Stocks

Nifty may slip 50 points at open

KS Badri Narayanan Chennai | Updated on July 07, 2021

SGX Nifty 50 index futures tracks the National Stock Exchange's main index. File Photo   -  Reuters

Marketmen await clues from Q1 results

Indian markets are expected open negative on Wednesday, amid weak global markets. While the US stocks closed in the red overnight, most Asian stocks are down in early trade on Wednesday. Rising crude and other commodity prices, fall in GST collection and more positive Covid cases in some parts of the world are posing big challenge to investors, said analysts.

However, experts believe, domestic markets are likely to see only a little downside from the current levels. According to them, the benchmark indices are likely to stuck in a narrow range before taking a clear direction. As there are no clear triggers, stock-specific action will keep the market active, they added. All eyes are on the crucial Q1-FY22 result season, with TCS set to open the financial report card on Thursday.

The Goods and Service Tax (GST) collections for June 2021 fell to ₹92,849 crore. This is the first time in nine months that monthly GST collection has slipped below the Rs 1 lakh crore-mark.

The SGX Nifty 15,782 indicates a gap-down opening of about 55 points, as Nifty futures, which on Tuesday closed at 15,837.45. Overnight, the US stocks ended on mixed note with Dow Jones slipping 0.6 per cent and S&P 500 0.20 per cent; however, tech-heavy Nasdaq ending 0.17 per cent higher.

Among the Asian markets, except Taiwan and Australia, all the other markets such as Japan, Hong Kong, China and Korea are down in the range of 0.2-0.9 per cent.

STOCKS TO WATCH

KRBL Ltd has informed the exchanges that it has received the directions from the Punjab Pollution Control Board for restraining the operations of its unit situated at Dhuri, Distt. Sangrur, Punjab, in compliance to the orders dated 02 July 2021 passed by the Hon'ble National Green Tribunal (NGT). This order was passed ex-parte without even issuing notice to the Company, it further said.

Rane Holdings Ltd has acquired 1.28 lakh shares representing 7.71 per cent equity shareholding in Rane t4u Private Limited (RT4U), subsidiary company, for a cash consideration of ₹7.45 lakh from existing shareholders/other promoters of RT4U. The aggregate equity shareholding of the Company in RT4U stands at 84.52%. This acquisition is not a related party transaction, it said.

ADDI Industries Ltd has executed a sale deed, effecting the sale of the company's Land Plot area measuring 5000 square meter and covered area 1100.00 Square meter situated at Gautam Budh Nagar, Noida, for ₹12.50 crore. The buyer is a third party buyer who does not belong to the Promoter/Promoter Group Companies and the transaction does not fall under the ambit of Related Party Transactions.

Karix Mobile, a wholly owned subsidiary of Tanla Platforms Limited, has announced the deployment of a conversational solution for Panasonic India Limited using the WhatsApp Business Solution Platform. The solution will facilitate one-to-one conversations between Panasonic's customers and the brand.

The Board of Shiva Cement Ltd has approved the proposal for availing of rupee term loan aggregating to an amount not exceeding ₹1,066 crore from banks, non-banking financial companies and/or other financial institutions for the purposes of project expansion.

Tilaknagar Industries has entered into a settlement agreement with DCB Bank Ltd, one of the financial creditors of its wholly owned subsidiary company, Prag Distillery Pvt. Ltd. (In liquidation). Tilaknagar Industries Ltd. undertakes to settle the outstanding dues on behalf of its wholly owned subsidiary. The Bank agrees to accept the full and final settlement of about ₹22.53 crore against total dues amounting to about ₹28.92 crore.

Menon Pistons Ltd has completed the Share Purchase Agreement, which it had entered into with the promoters of Rapid Machining Technologies Private Limited, by acquiring 4,49,273 shares of Rs 10 each which amounts to 100 per cent of the paid-up capital of the RMTPL. The Investment is within the authorisation limit of Rs 12 crore, Memon Pistons said in a notice to the stock exchanges.

IPO Corner

Clean Science and Technology: The ₹1,546-crore initial public offering of the company, with a price band of ₹880-900 a share, will open on July 7 and end on July 9. The IPO is entirely an offer for sale (OFS) by existing promoters and other shareholders. Half of the issue size has been reserved for qualified institutional buyers, up to 35 per cent for retail investors, and the remaining 15 per cent for non-institutional buyers. Clean Science Technology manufactures functionally critical specialty chemicals such as performance chemicals, pharmaceutical intermediates and FMCG chemicals. Its products are used as key starting level materials, as inhibitors, or as additives, by customers, for products.

Ahead of the issue, the company allocated 51,55,404 shares to anchor investors at ₹900 apiece, aggregating to ₹464 crore. Among the anchor investors include Government of Singapore, BlackRock, Goldman Sachs India, Abu Dhabi Investment Authority abs BNP Paribas Arbitrage- ODI. In addition, Axis Mutual Fund, ICICI Prudential MF, HDFC MF, SBI MF, Kotak MF, SBI Life Insurance Company, ICICI Prudential Life Insurance Company and Aditya Birla Sun Life Insurance Company, among others, also participated.

GR Infraprojects Offer opens for subscription today and ends on Friday. The issue will be a complete offer for sale of up to 1,15,08,704 equity shares. The price band has been fixed as ₹828-837. The offer includes an employee reservation portion as well. The IPO being only an OFS, the company will not receive any proceeds from the Offer.

Meanwhile, GR Infraprojects, an integrated road engineering, procurement and construction company with experience in design and construction of various road/highway projects, has raised Rs 283.3 crore from 22 anchor investors. The company informed the bourses that it has allocated 33.85 lakh shares at ₹837 a share on Tuesday to anchor investors who included 8 FPIs (Small Cap World Fund, ADIA, Blackrock, Fidelity, Allianz Global and Public Sector Pension Investment Board – IIFL AMC).

Published on July 07, 2021

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