Stocks in Focus on March 4: MTAR IPO, IRCON, Adani Ports, IB Housing to Deepak Nitrite; here are the 5 Newsmakers of the Day
The BSE Sensex regained 51,000-mark while the NSE Nifty reclaimed 15,000- level. The Sensex closed 1148 points up at 51,445 and NSE Nifty surged 327 points, to finish at 15,246. But certain stocks came in the news after the market was closed. These stocks can impact the indices when it reopens on Thursday
Benchmark domestic stocks on Wednesday, March 3, 2021, climbed more than two per cent in sync with gains in the global equity markets. The BSE Sensex regained 51,000-mark while the NSE Nifty reclaimed 15,000- level. The Sensex closed 1148 points, or 2.28 per cent, up at 51,445 and the NSE Nifty surged 327 points, or 2.19 per cent, to finish at 15,246. But certain stocks came in the news after the market was closed. These stocks can impact the indices when it reopens on Thursday, March 4, 2021. List of such five stocks:
MTAR IPO Update + IRCON OFS
MTAR Technologies: The initial public offering of the precision engineering company MTAR Technologies was subscribed 3.68 times on the first day of subscription, i.e. on March 3, 2021. The NII portion was subscribed 1.02 times and the retail quota was subscribed 6.93 times on the first day. The precision engineering company seeks to raise Rs 600 crore from the primary market. The price band of MTAR Technologies IPO has been fixed at Rs 574-575. Today is the second day for a subscription. The public issue will close on March 5, 2021.
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IRCON International OFS: The offer for sale (OFS) of IRCON International will open for the retail investors today. The offer for sale of Government shares has got a great response on day one. The issue subscribed 3.3 times of base size at a clearing price above the floor price by non-retail investors. The company has decided to exercise the green shoe option. Besides, IRCON International Limited has been awarded the work for replacement of mechanical signalling at various locations at Moradabad at the expected completion cost of Rs 187 .80 Crore. The tenure for the execution of the works is 24 months.
Adani Ports and Special Economic Zones (APSEZ): The company has decided to acquire a 31.5% stake in Gangavaram Port Limited (GPL) from Windy Lakeside Investment Limited (an affiliate of Warburg Pincus). The acquisition is valued at Rs 1,954 crore and subject to regulatory approvals. APSEZ is also in discussions with DVS Raju & Family for their 58.1% stake (30 crore shares) in GPL. Besides, the board of the company has approved the composite scheme of arrangement between Adani Ports and Special Economic Zone Limited (“APSEZ”) and Brahmi Tracks Management Services Private Limited (“Brahmi”) and Adani Tracks Management Services Private Limited (“Adani Tracks”) and Sarguja Rail Corridor Private Limited (“Sarguja”). Under the scheme, Brahmi will be merged with Adani Ports on April 1, 2021. As decided, the shareholders of Brahmi will get 100 APSEZ shares for 708 equity shares of Brahmi. Similarly, Adani Tracks will be merged with Sarguja on April 2, 2021. As decided, the shareholders of Adani Tracks will get 100 shares of Sarguja for 2,522 shares of Adani Tracks. Besides, Adani Ports will sell the Mundra Rail Business to Sarguja. Sarguja shall pay a lump sum consideration of Rs 188.65 crores to APSEZ for transfer and vesting of the Mundra Rail Business of APSEZ in Sarguja by way of Slump Sale basis.
Indiabulls Housing Finance: IB Housing has hired investment banker Moelis to sell significant minority stakes. TPG, Lonestar, Oaktree, Brookfield and Apollo Global can buy the stakes. The company has plans to offload 20-25% stakes.
Deepak Nitrite: Anti-dumping duty on phenol imported from Europe and Singapore increased till June 7, 2021.
BSE/CDSL in Focus: SEBI on Wednesday issued a circular for exchanges, clearing corporations and depositories asking them to put in place a code of conduct and institutional mechanism to prevent fraud or market abuse by them and their designated persons. In a circular, Sebi said that the code of conduct and institutional mechanism for prevention of fraud or market abuse will be applicable to market infrastructure institutions (MIIs) -- exchanges, clearing corporations and depositories--on lines of insider trading norms.
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