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Gold Plus to Launch IPO of Rs.1,200 crore

Gold Plus Launch IPO of Rs.1,200 crore
by 5paisa Research Team 21/10/2021

Gold Plus Glass Industry is likely to file the draft red herring prospectus (DRHP) for its proposed IPO. The DRHP filing is likely to happen around late December or in early January, so the entire process will only start after that. Gold Plus Glass is backed by Premji Invest, the family office of Azim Premji of the Wipro Group.

While details are yet to be available, only the size is known and that Jefferies and Axis are among the investment bankers to the issue. The company will look at a combination of a fresh issue and an offer for sale, where the original promoters will look to partially monetize their holdings in the company.

The company is planning to use the fresh funds to expand its capacity to manufacture solar glass and float glass. In fact, the combined capacity of Gold Plus to manufacture solar glass and float glass currently stands at 1,250 tonnes per day. Post the expansion, this capacity will stand enhanced to 1,900 tonnes per day.

It is interesting to under the applications of float glass and solar glass. Solar glass is a high resistance glass that is used in solar panels that are used to produce electricity. It is a high-end form of glass. Float glass, on the other hand, is more of a distortion free material that finds extensive application in domestic use.

The total project cost for the expansion will be Rs.2,200 crore which will be funded partially through the fresh issue, partially through internal accruals and partially through debt. Float glass and solar glass factories typically have a gestation period of 2-3 years. It will invest in 1 solar glass line and 2 float glass lines in all.

Once the entire expansion goes on stream, Gold Plus targets annual revenues of Rs.3,000 crore. It also sees a huge export market for this glass. Currently, in the float glass and solar glass segment, there are established players like Saint Gobain, Asahi Glass and Gujarat Guardian. Amidst rising global demand, Gold Plus wants to emerge the largest Indian producer of specialized glass.

Premji Finvest had allocated Rs.400 crore for a stake in Gold Plus in the year 2018. Its current value is not known.

Also Read:-

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List of Upcoming IPOs in October 2021

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Nykaa IPO - 7 Things to know before applying for IPO

Nykaa IPO - 7 Things to know before applying for IPO
by 5paisa Research Team 21/10/2021

FSN Ecommerce Ventures Ltd, the company that owns and operates the Nykaa brand, has announced the dates for its proposed IPO.

Here are 7 things you need to know about the Nykaa IPO

✔️   The Nykaa IPO will open for subscription on 28-Oct and close for subscription on 01-Nov. The basis of allotment is expected to be done by 08-Nov while shares are expected to be credited to the demat accounts of allottees by 10-Nov. Nykaa IPO is slated to list on 11th November.

Check : Nykaa IPO Note

✔️    The IPO will be a mix of fresh issue and an OFS. The fresh issue will be worth Rs.630 crore while the OFS will be for a total of 419.73 lakh shares. While the price band is yet to be announced, the market is expecting a price band of Rs.1100 – Rs.1,125. That would peg the OFS at the upper end at around Rs.4,720 crore and the overall size of the IPO at approximately Rs.5,350 crore. This is a market estimate.

✔️    Nykaa was promoted by former Kotak investing banking head honcho, Falguni Nayar. The promoter and the family trusts will also participate in the OFS, but will continue to remain majority shareholders post the IPO. Nykaa offers a digital platform to sell beauty and fashion care products as well as apparel and accessories of marquee brands.

✔️    Nykaa is broadly structured under 2 verticals viz. Nykaa and Nykaa Fashion. The Nykaa vertical comprises the beauty and personal care products and has close to 1.98 lakh SKUs (stock keeping units) from across 2,476 brands. The Nykaa fashion vertical sells apparel and accessories and has 1.8 million SKUs across 1,350 brands.

✔️    The IPO proceeds will be used to invest in subsidiary, FSN Brands, as well as to set up new retail stores. It will also allocate part of the fresh proceeds towards setting up new warehouses. The biggest allocation will include Rs.156 crore for repayment of loans and Rs.234 crore towards investing in building brand visibility and brand awareness.

✔️    Nykaa prides itself in being the rare profit making digital play. For FY21, Nykaa made net profits of Rs.62 crore on revenues of Rs.2,453 crore. For the Jun-21 quarter, Nykaa reported net profits of Rs.3.52 crore on revenues of Rs.822 crore.

✔️    Nykaa, in a nutshell, intends to offer the perfect omnichannel experience. It will offer online and offline sales. It will also offer proprietary and external brands. It will offer pull and push experience for customers.
Nykaa is the biggest digital IPO after Zomato IPO and will test the institutional and retail appetite. QIBs have 75% allocation in the IPO with retail having just 10%.

 

Nykaa IPO - Details Explained

 

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List of Upcoming IPOs in October 2021

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Changes in F&O Lot Sizes Effective from 29th Oct

Changes in F&O Lot Sizes Effective from 29th Oct
by 5paisa Research Team 22/10/2021

As per the NSE circular dated 30th September 2021, a total of 45 stocks will changes in their F&O lot sizes due to relevant price movements. While these changes will be effective from 29th October, the day after the October expiry, the contracts for which they will be applicable will wary. Here is a quick summary.
 

Lot size changes

Number of F&O stocks

Effective Date and Expiry

Lot size revised downwards

34 stocks

Effective 29-Oct for November expiries and later

Lot size revised upwards

5 stocks

Effective 29-Oct for January expiries and later

Lot size unchanged

127 stocks

Not applicable

Revised down (not multiple of old lot size)

6 stocks

Effective 29-Oct for January expiries and later


In the second and fourth case, the lot sizes will be changed from 29-Oct but the lot sizes will be the same for November and December contracts and will change only from January.
 

List of 34 stocks where lot sizes are revised downward in multiples of old lot size

Sr No

Underlying

Symbol

Present Market Lot

Revised Market Lot

1

ACC LIMITED

ACC

500

250

2

ADANI ENTERPRISES LIMITED

ADANIENT

1000

500

3

AMBUJA CEMENTS LTD

AMBUJACEM

3000

1500

4

APOLLO HOSPITALS ENTER. L

APOLLOHOSP

250

125

5

ASIAN PAINTS LIMITED

ASIANPAINT

300

150

6

BALKRISHNA IND. LTD

BALKRISIND

400

200

7

BHARAT FORGE LTD

BHARATFORG

1500

750

8

CADILA HEALTHCARE LIMITED

CADILAHC

2200

1100

9

COFORGE LIMITED

COFORGE

200

100

10

DEEPAK NITRITE LTD

DEEPAKNTR

500

250

11

DIVI'S LABORATORIES LTD

DIVISLAB

200

100

12

DLF LIMITED

DLF

3300

1650

13

GODREJ CONSUMER PRODUCTS

GODREJCP

1000

500

14

GODREJ PROPERTIES LTD

GODREJPROP

650

325

15

HINDALCO  INDUSTRIES  LTD

HINDALCO

2150

1075

16

ICICI PRU LIFE INS CO LTD

ICICIPRULI

1500

750

17

INTERGLOBE AVIATION LTD

INDIGO

500

250

18

INFOSYS LIMITED

INFY

600

300

19

JUBILANT FOODWORKS LTD

JUBLFOOD

250

125

20

DR. LAL PATH LABS LTD.

LALPATHLAB

250

125

21

MANAPPURAM FINANCE LTD

MANAPPURAM

6000

3000

22

MARICO LIMITED

MARICO

2000

1000

23

MINDTREE LIMITED

MINDTREE

400

200

24

MUTHOOT FINANCE LIMITED

MUTHOOTFIN

750

375

25

NATIONAL ALUMINIUM CO LTD

NATIONALUM

17000

8500

26

NESTLE INDIA LIMITED

NESTLEIND

50

25

27

PIDILITE INDUSTRIES LTD

PIDILITIND

500

250

28

STEEL AUTHORITY OF INDIA

SAIL

9500

4750

29

SUN PHARMACEUTICAL IND L

SUNPHARMA

1400

700

30

TATA CONSUMER PRODUCT LTD

TATACONSUM

1350

675

31

TATA STEEL LIMITED

TATASTEEL

850

425

32

TATA CONSULTANCY SERV LT

TCS

300

150

33

UNITED BREWERIES LTD

UBL

700

350

34

WIPRO LTD

WIPRO

1600

800


This above downward revisions will be applicable from the November 2021 contracts and the lot sizes will be revised lower from November contracts itself and continue thereafter.
 

List of 5 stocks where lot sizes in F&O are revised upwards

Sr No

Underlying

Symbol

Present Market Lot

Revised Market Lot

1

ALEMBIC PHARMA LTD

APLLTD

550

700

2

AUROBINDO PHARMA LTD

AUROPHARMA

650

750

3

CITY UNION BANK LTD

CUB

3100

3400

4

IDFC FIRST BANK LIMITED

IDFCFIRSTB

9500

11100

5

STRIDES PHARMA SCI LTD

STAR

675

900


These upward revisions as above will only be applicable from the January 2022 contracts and the lot sizes for the November and December contracts will remain the present market lot.
 

List of 6 stocks where lot sizes are revised downward (NOT) in multiples of old lot size

Sr No

Underlying

Symbol

Present Market Lot

Revised Market Lot

1

BAJAJ FINSERV LTD.

BAJAJFINSV

75

50

2

BHARTI AIRTEL LIMITED

BHARTIARTL

1886

950

3

CONTAINER CORP OF IND LTD

CONCOR

1563

800

4

INDIAN RAIL TOUR CORP LTD

IRCTC

325

175

5

MPHASIS LIMITED

MPHASIS

325

175

6

SRF LTD

SRF

125

75

These downward revisions as above will only be applicable from the January 2022 contracts and the lot sizes for the November and December contracts will remain the present market lot.

A total of 127 stocks will not see any lot size change. You can access the circular and the full list by downloading the Zip file from the NSE website (note: you need to unzip the file).

https://archives.nseindia.com/content/circulars/FAOP49795.zip

Also Read:-

1. 5 Mantras for Trading in Options

2. 5 Mantras for Trading in Futures

3. 8 Stocks to Enter in F&O List

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Bombay High Court asks Zee to Conduct EGM

Bombay High Court asks Zee to Conduct EGM
by 5paisa Research Team 22/10/2021

In what could be a temporary setback for Zee Entertainment, the Bombay High Court has called upon Zee to conduct the EGM as requested by Invesco Fund. Invesco holds 17.88% in Zee and is the single largest shareholder. As per the Companies Act 2013, if shareholders having more than 10% holding call for an EGM, the board is legally bound to hold one.

Invesco holds 17.88% in Zee as against Subhash Chandra family holding of just about 3.44% in the company. Invesco had called the EGM to vote on the removal of Punit Goenka from the position of MD and CEO of the company. In addition, Invesco also wanted to nominate six of its own directors to the board and it also wants a rethink on the Zee-Sony merger deal.

Check - Invesco wants EGM to Replace Punit Goenka from the Post of MD & CEO

The Bombay High Court has ruled that not calling for an EGM at this stage would set a wrong precedent under the Companies Law. However, keeping the delicateness of the case, the single judge bench ruled that the any EGM resolution be kept in abeyance for a period of one week, giving Zee enough time to contest the legality and validity of the EGM request.

In addition, the single-judge bench of Justice G S Patel also proposed that a retired judge or a neutral person be asked to chair the EGM. Meanwhile, Zee has agreed to inform the court about the EGM date on 22nd October. The Judge also noted that in corporate democracy, the best way would be to put a proposal to vote and let the shareholders decide.

Invesco had serious concerns with the Zee-Sony deal due to the non-compete pay-out to the Subhash Chandra family. This was supposed to be in the form of a 2% stake in the merged entity forfeited by Sony in favour of Chandra family.

Check - Subhash Chandra Takes Up a Good Deal on his Zee Stake

Invesco was of the view that since Punit Goenka was to be the MD & CEO of the merged entity, there was no question of non-compete fee. Of course, the real reason Invesco is unhappy is that while their own stake would halve post-merger, Zee will hold 4% post-merger due to the non-compete fee.

Apart from being a high profile case, the outcome will also be important from the point of view of governance and the role of large global investors in corporate managements.

Also Read:- What does the Zee merger with Sony mean?

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PayTm may Scrap pre-IPO placement

PayTm may Scrap pre-IPO placement
by 5paisa Research Team 22/10/2021

Ahead of its mega IPO, Paytm plans to scrap its Rs.2,000 crore pre-IPO placement exercise as it was unable to agree with investors on pricing and valuations. Paytm is slated to hit the market with an IPO of Rs.16,600 crore which would include a fresh issue of Rs.8,300 crore and an offer for sale of Rs.8,300 crore. It is slated to be the largest issue in Indian IPO history.

The differences over valuation became apparent after Paytm and the investment bankers started talking to potential global investors and domestic institutions. Paytm is apparently seeking a valuation of over $20 billion but the market consensus appears to be closer to $17-18 billion. The last round of funding done by Paytm was at a valuation of $16 billion.

Paytm is into digital money, online market place, UPI transfers, wallets and also Paytm money activity. However, it has seen the pressure of competition from Amazon and Flipkart. Both have deep pockets since Flipkart is now owned by the US based Wal-Mart Inc. The pre-IPO placement of Rs.2,000 crore would proportionately reduce the IPO amount.

As of now, SEBI is yet to approve the DRHP filed by Paytm but that is expected to come in over the next few days. Paytm currently has two choices in front of them. It can either opt for a pre-IPO placement at a lower valuation or it can scrap the pre-IPO placement altogether. Currently, Paytm is open to both options and is awaiting SEBI approval for DRHP.

Ahead of large IPOs, companies do two types of share sales. There is the pre-IPO placement which is done much ahead of the IPO and can be at a discount but comes with a longer lock-in period. They can also do an anchor placement just ahead of the IPO, which has to be at the same price as the IPO price but has a lock-in period of just 1 month.

The success of the Zomato IPO, which got subscribed 38 times despite its size of Rs.9,375 crore has enthused digital plays to use the India route. The next few weeks will see mega digital IPO like Paytm, Nykaa, Policybazaar and MobiKwik among others. It would be the real acid test of the institutional and retail appetite for loss making digital IPOs.

Also Read:-

List of Upcoming IPOs in 2021

List of Upcoming IPOs in October 2021

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Tata Chemicals to Hive off US Soda ash Business

Tata Chemicals to Hive off US Soda ash Business
by 5paisa Research Team 22/10/2021

Tata Chemicals, one of the largest soda ash manufacturers in the world, is planning to hive off its US soda ash unit. While the likely valuations are not yet confirmed, the markets are estimating a valuation of around $1 billion expected by Tata Chemicals. That would be roughly 30% of the current market cap of Tata Chemicals, which stands at $3.50 billion.

Tata Chemicals is open to going with PE funds or with strategic partners to sell the stake. In the last few months, there have been a number of big deals in the global soda ash market with big names including Solvay of Belgium looking to hive off soda ash business. However, Tata Chemicals has refused to confirm as to whether it is even considering the sale.

Soda Ash is derived from the mineral called Trona. Trona is a sodium carbonate compound that is processed into soda ash or into bicarbonate of soda. The state of Wyoming in the United States has the largest reserves of Trona in the world and it is estimated to have Trona reserves to the tune of nearly 127 billion tonnes.

Tata Chemicals is among the largest producers of soda ash in the world with a capacity of 5.5 million tonnes per annum (MTPA). Tata Chemicals relies heavily for its supplies of Trona on the Wyoming mines in the United States and the Lake Magadi mines based in the African nation of Kenya.

One of the reasons Tata Chemicals is looking to sell the US soda ash unit is the sharp fall in demand in the US. North American output fell 18% in the last 12 months for Tata Chemicals and that was mainly driven by demand compression in the aftermath of the COVID 19 pandemic. Its US sales fell from $479 million to $388 million.

Soda ash finds extensive use in detergents, pharmaceuticals, glass, paper and also in water treatment. Tata Chemicals has been gradually restructuring its product lines. Two years back, it hived off its salt manufacturing unit to Tata Consumer Products since it was more of an FMCG product. Tata Chemicals may focus more on the high growth Indian markets.

Also Read:- Sector Update: Chemicals

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