1/11 The Indian equity benchmarks closed in green on December 26, Sensex was up 0.32 percent at 71336.80, and the Nifty was up 0.43 percent at 21441.35. About 2,234 shares advanced, 1,506 shares declined, and 139 shares remained unchanged.
2/11 Motisons Jewellers Ltd | CMP Rs. 103.55 | Shares of Motisons Jewellers made a blockbuster debut on December 26, ending at over 88 percent premium against the IPO price of Rs 55. The Rs 151-crore public issue was bought 159.61 times during December 18-20 as all categories of investors showed strong participation in the IPO. The company will utilise net fresh issue proceeds for repaying its debt (Rs 58 crore) and working capital requirements (Rs 71 crore), besides general corporate purposes. Its total borrowings stood at Rs 166 crore as of June FY24.
3/11 Muthoot Microfin Ltd | CMP Rs. 266.15 | Shares of Muthoot Microfin made a disappointing debut on bourses on December 26, ending at an 8.5 percent discount to the issue price of Rs 291. The company's IPO was subscribed 11.52 times, with qualified institutional buyers (QIBs) leading from the front as they bid 17.47 times their allotted quota. Retail investors bought 7.61 times, while high net-worth individuals (HNIs) bid 13.2 times the reserved portion. The MFI recorded a 246 percent on-year growth in net profit at Rs 163.9 crore for the year ended March 2023 and revenue during the same period increased by 71.6 percent to Rs 1,428.8 crore. The total capital ratio (CRAR) stood at 20.46 percent as of September 30, 2023.
4/11 Suraj Estate Developers Ltd | CMP Rs. 334.50 | Realty firm Suraj Estate Developers Ltd shares ended 7 percent lower on debut day on December 26 after its initial public offering subscribed nearly 16 times last week. Suraj Estate Developers' Rs 400 crore IPO was subscribed 15.65 times, with investors bidding for 12.88 crore shares against the offer size of 82.35 lakh shares. Owned by Rajan Meenathakonil Thomas and family, the developer recorded 21 percent on-year growth in net profit at Rs 32.06 crore for the year ended March FY23. Its revenue for the quarter stood at Rs 305.7 crore. In the quarter ended June FY24, its net profit stood at Rs 14.53 crore and revenue stood at Rs 102.41 crore.
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5/11 One 97 Communications Paytm Ltd | CMP Rs. 631.80 | Paytm shares fell over 1.5 percent on December 26 after the fintech major laid off over 1,000 employees from its operations, sales, and engineering team following AI technology implementation to boost efficiency. According to a company spokesperson, Paytm is transforming its operations with AI-powered automation to drive efficiency, eliminating repetitive tasks and roles "to drive efficiency across growth and costs, resulting in a slight reduction in workforce in operations and marketing."
6/11 Biocon Ltd | CMP Rs. 250.65 | Shares of Biocon gained nearly 2 percent on December 26 after the company's subsidiary signed a distribution agreement with Sandoz for an immunity-linked injection in Japan. Biocon Biologics signed a distribution agreement with Sandoz, granting the company the exclusive rights to promote, sell and distribute Adalimumab BS for subcutaneous injection [FKB], the company said in its release. Based on this agreement, Viatris has completed marketing and promotion of the product as of December 15, 2023, but will continue to provide transition support until Sandoz gradually assumes responsibilities for the product starting February 15, 2024, it added.
7/11 Hindustan Petroleum Corporation Ltd | CMP Rs. 384.15 | HPCL surged 4 percent on December 26 along with a few other Oil marketing companies (OMCs). This uptick came on the heels of the shipping corporation Maersk's decision to resume operations through the Red Sea route. On December 25, Reuters reported that Denmark-based shipping company Maersk was preparing to resume shipping operations in the Red Sea and the Gulf of Aden. According to the report, the deployment of a US-led military operation for the safety of ships passing through has been cited as the reason behind the decision. Over the last year, stocks of these oil marketing companies have been seeing steady growth and have been trading in the green with HPCL reporting a 67.9 percent gain in stock price.
8/11 Inox Wind Ltd | CMP Rs. 466.15 | Shares of Inox Wind were up nearly 3 percent on December 26 owing to the company’s successful acquisition of a repeat order of 279 MW from a significant Commercial and Industrial (C&I) player. Additionally, Inox Wind will also provide post-commissioning multi-year operations & maintenance (O&M) services. The project will be executed by June 2025, with the WTGs being installed across Rajasthan and Gujarat. This repeat order is from a large C&I customer for which Inox Wind has already executed 325 MW of orders to date.
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9/11 R R Kabel Ltd | CMP Rs. 1580.10 | The R R Kabel stock ended over 2 percent lower on December 26, despite receiving a buy rating from domestic research firm Prabhudas Lilladher. The brokerage is bullish on the stock owing to its strong brand value with diverse product portfolio, well-structured capacity expansion plans, growing dealers network, and distribution-led export business. The stock has been assigned a target price of Rs 1872.
10/11 Bharat Electronics Ltd | CMP Rs. 181.95 | Shares of Bharat Electronics surged 4 percent on December 26, after the company bagged orders worth Rs 678 crore. The stock also hit a 52-week high of Rs 184.50 on the same day. Out of the total, Rs 445 crore belonged to a contract with the Uttar Pradesh government for the next-generation UP Dial 112 project. Under the contract, the company will provide hardware, AI-based software tools and cyber security solutions for the project, spread across the state. The company also received additional orders worth Rs 233 crore for communication display units, thermal imaging cameras and miscellaneous spares and services. Brokerage Firm CLSA is also bullish on the stock with a target price of Rs 207.
