Stocks in Focus on March 3: MTAR Technologies IPO, Tata Power, IRCON, Telecom Stocks to Tyre Stocks; here are the 5 Newsmakers of the Day

Benchmark domestic stocks on Tuesday, March 2, 2021, climbed around one per cent in sync with gains in the global equity markets. The BSE Sensex regained the 50,000-mark while the NSE Nifty reclaimed 14,900 level. The Sensex closed 447 points, or 0.9 per cent, up at 50,297 and the NSE Nifty surged 158 points, or 1.07 per cent, to finish at 14,919. But certain stocks came in the news after the market was closed. These stocks can impact the indices when it reopens on Wednesday, March 3, 2021. List of such five stocks:

MTAR Technologies: The initial public offer (IPO) of MTAR Technologies will open for subscription today, i.e. March 3, 2021. The precision engineering company seeks to raise Rs 597 crore from the primary market. The price band of MTAR Technologies IPO has been fixed at Rs 574-575. The public issue will close on March 5, 2021. Besides, the Hyderabad-based precision engineering company has raised Rs 178.92 crore on March 2, 2021, ahead of its initial public issue.

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The company informed exchanges that it has finalised allocation of 31.11 lakh equity shares at Rs 575 per share to anchor investors including four foreign portfolio investors and 10 mutual funds. FII who participated in the anchor were Nomura Funds Ireland, Jupiter South Asia Investment, White Oak Capital and Goldman Sachs Asset Management. Out of the total allocation to Anchor Investors 72% were allocated to 10 domestic mutual funds like Axis Mutual Fund 13.7%, SBI fund 13.7%, Nippon life 5.6%, Franklin 5.6%, Goldman 5.6% and Nomura 5.6% among others. 

Tata Power: Tata Power may launch the InvIT in the next two days, sources aware of the development informed Zee Business. According to the sources, two-three large foreign funds will take a stake in InvIT. Tata Power will hold 49% stakes in InvIT, while foreign funds will hold the remaining 51% stakes. Malaysian state oil and gas company Petronas (Petroliam Nasional Bhd) is eyeing stakes in the Tata Power’s InvIT. 2500 MW renewable portfolio will go to InvIT. Besides, the under-construction 600 MW renewable project will also go in InVIT. Debt worth Rs 12,000 crore of Tata Power will be transferred to InvIT. The company’s total debt will come down to Rs 25,000 crore.

IRCON International OFS: The offer for sale (OFS) for up to 16% government stake at a floor price of Rs 88 per share in the railway PSU IRCON will open today. The base offer is for a 10% share sale while the greenshoe offer is 6%. The government holds an 89.18% stake in IRCON. Non-retail investors can subscribe to the OFS today while the retail investors can put their bids on Thursday.

Telecom Companies in Focus: The 4G telecom spectrum auction 2021 ended on Tuesday, March 2, 2021, with the government receiving bids worth Rs 77,814.80 crore. Bids worth Rs 668.20 crore were made on the second day of the auction. Bids worth Rs 77,146 crore were made on the first day. Reliance Jio emerged as the biggest buyer by acquiring a total of 488.35 MHz of spectrum for Rs 57,122 crore, followed by Bharti Airtel with 355.45 MHz at Rs 18,699 crore, and Vodafone Idea with 11.80 MHz for Rs 1,993 crore. 

Class 8 Truck Orders + Tyre Stocks 

CLASS-8 TRUCK ORDERS (Bharat Forge/ GNA Axle/Ramkrishna Forging): Class 8 Truck orders in North America rose 209% YoY to 44,000 units in February from 14,243 units during the same period last year. On a month-on-month basis, orders were up 2.8% as compared to 42,800 units in January. February is the fifth consecutive month where orders were higher than 40,000 units.

Tyre Stocks in Focus: The Government has decided not to impose anti-dumping duty on truck and bus radial tyres imported from Thailand. Automotive Tyre Manufacturers’ Association (ATMA) says, nearly 50% of truck & bus radial (TBR) tyres imported in the first three-quarters of the current fiscal are from Thailand. Even in passenger car radial imports, Thailand has come to account for the largest share of 35% in the April-December period. Tyre companies claim that China has made huge investments in Thailand.