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Stocks to Watch: Tata stocks, AEL, Vedanta, JSW Infra, ICICI Sec, Jio Fin

Stocks to Watch: Tata stocks, AEL, Vedanta, JSW Infra, ICICI Sec, Jio Fin

by | Oct 10, 2024 | Share Market


Share Market Today: HDFC Life Insurance plans to raise Rs 1,000 crore through non-convertible debentures to support business growth. Photo: Bloomberg

3 min read Last Updated : Oct 10 2024 | 7:13 AM IST


Stocks to Watch, Thursday, October 10, 2024: GIFT Nifty futures, trading around 100 points ahead at 25,201, from Nifty futures’ last close at 25,083, signalled a higher open for markets in India on Thursday.

 


Meanwhile, here are a few stocks likely to be in focus today:

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Adani Enterprises: The company has launched a qualified institutional placement (QIP) offer at a floor price of Rs 3,117 per share. The company aims to raise up to Rs 16,600 crore to fund various projects, including airport expansions. Book-running lead managers for the issue include SBI Capital Markets, Jefferies India, and ICICI Securities.

 




Vedanta: The company has repaid $869 million to bondholders, redeeming bonds due in 2027 and 2028 ahead of maturity as part of a liquidity management strategy. This move is expected to save the company on interest costs.




JSW Infrastructure: The company has received a Letter of Intent from the Maharashtra Maritime Board to develop a multipurpose port in Palghar district. The project, costing approximately Rs 4,259 crore, is expected to create 1,500 jobs and aligns with JSW’s growth plan to increase capacity significantly by FY30.




ICICI Securities: The National Company Law Tribunal has approved the delisting of ICICI Securities, following a scheme that will make it a wholly-owned subsidiary of ICICI Bank. Shareholders will receive 67 shares of ICICI Bank for every 100 shares of ICICI Securities they hold. Minority shareholder objections have been dismissed.


Jio Financial Services: Jio Payments Bank, a part of Jio Financial Services, has secured a mutual fund distribution license from AMFI, enabling it to distribute direct mutual fund plans. This aligns with Jio Financial Services’ broader strategy to expand in the financial services sector, including a joint venture with BlackRock.


Tata stocks: Stocks of Tata group companies will be in focus, following the demise of its Chairman Emeritus, Ratan Naval Tata on the intervening night of Thursday, October 10.




HDFC Life Insurance: The insurer plans to raise Rs 1,000 crore through non-convertible debentures to support business growth. The issuance will be unsecured and listed on the National Stock Exchange.




Star Health and Allied Insurance: The company is undergoing a forensic investigation after a significant data breach affecting 31 million customers. Star Health is cooperating with authorities and has filed legal action against platforms facilitating the data leak.




Ola Electric: Following a surge in consumer grievances, the Ministry of Heavy Industries has requested insights from the Automotive Research Association of India regarding Ola Electric’s compliance with regulatory standards.




IRB Infrastructure Developers: THe company plans to raise up to $200 million through the issuance of foreign currency-denominated notes to meet financial requirements. The board has authorised the management committee to oversee this fundraising effort.




Zee Entertainment Enterprises: The Independent Investigation Committee (ICC) set up by ZEEL found ‘no material irregularities’ in the company after a probe by SEBI concerning alleged fund diversion. This follows the scrutiny of its chairman emeritus Subhash Chandra, and managing director and CEO Punit Goenka, for alleged fund diversion of over Rs 2,000 crore.




IDFC: Swiss financial services firm UBS Group acquired a 0.51 per cent stake in IDFC for approximately Rs 88 crore. This transaction comes after IDFC First Bank announced its merger with IDFC Ltd.




TAC InfoSec: The cybersecurity firm added 200 new clients, including Microsoft and Lenovo, and aims to secure 10,000 global customers by March 2026. 

First Published: Oct 10 2024 | 7:08 AM IST



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Sebi court rejects Ketan Parekh's plea for closure of payment default case

Sebi court rejects Ketan Parekh's plea for closure of payment default case

by | Oct 9, 2024 | Share Market


Parekh, in his plea, stated that the complaint had been filed in 2003 for the alleged violation dated 1997. | Photo: Shutterstock

3 min read Last Updated : Oct 09 2024 | 10:56 PM IST


A special court here has rejected former stock market broker Ketan Parekh’s plea for the closure of a case initiated against by Sebi for not paying a penalty imposed by the markets regulator, noting the accused prima facie violated the norms “intentionally”.


The special judge for cases under the Securities and Exchange Board of India (Sebi) Act, RM Jadhav, in an order passed on October 4, ruled that Parekh’s plea for compounding of the case against him “is unwarranted and uncalled for”.

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Sebi initiated a criminal case against Parekh after he failed to pay the penalty for violating the board’s regulation. In response, Parekh filed an application before the court for closure of the case by compounding.

 


Parekh, in his plea, stated that the complaint had been filed in 2003 for the alleged violation dated 1997.


Almost 25 years lapsed since the alleged violation. They offered to pay whatever amount sought by the board, Parekh’s lawyer submitted before the court.


“The applicant desires to compound offence and is willing to pay the subject matter of the present complaint by satisfying the norms and factors stated by the Sebi,” Parekh submitted through his lawyer.


Parekh contended that on previous occasions too cases against him were closed after payment of the fine. Until now he has paid a fine of Rs 3.37 crore.


However, Sebi argued that Parekh, through his associates and investment companies, placed orders in large quantities exceeding the prevailing market price and also cornered a large pool of shares through the off market deals.


Further, the shares were sold in large volumes at a manipulated high price of scrips, causing the stock market to crash, the board submitted.


Considering the gravity of the offence, the accused were debarred from entering the stock market. However, they dealt in the stock market for which the adjudication order imposing penalty was passed, according to Sebi.


The court noted, “prima facie the acts of the accused in violating the rule of regulation of Sebi are intentional”.


Further, there is a violation of the Sebi rules and regulations by the accused even after the debarment for 14 years, the court stated.


“The accused is alleged to have travelled abroad without seeking permission of the court. The presence of accused Ketan Parekh is secured on proclamation. So, the conduct of the accused in not following the orders is also required to be noted,” the court observed.


Considering the facts and circumstances, the judge noted that the Sebi was justified in opposing Parekh’s plea.


“On the contrary having due regard to the nature of allegations, and conduct of the accused, I found that the compounding of the offence is unwarranted and uncalled for,” the court observed and rejected the plea.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Oct 09 2024 | 10:56 PM IST



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Domestic markets drop 1% from day's high amid sustained FPI selling

Domestic markets drop 1% from day's high amid sustained FPI selling

by | Oct 9, 2024 | Share Market


3 min read Last Updated : Oct 09 2024 | 10:07 PM IST


India’s benchmark indices made positive strides for the second consecutive session on Wednesday, but sustained selling by overseas investors saw them erase their gains.


Global headwinds and foreign portfolio investors (FPIs) outflows outweighed the positive sentiment triggered by the Reserve Bank of India (RBI) signalling rate cut in its next meeting.

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The 30-share BSE Sensex fell 167.71 points or 0.21 per cent to close at 81,467.1. The NSE Nifty dropped 31.20 points or 0.12 per cent to end at 24,981.95. In the intraday trade, it jumped 220.9 points or 0.88 per cent to hit a high of 25,234.05.

 


The indices fell intra-day after the RBI signalled that it was set to make its first rate cut in four years. RBI’s monetary policy committee voted to keep the repo rate unchanged at 6.5 per cent but changed its stance to neutral.


FPIs sold shares worth Rs 4,563 crore amid tensions in West Asia and China’s uncertain outlook. Also, concerns around corporate earnings growth plateauing for the quarter ended September, further dented sentiment.


A recent note by Motilal Oswal Financial Services estimated that Nifty earnings would grow marginally by 2 per cent in the quarter ended September, the lowest in 17 quarters.


There have also been concerns about the trajectory of US Federal Reserve (Fed) rate cuts after strong US jobs data last week.


Nonfarm payrolls in the US rose by 254,000, the most in six months, while the unemployment rate fell to 4.1 per cent, and hourly wages increased. The 10-year US bond yield rose by 0.7 per cent and was trading at 4.04 per cent.


Geopolitical headwinds and China’s stimulus campaign are also keeping investors on the edge.


“We had a tepid first quarter, and the second quarter is likely to be more tepid, and markets have risen sharply between these two quarters. And the recent correction has hurt retail investors. Retail portfolios are bleeding because they have momentum stocks like the railway and defence stocks. The liquidity from retail is getting choked to an extent,” said Ambareesh Baliga, independent equity analyst.


From now on, the earnings season and macro data from the US will determine the market’s trajectory. The market breadth was strong, with 2,654 stocks advancing and 1,317 declining. More than half of Sensex stocks declined. Reliance Industries, which fell 1.6 per cent, and ITC, which fell 3.17 per cent were the biggest drags on Sensex.


“Markets are grappling with domestic and global challenges, and the upcoming earnings season may increase volatility. As expected, Nifty struggled to break through the resistance zone of 25,150-25,300, and a breach of the recent low near 24,700 could trigger a fresh downward move. On a positive note, the strength in IT and pharma stocks is encouraging. Still, traders should remain cautious during this corrective phase and adopt a hedged strategy,” said Ajit Mishra, SVP — research of Religare Broking.

First Published: Oct 09 2024 | 10:06 PM IST



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Sebi court rejects Ketan Parekh's plea for closure of payment default case

Sebi scrutinises brokers linked to algo trading with guaranteed returns

by | Oct 9, 2024 | Share Market


1 min read Last Updated : Oct 09 2024 | 9:21 PM IST


The Securities and Exchange Board of India (Sebi) has turned its focus on several brokers whose clients utilised plugins from an algorithmic trading platform promising guaranteed returns.


Trading applications provided by several brokers allow their clients to use application programming interface (API) — a software that allows two applications to communicate with each other. Once installed, APIs get the authorisation to perform a host of functions in the trading account, such as placing buy and sell orders or cancelling orders.

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A circular issued by Sebi in 2022 prohibited stockbrokers from any association with platforms offering assured returns.

 


While brokers claim no control over user-selected APIs, Sebi is investigating potential deliberate business ties between brokers and algorithmic programmers, according to sources.


According to a news report, over 100 brokers have received Sebi warnings for allowing APIs of algo provider TradeTron, which allegedly provided assured returns.


A few leading brokers have refuted receiving notices from Sebi, suggesting the regulatory crackdown is primarily targeted at marketplaces offering unauthorised algorithmic trading products. These brokers emphasised that Sebi’s focus is on ensuring they have no direct associations with such platforms.

First Published: Oct 09 2024 | 9:21 PM IST



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Automobile major Hyundai sets the ball rolling on India's biggest IPO

Automobile major Hyundai sets the ball rolling on India's biggest IPO

by | Oct 9, 2024 | Share Market


3 min read Last Updated : Oct 09 2024 | 8:34 PM IST


Hyundai Motor Company (HMC) has set the ball rolling for India’s biggest initial public offering (IPO). The South Korean carmaker will divest Rs 27,856 crore worth of shares through the maiden share sale of its domestic arm, Hyundai Motor India (HMIL). The country’s second-largest passenger vehicle company will be valued at Rs 1.59 trillion at the top end of the price band of Rs 1,865-Rs 1,960. The IPO will remain open between October 15 and October 17.


About Rs 8,315 crore worth of shares reserved for anchor investors will be allotted on October 14. Investment banking sources said there is already over three times more demand than shares on offer in the anchor book, with marquee global names such as Abu Dhabi Investment Authority, Amundi, Singapore’s GIC, Fidelity, and BlackRock likely to participate. Among domestic mutual funds, most large fund houses, including SBI Mutual Fund, HDFC Mutual Fund, ICICI Prudential Mutual Fund, Axis Mutual Fund, and Nippon India Mutual Fund, are also likely to bid for shares.

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Currently, HMIL is a 100 per cent subsidiary of Seoul-headquartered HMC. Following the IPO, HMC’s stake will be reduced to 82.5 per cent.


The upcoming IPO will serve as a litmus test for the depth and allure of India’s domestic equity markets, while also paving the way for more multinational corporations to list in the country, which boasts the highest valuations among emerging markets. This trend is already gaining momentum, with South Korea’s LG Electronics, a leading household appliances manufacturer, also exploring an Indian listing.


“We feel it is the right time to further Indianise our operations here and become a ‘home-brand’. The IPO will ensure that HMIL is even more dedicated to succeeding in India,” said Unsoo Kim, president, chief executive officer, and managing director of HMIL, when asked about the rationale to list in India.


HMIL – popular for its Creta SUV – is seeking valuations comparable to industry leaders MSIL and M&M. A dominant player in the SUV segment, HMIL has a market share of about 14.6 per cent compared to MSIL’s over 40 per cent of the passenger vehicle industry.


The IPO values HMIL at 2.3 times FY24 sales and 26.3 times FY24 profits. Meanwhile, MSIL and M&M are valued at about 2.7 times FY24 sales and 27x and 32x FY24 earnings, respectively.


Analysts believe HMIL’s superior product portfolio, recent share growth, and benefits of being part of the larger HMC group will underpin its valuations.


In a recent note, Nomura said that HMIL’s sales are expected to accelerate, supported by the launch of new models such as the Creta EV and petrol-HEV SUV Ni1i. Additionally, the growing demand for electric vehicles and hybrid electric vehicles in India presents a significant opportunity for HMIL.


HMIL’s IPO is set to inject further momentum into India’s sizzling equity capital market. This year, 62 companies have already raised Rs 64,510 crore. With HMIL’s addition, the total is expected to swell past Rs 92,000 crore. The pipeline remains robust, with mega offerings from Swiggy, Afcons Infrastructure, and NTPC Green slated for next month, positioning 2024 to surpass the record Rs 1.19 trillion raised in 2021, when LIC’s landmark IPO debuted.

First Published: Oct 09 2024 | 8:34 PM IST



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Garuda Construction IPO gets subscribed 4.1 times on 2nd day of offer

Garuda Construction IPO gets subscribed 4.1 times on 2nd day of offer

by | Oct 9, 2024 | Share Market


The company has fixed a price band of Rs 92-95 per share. | Photo: Shutterstock

2 min read Last Updated : Oct 09 2024 | 7:48 PM IST


The initial public offer of Garuda Construction and Engineering got subscribed 4.10 times on the second day of share sale on Wednesday.


The initial share sale received bids for 8,16,77,366 shares against 1,99,04,862 shares on offer, according to data available with the NSE.

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The portion meant for Retail Individual Investors (RIIs) got subscribed 6.73 times while the quota for non-institutional investors received 2.58 times subscription.


The category for Qualified Institutional Buyers (QIBs) fetched 91 per cent subscription.


Garuda Construction and Engineering on Monday said it has raised Rs 75 crore from anchor investors.

 


The company has fixed a price band of Rs 92-95 per share for its Rs 264-crore initial public offering.


The initial share sale will conclude on Thursday.


The IPO is a mix of fresh issue of 1.83 crore equity shares and an offer of sale (OFS) of 95 lakh equity shares by promoter PKH Ventures.


The IPO size has been pegged at Rs 264 crore at the upper end of the price band.


Proceeds from its fresh issuance to the extent of Rs 100 crore will be utilised for working capital requirement; and balance towards general corporate purposes including unidentified inorganic acquisitions.


The Mumbai-based Garuda Construction is currently engaged in civil construction of six residential projects, two commercial projects, one industrial project and one infrastructure, having an order book of Rs 1,408.27 crore.


On financial front, the company’s revenue from operations rose from Rs 77.02 crore in FY22 to Rs 154.18 crore in FY24, registering a Compound Annual Growth Rate (CAGR) of 26 per cent. Profit after tax increased from Rs 18.78 crore in FY22 to Rs 36.43 crore in FY24, growing at a CAGR of 25 per cent.


Corpwis Advisors is the sole book running lead manager and Link Intime India is the registrar of the issue.


The company’s shares are proposed to be listed on the BSE and National Stock Exchange (NSE).

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Oct 09 2024 | 7:48 PM IST



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