Vishnu Prakash R Punglia IPO: Infrastructure Firm Sets August 24 Opening, Price Range at Rs 94-99 per Share

Infrastructure company Vishnu Prakash R Punglia is poised to launch its Initial Public Offering (IPO) on August 24, offering its equity shares in a price band of Rs 94-99 each. The public issue, consisting of 3.12 crore equity shares, is exclusively a fresh issue by the company.

The IPO also includes a reserved portion of 3 lakh equity shares for its employees, granting them shares at a discounted rate of Rs 9 per share from the final offer price. With plans to raise approximately Rs 308.88 crore through the public issue at the upper price band, the Rajasthan-based engineering, procurement, and construction company aims to channel these funds towards capital expenditure and working capital requirements.

The offering is set to conclude on August 28, while the anchor book will open for a single day on August 23. Prospective investors can bid for a minimum of 150 equity shares and in multiples of 150 shares thereafter. Qualified institutional buyers will have access to half of the issue size, while 15 percent is reserved for high-net-worth individuals (HNIs), and the remaining 35 percent is earmarked for retail investors.

Vishnu Prakash R Punglia, known for its experience in designing and constructing various infrastructure projects, is particularly focused on water supply projects (WSPs). The company has successfully executed over 75 WSPs to date, with 38 WSPs currently under execution. Boasting a strong clientele across different government departments, the company's robust order book includes over 85 projects completed and 51 ongoing projects spread across 9 States and 1 Union Territory.

While the fiscal year 2022-2023 witnessed the company doubling its net profit to Rs 90.64 crore, revenues from operations during the same period surged by 48.7 percent to Rs 1,168.4 crore. Notably, the company has managed to achieve a CAGR of 55.10 percent in its topline growth from FY21 to FY23. Despite the impressive performance, the company's debt has risen, reaching Rs 250.4 crore in FY23, compared to Rs 176.6 crore in FY22 and Rs 110.8 crore in FY21.

The IPO's merchant bankers include Choice Capital Advisors and Pantomath Capital Advisors, while Link Intime India will serve as the registrar.

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Market ends week with small gains; realty index climbs 4%, rupee appreciates

Indian equity market witnessed a rangebound movement to end almost flat in an eventful week ended June 2 amid better-than-expected GDP data, 31-month-high manufacturing PMI, higher GST collections, strong auto sales in May and closure of US debt ceiling discussions. In this week, the BSE Sensex gained 45.42 points to close at 62,547.11, and Nifty50 rose 34.75 points to end at 18,534.1.

The BSE Small-cap index surged 2.4 percent with Nucleus Software Exports, Force Motors, Centum Electronics, V2 Retail, Nureca, Brightcom Group, The Hi-Tech Gears and Kopran rising 26-40 percent, while losers included SEPC, Sunflag Iron and Steel Company, SVP Global Textiles, Sintex Plastics Technology, Campus Activewear, Technocraft Industries (India), Greaves Cotton and Precision Wires India.

BSE Mid-cap Index rose nearly 2 percent led by Power Finance Corporation, Nuvoco Vistas Corporation, 3M India, REC, Aurobindo Pharma and Apollo Hospitals Enterprises.The BSE Large-cap Index ended on a flat note. Gainers were ICICI Lombard General Insurance Company, FSN E-Commerce Ventures (Nykaa), HDFC Asset Management Company, Zomato and ICICI Prudential Life Insurance Company, while losers were Adani Total Gas, Adani Transmission, Vedanta, Oil and Natural Gas Corporation, Coal India and Adani Enterprises.

Foreign institutional investors (FIIs) were net buyers in equities this week as they bought equities worth Rs 6,519.73 crore, while domestic institutional investors (DIIs) sold equities worth Rs 1,043.1 crore.Among sectors, the Nifty Realty index gained nearly 4 percent, Media index added 3 percent and Healthcare index added 2.5 percent, however, Oil & Gas index shed 2.7 percent and Energy index fell nearly 2 percent.

In the BSE Sensex, Reliance Industries lost the most in terms of market cap, followed by ICICI Bank, Tata Consultancy Services and Infosys. On the other hand, Hindustan Unilever, Titan Company and Bharti Airtel added the most of their marketcap.During this week, the rupee gained 27 paise to end at 82.30 to a dollar on June 2 against its May 26 closing of 82.57.

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Top 10 Factors that affect the Stock Market on Monday

Bulls kept charging the markets throughout the truncated week that ended April 7, pushing the benchmark indices to sustain their rally. A host of reasons such as higher-than-expected PMI manufacturing data, monthly auto sales numbers, provisional Q4FY23 numbers from banks and NBFCs, FII inflow, and the RBI's surprise pause in interest rate hike with upward revision in growth forecast to 6.5 percent from 6.4 percent aided the surge.

The BSE Sensex climbed 841 points or 1.4 percent to 59,833, and the Nifty50 rose 239 points or 1.4 percent to 17,599, supported by banking and financial services, auto, pharma, and infrastructure stocks.

The broader markets also traded higher with the Nifty Midcap 100 and Smallcap 100 indices gaining 1 percent and 2 percent.

After yet another encouraging week, the momentum is expected to continue along with some volatility in the holiday-shortened week beginning April 10 with focus on corporate earnings, inflation data, global news flows, and FOMC minutes, experts said. 

1) Corporate Earnings

The corporate earnings season for the March FY23 quarter will be kicked off by index heavyweights Infosys on April 13, Tata Consultancy Services on April 12, and HDFC Bank on April 15.

2) CPI Inflation

The consumer price inflation, which measures the change in prices of a basket of goods and services, is likely to drop below the 6 percent mark in March on April 12, with moderation in food inflation, against 6.4 percent in the previous month, while core inflation is likely to be sticky around 5.9-6 percent.

3) US Inflation and FOMC Minutes

On the global front, investors will look for cues from US inflation numbers and FOMC minutes scheduled to be released on April 12. Overall, the inflation is expected to moderate further to around 5.3 percent in March against 6 percent in the previous month, while the core inflation is likely to be steady at around 5.5 percent, as per the forecast available on Trading Economics.

4) Global Economic Data Points

5) FII Flow

The consistent FII inflow due to the falling US dollar index and bond yields also aided the markets and experts believe the flow is expected to continue given the hope that Federal Reserve may consider a pause in interest rate hike cycle sooner than later.

6) Oil Prices

Crude oil prices reached to a month's high, with international benchmark Brent crude futures rising to over $85 a barrel, from $79.77 on a week-on-week basis and WTI crude climbing from $75.67 to $80.46 a barrel in the same period, after a surprise OPEC+ output cuts and more-than-expected draw in US oil stocks. But the gains were capped towards the end of week after the weak US economic data raised fears over demand outlook.

7) Technical View

The Nifty has formed bullish candlestick pattern on the weekly scale, with making higher top higher bottom for second consecutive week, and the momentum indicator RSI (relative strength index) giving a nice positive crossover. Also the index climbed back above the 50-week EMA (exponential moving average - 17,426), which is another positive sign.

8) F&O Cues

The weekly Option data indicated that the 17,600 is expected to be a crucial level for the next direction of Nifty50, where we have seen maximum Call as well as Put open interest. Further, the index may find strong resistance around 17,600-17,800 area, whereas 17,500 is expected to be near-term support followed by crucial support at 17,000 levels.

9) India VIX

The volatility cooled down considerably in the last couple of weeks, with the India VIX fell by 8.8 percent for the passing week to 11.79, the lowest weekly closing level since July 2021, from 12.93 levels last week.

10) Corporate Action

Schaeffler India, Britannia Industries, Varun Beverages, Visaka Industries, Edelweiss Financial Services, and Goodluck India will trade ex-dividend, while Emami will turn ex-buyback in the coming week.

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Top 5 stocks that moved the most on December 9

Benchmark indices saw a lot of pain on December 9. At one point, Sensex was down over 600 points and finally closed 0.62 percent lower at 62,181, down 389 points. Nifty shed 112.70 points to end at 18,496. About 1199 shares advanced, 2220 shares declined, and 113 shares were unchanged. Here are the top 10 stocks that moved the most

Yes Bank | CMP: Rs 19.85 | The stock gained over 11.8 percent after the private sector lender on December 9 said it has received two letters from the Reserve Bank of India pertaining to its deals with CA Basque Investments and Verventa Holdings Limited. Now, the bank plans to engage with the investors to complete its fund raising.

Digispice Technologies | CMP: Rs 26.10 | The stock closed 9.6 percent lower after the company's chief executive officer tendered his resignation. He will be serving his notice period till 31 January, 2023.

V-Guard | CMP: Rs 259.80| The stock gained over 4 percent after the company signed definitive agreements for acquiring 100 percent stake in Sunflame Enterprises for a consideration of Rs 660 crore, on a cash-free, debt-free basis.

IDBI Bank | CMP: Rs 54.75 | The stock shed 5.6 percent after sources said that the timeline for receiving EoIs (expression of interest) for the bank's privatisation may be extended up to early January.

Som Distilleries | CMP: Rs 145 | The stock gained 2.65 percent after the board approved fund raise of Rs 49 crore via rights issue of shares. The company is also executing an expansion plan of Rs 100 crore for setting up a new canning facility and other utilities at Bhopal Plant and expanding brewing facility in Hasan plant.

Sun Pharma | CMP: Rs 993 | The stock gained 1.24 percent after brokerages said that impact of 'import alert' on Halol plant will have insignificant impact on revenue and profit. "US generics story stopped being material for company since 2019-20," noted Bernstein. It has an Outperform call on the stock with target at Rs 1099 per share.

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Top 5 stocks that moved the most on November 29

Benchmark indices ended higher on November 29 with Nifty around 18600. At close, the Sensex was up 177.04 points or 0.28% at 62,681.84, and the Nifty was up 55.20 points or 0.30% at 18,618.

The scrip jumped over 4 percent after CLSA upgraded the outlook on the stock of the payment services company from 'sell' to 'buy'. The recent price correction makes risk-reward "favourable", CLSA said, adding that the company has more than $1 billion cash on the balance sheet. "While our interactions with several investors over the past four months suggest some discomfort or uncertainty on scaling up the lending business, we think that the stock warrants a look now," it said.

Bandhan Bank | CMP: Rs 234.10 | The share price jumped over 4 percent after global brokerage firm CLSA upgraded the stock to buy from outperform with the target at Rs 300 per share. It believes that the bank is likely to benefit from the cyclical recovery in MFI collections/growth.

SBI | CMP: Rs 608.10 | The scrip ended marginally in the red on November 29. State Bank of India (SBI) approved raising Rs 10,000 crore through infrastructure bonds during the financial year 2023, the lender said in an exchange filing. "Raising Infrastructure Bonds up to an amount of Rs. 10,000 crores (including a green shoe option of Rs. 5,000 crores) through a public issue or private placement, during FY23," the release said. On November 24, the SBI's Executive committee of the Central Board consider raising funds through the issuance of infrastructure bonds worth up to Rs 10,000 crore during FY23.

Lyka Labs | CMP: Rs 144 | The stock price ended in the green on November 29. The SEBI Appellate Tribunal (SAT) has lifted the ban imposed on pharmaceutical company Lyka Labs from accessing the capital markets, the pharma company told stock exchanges on November 29. Britannia IndustriesLyka Labs was debarred from buying, selling, or dealing in securities in June 2020 by the Securities and Exchange Board of India (SEBI) in a matter pertaining to the alleged manipulation in the issuance of global depository receipts (GDR).

Britannia Industries | CMP: Rs 4,275 | The scrip ended in the green on November 29. The FMCG major has entered into a Joint Venture Agreement with Bel SA, France, and Britannia Dairy Private Limited on 29th November 2022 to undertake the development, manufacturing, marketing, distribution, trading, and selling, etc., of cheese products in India and certain other countries. As a part of the JVA, Britannia shall sell and transfer 49% of its equity stake in its wholly-owned subsidiary, BDPL, to Bel.

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Top 5 stocks that moved the most on November 25

Benchmark indices ended on a flat note on the first day of the December series amid volatility. At close, the Sensex was up 20.96 points or 0.03% at 62,293.64, and the Nifty was up 28.70 points or 0.16% at 18,512.80.

Biocon | CMP: Rs 282.10 | The share price rose over 2 percent on November 25. Biocon Biologics allotted equity shares worth Rs 2,205.63 crore to parent company Biocon. Its stake in Biocon Biologics will be 88.85% post allotment of shares.

PB Fintech | CMP: Rs 458.50 | The stock jumped over 6 percent after hedge fund WF Asian Smaller Companies Fund bought 67.75 lakh shares in Policybazaar operator via open market transactions, which is 1.5 percent of total paid-up equity. The fund has purchased 34.21 lakh shares on the NSE and 33.53 lakh shares on the BSE, at an average price of Rs 400 per share. The stake buy was worth Rs 271 crore.

Hariom Pipe Industries | CMP: Rs 317.90 | The stock price surged over 11 percent after the company completed the setting up of its 15-tonne electric melting furnace and the commercial production from the same will commence from November 25, 2022. This will increase the company's production of MS billets from the current 95,832 MTPA to 1.04 lakh MTPA.

Keystone Realtors | CMP: Rs 566 | The stock ended in the green on November 25. Plutus Wealth Management LLP bought 17.1 lakh shares or 1.5% stake in the Rustomjee Group company Keystone Realtors at an average price of Rs 555.03 per share.

Engineers India | CMP: Rs 80.30 | The stock ended in the green after the firm said that it has been awarded the job by Mangalore Refinery & Petrochemicals Limited (MRPL) for preparation of BDEP, DFR and pre-project activities for the bio-ATF plant at MRPL. The bio-ATF plant, having non-edible oils and used in cooking oil as feedstock, shall be the first of its kind in India and based on technology developed by CSIR-IIP and EIL. Bio-ATF also known as Sustainable Aviation Fuel (SAF) fuels will contribute to India's net zero carbon emission target, the company said in its release.

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5 stocks that moved the most on November 11

Mahindra and Mahindra | CMP: Rs 1,289 | The share price ended in the red on November 11. The automobile major said it had closed Q2FY23 with a net profit of Rs 2,089.92 crore. The company said during the period under review, it had earned an operational revenue of Rs 20,839.27 crore (PY Q2 Rs 13,314.38 crore) and a net profit of Rs 2,089.92 crore (Rs 1,433.45 crore).

Zomato | CMP: Rs 72.65 | The stock price surged over 13 percent after the food aggregator posted a net loss of Rs 251 crore for the quarter ended September FY23, narrowing sharply from a loss of Rs 430 crore in the year-ago period with a strong top line and improved operating performance. Revenue from operations at Rs 1,661 crore was up 62% from the year-ago period and EBITDA loss narrowed to Rs 311 crore from Rs 536 crore in the same period. Global research firm Jefferies upgraded the stock to "buy" with the target at Rs 100 a share, an upside of 42 percent from the current market price.

Hindalco Industries | CMP: Rs 428.35 | The stock jumped over 3 percent despite the firm reporting a 36 percent drop in consolidated net profit at Rs 2,205 crore for the quarter ended September 30, 2022 from Rs 3,427 crore in the year-ago period following a decline in aluminium prices and rising input costs. On a sequential basis, the drop was 46 percent from Rs 4,119 crore, its highest-ever quarterly profit, in the April-June period. Consolidated revenue for the Aditya Birla Group flagship company rose 18 percent on-year to Rs 56,176 crore from Rs 47,665 crore in the year-ago quarter. Sequentially, the revenue was marginally down 3 percent from Rs 58,018 crore.

Hindustan Aeronautics | CMP: Rs 2,484 | The share price added 2 percent after the firm reported a  YoY 44.2% jump in net profit at Rs 1,221.2 crore against Rs 846.8 crore. Revenue was down 7.3% at Rs 5144.8 crore against Rs 5,552 crore (YoY).

Jindal Steel & Power | CMP: Rs 499 | The scrip jumped 5 percent after the firm recorded a 92.3% year-on-year decline in consolidated profit at Rs 200 crore for the quarter that ended September 30, 2022, impacted by dismal operating performance and a fall in the top line. Revenue from operations fell 0.7% YoY to Rs 13,521.4 crore in Q2FY23. EBITDA tanked 58% to Rs 1,931.4 crore and the margin contracted 1,950 bps to 14.3% from the year-ago period. JSPL has prepaid its entire overseas long-term debt.

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