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The Rs 10,000 crore IPO of <keyword id="23935515" type="General" weightage="100" keywordseo="NTPC-Green-Energy-IPO" source="keywords">NTPC Green Energy IPO</keyword> opened for subscription today and will close on November 22, 2024. With the listing on NSE and BSE tentatively scheduled for Wednesday, November 27, 2024, the IPO has a price band of Rs 102-108. The offer entirely comprises a fresh issue of shares worth 92.59 crore shares. As of November 11, 2024, NTPC's IPO had been subscribed 0.31x, with the retail category subscribing 1.27x to issue. However, the offer received muted responses from QIBs, who did not subscribe at all, and also from NIIs, who subscribed just 0.13x to the offer. Consequently, the company's GMP (grey market premium) was a mere Rs 1, taking the potential listing gains per share to just 0.93%. NTPC Green Energy, incorporated in 2022, is a Maharatna company and a wholly-owned subsidiary of NTPC (National Thermal Power Corporation) Limited. The company is the largest public sector enterprise in the renewable energy space (hydropower not included) in the country in terms of operational capacity and power generation. In the first half of FY25, ending on September 30, 2024, NTPC reported a net profit of Rs. 175.30 crore on a total income of Rs. 1,132.74 crore. However, the issue is not without its share of risks. As of June 30, 2024, the company had business relationships with nine off-takers. Out of this, a single entity accounts for nearly 50% of the company's revenue, while the top 5 make up over 85% of its revenue. Dependence on a limited number of off-takers poses a risk to revenue stability and overall performance. <h2>Should you invest?</h2> Most brokerage houses recommend subscribing to the IPO, but only from a long-term perspective. However, some experts also recommend staying away from the issue. Per Anand Rathi's research, "On valuation parse at the upper price band Rs 108, the issue is asking for a market cap of Rs 9,10,000 million, and based on FY 2025e annualized earnings and fully diluted post-IPO paid-up capital, the company is asking for a PE of 259.56x, which appears aggressively priced. But considering its current established capacities and future expansion capacities, this is a pure long-term story. Therefore, we believe that this issue may be considered for its long-term growth. Says Bajaj Broking, "If we attribute annualized FY25 earnings to post-IPO fully diluted equity base, then the asking price is at a P/E of 257.14, and based on FY24 earnings, the P/E stands at 263.41. Thus, the issue appears aggressively priced. But considering its current established capacities and future expanded capacities, this is a pure long-term story. The company is a leading renewable power-generating PSU with assets in solar and wind power generation." However, as the IPO note further adds, the IPO is considered aggressively priced based on FY25 annualized earnings. It advises investors who are well-informed and have surplus cash to consider investing moderate funds for the long term, as this represents a pure long-term investment opportunity. On the other hand, SAMCO Securities recommends avoiding the offer. "As a subsidiary of NTPC operating in a high-growth segment, the company demonstrates significant future potential, leveraging NTPC's extensive experience in the sector. A peer comparison of key fundamentals presents a favorable image, with the company outperforming its peers in revenue growth, profit margins, and leverage ratios." "However, its capacity utilization factor (CUF), a critical measure of a plant's electricity generation efficiency, is relatively lower for its solar and wind projects compared to competitors. Additionally, an analysis of the company's price-to-earnings (P/E) ratio against its peers indicates overvaluation, raising concerns about its long-term wealth. creation prospects. Consequently, investors are advised to avoid the IPO," it added.

NTPC Green Energy IPO opens for subscription today. Should you invest?

Enviro Infra Engineers, which is involved in the development of turnkey projects of <keyword id="19979438" type="General" weightage="20" keywordseo="sewage-treatment-plants" source="keywords">sewage treatment plants</keyword> and sewerage systems, on Monday fixed a price band of ₹140-148 per share for its ₹650 crore <keyword id="19913114" type="General" weightage="20" keywordseo="Initial-Public-Offering" source="keywords">Initial Public Offering</keyword> (IPO). The initial share sale will open for public subscription on November 22 and conclude on November 26. The bidding for anchor investors will open for a day on November 21, the company announced. The city-based company's proposed IPO is a combination of a fresh issue of 3.87 crore equity shares and an Offer For Sale (OFS) component of 52.68 lakh shares by promoters. Currently, promoters hold over 93 per cent stake in Enviro Infra Engineers. At the higher end of the price band, the IPO is valued at ₹650 crore, placing the company's market capitalization at approximately ₹2,600 crore. Proceeds from the fresh issue to the tune of ₹181 crore will be used to meet the working capital requirements, ₹100 crore will be used for payment of debt, ₹30 crore will be infused into the company's subsidiary, EIEL Mathura Infra Engineers, to build 60 million litres per day Sewage Treatment Plant (STP) at Mathura in Uttar Pradesh. Besides, a portion will be used for general corporate purposes. Half of the issue size has been reserved for qualified institutional buyers, 35 per cent for retail investors and the remaining 15 per cent for non-institutional investors. Enviro Infra Engineers is engaged in designing, construction, operation and maintenance of water and wastewater treatment plants and water supply scheme projects for government authorities/bodies. The treatment process installed by the company at most of the STPs is zero liquid discharge-compliant and the treated water can be used for horticulture, washing, refrigeration, and other process industries. Hem Securities is the sole book-running lead manager of the public issue. The equity shares of the company are expected to be listed on the BSE and NSE on November 29. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/webstories/ntpc-green-energy-ipo-gmp-risk-factors-and-all-you-need-to-know/slidelist/115403791.cms">NTPC Green Energy IPO – GMP, risk factors and all you need to know</a><a href="https://www.businessinsider.in/business/auto/webstories/kawasaki-ninja-zx-4rr-launched-in-india-priced-at-9-42-lakh/slidelist/115332842.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/webstories/kawasaki-ninja-zx-4rr-launched-in-india-priced-at-9-42-lakh/slidelist/115332842.cms" target="_blank">Kawasaki Ninja ZX-4RR launched in India priced at ₹9.42 lakh</a><a href="https://www.businessinsider.in/tech/mobile/news/indian-smartphone-shipments-grow-5-6-in-q3-2024-vivo-leads-the-market/articleshow/115329847.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/indian-smartphone-shipments-grow-5-6-in-q3-2024-vivo-leads-the-market/articleshow/115329847.cms" target="_blank">Indian smartphone shipments grow 5.6% in Q3 2024, Vivo leads the market</a>

Enviro Infra Engineers IPO to open on Nov 22; eyes ₹650 crore

<ul><li><keyword id="20270096" type="General" weightage="20" keywordseo="equity-benchmark-indices" source="keywords">Equity benchmark indices</keyword> <keyword id="19896382" type="General" weightage="20" keywordseo="Sensex" source="keywords">Sensex</keyword> and Nifty ended lower on Wednesday after three days of rally due to selling pressure in <keyword id="19895995" type="General" weightage="20" keywordseo="HDFC-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="HDFC Bank" meta.hostid="261" meta.entityid="HDFC Bank">HDFC Bank</keyword> and unabated <keyword id="20520117" type="General" weightage="20" keywordseo="foreign-fund-outflows" source="keywords">foreign fund outflows</keyword>.</li><li>The 30-share BSE Sensex declined 117.58 points or 0.16% to settle at 72,987.03. During the day, it lost 281.95 points or 0.38% to 72,822.66.</li><li>Bharti Airtel, Power Grid, NTPC, Mahindra &amp; Mahindra, Larsen &amp; Toubro and HCL Technologies were among the major gainers.</li></ul> Equity benchmark indices Sensex and Nifty ended lower on Wednesday after three days of rally, dragged down by selling pressure in HDFC Bank and unabated foreign fund outflows. Halting its three-day rally, the 30-share BSE Sensex declined 117.58 points or 0.16 per cent to settle at 72,987.03. During the day, it lost 281.95 points or 0.38 per cent to 72,822.66. The NSE Nifty dipped 17.30 points or 0.08 per cent to 22,200.55. From the Sensex pack, <keyword id="19906967" type="General" weightage="20" keywordseo="Tata-Motors" source="keywords" meta.keywordsubtype="org" meta.entityname="Tata Motors" meta.hostid="261" meta.entityid="Tata Motors">Tata Motors</keyword>, Asian Paints, HDFC Bank, JSW Steel, Hindustan Unilever, Nestle and Titan were the major laggards. In contrast, Bharti Airtel, Power Grid, NTPC, Mahindra &amp; Mahindra, Larsen &amp; Toubro and HCL Technologies were among the major gainers. In Asian markets, Tokyo settled in the positive territory while Shanghai ended lower. Markets in South Korea and Hong Kong were closed for a holiday. European markets were trading mostly higher. Wall Street ended with gains on Tuesday. Global oil benchmark Brent crude climbed 0.21 per cent to USD 82.55 a barrel. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 4,065.52 crore on Tuesday, according to exchange data. The BSE benchmark climbed 328.48 points or 0.45 per cent to settle at 73,104.61 on Tuesday. The NSE Nifty went up 113.80 points, or 0.51 per cent, to 22,217.85. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/webstories/virat-kohli-backed-go-digit-ipo-subscription-opens-today-all-you-need-to-know/slidelist/110137661.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/virat-kohli-backed-go-digit-ipo-subscription-opens-today-all-you-need-to-know/slidelist/110137661.cms" target="_blank">Virat Kohli-backed Go Digit IPO subscription opens today — all you need to know</a><a href="https://www.businessinsider.in/business/auto/news/tvs-iqube-gets-a-new-variant-priced-under-1-lakh-st-variant-gets-a-bigger-battery/articleshow/110121391.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/tvs-iqube-gets-a-new-variant-priced-under-1-lakh-st-variant-gets-a-bigger-battery/articleshow/110121391.cms" target="_blank">TVS iQube gets a new variant priced under ₹1 lakh, ST variant gets a bigger battery</a><a href="https://www.businessinsider.in/tech/mobile/news/qualcomm-snapdragon-8s-gen-3-chipset-to-debut-in-india-with-the-poco-f6/articleshow/110115537.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/qualcomm-snapdragon-8s-gen-3-chipset-to-debut-in-india-with-the-poco-f6/articleshow/110115537.cms" target="_blank">Qualcomm Snapdragon 8s Gen 3 chipset to debut in India with the Poco F6</a>

Markets snap 3-day winning run; Sensex slips over 100 pts on foreign fund outflows

<ul><li>The US equities closed sharply lower on Monday as investors awaited direction on the stimulus deal amidst rising COVID cases.</li><li>Here’s a list of stocks to watch for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider. </a></li></ul>Amidst mixed cues from the global markets, the Indian equities are likely to open lower on Tuesday. The SGX Nifty was trading 0.14% down at 7:45 am, indicating a negative start for Nifty50. The US equities also closed sharply lower on Monday as investors awaited direction on the stimulus deal amidst rising COVID cases. The Dow Jones Industrial Average dropped 410.89 points, and the S&amp;P 500 was down 1.63%. These are the stocks to watch out for during the trading session on October 20: Coal India, NTPC, NMDC and Engineers India The shares of Coal India, NTPC, NMDC and Engineers India will be in focus today <a href="https://timesofindia.indiatimes.com/business/india-business/centre-asks-at-least-8-state-run-companies-to-consider-buybacks-report/articleshow/78746179.cms">after reports surfaced</a> that the Indian government asked these companies and 4 state-run companies to consider share buybacks in the fiscal year that runs through March 2021. The shares of Coal India, NTPC, NMDC and Engineers India ended in green on Monday. Britannia Industries The biscuit major Britannia Industries reported a 22.96% jump in consolidated net profit to ₹495.20 crore for the quarter ended September 30. While revenue from operations rose 12.15% to ₹3,419.11 crore during the quarter under review. However, the profit growth was much lower compared to the sequential lockdown quarter. The shares of Britannia Industries ended 2% higher on Monday. HDFC Life HDFC Life Insurance Company reported a 6.1% increase in consolidated net profit to ₹327.83 crore for the quarter ended September 30. The total income of the life insurer jumped nearly 90% to ₹16,426.03 crore, it said in a stock-exchange filing. The shares of HDFC Life ended 2% higher on Monday. MRPL and ONGC Mangalore Refinery and Petrochemicals will buy 49% stake in ONGC for ₹ 1,220 crore. Also, ONGC has issued non-convertible debentures worth ₹1,140 crore on a private placement basis. The shares of MRPL ended 2% higher on Monday, whereas ONGC gained over 3%. ACC The cement maker ACC reported a 20.25% increase in consolidated net profit to ₹363.85 crore for the third quarter ended September 30. The company follows the January-December financial year. The overall revenue from operations remained flat at ₹3,537.31 crore. The shares of ACC ended 0.41% higher on Monday Larsen &amp; Toubro Infotech and Hindustan Unilever (HUL) Larsen &amp; Toubro Infotech and Hindustan Unilever (HUL) are slated to report their second-quarter earnings today. The shares of Larsen &amp; Toubro Infotech ended 1% lower on Monday, whereas HUL ended 2% higher. Equitas Small Finance Bank The Equitas Small Finance Bank ₹517.6 crore initial public offer (IPO) will open today for bidding. Price band has been fixed at ₹32-33 per share. The issue will remain open for investors until October 22. SEE ALSO: <a href="https://www.businessinsider.in/policy/foreign-policy/news/trump-versus-biden-what-the-result-of-us-election-could-mean-for-india/articleshow/78750339.cms" data-type="tilCustomLink">EXCLUSIVE: Trump versus Biden — Here’s what the result of the US election could mean for India</a> <a href="https://www.businessinsider.in/business/auto/news/exclusive-why-tata-motors-ceo-is-not-worried-about-musks-tesla-coming-to-india/articleshow/78749755.cms" data-type="tilCustomLink">EXCLUSIVE: Why Tata Motors CEO is not worried about Musk's Tesla coming to India</a> <a href="https://www.businessinsider.in/business/startups/news/byjus-renewal-rates-stand-at-86-the-founder-of-the-11-billion-edtech-startup-shares-how-they-cracked-the-code-for-repeat-subscriptions/articleshow/78749254.cms" data-type="tilCustomLink">EXCLUSIVE: BYJU’S renewal rates stand at 86% – the founder of the $11 billion edtech startup shares how they cracked the code for repeat subscriptions</a>

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NTPC Green Energy IPO opens for subscription today. Should you invest?

BI India Bureau

Enviro Infra Engineers IPO to open on Nov 22; eyes ₹650 crore

PTI

Markets snap 3-day winning run; Sensex slips over 100 pts on foreign fund outflows

PTI

Top stocks to watch — HDFC, HUL, Britannia, ACC, MRPL, ONGC, Coal India, and others

Navdeep Yadav

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