Stocks

Companies and stocks to watch out for today: July 23

KS Badri Narayanan Chennai | Updated on July 23, 2020 Published on July 23, 2020

Some of the stocks that will likely see some action

Rossari Biotech lists today

Shares of Rossari Biotech, the specialty chemical manufacturer, will be listed on the stock exchanges on Thursday. The stock will be listed under 'Rossari' symbol on the BSE and the NSE.

The premium that the stock will command will be keenly watched: Rossari Biotech's initial public offering drew an overwhelming response from all categories of investors. The company fixed the price at Rs 425 a share.

In fact, Rossari Biotech has revived the IPO market after four quiet months due to the coronavirus. It was only the second public issue in 2020 - after SBI Cards & Payments.

The IPO witnessed 79 times subscription, thanks to good participation from qualified institutional buyers (85 times), high net worth individuals (240 times) and retail investors (7.23 times). The price band for the issue was fixed at Rs 423-425 per share.

Ahead of the IPO, Rossari had raised Rs 148.87 crore from anchor investors, allotting 35.02 lakh shares to 15 institutional investors at Rs 425 a share.

Results watch: Biocon, HDFC Asset, ABB

Some 30 companies will declare their quarterly results on Thursday, including ABB India, AU Small Finance Bank, Bank of Maharashtra, Biocon, Dish TV, HDFC Asset Management Company, Mahindra EPC, MphasiS, PNB Housing Finance, Radico Khaitan, Repco Home Finance, Sterlite Technologies, SKF India, Tube Investments and Zensar Technologies.

Apart from the results, the commentary from the managements of these companies will be closely watched. This is particularly true of AU Small Finance Bank (for details of recovery from lenders, business outlook), Biocon (Covid developments, digital therapeutic segment), HDFC Asset Management (Portfolio performance and assets under management) and BoM, Repco Home Finance and PNB Housing (NPA, moratarium and business outlook) and ABB India (challenges).

Favipiravir trial: focus on Glenmark

After market hours on Wednesday, Glenmark Pharmaceuticals announced top-line results from the Phase 3 clinical trial in mild to moderate Covid-19 patients conducted across seven clinical sites in India. The open-label randomised, multicentre clinical trial, conducted on 150 patients, evaluated the efficacy and safety of Favipiravir plus standard supportive care (Favipiravir treatment arm), versus standard supportive care alone (control arm), in mild to moderate patients, randomised within a 48-hour window of testing RT-PCR-positive for Covid-19.

Favipiravir is a broad spectrum oral antiviral drug that selectively inhibits RNA-dependent RNA polymerase (RdRp) and the viral replication phase of SARS-CoV-2, and is being studied in multiple ongoing international clinical trials. Shares of Glenmark closed at Rs 413.70 on Wednesday.

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Published on July 23, 2020
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