved a final dividend of Rs 58 per share.

Read more here.

Pfizer India Q4 Results: Net profit declines 2.4% YoY to Rs 100.5 crore

Pfizer India Ltd reported a 2.4% YoY decline in net profit to Rs 105.55 crore for the quarter ended March (Q4). Net profit has declined by 28.8% when compared to the previous quarter. Its revenue from operations rose 6.5% YoY to Rs 534.76 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has fallen by 2.26% YoY to Rs 497.61 crore. The pharma company’s board has announced a total dividend of Rs 35 per share.

WhatsApp sues Centre over new privacy rules

WhatsApp has filed a lawsuit in the Delhi High Court against the Indian government’s new digital rules that take effect today (May 26), saying it would compel the company to break privacy protections to users. The Facebook-owned messaging service filed a petition against the new Information Technology (IT) Rules 2021 that will require it to “trace” the origin of messages sent on the platform, which it says is a violation of privacy.

Read more here.

LT Foods Q4 Results: Net profit rises 4.4% YoY to Rs 56 crore

LT Foods Limited reported a 4.4% YoY increase in consolidated net profit to Rs 56.37 crore for the quarter ended March (Q4). Net profit has declined by 15% when compared to the previous quarter. Its total income declined 5.8% YoY to Rs 1,129.52 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit rose 45% YoY to Rs 289.07 crore.

Read more here.

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Market News Top 10 News

Bosch Reports 5x Jump in Net Profit in Q4 – Top Indian Market News

Bosch Q4 Results: Net profit jumps 5 times to Rs 482 crore

Bosch Limited reported a 495% YoY increase in net profit to Rs 482 crore for the quarter ended March (Q4). Net profit has jumped 161% when compared to the previous quarter. Its revenue from operations rose 44% YoY to Rs 3,217 crore during the same period. Bosch’s Mobility Solutions Business segment grew 56.6% in Q4. For the financial year ended March 31, 2021 (FY21), net profit has declined by 26% YoY to Rs 480.7 crore. The company’s board has recommended a dividend of Rs 115 per share.  

Read more here.

Cipla launches RT-PCR test kit ‘ViraGen’ in India

Cipla Limited announced the launch of ‘ViraGen’— a polymerase chain reaction (RT-PCR) test for Covid-19 in India. The pharma company will launch the test kit in partnership with Ubio Biotechnology Systems. It will commence the supply of ViraGen from May 25, 2021. This will be Cipla’s third offering in the Covid-19 testing segment. 

Read more here.

HPCL Q4 Results: Net profit rises 28% QoQ to Rs 3,018 crore

Hindustan Petroleum Corporation Ltd (HPCL) reported a 28% quarter-on-quarter (or 400% YoY) increase in net profit to Rs 3017.96 crore for the quarter ended March (Q4). Its total income stood at Rs 85,748 crore in Q4 FY21, compared with Rs 71,978.62 crore in Q4 FY20. The average gross revenue margin (GRM) stood at $3.86 per barrel, compared to $1.02 per barrel in Q4 FY20. HPCL’s board has recommended a final dividend of Rs 22.75 per share.

Read more here.

Unichem Labs receives approval from USFDA for generic antidepressant drug

Unichem Laboratories has received approval for its Abbreviated New Drug Application (ANDA) for Amitriptyline HCl tablets from the US Food & Drug Administration (USFDA). The drug is indicated for the relief of symptoms of depression. It is a generic version of ‘ELAVIL’ of AstraZeneca Pharmaceuticals. The product will be manufactured and distributed from Unichem Lab’s plant in Goa.

Read more here.

Havells India Q4 Results: Net profit rises 71% YoY to Rs 304 crore

Havells India reported a 70.95% YoY increase in consolidated net profit to Rs 303.83 crore for the quarter ended March (Q4). Net profit has declined by 13.2% when compared to the previous quarter. Its revenue from operations rose 50.59% YoY to Rs 3,339.21 crore during the same period. The company’s cable segment grew 50.85% YoY to Rs 1,029.20 crore, while revenue from the lighting and fixtures segment rose 43% YoY to Rs 336.74 crore. The board of Havells India has announced a total dividend of Rs 6.50 per share.

Read more here.

SEBI fines Biocon, senior executive for violating market norms

The Securities and Exchange Board of India (SEBI) has imposed a total penalty of Rs 14 lakh on Biocon Limited and one of its senior executives for violation of market norms. Narendra Chirmule, senior Vice President of Research & Development (R&D), had traded in the company’s shares when the trading window was closed. Biocon failed to notify the particulars of the executives’ trading details to SEBI within the stipulated time. The company is facing a penalty of Rs 9 lakh for violating various provisions of Prohibition of Insider Trading (PIT) norms.

Read more here.

Relaxo Q4 Results: Net profit rises 97% YoY to Rs 102 crore

Relaxo Footwears Ltd reported a 97.23% YoY increase in net profit to Rs 102.17 crore for the quarter ended March (Q4). Net profit has increased by 13.4% when compared to the previous quarter. Its revenue from operations rose 38.3% YoY to Rs 747.68 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has increased by 28.86% YoY to Rs 291.56 crore. The company’s board has recommended a final dividend of Rs 2.5 per share.

Read more here.

Steel Strips Wheels secures export orders of over 97,000 wheels for US and EU market

Steel Strips Wheels Ltd (SSWL) has received export orders of more than 97,000 wheels from the trailer and caravan markets of the US and European Union (EU). The orders will be executed by early July 2021 from its plants in Chennai and Dappar (Punjab). SSWL stated that orders of similar capacity are anticipated in the coming months from a similar customer base as businesses continue to recover rapidly.

Zee Entertainment Q4 Results: Net profit at Rs 276 crore

Zee Entertainment Enterprises Ltd (ZEEL) reported a consolidated net profit of Rs 275.8 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 766.70 crore in the corresponding period last year (Q4 FY20). ZEEL’s revenue from operations grew 0.8% YoY to Rs 1,965.8 crore in Q4 FY21. The company’s advertising revenue grew 8.09% YoY to Rs 1,122.96 crore during the same period. ZEEL’s board has recommended a dividend of Rs 2.5 per share.

Read more here.

Happiest Minds signs pact with CyberArk to deliver access management services 

Happiest Minds Technologies has signed a managed service provider (MSP) agreement with CyberArk to deliver end-to-end next-gen privileged access management services to customers across verticals and geographies. CyberArk is an information security company based in the United States. Through this deal, Happiest Minds aims to address the evolving need for credentials management in multi-cloud environments and robotic process automation through end-to-end consulting, implementation, and maintenance services.

Read more here.

Torrent Power Q4 Results: Net profit at Rs 398 crore

Torrent Power reported a consolidated net profit of Rs 398.10 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 273.94 in the corresponding quarter a year ago (Q4 FY20). Its total income rose 3.17% YoY to Rs 3116.54 crore in Q4 FY21. For the financial year ended March 31, 2021 (FY21), net profit has increased by 10% YoY to Rs 1,295.87 crore. Torrent Power’s board has announced a final dividend of Rs 5.5 per share and an interim dividend of Rs 5.5 per share.

Read more here.

JK Lakshmi Cement Q4 Results: Net profit rises 54% YoY to Rs 153 crore

JK Lakshmi Cement reported a 54.22% YoY (or 34% QoQ) rise in net profit to Rs 152.91 crore for the quarter ended March (Q4). Its total income rose 25% YoY to Rs 1,451.72 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit increased by 63.5% YoY to Rs 405.38 crore. The company’s board has recomennded a final dividend of Rs 3.75 per share.

Mindtree to acquire L&T’s NxT Digital for Rs 198 cr

Mindtree Ltd has signed an agreement to acquire NxT Digital Business from Larsen and Toubro (L&T) Group for Rs 198 crore. This acquisition would enable Mindtree to capture opportunities in the Internet of Things (IoT) and Industry 4.0 market by leveraging the capabilities of NxT Digital Business to cross-sell and create holistic solutions for new prospects as well as for existing clients. The transaction is expected to be completed by July 31, 2021.

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IOC Reports 78% QoQ Rise in Net Profit in Q4 – Top Indian Market News

Indian Oil

IOCL Q4 Results: Net profit rises 78% QoQ to Rs 8,781 crore

Indian Oil Corporation Ltd (IOCL) reported a 78.6% quarter-on-quarter (QoQ) increase in net profit to Rs 8,781 crore for the quarter ended March (Q4). Its revenue rose 16.3% QoQ to Rs 1.24 lakh crore during the same period. The oil retailer’s operating profit grew 40.3% QoQ to Rs 13,502 crore. The company’s gross refining margin (GRM) stood at $5.46 a barrel in FY21, compared with $0.08 per barrel in FY20. IOCL’s board has recommended a final dividend of Rs 1.50 per share.

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Adani Green Energy to acquire 5-GW renewable portfolio from SB Energy for $3.5 billion

Adani Green Energy Ltd (AGEL) has signed definitive agreements to acquire 5 gigawatts (GW) of renewable power portfolio from SB Energy India for a fully completed enterprise evaluation of $3.5 billion (~Rs 25,600 crore). SB Energy is a joint venture (JV) between Japan-based Softbank Group and Bharti Group, who held 80% and 20% stake, respectively. It has a total renewable portfolio of 4,954 megawatts (MW) across four states in India. This transaction marks the largest acquisition in the renewable energy sector in India.

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JK Tyre Q4 Results: Net profit at Rs 196 crore

JK Tyre & Industries reported a consolidated net profit of Rs 196.02 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 46.95 crore in the corresponding quarter last year (Q4 FY20). Its revenue from operations rose 63.3% YoY to Rs 2,921.28 crore in Q4 FY21. For the financial year ended March 31, 2021 (FY21), net profit has jumped 111% YoY to Rs 319.34 crore. The company’s board has recommended a dividend of Rs 2 per share.

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Anupam Rasayan secures orders worth Rs 540 crore to supply specialty chemicals

Anupam Rasayan India Ltd has secured orders worth Rs 540 crore from two multinational companies for supplying specialty chemicals. The company will provide life sciences-related specialty chemicals to both firms for a period of five years. It will produce the materials required for these contracts in its current multipurpose facilities. Gujarat-based Anupam Rasayan is engaged in custom synthesis and manufacturing of specialty chemicals.

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BEML unveils mechanical minefield marking equipment for Indian Army

BEML has rolled out the prototype of mechanical minefield marking equipment Mk-II, built on BEML TATRA 6×6— an ‘Atmanirbhar’ product. The equipment is designed for marking minefields at a faster rate, semi-automatically, and with minimal human intervention. The product was developed through a transfer of technology (ToT) from Research & Development Establishment Engineers (R&DE Engineers) of the Defence Research and Development Organisation (DRDO). 

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Heritage Foods Q4 Results: Net profit at Rs 24 crore

Heritage Foods Ltd reported a consolidated net profit of Rs 24.4 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 209.9 crore in the corresponding quarter last year (Q4 FY20). The dairy company’s revenue from operations declined by 5% YoY to Rs 619.4 crore in Q4 FY21. The board of Heritage Foods has recommended a dividend of Rs 5 per share.

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Royal Enfield to recall 2.36 lakh motorcycles due to defects in ignition coil

Eicher Motors-owned Royal Enfield announced that it will recall around 2,36,966 motorcycles across several models due to defects in the ignition coil. The defects could cause misfiring, and in rare cases, an electric short circuit. The recall will apply to Meteor, Classic, and Bullet model motorcycles sold in India, Thailand, Indonesia, Philippines, Australia, New Zealand, and Malaysia. The defect was discovered during routine internal testing.

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Endurance Tech Q4 Results: Net profit rises 75% YoY to Rs 187.4 crore

Endurance Technologies reported a 75.42% YoY increase in consolidated net profit to Rs 187.4 crore for the quarter ended March (Q4). Net profit has declined by 1.4% when compared to the previous quarter. Its sales revenues rose 33.58% YoY to Rs 2,132.90 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit has declined by 8% YoY to Rs 519.7 crore. The company’s board has recommended a dividend of Rs 6 per share. Endurance Technologies is a leading manufacturer of automotive components in India.

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Happiest Minds partners with Coca Cola Bottling Company to drive robotic automation journey 

Happiest Minds Technologies said it has successfully executed a digital transformation project for Coca Cola Bottling Company United. The order is for streamlining Coca Cola United’s order management with robotic process automation (RPA) in Microsoft Power Automate. The new, simplified process allows orders from all channels, such as inbound and outbound call center agents, field service sales representatives at customer sites, and via a customer self-service portal.

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Dr Reddy’s in talks with RDIF on Sputnik V for other countries

Dr Reddys Laboratories is in discussions with the Russian Direct Investment Fund (RDIF) for acquiring rights of Covid-19 vaccine Sputnik V for more countries. Recently, Dr Reddy’s and Apollo Hospital announced that they have kicked off the first phase of vaccinations with Sputnik V in Hyderabad and Visakhapatnam. The pharma company plans to supply Sputnik V to the Indian government only when local production begins around July.

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Vedanta Reports 95% QoQ Rise in Net Profit in Q4 – Top Indian Market News

Vedanta Q4 Results: Net profit rises 95% QoQ to Rs 6,432 crore

Vedanta Limited reported a 95% quarter-on-quarter (QoQ) increase in net profit to Rs 6,432 crore for the quarter ended March (Q4). Its net sales rose 24% QoQ to Rs 28,206 crore during the same period. This revenue growth was aided by a rise in volumes of its aluminium, zinc, and iron ore businesses. Operating margins fell to 32%, compared with 34% in the preceding quarter (Q3 FY21). Earnings before interest, tax, depreciation, and amortisation (EBITDA) increased by 17% to Rs 9,037 crore.

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Piramal Enterprises Q4 Results: Net loss at Rs 510 crore

Piramal Enterprise Ltd reported a consolidated net loss of Rs 510 crore for the quarter ended March (Q4 FY21). It had posted a net loss of Rs 1,702 crore in the corresponding period last year. The company’s revenue rose to Rs 3,402 crore in Q4 FY21, compared with Rs 3,341 crore in Q4 FY20. In the last two years, the company’s net debt has reduced by 45% to Rs 24,968 crore. The board of Piramal Enterprises has recommended a dividend of Rs 33 per share.

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HCC-KEC JV secures order worth Rs 1,147 crore from Chennai Metro Rail

Hindustan Construction Company (HCC), in a joint venture (JV) with KEC International Ltd, has secured a contract worth Rs 1,147 crore from Chennai Metro Rail. The order includes the construction of a 7.96 km elevated viaduct and 9 elevated stations on Corridor 4 of Phase-II of the Chennai Metro. The scope of work involves civil, architectural, plumbing & drainage, and temporary services. HCC holds a 51% stake in the JV, while KEC International holds 49% stake.

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Lupin Q4 Results: Net profit rises 18% YoY to Rs 460 crore

Lupin Limited reported an 18% YoY increase in consolidated net profit to Rs 460 crore for the quarter ended March (Q4 FY21). On a quarterly basis, net profit has risen by 5%. Its revenue from operations declined by 1.6% YoY to Rs 3,783 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit stood at Rs 1,216 crore. The company had posted a net loss of Rs 269 crore in the previous financial year (FY20). Lupin’s board has recommended a dividend of Rs 6.5 per share. 

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Happiest Minds Q4 Results: Net profit falls 14% QoQ to Rs 36 crore

Happiest Minds reported a 14.5% quarter-on-quarter (QoQ) decline in net profit Rs 36.05 crore for the quarter ended March (Q4 FY21). Net profit has jumped 580% when compared to the corresponding period last year. The IT firm’s revenue declined 14.5% QoQ (up 18.4% YoY) to Rs 220.7 crore during the same period. In US Dollar terms, revenues for the March quarter grew 15.4% QoQ and 18% YoY to $30.2 million. The company added 23 clients during Q4, taking the total number of clients to 173 as of March 31, 2021. The board of Happiest Minds has recommended a final dividend of Rs 3 per share.

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Reliance Jio tops in 4G download speed, Vodafone in upload speed in April: TRAI

According to data released by the Telecom Regulatory Authority of India (TRAI), Reliance Jio has topped the 4G speed chart in April 2021 with a data download rate of 20.1 megabits per second (Mbps). Vodafone was ahead of others in upload speed at 6.7 Mbps. Jio has almost three times higher download speed compared to Vodafone. The average speed is computed by TRAI based on the data it collects across India with the help of its MySpeed application on a real-time basis.

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Pidilite Industries Q4 Results: Net profit rises 96% YoY to Rs 307 crore

Pidilite Industries reported a 96.4% YoY increase in consolidated net profit to Rs 307.44 crore for the quarter ended March (Q4). Its sales revenue rose 44.7% YoY to Rs 2,235.52 crore during the same period. Pidilite’s Consumer and Bazaar (C&B) segment posted a 45% YoY volume growth during the quarter. For the financial year ended March 31, 2021 (FY21), net profit rose 0.4% YoY to Rs 1,126.13 crore. The company’s board has announced a dividend of Rs 8.5 per share.

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SBI Cards, Apollo Hospital, 3 Adani Group stocks enter MSCI India index

According to a release by index provider MSCI, Adani Enterprises, Adani Total Gas, and Adani Transmission have entered the MSCI India Domestic Index. SBI Cards and Payment Services and Apollo Hospital have also entered the leading index, which is being tracked widely by global investors. Zee Entertainment Enterprises has been deleted from the MSCI India index. All changes will be implemented as of May 27, 2021. According to Edelweiss Securities, India is expected to see a net inflow of $350 million from Foreign Institutional Investors (FIIs) following the adjustments made by MSCI in its global standard indices.

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IEX Q4 Results: Net profit rises 33% YoY to Rs 60.85 crore

Indian Energy Exchange (IEX) reported a 33% YoY increase in consolidated net profit to Rs 60.85 crore for the quarter ended March (Q4). Its total income rose to Rs 100.33 crore, compared with Rs 79.59 crore in the corresponding period last year (Q4 FY20). For the financial year ended March 31, 2021 (FY21), net profit stood at Rs 205.43 crore. This is compared with a net profit of Rs 175.71 crore in FY20.

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Vinati Organics Q4 Results: Net profit declines 5% YoY to Rs 70.85 crore

Vinati Organics Limited reported a 5.06% YoY decline in net profit to Rs 70.85 crore for the quarter ended March (Q4). Its revenue from operations rose 14.03% YoY to Rs 279.77 crore during the same period. For the financial year ended March 31, 2021 (FY21), net profit declined by 19.32% YoY to Rs 269.32 crore. The company’s board has approved a final dividend of Rs 6 per share. Vinati Organics is a leading specialty chemicals company based in Mumbai.

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Eli Lilly signs licensing agreements with Torrent Pharma, Dr Reddy’s for Covid-19 drug

US-based drug firm Eli Lilly and Company has signed voluntary licensing agreements with Torrent Pharma, Dr Reddy’s Laboratories, and MSN Laboratories to expand the availability of Covid-19 drug Baricitinib in India. The drug is used in combination with Remdesivir for the treatment of Covid-19 patients with severe symptoms. On Monday, Eli Lilly had issued voluntary licenses to Cipla, Lupin, and Sun Pharma to manufacture and sell Baricitinib. This will enable the Indian pharma companies to use their existing distribution systems to ensure that the essential drug is accessible across the country.

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Infosys Reports 2.32% QoQ Decline in Net Profit in Q4 – Top Indian Market News

infosys | market updates

Infosys Q4 Results: Net profit falls 2.32% QoQ to Rs 5,078 crore

Infosys Limited reported a 2.32% quarter-on-quarter (QoQ) decline in net profit to Rs 5,078 crore for the quarter ended March (Q4). The IT company’s revenue rose 1.5% QoQ to Rs 26,311 crore during the same period. Infosys crossed a revenue milestone of Rs 1 lakh crore in FY21. Total deal wins during the financial year stood at a record $14.1 billion (~Rs 1.05 lakh crore). Infosys’ board has approved a dividend of Rs 15 per share.

The Board of Directors of Infosys Ltd has approved a proposal to buyback equity shares worth Rs 9,200 crore. The company will buy back 5.25 crore equity shares at Rs 1,750 per share through the open market. The maximum buyback price represents a 25.2% premium to Tuesday’s closing price.

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Maruti Suzuki sells record 1.57 lakh CNG vehicles in FY21

Maruti Suzuki India Ltd said it has achieved its highest-ever CNG vehicle sales for a financial year at 1,57,954 units in FY 2020-21. This is a 48.40% rise in CNG vehicle sales as compared to the previous financial year. The automaker had sold 1,06,444 CNG units in FY 2019-20. Maruti Suzuki sells a range of factory-fitted CNG cars, including Alto, Celerio, Wagon-R, S-PRESSO, Eeco, Ertiga, Tour S, and Super Carry.

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Happiest Minds partners with BeatRoute to offer revenue realisation solutions for CPG industry

Happiest Minds Technologies has entered into a strategic partnership with BeatRoute to solve typical revenue realization problems faced by the consumer packaged goods (CPG) industry. BeatRoute’s cloud SaaS CRM-SFA platform enables CPG enterprises to achieve high impact digital transformation across their retail and business-to-business (B2B) field sales operations. This partnership empowers CPG enterprises with a goal-oriented digital transformation journey, by leveraging new-age technologies such as machine learning (ML) and store analytics.

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Sterlite Tech partners with UK-based Openreach to build ‘Full Fibre’ network

Sterlite Technologies Ltd has announced a strategic collaboration with Openreach, the largest digital network business in the United Kingdom. Openreach has chosen Sterlite Tech as a key partner to provide optical cable solutions for its new, ultra-fast, ultra-reliable ‘Full Fibre’ broadband network. Under the partnership, Sterlite Tech will be responsible for delivering millions of kilometres of optical fibre cable to support the ‘Full Fibre’ build programme over the next three years.

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Bharti Airtel unveils new corporate structure

Bharti Airtel has introduced a new corporate structure to sharpen the company’s focus on driving the rapidly unfolding digital opportunity in India while enabling it to unlock value. The new structure involves Airtel Digital Limited folding into the listed entity— Bharti Airtel Limited. Bharti Airtel will now house all of the digital assets, including Wynk Music, Airtel Xstream, Airtel Thanks, Airtel Ads, Airtel IQ, Airtel Cloud, and all future digital products and services. Airtel Limited, a wholly-owned subsidiary of Bharti Airtel, will house all the telecom businesses.

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Amazon moves SC against Delhi High Court stay order restraining Future Retail deal with Reliance

Future Retail, on Wednesday, said Amazon.com, Inc. has approached the Supreme Court against a Delhi High Court order which stayed a single judge’s order restraining Future Retail Ltd (FRL) from going ahead with its Rs 24,713 crore deal with Reliance Retail to sell its business. FRL said it will “defend the matter/proceedings through its legal counsels”. Future Group and Amazon have been locked in a battle after the US-based e-commerce giant took FRL into emergency arbitration over an alleged breach of contract between them.

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JSW Steel completes acquisition of 31% stake in GSI Lucchini

JSW Steel Italy Srl, a subsidiary of JSW Steel Limited, has completed the acquisition of a 30.73% stake of Italy-based GSI Lucchini for €1 million (~Rs 8.98 crore). The balance share capital (69.63%) of GSI is already held by JSW Steel Italy Srl. GSI Lucchini is a leading producer of forged steel balls used in grinding mills. The manufacturing unit of GSI is located at the port city of Piombino in the Tuscany region, providing easy access to export markets.

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Aditya Birla Capital approves Aditya Birla Sun Life AMC IPO

The Board of Directors of Aditya Birla Capital Ltd (ABCL) has approved an initial public offering (IPO) of its subsidiary, Aditya Birla Sun Life AMC. The asset management company (AMC) is a joint venture between the Aditya Birla Group and Sun Life Financial. ABCL holds 51% in the JV, while the remaining 49% is held by Sun Life. Through the IPO, ABCL will sell upto 28.51 lakh equity shares held by it in Aditya Birla Sun Life AMC, while Sun Life will sell upto 3.6 crore shares.

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CIL’s coal allocation under spot e-auction rises 36% in April-Feb 2020-21

Coal India Limited (CIL) allocated 37.21 million tonnes (MT) of coal during the April-February period of the financial year 2020-21 under the spot e-auction scheme. This is a 36.3% increase as compared to the same period in FY20. Fuel allocation by CIL under the scheme also increased to 4.41 MT in February, from over 3.31 MT in the corresponding month of 2019-20.

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ICICI Bank’s Q3 Profit Rises 19% YoY to Rs 4,940 crore – Top Indian Market News

ICICI Bank Q3 Results: Net profit rises 19% YoY to Rs 4,940 crore

ICICI Bank Ltd reported a 19% YoY increase in net profit to Rs 4,939.6 crore for the quarter ended December (Q3). Net interest income (NII) rose 16% YoY to Rs 9,912 crore during the same period. [NII is the difference between the interest income a bank earns from its lending activities and the interest it pays to depositors] The bank’s gross non-performing asset (NPA) ratio stood at 3.38%, compared with 5.17% in Q2 FY21. ICICI Bank’s total provisions increased by 31% YoY to Rs 2,741.72 crore in Q3.

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L&T Finance Holdings to open rights issue on Feb 1

L&T Finance Holdings announced that its Rs 2,998.61 crore rights issue will open on February 1, 2021. [A rights issue is an invitation to existing shareholders to purchase additional new shares in the company] The company will issue up to 46.13 crore equity shares for cash, at Rs 65 per equity share (including a premium of Rs 55 per share). The funds raised through the issue will be used to repay certain commercial papers issued by the company and for infusing funds into its subsidiary. 

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Shree Cement Q3 Results: Net profit jumps 102% YoY to Rs 626 crore

Shree Cement Ltd reported a 102% YoY increase in net profit to Rs 626.2 crore for the quarter ended December (Q3). Its revenue rose 16.2% YoY to Rs 3,309.4 crore during the same period. The company has benefited from the pick-up in sales volumes and a strong pricing environment.

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Happiest Minds acquires US-based Pimcore Global Services

Happiest Minds Technologies Ltd said it will acquire US-based Pimcore Global Services (PGS) for $8.25 million (~Rs 60 crore). PGS is a digital e-commerce and data management solutions company. Happiest Minds stated that the acquisition will further strengthen its offerings and leadership in the digital transformation space. The deal is subject to customary closing conditions and is expected to close in the quarter ended March 31, 2021 (Q4).

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SAIL Q3 Results: Net profit at Rs 1,468 crore

Steel Authority of India Ltd (SAIL) reported a net profit of Rs 1,468.20 crore for the quarter ended December (Q3). It had posted a net loss of Rs 343.57 crore in the corresponding quarter last year. The company’s revenue rose 20% YoY to Rs 19,835 crore during the same period. Total sales including domestic and exports grew 1% YoY to 4.15 million tonnes. SAIL has declared an interim dividend of Rs 1 per share.

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Power Grid secures two power transmission projects in Rajasthan

Power Grid Corporation of India has been declared as the successful bidder under tariff-based competitive bidding (TBCB) to establish two power transmission projects in Rajasthan. The projects include the establishment of a new 400/220kV Substation, 400kV D/C transmission lines, and associated Substation extension works in Rajasthan.

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Unichem Labs Q3 Results: Net profit at Rs 23 crore

Unichem Laboratories Ltd reported a consolidated net profit of Rs 23.56 crore for the quarter ended December (Q3). The pharma company had posted a net loss of Rs 14.60 crore in the corresponding quarter last year. Its revenue rose 18.72% YoY to Rs 326.28 crore in Q3 FY21.

NSE adds 5 stocks in F&O segment from March series

The National Stock Exchange (NSE) has announced the inclusion of five securities in the futures and options (F&O) segment from the March series. Alkem Laboratories, AU Small Finance Bank, Deepak Nitrite, Indian Railway Catering & Tourism Corporation (IRCTC), and Nippon Life India Asset Management will come under the F&O segment, effective from February 26. These securities have been added to the F&O segment based on the stock selection criteria prescribed by market regulator SEBI.

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Zen Technologies Q3 Results: Net profit declines 77% YoY to Rs 2.32 crore

Zen Technologies Ltd reported a 77.32% YoY decline in net profit to Rs 2.32 crore for the quarter ended December (Q3). Its revenue declined 49.77% YoY to Rs 16.57 crore during the same period. Hyderabad-based Zen Technologies designs, develops, and manufactures state-of-the-art combat training solutions for the training of defence and security forces worldwide.

Relaxo Footwears Q3 Results: Net profit jumps 67% YoY to Rs 90 crore

Relaxo Footwears Ltd reported a 67% YoY increase in net profit to Rs 90 crore for the quarter ended December (Q3). Its revenue rose 12% YoY to Rs 672 crore during the same period. Total expense during the quarter increased by 4.7% YoY to Rs 555.10 crore. Relaxo Footwears is engaged in the production of Hawaii slippers, lightweight slippers, canvas shoes, PVC footwear, etc.

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Editorial

Top 5 IPOs of 2020 Revisited

The year 2020 is concluded and it’s the right to look back how it panned out for the IPOs. The Indian stock market touched the rock bottom due to the lockdown announcement in various countries in March. Since then, it has been on a serious uptrend. If there has to be a year where IPO should not perform well, it has to be this year. But, surprisingly, IPOs have generated huge demand this year. In fact, 2020 has been an amazing year for most of the companies who opted to take public routes this year. Out of the 16 companies which launched their IPO in 2020, only four of them gave listing day losses to the investors.

Let’s have a look at the top 5 IPOs of 2020 with the most listing gain percentage.

#5 Rossari Biotech – 74.67%

Mumbai-based Rossari Biotech is a textiles speciality chemicals manufacturer. They provide customized solutions to specific industrial and production requirements. The IPO hit the market from 13th July 2020 to 15th July 2020. The issue price band decided for the IPO was Rs 423-Rs 425 equity per share. Rossari Biotech’s decision to take the public route became an instant hit. It was subscribed 79.37x times on July 15, 2020.

It was subscribed 239.83x times in the NII category. Followed by 85.26x times in the QIB category and 7.23x times in the retail category. We believe that one of the strongest reasons for this success is the wide portfolio under which the company operates. They operate in 18 countries and in several sectors like apparel, animal & poultry feed, and FMCG industries, home & personal care and performance chemicals. Their shares get listed at a price of Rs 670 per share. This was 57% higher than the issue price. On its listing day, their price closed at Rs 742.35 which was 74.67% higher than the issue price. Thus, taking the 5th position on this list.

#4 Route Mobile – 86.02%

Route Mobile Limited is a 16-year old company and is one of the leading Cloud Communication Platform providers. They offer their services to many enterprises, over-the-top (OTT) players and mobile network operators (MNO). Mainly they offer smart solutions in Messaging, Voice, Email, and SMS Filtering, Analytics & Monetization.

Route Mobile raised Rs 600 crore from its IPO which was subscribed by 73.30x times on September 11, 2020. The price band was set at Rs 345 to Rs 350 per share. The issue was subscribed 192.81x in the NII category, 89.76x in the QIB category and 12.67x in the retail category. Their shares get listed at a price of Rs 708 per share which is more than double of its issue price. The stock closed its listing day at Rs 651.10. Thus, giving a massive listing gain of 86.02% to the investors.

#3 Mrs Bectors Food – 106.79%

One of the most recent IPOs to hit the market was that of Mrs Bectors Food. And, it was a grand success for the companies and the people who were allotted the shares. Mrs Bectors Food caters in two categories which are biscuits and bakery products. They operate in the biscuit segment as “Mrs Bector’s Cremica” and in the bakery segment as “English Oven” brand. They possess 96 products and 384 products in its bakery segment and biscuits segment respectively.

Mrs Bectors has a huge presence in north India but they still have the opportunity to explore other locations of the country. According to us, Mrs Bectors Food’s IPO was a hit because of its robust in-house operations. They wholly manufacture and sell their products on their own. Currently, the company has 6 manufacturing units in India. To support the manufacturing domain, they have an exemplary distribution network.

The company raised more than Rs 540 crore via its IPO to expand in other districts. This will help them to spread their brand in other parts of the country, thus boosting their revenues. The price band for this IPO was Rs 286 to Rs 288 per share but due to huge oversubscription, it got listed at Rs 501. The IPO was subscribed by 198.02x times. Their successful run didn’t stop there as the stock closed at Rs 595.55. Thus, giving an astounding 106.79% listing gain to the investors. 

#2 Happiest Minds Technologies – 123.49%

The IT sector is destined for a big future. This pandemic reminded us of how important a role these IT companies play in our life. Bangalore based Happiest Minds is an IT service provider company with a global presence in countries like US, UK, Australia and Canada. They are one of the strong brands which offer Digital IT services. It didn’t take long for people to realise that this surely will be a hugely profitable opportunity for them if they are allotted the company’s shares. 

Happiest Minds raised Rs 700 crore through their IPO. The price band was set at Rs 165 to Rs 166 equity share and the IPO was subscribed 150.98x times. Thus, the stocks get listed at Rs 351, that is, more than double the issue price. It went even higher and got closed at Rs 371. Thus, giving investors a magical 123.49% listing gain.

#1 Burger King – 130.67%

Who other than the great Burger King? As soon as Burger King announced their intentions to go public, the market knew it would be big. The only question was, how big? Currently, Burger King is India’s one of the fastest-growing quick-service restaurant chains. The youth of India, who is a major part of the population, are well aware of Burger King as a brand. People expect the FMCG industry, especially these QSRs to do well in the future as they expand their Indian portfolio. Thus, many considered Burger King to be a good option for long-term investment. 

Burger King raised Rs 810 crore via the public route. The price band for the IPO was Rs 59-60 per share. The company stated that the proceeds from the IPO will be used to open at least 700 restaurants by December 31, 2025. This showed that the American multinational chain has no intentions in slowing down their growth in India. Burger King got listed at Rs 115.35 in comparison to their issue price of Rs 60. It was oversubscribed by 156.65 times.

The stock closed at Rs 138.40 on the day of its debut on the market. That is a mighty 130.67% listing gain! That means, if you had invested Rs 15,000 in its IPO, it would value Rs 34,600 after just one trading day. Not only this, Burger King hit the upper circuit three continuous days which showed how much people were interested in buying the stock. After three trading days, Burger King touched Rs 219 which means a gain of 265.25% over its issue price. To make it simple, your initial investment of Rs 15,000 would value to be Rs 54,787 after just four days!

The Way Forward 

It was a rock-solid year for IPO in India. Who could have imagined that only 4 out of the possible 16 IPOs will fail to give listing day profits in 2020? It seems like people are more aware of the pros of an initial public offer and they are ready to invest in future. If you missed out an opportunity to get profits via IPO in 2020, do not worry! New year comes with new opportunities and that’s what 2021 will be offering you. Zomato Ltd, Aditya Birla Sun Mutual Fund Ltd, Grofers, Kalyan Jewellers are few of the probable companies which might come with an IPO this year. marketfeed will bring you a thorough analysis before any IPO hits the market so that you can know all the positives and negatives of the company. Hoping 2021 comes with a jackpot for all of us! Until, next time.