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Zerodha customers complain of glitches on Monday morning; NSE, BSE says systems running smooth

India’s largest brokerage house Zerodha was again making headlines on Monday morning, facing customer ire over complaints that prices and trading froze on its trading platform, resulting in losses to users of the discount broking service. HDFC Securities also reported glitches and blocked trading in NSE cash due to the said glitch. Customers took to social media websites to complain about the platform. Both, National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) were immediate to respond, claiming that their platforms were running smoothly, dousing concerns of another trading conundrum.

Zerodha’s customer complaints on Twitter ranged from frozen prices, F&O update lag, and even order placement errors on Kite. Along with Zerodha, other discount brokerage firm, Angel Broking was also facing some hostility from customers who reported similar glitches and problems in trading on NSE.

Traditional brokerage firm HDFC Securities too was among those who faced glitches. “We have blocked trading in NSE cash due to a technical glitch. We request our customers to place cash orders on BSE. All other segments are working fine. Apologies for the inconvenience caused,” HDFC Securities said in the tweet. However, both NSE and BSE said their operations were running smoothly. The trading halt on NSE, placed by HDFC Securities, continued for nearly 20 minutes on Monday morning.

Last week’s ghosts resurface

The outage on various platforms comes less than a week after NSE faced a major technical glitch that where exchange feeds for Nifty, Bank Nifty and other indices stopped for all brokerage firms. The glitched forced NSE to halt trading nearly three hours into the day’s session. Meanwhile, F&O and intra-day orders could not be exited across brokerages. Zerodha had then exited all intra-day equity positions for their clients on BSE without their individual consent, bringing the company under fire as NSE resumed trading post-normal hours.

Nitin Kamath, Founder and CEO of Zerodha has defended the company’s actions. “A lot has been said about what we should have done on February 24, when NSE halted trading. Of course, with hindsight, it is easy now to suggest. But at 3 PM on February 24, the best option was to square off all NSE intraday positions on BSE,” he tweeted.

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Stove Kraft stocks debut with premium, list at 21% bonus over IPO price on bourses

The kitchen appliance manufacturer and home solutions firm, Stove Kraft made its share market debut at Rs 467 per share, a premium of Rs 82 or 21.30% from the issue price on BSE. Stove Kraft became the fourth IPO of the calendar year 2021 to list on exchanges. On National Stock Exchange (NSE), the stock listed at Rs 498 per share, rising 29.35 per cent from the issue price. On listing, the kitchen appliance manufacturer was commanding a market capitalization of Rs 1,500.31 crore. The Rs 412-crore initial public offer (IPO) was subscribed 18 times with non-institutional investors bidding 32.72 times the allocated quota of shares. In the previous session, Stove Kraft shares were seen quoting a premium of Rs 35-40 apiece, over the issue price.

Issue was opened last week, where investors were offered the shares in a bid lot of 38 equity shares or multiples, priced at Rs 384-385 per share. The initial public offer (IPO), comprised a fresh issue of up to Rs 95 crore and an offer for sale of up to 82.50 lakh equity shares. Stove Kraft caters in the sub-premium and premium segment through its brands such as Pigeon, Gilma, and BLACK + DECKER. The qualified institutional buyers (QIBs) category was subscribed 8 times, non-institutional investors 32.72 times and retail individual investors 26 times.

Analysts at Angel Broking Ltd said that Stove Kraft priced its issue at 34.5x PE on a trailing basis, its peers TTK Prestige and Hawkins Cookers were currently trading at 61.0x and 47.5x respectively. Cost such as travelling, advertisement reduced in H1FY21 due to Covid-19 is going to come back once business comes back to normalcy. Those at KRChoksey Research said that at the upper band of the issue price, Stove Kraft will trade at a Price/EPS multiple of 12.0x of its annualized H1FY21 revenue, which is at a discount to its listed peers like TTK Prestige Ltd (45x), Hawkins Cookers (42.3x), and Butterfly Gandhimathi (284.3x). “We believe that the current price band is undervalued, looking at the growth potential in the company we anticipate listing gains,” they added.

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PVR raises Rs 800 cr from investors via QIP

Multiplex operator PVR Ltd has raised Rs 800 crore by issuing shares to a set of investors through qualified institutional placement (QIP). The QIP witnessed an allotment of over 55.55 lakh equity shares to eligible qualified institutional buyers (QIBs) at a price of Rs 1,440 apiece.

“The fund raise committee of the company… approved the issue and allotment of 55,55,555 equity shares to eligible QIBs at the issue price of Rs 1,440 per equity share, aggregating to approx Rs 800 crore,” PVR said in a regulatory filing late on Monday night. PVR said the issue opened on January 27, 2021 and closed on February 1, 2021.

Shares of the company were trading 0.29 per cent higher at Rs 1,529.30 a piece on the BSE.

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Rajasthan govt announces 2 pc cut in VAT on petrol, diesel

The Rajasthan government has reduced value-added tax (VAT) rate by two per cent on petrol and diesel, giving people the much-needed respite from rising fuel prices. The state finance department late Thursday issued orders, which came into effect from Thursday midnight.

Chief Minister Ashok Gehlot said that despite the price of crude oil being at the lowest level for a long time at the international market, inflation is rising as prices of petrol and diesel are hovering at all-time high levels and the common man is facing economic difficulties.

The price of branded or premium petrol price had crossed Rs 100-mark in Sriganganagar town of Rajasthan on January 27. Retail fuel prices vary from state to state depending on local sales tax or VAT.

The Chief Minister said in a statement that the government of India is currently charging an excise duty of Rs 32.98 per litre on petrol and Rs 31.83 per litre on diesel, which is excessive.

Gehlot said that the basic excise duty paid by the government of India is part of the divisible pool paid to the states, which has been reduced continuously from Rs 9.48 to Rs 2.98 on petrol and Rs 11.33 to Rs 4.83 on diesel due to which all the states, including Rajasthan are losing huge revenue. He said that the Centre has been continuously increasing the additional excise duty from Rs 8 to Rs 18 per litre on petrol and diesel and special excise duty has been increased from Rs 7 to Rs 12 on petrol and from zero to Rs 9 per litre on diesel.

Due to this policy of the Centre, the states are not getting their benefits. At the same time, people have to bear the brunt of expensive petrol and diesel. He said that following the initiative taken by the state government, the central government should also give relief to common man by reducing central taxes on petrol and diesel.

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