Stove Kraft IPO Note – Brief Overview

Company Highlights

Founded in 1999, Stovekraft manufactures cooking appliances under Pigeon and Gilma brands. Under the “Pigeon” brand, it has 651 distributors in 27 states & 5 union territories & 12 distributors for exports. It has distribution network in countries including USA, Mexico, Kenya, Qatar, Sri Lanka, Fiji, Bahrain, Kuwait.

It has manufacturing facilities at Bangalore (Karnataka) and Baddi (Himachal Pradesh).

Strengths

  • Diversified product portfolio
  • Well connected distribution network
  • Strong manufacturing capability

Strategies

  • Increase geographical reach
  • Scale up branding, promotional & digital activities
  • Expand portfolio in existing product segments
  • Invest in new plants and increase automation in existing manufacturing facilities

Issue Highlights

Valuation

The company is getting listed at a trailing 12M P/E of 34.5, which is below the industry P/E of 58.8.

Utilization of Funds

  • Repayment/pre-payment, in full or part, of certain borrowings (INR 76 Crores)
  • General Corporate Purpose

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Morning Market Insight Report – 22 Jan 2021

Technical Outlook

Bank Nifty Intraday Outlook:

In Thursday’s trading session, Bank Nifty lost 0.8%. PSU Banks and Private banks lost 3.2% 0.7% respectively.

We expect intraday range could be 31,794-32,819 with sideways to positive momentum & broader range could be expected between 31,597 to 33,099  zone for this week.

Nifty Intraday Outlook:

In yesterday’s trading session, Nifty closed in red, after shedding the gains of earlier trading session, when the market rose after the inauguration of Joe Biden as the US President.

Also, investors remained positive on the continued expectations of  additional stimulus package by the US government.

Additionally, better than expected results season has been aiding the gains in equity market.

We expect intraday range could be 14,363-14,814 with sideways to positive momentum while broader range could be 14,212 to 14,952.

Daily Market Statistics:

Major Global & Domestic Economic Events

Results Calendar

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