Stocks in Focus on January 20: ICICI Lombard, L&T Infotech, Tata Communications, IRFC IPO to Indigo Paints IPO; here are the 5 Newsmakers of the Day
The domestic markets bounced on Tuesday after falling for the two consecutive sessions. Nifty closed above 14,500-mark. The BSE Sensex closed 834 points, or 1.72 per cent, up at 49,398. The NSE Nifty also climbed 240 points, or 1.68 per cent, to trade at 14,521. But certain stocks came in news after the market was closed. These stocks can impact the indices when it reopens on Wednesday
The domestic markets bounced on Tuesday, January 19, 2021, after falling for the past two consecutive sessions. The Nifty closed above 14,500-mark. The BSE Sensex closed 834 points, or 1.72 per cent, up at 49,398. The NSE Nifty also climbed 240 points, or 1.68 per cent, to trade at 14,521. But certain stocks came in news after the market was closed. These stocks can impact the indices when it reopens on Wednesday, January 20, 2021. List of such five stocks:
ICICI Lombard + L&T Infotech
ICICI Lombard: The insurance company on Tuesday reported a 6.6% year-on-year rise in the profit at Rs 313.5 crore for the quarter ended December 31, 2020. It had posted a net profit of Rs 294 crore a year-ago quarter. Gross direct premium income grew 9% to Rs 4,034 crore against Rs 3,693 crore posted last year.
See Zee Business Live TV Streaming Below:
Net Premium written grew by 20.7% to Rs 3,208.8 crore compared to Rs 2,657.5 crore. The combined ratio stood at 97.9 in Q3FY21 against 98.7 posted in Q3FY20 and solvency ratio grew 2.76 tomes in the reported quarter against 2.18 times posted last year.
L&T Infotech: Larsen & Turbo Infotech on Tuesday reported a 13.8% quarter-on-quarter rise in consolidated profit at Rs 518.7 crore for the quarter ended December 31, 2020. The company has reported a net profit of Rs 455.6 crore in the previous quarter ended September 30, 2021. Revenue from operations grew 5.1% QoQ to Rs 3152.8 crore compared to Rs 2998.4 crore posted in the previous quarter. Dollar revenue grew by 5.8% to $ 42.78 crore against $ 40.43 crore. EBIT stood at Rs 650.2 crore up 9.2% against Rs 595.6 crore. The EBIT margin advanced to 20.6% in Q3FY21 from 19.9% posted in Q2FY21.
Tata Communications + Government plans to sell stakes
Tata Communications: Tata Communication on Tuesday reported a 432.7% YoY rise in the consolidated profit at Rs 309 crore for the quarter ended December 31, 2020. The company reported a net profit of Rs 58 crore in the corresponding quarter last fiscal. Sales were down by 0.1% to Rs 4222.8 crore in the reported quarter compared to Rs 4229.7 crore posted last year. The EBITDA stood at Rs 1,045.7 crore up 37.4% against Rs 760.7 crore. The margin grew to 24.7% in Q3FY21 against 17.9% reported in Q3FY20. Besides, the government will sell its entire 26.12% stake in Tata Communications Ltd (TCL), erstwhile VSNL, through an offer for sale and strategic sale route in the current fiscal. The pre-bid meeting is scheduled to be held on January 27, 2021, and the bid will open on February 4, 2021. The transaction is to be completed by March 20, 2021. At the current market price, 26.12 per cent stake in the firm would fetch the exchequer around Rs 8,400 crore.
IRFC IPO Update: The Rs 4,633 crore IPO of Indian Railway Finance Corporation (IRFC) was subscribed 1.22 times on the second day of subscription. The retail quota was subscribed 2.3 times, while the employee quota was subscribed 27.4 times. Today is the last day for the subscription of the issue. The company has fixed price band for its public issue at Rs 25-26 per share. The company has already garnered Rs 1,390 crore. The IPO comprises f1resh issue of up to 118.80 crore shares and an offer for sale of up to 59.40 crore equity shares by the government of India. Post-IPO, the shareholding of government will come down to 86.4 per cent, from 100 per cent earlier.
Indigo Paints IPO: The Rs 1,170 crore initial public offering of Indigo Paints is set to open today, January 20, 2021. The offer will close on January 22, 2021. Indigo Paints has fixed the price band of the share sale at Rs 1,488-1,490 a share. Investors can bid for a minimum one lot of 10 shares and in multiples, extending up to 13 lots. The IPO comprises fresh issuance of stocks aggregating to Rs 300 crore and an offer-for-sale of up to 58,40,000 equity shares worth Rs 870 crore. The company has raised Rs 347.9 crore by allotting 23.35 lakh shares to anchor investors ahead of its IPO. Some Anchor investors include the Smallcap World Fund (11.5%), Government of Singapore (4.9%), Goldman Sachs (3.9%) and Fidelity Funds (4%). Other anchor investors include Nomura, Government Pension Fund Global, PACIFIC HORIZON INVESTMENT TRUST, HSBC, SBI MF, HDFC MF, ICICI Prudential MF and Nippon MF.
Garden Reach Shipbuilders + Federal Bank:
Garden Reach Shipbuilders: The Company will be participating in a non-deal roadshow through video conferencing on Wednesday, January 20 and 21, 2021, for Disinvestment of Promoter shareholding (Government of India) in the Company by way of Offer of Sale (OFS) through Stock Exchange Mechanism. The company seeks to divest 10% stakes through the OFS.
Federal Bank (shareholding update): Rakesh Jhunjhunwala reduced stake in the bank to 2.4% in the December quarter from 2.7% in the September quarter. FPIs reduced to 21.6% from 24.6% and mutual funds raised shareholding to 30% from 25.02%.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.