The Indian benchmark indices erased early gains partially but were still trading positively in the afternoon. The S&P BSE Sensex held the 60,000-mark, up 220 points at 60,106 while the Nifty was below the 17,900-level at 17,865.
The top gaining sectors were Nifty Realty and Nifty IT, up 1 per cent each, while the laggards were the metals, public sector banks, FMCG and media stocks. The broader indices were trading mixed. The Nifty Midcap 50 fell over a per cent, while the Smallcap 50 rose 0.2 per cent.
Shares of information technology (IT) companies were on roll with most of the frontline stocks trading at fresh all-time highs on the bourses on strong revenue guidance by global IT firm Accenture for the financial year 2021-22 (FY22). Accenture forecasted 12-15 per cent revenue growth for FY22, on top of the $50.5 billion revenue it achieved in the current fiscal.
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Paras Defence and Space Technologies (Paras Defence) is a defence and space-based company and is engaged in designing, developing, manufacturing, and testing defence and space engineering products and solutions. The company is launching its maiden offer on 21 September. Through Paras Defence IPO review, we aim to dive deeper into its operations. The company has sustained business growth of 40 years and operates in the following business verticals:
- Defence & Space Optics – Infrared lenses for thermal imaging systems and night vision cameras, Diffractive gratings for space cameras, Large size optics for space imaging systems, Optical domes for missile systems
- Defence Electronics – Control systems for land and naval defence applications, Naval and shelter mounted command and control systems, Displays for land and naval defence applications, Panel personal computers for land, naval and avionic defence applications, Communication systems for land and naval defence applications, Consoles and wired cabinets for land and naval defence applications, Non-contact proximity sensor for naval applications
- Heavy Engineering – Flow formed tubes for rocket and missile applications, Vacuum brazed cold plates for radar applications Remotely controlled border defence system for land defence application, Titanium structures and assemblies for naval applications,
- Electromagnetic Pulse Protection (EMP) Solutions – EMP shielding of a site or control rooms or data centers or command centers, EMP racks and cabinets, High performance EMP filters for power and data, Onsite installation, commissioning and testing.
- Niche Technologies – Large deployable antennas for space applications, Carbon fiber reinforced polymer (CFRP) structures for space applications, Avionic suites for commercial and military avionic applications, Capsule size drones for defence and HLS applications.
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stockarchitect
September 21, 2021
In a volatile session on Dalal Street, the benchmark indices tumbled from record high levels to snap their three-day winning run amid losses in RIL, IT stocks and select banking counters. Despite a firm global market sentiment, the Indian indices settled in the red as profit taking ensued following a steep rally in the indices which saw them hitting significant landmarks.
After touching a record high of 59,737, the BSE barometer Sensex plunged 721 points from the high to end at 59,016, down 125 points. At the same time, its NSE counterpart Nifty50 settled the day 44 points down at 17,585. The 50-pack index had touched record peak of 17,793 in morning session. However, on the weekly basis, the benchmark indices gained, thus taking their winning run to the fourth straight week.
The fall was more pronounced in the broader markets. The BSE Midcap index sank 1.14 per cent and BSE Smallcap index 1.06 per cent, thus, underperforming benchmark Sensex. Overall, the advance-decline ratio on BSE stood at nearly 1:2, indicating that for every one share that rose, two declined.
Sectorally, PSU Bank index tanked the most among all sectors, reversing strong gains that were seen on Thursday amid expectations that FM Nirmala Sitharaman would announce National Asset Reconstruction Company Ltd (NARCL) that would acquire bad loans in an attempt to resolve them. While the announcement did come, investors preffered to take profits off the table, pushing the index 2.96 per cent lower.
It was closely trailed by Nifty Media & Realty that shed 2.38 per cent and 2.35 per cent, respectively. On the other hand, Nifty Media, Nifty Financial Services, Nifty Bank and Nifty Private Bank were the gainers. Nifty Auto setlled the day unchanged.
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- Originally SEL lined up its secondary offer in 2018, but finally enters the market now.
- Dilution in promoter’s stake remains a major concern.
- The issue is by way of offer for sale, no fresh equity is being raised.
- Based on its financial data, the issue appears reasonably priced.
Preface:
The company originally filed its offer documents for the same number of shares as OFS in August 2018 to mobilize around Rs. 1400 cr. and also received SEBI node, but it skipped the issue amidst uncertainties prevailed in the markets as claimed. At that time there were five BRLMs for fundraising exercises. It refiled offer documents in June 2021 and is now finally entering the capital market with its secondary offer with three BRLMs (Credit Suisse and BNP Paribas are not on the list). If we weigh both DRHPs, then the company has posted consistent growth in its top line but the bottom line marked inconsistency. However, based on financial data since FY16, the company remained cash-rich and did not want any fresh funding. The major concern that remains is the diminishing promoter’s holding which will come down to 36.56% from 43.91% post this issue. It’s worthwhile to note that while the secondary market was in a sluggish mood, this IPO mulled a collection of Rs. 1400 cr. and now when the secondary market is in pink of its health, they are planning mobilization of Rs. 1283 cr. i.e. they have reduced the valuation and kept something on the table for new investors.
About Company:
Sansera Engineering Ltd. (SEL) is an engineering-led integrated manufacturer of complex and critical precision engineered components across automotive and non-automotive sectors. Within the automotive sector, it manufactures and supplies a range of precision forged and machined components and assemblies that are critical for engine, transmission, suspension, braking, chassis and other systems for the two-wheeler, passenger vehicle and commercial vehicle verticals. Within the non-automotive sector, the company manufactures and supplies a range of precision components for the aerospace, off-road, agriculture and other segments, including engineering and capital goods. SEL supplies most of its products directly to OEMs in finished condition, resulting in significant value addition by it.
SEL is one of the top 10 global suppliers of connecting rods within the light vehicle segment (passenger vehicles with a gross vehicle weight of 3.5 tonnes or less, “Light Vehicle”) and one of the top 10 global suppliers of connecting rods within the commercial vehicle (“CV”) segment for CY 2020. (Source: The Ricardo Report).
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Last minute buying helped benchmark indices eke out gains and close in the green one a gap of two days, with Airtel, Nestle India, TCS and ITC contributing the most to gains. Meanwhile, privtae banks, RIL and Infosys were among the top drags.
The BSE Sensex settled the volatile session on the day of weekly F&O expiry at 58,305, up 55 points while Nifty closed 4 points higher at 17,357. In the 50-pack index, 30 stocks closed in the green and 20 in the red.
Buying momentum remained high in midcap and smallcap stocks as the BSE Midcap ended up 0.56 per cent and the BSE smallcap 0.52 per cent. Both indices also hit their respective all-time highs in today’s session.
In sectoral space, Nifty Realty followed by Financial Services, Pharma and Bank were the top losers. On the other hand, Nifty Media, with a gain of 2.97 per cent was the best performing index. Nearly 20 per cent rally in Dish TV helped the media index put up a strong show. Other sectoral gainers were Metal, FMCG, IT and PSU Bank.
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Market behemoth Reliance Industries kept the benchmark indices afloat on Friday overpowering selling pressure in HDFC Bank, HDFC, HUL, and Bharti Airtel. The Mukesh Ambani-led company’s shares hit fresh record high of Rs 2,394 apiece after they surged over 4 per cent on the BSE.
Overall, the BSE barometer of 30-shares closed above the 58,000-mark for the first time at 58,130 levels, up 277 points or 0.48 per cent. It’s 50-share counterpart, meanwhile, marched 89 points higher, or 0.52 per cent, to settle above 17,300 at 17,324. In the intra-day deals, the Sensex hit a new lifetime high of 58,195 while the Nifty50 index touched 17,340.
Besides, the BSE MidCap index closed 0.35 per cent higher after hitting a new peak of 24,454 in the intra-day deals while the BSE SmallCap index gained 0.41 per cent after touching a new high of 27,388.
Market breadth was marginally in favour of buyers with shares of over 1,700 companies advancing as against shares of 1,400 companies that fell on the bourses.
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Benchmark indices closed at fresh record closing highs in trade, led by gains in select index heavyweights, namely L&T, TCS and HDFC. Further, a positive global market sentiment also lent support to the indices.
BSE Sensex ended the day at 56,125, up 176 points or 0.31 per cent. It is for the first time that the index has settled above the 56,000 mark. Meanwhile, NSE Nifty after hitting a new record peak in intra-day session closed 68 points or 0.41 per cent higher at 16,705. It touched a new peak of 16,722.05 in trade earlier.
The broader markets, meanwhile, outperformed, rising for the fourth straight session. The BSE Midcap index added 1.04 per cent and BSE Smallcap rose 0.93 per cent.
The sectoral space was a sea of green as all indices gained on the NSE. Nifty Metal followed by Nifty Pharma were the top gainers, up over 1 per cent each while Nifty Auto gained the least among all indices.
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Indian equities fell in-line with global stocks after minutes released by the US Federal Reserve suggested tapering of the Fed’s stimulus plan by late 2021. Besides, rampant spread of the Delta variant of Covid-19 and faltering global growth worried investors.
The 30-share Sensex index declined 300 points, or 0.4 per cent, and closed at 55,329 levels on Friday while the Nifty50 index ended at 16,451 levels, down 118 points or 0.7 per cent. Both the indices had hit intra-day lows of 55,014 and 16,376, respectively, earlier today.
The broader markets, meanwhile, were hit harder by the selloff as both, the BSE MidCap and SmallCap indices fell 2 per cent each. The advance to decline ratio favoured sellers and India VIX — the volatility index — surged 8.6 per cent.
Sectorally, the Nifty Metal index cracked 6 per cent while the FMCG index rose 2 per cent.
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Large-cap stocks staged a spectacular rally on Friday, and lifted benchmark indices to fresh all-time highs. Tata Consumer Products (up 4 per cent) emerged as the top gainer, followed by TCS, LT, HCL Tech, Tata Steel, HDFC Bank, Bharti Airtel, Infosys, Wipro, HDFC, RIL, and ITC.
Overall, the S&P BSE Sensex went past the 55,400-mark for the first time and hit a new milestone of 55,488 in the intra-day trade. Meanwhile, the broader 50-share index on the NSE surpassed the 16,450-mark and rallied ahead to hit an all-time high of 16,543.6.
By close, both the indices were quoting at 55,437 and 16,529 levels, up 593 and 165 points, respectively.
On the contrary, broader indices underperformed and ended mildly lower. The MidCap and SmallCap indices slipped 0.06 per cent and 0.01 per cent, respectively.
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Shares of Reliance Industries single-handedly knocked Sensex and Nifty lower on Friday after the Supreme Court ruled in favour of Amazon, stalling Reliance Retail’s Rs 24,000 crore deal with Future Retail. Further, while RBI’s policy decision was along expected lines, the 5:1 vote on maintaining accommodative stance and rise in CPI projection for FY22 to 5.7 per cent from 5.1 per cent earlier also concerned markets, indicating that debate on inflation is gaining centre stage.
The domestic benchmark indices snapped their 4-session winning run. The 30-pack Sensex closed the day at 54,278, down 215 points or 0.39 per cent. Meanwhile, NSE Nifty settled the day 56 points or 0.35 per cent at 16,238.
IndusInd Bank, Tech Mahindra, Bharti Airtel, Maruti were the top gainers in the 30-pack Sensex while Reliance Industries, Ultratech Cement, Tata Steel, HCL Tech were the top losers.
The broader markets outperformed, with Nifty Midcap index rising 0.06 per cent and Nifty Smallcap 0.04 per cent. Sectorally, Nifty Realty and Nifty Media were the top losers while Nifty IT was the best performer.
Overall, for the five days ended Friday, Nifty ended the historic week, up 1.97 per cent high, above 16,000 mark for the worst time and also snapped its two-week losing run.
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