BENCHMARKS TRADE WITH DECENT GAINS; BANK STOCKS ADVANCE

The key equity indices were trading with decent gains in morning trade. The Nifty was trading near the 15,900 mark. Bank stocks advanced.

At 10:28 IST, the barometer index, the S&P BSE Sensex, was up 151.96 points or 0.29% to 53,056.01. The Nifty 50 index added 38.10 points or 0.24% to 15,892.05.

In the broader market, the S&P BSE Mid-Cap index gained 0.24% while the S&P BSE Small-Cap index rose 0.59%.

The market breadth was strong. On the BSE, 1762 shares rose and 1138 shares fell. A total of 121 shares were unchanged.

Meanwhile, Titan Company shed 0.07% to Rs 1709.90. Ace investor Rakesh Jhunjhunwala has cut his stake by 0.25% in Titan Company in the June 2021 quarter.

Zomato IPO:

The initial public offer of online food delivery platform Zomato received bids for 78.97 crore shares as against 71.92 crore shares on offer on Thursday (15 July 2021), according to stock exchange data at 10:15 IST. The issue was subscribed 1.10 times.

The retail individual investors (RIIs) category was subscribed 2.94 times. The qualified institutional buyers (QIBs) category was subscribed 98%. The non-institutional investors (NIIs) category was subscribed 14%.

The issue opened for bidding on Wednesday (14 July 2021) and it will close on Friday (16 July 2021). The price band of the IPO is fixed at Rs 72-76 per share. An investor can bid for a minimum of 195 shares and in multiples thereof.

The IPO comprises a fresh issue of equity shares worth Rs 9,000 crore and an offer for sale (OFS) worth Rs 375 crore by existing investor, Info Edge (India).

Ahead of the IPO, the online food delivery and restaurant discovery platform raised Rs 4,197 crore from 186 anchor investors Tuesday (13 July). The company allotted 55.22 crore equity shares to anchor investors for Rs 76 per equity share.

Earnings Today:

Tata Elxsi (up 2.65%), Tata Steel Long Products (up 2.81%), Wipro (up 2%), Angel Broking (up 3.31%), Aditya Birla Money (down 2.79%), Cyient (up 7.68%), L&T Infotech (up 2.81%) and Stylam Industries (up 0.29%) will announce their quarterly earnings today.

Buzzing Index:

The Nifty Bank index rose 0.29% to 35,773.40. The index had declined 0.01% to end at 35,668.25 yesterday.

AU Small Finance Bank (up 1.31%), HDFC Bank (up 0.79%), Axis Bank (up 0.58%), Bandhan Bank (up 0.42%) and ICICI Bank (up 0.39%) advanced.

RBL Bank (down 0.85%), Federal Bank (down 0.67%), IDFC First Bank (down 0.65%) and Kotak Mahindra Bank (down 0.23%) declined.

Earnings Impact:

L&T Technology Services (LTTS) hit an upper circuit of 10% at Rs 3,201.25 after the IT firm reported a 11.11% rise in consolidated net profit to Rs 217 crore in Q1 June 2021 over Rs 195.30 crore in Q4 March 2021. Consolidated revenue from operations grew 5.40% to Rs 1,518.40 crore in Q1 June 2021 from Rs 1,440.50 crore in Q4 March 2021.

During the quarter, LTTS won six deals with total contract value (TCV) of $10 million plus, which includes two $25 million plus deals. Revenues from digital and leading-edge technologies stood at 54% during the quarter. At the end of the first quarter, the patents portfolio of LTTS stood at 719, out of which 531 are co-authored with its customers and the rest are filed by LTTS. At the end of Q1 FY22, LTTS` employee strength stood at 16,972.

5Paisa Capital gained 3.64% to Rs 570.15 after the stock broker posted a 156.23% jump in consolidated net profit to Rs 7.20 crore on 44% rise in total income to Rs 60.91 crore in Q1 FY22 over Q1 FY21. The company`s net profit grew by 23% and total income rose 22% in Q1 FY22 over Q4 FY21. The company said it on-boarded more than 2,78,000 new clients during the quarter, taking the total number of registered customers to 16.3 lakhs.

Tinplate Company of India surged 5.49% to Rs 251.90 after the company posted a net profit of Rs 68.62 crore in Q1 FY22 compared with net loss of Rs 6.90 crore registered in Q1 FY21. Revenue from operations increased 128.42% to Rs 803.90 crore in Q1 FY22 compared with Rs 351.94 crore in Q1 FY21. Net profit surged 22.19% and net sales rose 15.70% in Q1 FY22 over Q4 FY22.

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