Stocks in focus March 31: ONGC, Axis Bank, Max Healthcare, Tata Motors, telecom stocks and more

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In Indian stock markets, the Sensex climbed more than one percent on Wednesday, March 30, 2022, while the Nifty gained one percent. Both stock indices rose amid positive signals from global equity markets. The barometer index, the S&P BSE Sensex gained 740.34 points or 1.28% to 58,683.99. The Nifty 50 index gained 172.95 points or 1% to 17,498.25. But some stocks made headlines after the market closed. These actions may have an impact on the indices when it reopens on Thursday March 31, 2022. List of these actions:

IPO Update: Hariom Pipe IPO + Veranda Learning IPO + Uma Exports IPO

Hariom Pipe IPO: Hariom Pipe Industries’ initial public offering of Rs 130.05 crore was subscribed 0.67 times on Wednesday, March 30, 2022, the first day of the auction. The unit reserved for individual retail investors (RII) was subscribed 1.88 times. The Non Institutional Investors (NII) share was subscribed 0.03 times. The portion of qualified institutional buyers (QIB) was not subscribed. Hariom Pipe Industries, based in Hyderabad, set the price range at Rs 144-153 per share. Investors can bid for a minimum of 98 shares and in multiples of 98 shares thereafter. Offer ends April 5, 2022.

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Veranda Learning IPO: Veranda Learning Solutions’ initial public offering (IPO) of Rs 200 crore was subscribed 1.31 times on Wednesday, the second day of subscription. The Qualified Institutional Buyers (QIBs) portion was only subscribed 0.28 times and the Non-Institutional Investors (NIIs) portion was subscribed 1.06 times. The share reserved for Individual Individual Investors (RII) was subscribed 7 times. The hybrid educational technology company has set the price range at Rs 130-137 per share. Retail investors can bid for a lot of 100 shares and multiples of 100 shares thereof. The Veranda Learning Solutions IPO will remain open until March 31, 2022.

IPO of Uma Exports: The Rs 60 crore initial public offering (IPO) of Uma Exports drew a strong reaction from retail investors and closed with 7.67x subscriptions on the last day of subscription. The Qualified Institutional Buyers (QIBs) section was subscribed 2.81 times and Non-Institutional Investors (NIIs) was subscribed 2.22 times. The share reserved for individual retail investors (RII) was subscribed 10.11 times. The company had set a price range for its public issue at Rs 65-68 per share and retail investors were allowed to bid for the issue in a batch of 220 equity shares and their multiples.

CGSB: The government’s offer to sell (OFS) in India’s top oil and gas producer was taken up 3.57 times by non-retail investors. The government will exercise the Green Shoe option. The OFS sale will open to retail investors today. The government is selling 1.5% of the shares of ONGC at a floor price of Rs 159 each.

Axis Bank: Private lender Axis Bank will acquire Citibank’s consumer business in India for Rs 12,325 crore in an all-cash deal. The transaction includes the sale of Citibank India’s consumer business, which includes credit cards, retail banking, wealth management and consumer lending. The acquisition is expected to be completed within the next 9 to 12 months. After the acquisition, Axis Bank will have 2.85 crore savings accounts, 2.3 lakh+ Burgundy customers and 1.06 crore cards. With this acquisition, 30 lakh customers of Citi will also be transferred to Axis Bank. Private lender Axis Bank said that with the deal, its card balance sheet would grow by 57% while credit card customer base would grow by 31%. In addition, the wealth and private banking portfolio will bring strong added value to the activity of the Burgundy Axis, further accelerating its growth ambitions in this segment. Overall, the proposed transaction will add 7% to the Bank’s deposit base (with a 12% increase in CASA) and a 4% increase in advances.

Max Health: Private equity fund Kayak Investments, an affiliate of KKR, will today sell a $50 crore (Rs 3,750 crore) stake in Max Healthcare via a block deal. (The base deal size stands at $37.5 crore or Rs. 2,800 crore). The price range was set at Rs 340-361 per share. A 0-5% discount may be available on the transaction.

Tata engines: The automobile manufacturing arm of conglomerate Tata Group said on Wednesday that climate-focused private equity fund TPG Rise had invested Rs 3,750 crore in its wholly owned subsidiary of the company, namely Tata Passenger Electric Mobility Limited. This is the first tranche of the deal which was signed between TPG and Tata Motors on October 12, 2021, where TPG pledged an investment of Rs 7,500 crore in the latter’s electric vehicle subsidiary – Tata Motors Electric. Mobility Ltd.

Tata Steel: The steel major said on Wednesday it would have signed an asset transfer agreement to acquire ferroalloy production assets from Odisha-based Stork Ferro and Mineral Industries for Rs 155 crore as part of a all-cash deal. Tata Steel has transferred its entire stake in Tata Steel Special Economic Zone Limited to Tata Steel Utilities and Infrastructure Services for consideration of Rs 11.85 crore. Additionally, the company has invested Rs 11,700 crore in Tata Steel Long Products Limited through non-convertible callable preferred shares.

Wealth of the IIFL: Bain Capital will buy 24.98% stake in the company at Rs 1,661 per share. It will buy back the shares of General Atlantic Singapore Fund and FIH Mauritius Investments Ltd.

HAL: The Cabinet Committee on Security (CCS) has approved the purchase of the limited series production of 15 light combat helicopters at a cost of Rs 3,887 crore from HAL. Rs 377 crore was sanctioned for creating basic infrastructure.

CSTM: The government has launched a global tender for the strategic sale of Ferro Scrap Nigam Ltd (FSNL) and issued a Preliminary Information Memorandum (PIM). The deadline for sending tenders is May 5, 2022. FSNL is a 100% subsidiary of MSTC. The Union Cabinet gave its approval in principle to the divestment on October 27, 2016.

Telecom update: Telecom Regulatory Authority of India (TRAI) released its monthly subscriber report and said Bharti Airtel added 7.14 lakh new subscribers in January 2022. Reliance Jio lost 93.2 lakh customers, said the Telecom Regulatory Authority of India (TRAI) Monthly Subscriber Report. Vodafone Idea has lost 38 million subscribers.

Electric Kirloskar: The company has signed a deed of sale affecting the sale of the company’s non-core asset located in Hubli for a consideration of Rs 100 crore.

Sundram Fasteners: Automotive component maker Sundram Fasteners Ltd says the Ministry of Heavy Industries (MHA) has approved its application under the PLI Program Component Champions Incentive Scheme. With this, the company will invest Rs 350 crore to manufacture Advanced Automotive Tech (ATT) components for electric vehicles and internal combustion engine vehicles.

Cosmo Films: The company has announced its expansion by setting up a CPP film production line in Aurangabad with an annual rated capacity of 25,000 MT. The CPP line will require an investment of around Rs 140 crore to be funded by accruals and internal debts and is expected to start commercial production in 2 years.

WHOLESALE OFFERS

Stylam Industries: Abakkus Growth Fund-2 bought 3.13 lakh shares at Rs 900/share. Lighthouse Emerging India Investors sold 4.25 lakh shares at Rs 900.18/share.
RBL Bank: Integrated Core Strategies (Asia) Pte bought 40.36 lakh shares at Rs 129.37/share. Nippon India MF sold 51.02 lakh shares at Rs 129.03/share.

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