#buzzingstocks

Buzzing Stocks: Before the market opens, look at the businesses generating news. Wipro, HPCL, HDFC AMC Other stocks IPO Landmark Cars Limited IPO - Apply or avoid 22? (stockkafunda.com)

today's Top 11 Buzzing Stocks

Wipro:- Wipro and Finastra have signed a multi-year digital transformation cooperation in the Middle East. The IT services firm has partnered with Finastra, a worldwide provider of financial software applications and markets, to promote digital transformation for Middle Eastern corporate banks. This multi-year agreement, which aligns with the region's aim to quickly digitise and strengthen cross-border commerce, will make Wipro the region's sole implementation and go-to-market partner for Finastra's trade finance solutions. https://stockkafunda.com/indias-retail-inflation-reduces-to-in-november/ Sapphire Foods India:- Sapphire Foods India's promoter sells a 6.1% interest. With an average price of Rs 1,347.24 per share, promoter company Sapphire Foods Mauritius sold 39 lakh shares of Sapphire Foods, one of Yum! Brands Inc.'s major franchisees in the subcontinent. The selling of the share brought in Rs. 525 crores. At an average price of Rs 1,347 per share, investor WWD Ruby also sold 28.59 lakh shares in the firm. However, 40.72 lakh business shares were purchased at an average price of Rs 1,347 by PI Opportunities Fund I, Kotak Funds India Midcap Fund, Mirae Asset Mutual Fund, the Government of Singapore, Fidelity Funds India Focus Fund, and ICICI Prudential Mutual Fund.

HDFC Asset Management Company (Buzzing Stocks)

LIC increases its ownership of HDFC AMC by purchasing an additional 2.03% of shares. By purchasing an extra 2.03% of the asset management firm through open market transactions, Life Insurance Corporation of India has raised its ownership interest. LIC increased its ownership of HDFC AMC from 7.024% to 9.053%.

Max India:-

In Max India, Porinju Veliyath purchases a 0.5 per cent stake. Porinju Veliyath, a renowned investor, purchased 2.3 lakh shares of the firm on the open market. At an average cost of Rs. 100.31 per share, these shares were purchased.

Repco Home Finance

Apax Global Alpha sells its 0.58% investment in Repco Home Finance. 3.64 lakh of the company's shares were sold by Apax Global Alpha in open market transactions at an average price of Rs 243.68 per share. As of September 2022, Apax Global Alpha owned 2.12% of the firm or 13.29 lakh shares.

Hindustan Petroleum Corporation Ltd

The board approves HPCL's request to borrow up to Rs 10,000 crore through a private placement. The board members agreed to a proposal for borrowing up to Rs 10,000 crore through additional private placements of non-convertible debentures, bonds, notes, etc. in the domestic market and/or the international market.

NITCO

Vivek Talwar is re-appointed as chairman and managing director by NITCO. Vivek Talwar will be reappointed as Chairman and Managing Director for the second period of three years beginning on April 1, 2023, the business announced.

Himatsingka Seide

Himatsingka Seide plans to raise Rs 608 crore through NCDs and equity. The firm said that its board members have approved the issuing of non-convertible debentures worth up to Rs 500 crore and the issuance of securities to specified investors in one or more tranches totalling up to $13 million, or Rs 108 crore.

Kajaria Ceramics

To grow their business, the Kajaria Ceramics division partners with a UAE company. A joint venture agreement has been signed between the company's UAE subsidiaries, Kajaria International DMCC and AL Rathath Marble Factory LLC. Through a firm called Kajaria RMF Trading LLC, UAE, the joint venture will operate the business of glazed vitrified tiles, sanitaryware and bathroom goods, marbles, granites, natural stones, and associated products in the UAE on a 50:50 basis.

Deepak Fertilisers (Buzzing Stocks)

Mining chemicals and fertiliser firms will be demerged, according to Deepak Fertilizers. The corporation has declared that its mining chemicals and fertiliser divisions will be demerged. A corporate reorganisation plan was authorised by the board of directors of Deepak Fertilizer's subsidiary, Smartchem Technologies (STL), with the goal of maximising each company's development potential. They authorised merging Mahadhan Farm Technologies (MFTPL) with STL and demerging the TAN business (mining chemicals) from STL to Deepak Mining Services (DMSPL).

FSN E-Commerce Ventures (Buzzing Stocks)

Stock Market Today:- The SGX Nifty trends suggest a 38-point drop for the broad Indian index's opening day. Stock Market Today Gap Down Open https://stockkafunda.com/indias-retail-inflation-reduces-to-in-november/ The market is anticipated to open down due to patterns in the SGX Nifty, which suggest an opening loss of 38 points for the larger Stock Market Today The Nifty50 increased 52 points to 18,660 and created a Doji-like pattern on the daily charts, signalling indecision among bulls and bears as well as caution on potential market developments. The BSE Sensex increased 145 points to 62,678. Stock Market Today

US Market

Following a policy decision by the Federal Reserve that hiked interest rates by an anticipated 50 basis points, but its economic predictions envision higher rates for a longer duration, US equities ended down in choppy trading on Wednesday. The Nasdaq Composite sank 85.93 points, or 0.76%, to 11,170.89 and the S&P 500 lost 24.33 points or 0.61%. The Dow Jones Industrial Average dropped 142.29 points, or 0.42%, to 33,966.35.

Asian Market

After the US Federal Reserve increased its benchmark interest rate by 50 basis points to the highest level in 15 years, Asia-Pacific markets saw a decline. S&P/ASX 200 decreased by 0.19%. As investors analyse trade statistics from Japan and South Korea, the Nikkei 225 in Japan traded slightly lower. Kospi in South Korea also decreased by 0.44%.

SGX Nifty

Trends in the SGX Nifty suggest a 38-point fall for the broad Indian index's opening session. On the Singaporean market, the Nifty futures were trading at roughly 18,712 levels. https://stockkafunda.com/ipo-landmark-cars-limited-ipo-apply-or-avoid-22/

Top News For Stock Market Today

On December 15 and 16, the government will conduct an offer for sale (OFS) to sell up to a 2.5 per cent share in the Indian Railway Catering and Tourism Corporation (IRCTC). The OFS's share floor price is fixed at Rs. 680. British inflation dropped more than anticipated in November after reaching a 41-year high in October, providing some comfort to the Bank of England as it gets ready to hike interest rates once again and increasing expectations that the price spike has crested. By 11:55 a.m. EDT (1655 GMT), Brent Crude Futures were up $1.88, or 2.3%, to $82.56 per barrel, while US West Texas Intermediate (WTI) Crude Futures were up $1.82 to $77.21. Early on in the session, both contracts increased by more than $2. The Federal Reserve increased its benchmark interest rate for the seventh time this year on Wednesday and hinted at further increases as part of its effort to combat inflation. But at a time when inflation is beginning to ease, the Fed issued a lesser raise than it had in its previous four meetings. The Fed raised its benchmark rate by a half-point, bringing it to its highest level in 15 years between 4.25% and 4.5%. Despite being less drastic than its prior three-quarter point increases, the most recent action will substantially raise the price of many consumer and commercial loans as well as the possibility of a recession.

Stocks to Watch Today (Stock Market Today)

Shares of Electronics Mart India continued to see buying interest for the second straight session on October 18 after Nippon India Mutual Fund bought an additional 0.6 percent equity stake in the company through open market transactions.

In the previous session, which was the first trading day for the stock after its IPO, Electronics Mart India closed with a massive 43 percent gains at Rs 84.50, which was largely in line with analysts’ estimates, given the robust response from investors to the IPO, healthy financials with steady margins and strong industry growth prospects.

Nippon India Mutual Fund on October 17 has bought 24 lakh equity shares or 0.6 percent stake in the consumer durables and electronics retailer as per the bulk deals data available with exchanges. These shares were bought at an average price of Rs 89.42 per share.

On October 3, a day before the IPO opening, Nippon India had bought 33.89 lakh shares in the company through its Nippon India Consumption Fund and Nippon India Flexi Cap Fund through anchor book. These shares were bought at an issue price of Rs 59 per share.

When these shares are combined, Nippon India’s shareholding in the company as of October 17 stood at 1.5 percent.

Apart from that, BNP Paribas Arbitrage also net bought 33.21 lakh equity shares in Electronics Mart India at an average price of Rs 88.58 per share on Monday.

As per the latest shareholding pattern, mutual funds held 4.45 percent stake in the company, and foreign investors have 2.48 percent share, while retail investors bought 10.34 percent stake.

Electronics Mart India, one of the fastest growing consumer durables and electronics retailers in India, has raised Rs 500 crore through its public issue. The company is going to utilise these funds for expansion and opening of stores and warehouses, working capital requirements, and repaying debts.

The company that enjoys a leadership position in South India with the majority of stores located in Telangana and Andhra Pradesh recorded a 77 percent growth in profit at Rs 104 crore for the financial year ended March 2022, on revenue of Rs 4,349.3 crore that increased 36 percent over previous year.

Shares of Adani Group companies traded higher by up to 8 per cent on the BSE in Monday's intra-day trade, extending their previous week's rally, after UAE's International Holding Company (IHC) agreed to invest 7.3 billion dirhams ($2 billion) in three group companies through preferential issue. In comparison, the S&P BSE Sensex was down 0.60 per cent at 59,092 points at 09:37 AM.

IHC will invest Rs 3,850 crore in Adani Green Energy (AGEL), Rs 3,850 crore in Adani Transmission (ATL), and Rs 7,700 crore in Adani Enterprises (AEL), in compliance with SEBI regulations.

"The transaction is expected to be completed in a month, after all necessary approvals are obtained. The capital will be utilized for pursuing the growth of the respective businesses, further strengthening of the balance sheet and for general corporate purposes," the companies said in a separate regulatory filing.

Among individual stocks, AGEL hit a new high of Rs 2,520, up 8 per cent today, and 16 per cent in the past two trading days. The company's board approved allotment up to 20.02 million equity shares at a price of Rs 1,923.25 per share, aggregating up to Rs 3,850 crore, to IHC Capital Holding LLC incorporated under the Laws of Abu Dhabi, UAE or a subsidiary or an affiliated special purpose vehicle of IHC Capital Holding LLC for cash consideration by way of a preferential issue on a private placement basis.

Adani Transmission, meanwhile, surged 6 per cent to Rs 2,696, and gaining 10 per cent in the past two trading days. The company said it will allot 15.68 million equity shares at a price of Rs 2,454.95 per share aggregating to Rs 3,850 crore.

Adani Enterprises will allot 4.02 million equity shares at price of Rs 1,915.85 per share aggregating to Rs 7,700 crore. The stock hit a new high of Rs 2,294, ralling 6 per cent in early deals. It has gained 9 per cent in the past two trading days.

Shares of Indigo Paints hit a new low of Rs 1,788.80, down 3 per cent in Thursday’s intra-day trade, falling 8 per cent in one week after the company announced its December quarter (Q3FY22) results. In comparison, the S&P BSE Sensex was down 1 per cent during the same period.

In Q3FY22, the company’s earnings before interest tax and depreciation and amortization (EBITDA) margin fell 45 bps at 14.57 per cent primarily due to reduction in gross margins, down 670 bps at 42.89 per cent, and higher A&P expenses. However, its revenue was up 26 per cent year-on-year (YoY), profit after tax (PAT) rose 29 per cent YoY and volume grew 16 per cent YoY in emulsions.

In line with the industry, Indigo Paints had also increased the product prices in the December quarter to mitigate the sharp escalation in the price of raw materials. The company expects a very strong boost in top line, gross margins, EBITDA and PAT numbers in the March quarter (Q4FY22).

"The unprecedented escalation of raw material prices across all categories in recent months has been matched with unprecedented price hikes by the industry in Q3FY22. The prices of most of raw materials have stabilized, albeit at higher levels, and in fact are showing slightly downward trend during the last two months. With the price hikes undertaken, the profitability is expected to improve sharply in Q4FY22," Indigo Paints said.

Edelweiss Securities expects the paints industry to sustain its robust revenue trajectory riding sustained rise in urbanisation, growth in popularity of branded paints, shortening repainting cycle and robust pricing power of industry players.

Overall, Indigo is a quality play on India’s consumer discretionary segment anchored by its high innovative quotient. It is backed by a multi-pronged approach of introducing differentiated products to create a distinct market in the paints industry, building brand equity and creating an extensive distribution network, it said.

Vedant Fashions, the owner of ethnic wear brand Manyavar, made a good stock market debut on Wednesday, with shares of the company getting listed at Rs 936, an 8 per cent premium over its issue price of Rs 866 per share on the BSE. On the National Stock Exchange (NSE), the stock opened at Rs 935 per share.

"Vedant Fashion debuted on a positive note despite poor subscription figures. The company has strong brand value with good fundamentals. However, valuation is a major concern. Investors should approach it from a long-term perspective, where any dip of 15-20 per cent from the current levels will be a good buying opportunity. Those who applied for listing gain should maintain a stop loss of Rs 890," said Santosh Meena, Head of Research, Swastika Investmart.

At 10:15 am, Vedant Fashions traded at Rs 973, 12 per cent higher against its issue price on the BSE. The stock has hit a high of Rs 975 and a low of Rs 926.25 so far. In comparison, the S&P BSE Sensex and Nifty50 indices were 0.16 per cent down.

The Rs 3,150-crore IPO of Kolkata-based Vedant Fashions had received lukewarm response with issue subscribed nearly three times. The institutional investor portion of the IPO saw 7.5 times oversubscription, the wealthy investor portion was subscribed 1.07 times, while the retail portion remained undersubscribed at 40 per cent.

Shares of food delivery company Zomato declined 6 per cent and hit a new low of Rs 77.50 in the intra-day trade on the BSE on Tuesday. The stock was trading close to its issue price of Rs 76, and has dropped 18 per cent in the past 3 days after the company reported sequentially flat revenue growth at Rs 1,112 crore for October-December quarter (Q3FY22).

The market price of the company has plunged 54 per cent from its record high level of Rs 169.10 hit on November 16, 2021. In the past three months, it has slipped 50 per cent as compared to a 7 per cent decline in the S&P BSE Sensex. Zomato had made stock market debut on July 23, 2021.

At 10:38 am, Zomato traded at Rs 77.65, as compared to 0.26 per cent rise in the benchmark index. A combined around 20 million equity shares had changed hands in first 95 minutes of trade on the NSE and BSE.

In Q3FY22, the company's revenue from operations grew by around 9 per cent quarter-on-quarter (QoQ), while the customer delivery charges de-grew by 22 per cent. This was driven by Rs 7.5 per order reduction in customer delivery charges in Q3FY22 as compared to Q2FY22, Zomato said.

Adjusted earnings before interest, taxes, depreciation, and amortization (Ebitda) loss reduced to Rs 270 crore in Q3FY22 as compared to Rs 310 crore in the previous quarter (Q2FY22) driven by rationalizing spends across various businesses and functions.

Food delivery gross order value (GOV)/volumes grew a modest around 2 per cent/5 per cent QoQ despite substantial reduction in customer delivery charges and expansion in 180 new cities. This was due to post-Covid reopening and retrenched marketing spends to acquire new customers.

The company believes that the weak QoQ growth in GOV was primarily due to reduction in customer delivery charges, in addition to a soft impact of post-Covid reopening (including some shift from delivery to dining out). Average order value (AOV; which includes customer delivery charges) shrunk by around 3 per cent QoQ, mostly on account of reduction in customer delivery charges.

"Declining contribution with weak growth in GOV, suggests that the growth is getting softer while cost pressures are not moderating. This along with further allocation of Rs 550 crore on minority investments is straining cash-flows and thus resulting in cut in our discounted cash flow (DCF) value," analysts at Dolat Capital said with a "sell" rating on the stock and a target price of Rs 75 per share.

Those at JM Financial Institutional Securities added: While reopen impact may continue in October-December quarter (Q4), we believe the company's investments and the forthcoming IPL tournament could help it regain strong growth momentum.

While Q3 results were a tad disappointing, the brokerage firm expects the company to return to strong growth trajectory once reopen impact subsides. "We remain bullish on the company’s long term growth prospects as it is well-positioned to benefit from robust industry tailwinds such as improving tech penetration and rising income share of digitally native millennials / GenZ," It said.

Adani Wilmar debuted on the NSE with a minor loss at Rs 227, down 1.3 per cent when compared with its issue price of Rs 230 per share. The stock, however, soon bounced back and rallied to a high of Rs 249 - a 8 per cent premium to its issue price in early trades.

At 10:05 am; Adani Wilmar traded at Rs 244, 6 per cent higher against its issue price on the NSE and BSE. A combined around 45 million equity shares changed hands on the both the exchanges. In comparison, the S&P BSE Sensex and Nifty50 indices were down 0.05 per cent each.

The Rs 3,600 crore initial public offer (IPO) of Adani Wilmar had received a decent response with the issue subscribed 17.37 times. The qualified institutional buyer (QIB) portion of the IPO was subscribed 5.73 times, high networth individual (HNI) 56 times and retail nearly 4 times. The shareholder category saw 33 times subscription, while employee quota remained undersubscribed at 51 per cent.

Adani Wilmar is the seventh listed company of the Adani Group. The company is a joint venture between the Adani group and Wilmar group, and is India’s leading manufacturer of edible oil under the Fortune brand. Besides oil, the company offers products like wheat flour, rice, pulses, sugar and packaged food.

The proceeds of the public issue will be used to fund capital expenditure, reduce debt and for acquisitions as the company seeks to become India's biggest food and FMCG company.

Most of the brokerages had ‘subscribe’ rating on Adani Wilmar. K R Choksey believes Adani Wilmar’s focus on growth of FMCG and packaged food business and shift to value added products will result in increasing market share and expansion of margins. With the Indian economy recovering strongly from the Covid-19 impact and expected to grow faster to become a $5 trillion economy, places Adani Wilmar in a sweet spot to grow multifold, the brokerage firm said in IPO note.