Companies and stocks to watch: October 30, 2020

| Updated on October 30, 2020 Published on October 30, 2020

Kuwait Investment picks up stake in Angel Broking

The Kuwait Investment Authority acquired a 0.52 per cent stake in the recently listed retail broking firm Angel Broking through a bulk deal on Thursday.

According to NSE bulk deal data, Kuwait Investment Authority bought 4.3 lakh equity shares at ₹321.73 a share.

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A couple of days back, Angel Broking had reported a strong set of earnings for the quarter ended September, with highest ever quarterly consolidated profit of ₹74.47 crore. Profits rose 47.3 per cent sequentially and 288.3 per cent year-on-year.

Consolidated revenue from operations rose 30 per cent sequentially (up 80 per cent YoY) to ₹309.85 crore in Q2 FY21.

The initial public offering of Angel Broking was subscribed 3.95 times. The ₹600-crore IPO was priced at ₹306 a share. Ahead of the issue, Angel Broking had raised ₹180 crore from anchor investors.

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Will MCX spark on tie-up with IEX to launch derivatives?

Multi-Commodity Exchange of India Ltd (MCX), India's largest exchange in the commodity derivatives segment, and Indian Energy Exchange Ltd (IEX), the country’s first and largest energy spot exchange, have entered into a licensing agreement to launch electricity derivatives linked to IEX spot electricity prices on the MCX trading platform.

The deal, however, is subject to regulatory approvals. This should lay the groundwork for a vibrant electricity derivatives market in the country.

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The launch of electricity derivatives should provide an effective risk management avenue and help the value chain participants to hedge price risks and protect their revenue margins. With this India shall also join a select group of developed countries which offer electricity derivatives on an exchange platform.

Key results: Reliance, DLF, IOC, UPL, Zee Media, Sundaram Clayton, IndusInd Bank, KV Bank

Friday will witness a little over 60 companies declaring their quarter and half-year results for the period ended September 2020. Companies in which market pariticpants’ interest is higher include Agri Tech India, Aro Granite, Arvind LIfespace, Balaji Amines, Compucom Software, DLF, Deepak Nitrite, Edelweiss Financial, Eimco Elecon, Emkay Global, Greenpanel Industries, Grindwell Norton, IndusInd Bank, IOC, IRB InvIT, Jindal Steel & Power, JustDIal, Karur Vysya Bank, Motilal Oswal FInancial, Max Financial, Mahindra LifeSpace Developers, Mahindra Logistics, NIIT, Nucleus Software, Quess Corp, Pioneer Distilleries, Rain Industries, Reliance Industries, RPG LIfesciences, Sundaram Clayton, Suven Pharma, Wheels India, UPL and Zee Media Corp.

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Published on October 30, 2020
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