Here are the stocks to watch out today:
Wipro: The Bengaluru-headquartered IT firm is set to announce its earnings for the quarter ended September on Monday. The net profit in the quarter is expected to decline from a year ago, but rise on a sequential basis. Ahead July-September earnings, the company’s share from its March lows of Rs 159.60, rallied 137.46 per cent to hit a fresh high and touched Rs 379 on Monday. The company’s board is considering a buyback plan on October 13, which will be the fourth buyback in the last five years.
Vedanta Ltd: The mining company’s share price was locked in 10 per cent lower circuit in the early trade on Monday after the company’s delisting offer failed due to poor response. It failed due to a large quantity of unconfirmed orders, forcing the company to look for options to extend the buyback period by a day. In its filing, Vedanta said its buyback offer is deemed to have failed as per the terms of the delisting regulations after promoter Vedanta Resources did not receive the required number of shares to delist the firm. A large number of unconfirmed bids and some technical glitches in the tender process are likely to have contributed to the failure.
Mazagon Dock Shipbuilders: State-run Mazagon Dock Shipbuilders entered the IPO market with a bang with the shares being listed at ₹190 on BSE as compared to issue price of ₹145. The IPO of the state-owned defence firm was subscribed a whopping 157.41 times. The ₹444 crore public offer received bids for 4,81,64,59,117 shares against 3,05,99,017 shares on offer. The retail investor segment was also subscribed 35 times, while portion reserved for non-institutional investors was subscribed 678.88 times and qualified institutional buyers 89.71 times. The company made a strong debut in line with other state-owned firms such as IRCTC, Cochin Shipyard and Housing and Urban Development Corporation Ltd (HUDCO) who garnered a similar response from their IPOs.
UTI Asset Management Co. Ltd: As compared to the stellar performance of Mazagon Dock Shipbuilders, UTI AMC’s debut in the stock markets remained modest. The stock listed at ₹500 apiece, a 9.7 per cent discount to its issue price of ₹554. The mutual fund company's initial public offering (IPO) at a price band of ₹552 -554 apiece was subscribed 2.3 times. The IPO which aims to raise ₹2,160 crore in the upper price band, closed on 1 October.
Through the IPO, shareholders State Bank of India, Punjab National Bank, Bank of Baroda, Life Insurance Corporation of India and T Rowe Price International pared their stake in the company. SBI, BoB and LIC were planning to divest an 8.25% stake each, while T Rowe and PNB will sell 3 per cent each. On an aggregate basis, all the existing shareholders will reduce their stake in UTI AMC by around 30.75 per cent.