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Mahindra CIE Automotive: Mahindra & Mahindra has sold 82,42,444 shares or 2.173% shareholding in associate company Mahindra CIE Automotive. The sale has been executed through a bulk deal window at a gross price of Rs 285 per share. After the sale, the shareholding of the company in Mahindra CIE has come down from 11.427% to 9.254%.
Bharat Heavy Electrical: The company has received order for setting up the 2x660 MW Talcher thermal power project Stage-III on EPC (engineering, procurement, and construction) basis from NTPC.
IFCI: The company said the board has approved the preferential issue of equity shares up to Rs 100 crore for FY23 to the Government of India. This is subject to the approval of the shareholders.
HG Infra Engineering: Subsidiary HG Khammam Devarapalle Pkg-1 Private Limited has received financial closure for the Greenfield highway project in Telangana, from the National Highways Authority of India.

Power Grid Corporation of India: The company has received board approval for the appointment of G Ravisankar, Director (Finance) as Chief Financial Officer (CFO).

Harsha Engineers makes a bumper listing with 36% premium

Harsha Engineers International clocked gains on listing as expected before rising further but most analysts advise booking profits amid market turmoil. The stock started off the first day's trade with a whopping 36 percent premium over issue price despite nervousness in equity markets. It climbed further six percent as the day progressed to take total gains to 43 percent over issue price.

Analysts said high premium at listing is justified with the IPO generating stronger than expected demand as qualified institutional investors' portion got subscribed over 178 times. Also, the ask price is fairly valued compared to industry peers.

"We recommend booking partial profits while remaining can be kept for the long term as the company is a comprehensive solution provider offering diversified suite of precision engineering products across geographies and end-user industries and has long-standing relationships with leading clientele," said Astha Jain, senior research analyst at Hem Securities.

Rajnath Yadav, research analyst at Choice Broking, urged investors to exit given the market volatility. Although Prashanth Tapse, senior vice president of research at Mehta Equities, sounded "very optimistic" on Harsha Engineers with its dominant position, he too advised booking profits in the current market scenario. "Risk takers can hold with a long-term perspective," he added.

Santosh Meena, head of research at Swastika Investmart, termed the company as a proxy play on India becoming a global manufacturing hub: "Those who applied for listing gains can maintain a stop loss at Rs 400. Our recommendation for investors is to hold the allotted shares and long-term investors can accumulate the stock on dips."

Harsha Engineers, which is the largest manufacturer of precision bearing cages in India, raised Rs 755 crore from the public issue with a strong 74.70 times subscription during September 14-16. Of the total issue size, Rs 455 crore was raised through fresh issuance which will be used in repayment of debts, capital expenditure towards the purchase of machinery, and existing production facilities.

Sensex was down 860.62 points or 1.48 percent at 57,238.30, and the Nifty down 285.50 points or 1.65 percent at 17041.80 following weak global cues. This is the fourth straight day of selling on Dalal Street.

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Harsha Engineers to debut on September 26 | Will it be a bumper listing?

 Harsha Engineers International is expected to list on the bourses with healthy premium on September 26, following strong subscription figures in the maiden public offer of the precision bearing cages maker, experts said.
According to them, the listing premium could be in the range of 40-50 percent. This translates into a price of Rs 460-500 against issue price of Rs 330 per share, although the said premium corrected from more than 60 percent earlier due to significant volatility in the secondary markets in last few days.
The market fell more than 4 percent from its recent high, due to global weakness amid rising recession fears in the US after aggressive policy tightening.
The current expected premium is largely backed by the IPO subscription figures, strong financials and long standing relationship with clients, robust growth prospects and healthy market share in the organised precision bearing cages segment.
We are expecting Harsha Engineers to list at 40-45 percent premium to issue price," said Astha Jain, Senior Research Analyst at Hem Securities.
Prashanth Tapse, Senior VP Research at Mehta Equities, also said despite uncertainty in the equity markets, Harsha Engineers is signaling a strong debut with a significant premium on its issue price of Rs 330 per share.
Considering excellent response from all investor categories, "we assume listing would be around Rs 480-500 levels, which translates to more than 45-51 percent premium over the upper end of the IPO," Tapse said.
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Currently, Harsha Engineers traded with 42-48 percent premium in the grey market which is an unofficial platform for trading in IPO shares, analysts said.
High premium listing is justified on the back of virtual monopolistic business model in its product segment, which generated a stronger than expected investors demand with QIB portion subscribed over 178 times, said Tapse. On valuation per se, the ask price is fairly valued when compared to its industry peers, he added.
The Rs 755-crore public issue was bought 74.7 times by participants, with the portion set aside for non-institutional investors and retail investors being subscribed 71.32 times and 17.63 times, respectively.
Mehta Equities is very optimistic on Harsha Engineers with its dominant position and well placed to tap the growth in specialized precision components and bearing cage demand across all the industries, he said.
Harsha Engineers International is the largest manufacturer of precision bearing cages (critical component within bearings) in terms of revenue, and holds a 60 percent market share in the organised sector. It is also amongst the leading manufacturers of precision bearing cages in the world with a 6.5 percent market share.

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Buy Triveni Turbine; target of Rs 280: Sharekhan

 Sharekhan is bullish on Triveni Turbine has recommended buy rating on the stock with a target price of Rs 280 in its research report dated September 23, 2022.
Our interaction with Triveni Turbine Limited (TTL) reaffirms our bullish stance on the company, given its foray into high-margin API turbines, scaling up of 30-100 MW segment, and renewable energy orders driving its core business. The company aims ~35% revenue growth for the next couple of years, led by strong order book of Rs. 1,070 crore and large enquiry pipeline in both India and international markets. TTL leads with a market share of 50-60% in the 0-30 MW segment in India with industry-leading margin. In the international addressable market, TTL has a share of ~20%. The addressable global market size for 0-30 MW is 1.5x Indian market.'
At 17:30 Triveni Turbine was quoting at Rs 231.45, up Rs 1.95, or 0.85 percent.
It has touched an intraday high of Rs 234.75 and an intraday low of Rs 227.00.
It was trading with volumes of 146,492 shares, compared to its five day average of shares, a decrease of percent.
It was trading with volumes of 146,492 shares, compared to its thirty day average of shares, a decrease of percent.
In the previous trading session, the share closed down 0.54 percent or Rs 1.25 at Rs 229.50.
The share touched its 52-week high Rs 248.20 and 52-week low Rs 132.75 on 21 September, 2022 and 28 September, 2021, respectively.
Currently, it is trading 6.75 percent below its 52-week high and 74.35 percent above its 52-week low.
Market capitalisation stands at Rs 7,482.91 crore.

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