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FAANG stocks fail to shine last week despite NASDAQ’s jump; 3 of the 5 big tech shares tumble

The holiday-shortened previous week saw the NASDAQ index gain 1% overall, after having suffered a steep fall during the initial hours of trade on Monday morning. The star constituents of the index — the FAANG stocks — witnessed a mixed bag of a week, with some gaining and others losing. So far this year, FAANG stocks have gained 50% on average, outperforming the benchmark NASDAQ index. Apple has been the best stock so far this year among the big-tech names that make up the FAANG stock list.

Facebook in the previous week registered a 3.3% fall as it failed to recover after Monday’s fall and only added to the losses. At the end of the trading session Thursday, the stock was quoting a price of $267.4 per share. During the week, reports claimed that Facebook has shut one of its intellectual property units in Ireland. The unit was claimed to be a tax-saving mechanism used by the social media behemoth. Another news around Facebook that hogged the limelight this past week was the news of Mark Zuckerberg selling 44,750 shares of the company for a total amount of $12.2 million.

The manufacturer of the iPhone, Apple, had a way better week than Facebook as stock price gained 4.2%. This stock movement came in a week when reports claimed that the company was planning to make electric vehicles by 2024. The news of Apple preparing to launch a car by 2024 was reported by Reuters, they said it is most likely the passenger car of the company will be powered by its own battery technology. Stocks of the technology giant closed at $131.97 per share last week.

Amazon was also one of the laggards in the previous week. Jeff Bezos’ firm saw it stock price slip 0.90% in the week to close at $3,172.69 per share. Streaming service Netflix was also in the red last week, slipping 3.7%. The Co-CEO of the frim, Reed Hastings has sold 437,311 shares of the firm this month for $527 per share, according to reports. The total stake sale value was $230.6 million. This comes less than a month after Reed Hastings had sold over 213,000 shares of the firm.

Technology giant Google recovered sharply from the initial fall in the week gone by and ended flat with a positive bias. Shares of the firm closed at $1,734.16 per share. Since December 2, shares of Google are down 5%.

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Mrs. Bectors shares grey market premium surges 75% amid volatile stock market; check listing day strategy

Mrs Bectors Food Specialities shares are scheduled to make a stock market debut on Monday, December 28, 2020. The Rs 540-crore IPO was subscribed a whopping 197.38 times, becoming the most subscribed issue of 2020 so far. The company is the largest supplier of buns in India to QSR chains such as Burger King, McDonald’s, KFC, Carl’s Jr, Pizza Hut and Dominos Pizza. It sells its premium bakery products under ‘English Oven’. Mrs Bectors Food came up with its public issue following the successful listing of Burger King India which was listed with a 92 per cent premium to its issue price of Rs 60. In the grey market today, Mrs Bectors Food Specialities shares were seen trading at Rs 503 apiece, implying a premium of Rs 215 or 75 per cent over the IPO price of Rs 288 apiece.

Bectors listing day shares

Mrs Bectors’ numbers over the last few years have not been that good. Amarjeet Maurya, AVP – Mid Caps, Angel Broking Ltd told Financial Express Online, that the first half performance was good as compared to the first half of the previous fiscal because the consumption of bread, biscuits and other bakery products increased. Consumption was also high for Britannia Industries. Overall the business model is good with a healthy market share in North India and in exports as well. “As an investor, if I get more than 50-60 per cent return, I would book profits and wait for a correction in the stock and then invest again. We are expecting that Mrs Bectors Food Specialities might get good multiples although not as high as other listed peers like Britannia Industries and Nestle India,” Maurya said.

Manan Doshi, Co-Founder, UnlistedArena.com dealing in Pre-IPO & Unlisted Shares, told Financial Express Online, after the recovery in broader market and post declaration of allotment status, Mrs Bectors Food Specialities IPO is expected to list with a hefty premium of 75-85 per cent which implies the listing of shares above Rs 500 mark.

While Vishal Wagh, Head of Research, Bonanza Portfolio Ltd, told Financial Express Online that investors should opt listing gains amid share market volatility. “We expect near to 10-15 per cent listing gains due to high market volatility. Any follow up selling in market may lead to early profit booking,” Vishal Wagh said.

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IEX expands Green Market; Adds daily, weekly contracts

Indian Energy Exchange (IEX) on Friday announced the expansion of its Green Market with the launch of new contracts that will offer greater choice to market participants to buy renewable energy on the same day and up to 11 days ahead.
IEX has expanded its delivery-based Green Market with the launch of two new products – Green Daily Contract and Green Weekly Contract, an IEX statement said. According to the statement, trading in the new contracts in both solar and non-solar segments will commence with immediate effect.

With this launch, the IEX Green Market now has four contracts, and offers greater choice to market participants to buy renewable energy on the same day and up to 11 days ahead. In a first for IEX Green Market, the Daily and Weekly contracts, will enable market participants to trade in on energy basis (MWh) with the bidding taking place on a 15-minute time-block.
The trading in energy terms will help to address the intermittency issues involved in renewable energy procurement.

Further, this will also assist market participants to minimise deviations as well as related penalties. Energy will be delivered leveraging the national, regional and state level transmission network. The Green Market at IEX, a first of its kind initiative in the country, was formally launched by Power Minister R K Singh on September 1, 2020. The market has received encouraging response from all stakeholders and has cumulatively traded 459 MU (million units) comprising 404 MU under Solar and 55 MU under Non-Solar segments within 100 days since the commencement of trading on August 21, 2020.

Moreover, it stated that with an average price of Rs 3.47 per unit in solar and Rs 3.77 per unit in non-solar segments, the market offers an attractive avenue to participants for renewable energy procurement. “India is witnessing a rapid change in the energy sector with renewables driving the energy shift. To meet our ambitious renewable energy targets and sustain the existing pace of growth in renewable capacity addition, there is a need for a market-based framework.” IEX Chairman S N Goel said.

IEX Green Market allows the obligated entities to meet their Renewable Purchase Obligation as well as facilitates efficient and seamless integration of the renewable energy. With a total of 36 market participants, the platform is being leveraged by the distribution utilities, renewable generators and open access consumers.

The utilities from the States and Union Territories of: West Bengal, Haryana, Dadra and Nagar Haveli (DNH), Daman & Diu, Delhi, Bihar, Maharashtra, Delhi, UP, Telangana and Karnataka amongst the top market participants on the IEX

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Burger King India IPO: Listing gains in offing; retail quota subscribed over 17 times so far

Burger King India initial public offer (IPO) received a robust response from retail investors on the day one of the bidding process. The Rs 810-crore issue received bids for 26.46 crore shares against 7.44 crore equity shares on offer, implying an overall 3.53 times subscription, so far. Most of the brokerages suggest to subscribe to one of the fastest growing international QSR chains in India for the listing gains. The issue is being sold in the price band of Rs 59-60 apiece. Link Intime India Pvt Ltd will manage allocation and refund of the issue and is the registrar of Burger King India IPO.

According to the exchange data, retail portion saw 17.64 times applications as retail had the lowest allocation quota of only 10 per cent. While, non-institutional investors (NIIs) and Qualified Institutional Buyers (QIBs) bid for 75 per cent and 17 per cent, of their respective quotas. These two categories usually subscribe the most on the last day of the three-day bidding process. Burger King India has reserved up to 75 per cent of the issue for QIBs while 15 per cent for NIIs.

Subscribe to Burger King India for listing gains

Analysts at GEPL Capital recommend to ‘subscribe’ to Burger King India IPO for listing gains. At the upper price of Rs 60, the offer is priced at 14.8x FY20 CFO (cash flow from operations) per share. “As a long-term investment, we would wait a few quarters for signs of a sustainable recovery in the same-store sales growth and the ability to repay the pending obligations with a sustainable debt to equity,” Gaurav Hinduja, Associate Analyst at GEPL Capital said.

Research and brokerage firm Motilal Oswal Financial Services has also suggested to subscribe to the issue for listing gains. The brokerage firm said that considering Burger King India’s strong brand positioning, robust store expansion plans and the bright growth prospects of the QSR industry in India, it expects its financials to improve going ahead. The net debt/equity as of Sep’20 stood at 3.3x which post IPO will reduce to zero.

Burger King is one of the fastest-growing QSR businesses in India; it has been growing at a CAGR of 98% over 5 years bearing Covid-19 impacted quarter. “We, therefore, expect the growth trajectory will continue and its financial position to improve going ahead. Therefore, we recommend to subscribe over the issue,” said analysts at Dealmoney Securities.

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