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Automobile shares may remain on the fast track
Automobile shares are likely to shine at the bourses on strong October sales figures. Leading from the front, Maruti Suzuki posted an 18 per cent jump in sales y-o-y, while Tata Motors reported a 79 per cent jump . Sales for Mahindra & Mahindra increased 4 per cent y-o-y. Eicher Motors saw sales decline by 7 per cent.
Tata Motors’ October sales was a 99-month high.
In the two-wheeler segment, Hero MotoCorp stole the thunder by reporting a 35 per cent rise in October sales at a record 8.06 lakh vehicles in one month.
Bajaj Auto and TVS Motor are yet to announce their sales figures, though analysts expect them to announce a sharp rise.
Equitas SFB listing today
Shares of Equitas Small Finance Bank will be listed on the stock exchanges on Monday. The IPO was subscribed 1.95 times.
The portion reserved for qualified institutional buyers was subscribed 3.91 times, while that by HNIs by just 0.22 times. The retail investors’ portion got subscribed by two times and that of employees by 1.84 times.
The IPO, which comprises a fresh issue of 280 crore and an offer-for-sale of 7.20 crore shares, has came out with a price band of Rs 32-33.
Equitas SFB had raised Rs 139.68 crore from anchor investors.
NTPC: Buyback, results eyed
The board of directors of NTPC will meet on Monday to consider and approve the financial results for the period ended September 30, 2020 and buyback for equity shares.
Last week, the market regulator SEBI had granted exempted NTPC from certain buyback norms for the proposed merger of its wholly-owned subsidiaries with the parent company.
Shareholders will closely monitor the buyback size, the number of shares the company plans to buyback and the price of the issue. Besides, the mode of the buyback - whether through from open market or on a proportionate basis via tender route.
Key results: Bandhan Bank, PNB, HDFC, Escorts, ZEEL, Cadila Healthcare
Monday will see about 50 companies declaring their quarterly results. Among them are AIA Engineering, Anant Raj, Automotive Axles, BSEL Infrastructure, BF Utilities, Cadila Health Care, City Union Bank, Coromandel International, Dwarikesh Sugar, Fine Organic Ind, Escorts, HDFC, Oracle Financial, OnMobile Global, PNC Infratech, Punjab National Bank, Ramco Cements, Shriram City Union Finance, Shilpa Medicare, Srikalahasthi Pipes, Sundaram Finance Holdings, Taj GVK Hotels, Tata Investment Corporation, Thangamayil Jewellery, Triveni Turbine, Vinyl Chemicals, Whirlpool of India, Wockhardt, Wonderla, Zee Entertainment Enterprises and Zydus Wellness.
Will Lubrizol deal lift Grasim?
Grasim Industries has entered into a definitive agreement with Lubrizol Advanced Materials to manufacture and supply chlorinated polyvinyl chloride (CPVC) resin in India with initial production expected in late 2022.
This special type of polymer material that is widely used in hot and cold water pipes, will be manufactured at the Chlor-alkali unit of Grasim located at Vilayat in Gujarat to take advantage of captive chlorine integration.
Construction of the near-100,000 tonne plant is scheduled in a phased manner, and once commissioned, this would be the single largest site capacity for CPVC resin production globally, Grasim said.
Shareholders will closely monitor the execution and further development on this front.
Orchid Pharma to be relisted
Shares of Orchid Pharma will be relisted today post a capital reduction pursuant to the Resolution Plan approved by the National Company Law Tribunal, Chennai Bench, through its order dated June 27, 2019.
Shares of Orchid Pharma has been suspended since July 25, 2019, on account of reduction of share capital.
The stock last traded at Rs 5.25 on the BSE and at Rs 5.45 on the NSE.
Nxtdigital: Stake sale in focus
The board of directors of Nxtdigital Ltd, formerly Hinduja Ventures, has approved the sales of 80,78,155 shares of Rs 10 each held by the company as assets for sale in Hinduja Leyland Finance Limited (HLFL), which constitute 1.72 per cent of the paid-up equity capital of HLFL as per independent valuation of Rs 119 a share to Hinduja Automotive Limited U.K.
This deal will translate to about Rs 96 crore.
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