Sensex Opens 200 Points Up; Realty & Metal Stocks Top Gainers

Fri, 16 Feb 09:30 am

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Asian stocks finished broadly higher today with shares in Hong Kong leading the region. The Hang Seng is up 1.97% while Japan's Nikkei 225 is up 1.09% and China's Shanghai Composite is up 0.45%. Wall Street surged on Thursday to notch its fifth straight session of gains, led by Apple and other technology stocks as investors shrugged off recent inflation worries that sent the market into a sell-off at the start of the month.

Back home, India share markets opened on a strong note. The BSE Sensex is trading higher by 206 points while the NSE Nifty is trading higher by 48 points. The BSE Mid Cap index and BSE Small Cap index opened the day up by 0.7% & 0.2% respectively.

All sectoral indices have opened the day in green with realty stocks and metal stocks witnessing maximum buying interest. The rupee is trading at 63.92 to the US$.

In the news from the economy. Robust growth in shipments of chemicals, engineering goods and petroleum products pushed India's exports by 9% to US$24.4 billion in January.

However, the gain was nullified by an even stronger growth in imports at 26% which widened trade deficit to a three-year high of US$16.3 billion. Imports in January stood at US$40.68 billion.

The last time trade deficit - the difference between imports and exports - was so high was in November 2014 when it touched US$16.9 billion. The deficit in January last year was US$9.9 billion.

Notably, exports have been on a positive trajectory since August 2016 to January 2018 with a dip of 1.1% in the month of October 2017. The cumulative value of exports for April-January 2017-18 grew 11.8% to US$247.9 billion against US$221.8 billion in the year-ago period.

Imports, on the other hand, grew 22% to US$379 billion from US$310 billion.

Moving on to the news from IPO space. The Rs 9.8 billion initial public offering (IPO) of Aster DM Healthcare Ltd witnessed an overall subscription of 1.33 times on Thursday, the last day of its share sale.

The portion of shares reserved for institutional investors in the IPO was subscribed 2.1 times, while that set aside for retail and non-institutional investors was subscribed 1.2 times and 0.6 times, respectively.

Aster DM had set a price band of Rs 180-190 per share for the IPO. The IPO comprises a fresh issue of shares of Rs 7.3 billion and an offer for sale of 13.4 million shares by promoter Union Investments Pvt. Ltd.

At the upper end of the price band, the share sale will fetch the promoters about Rs 2.6 billion. Proceeds from the fresh issue will be utilized to repay debt, purchase medical equipment and meet general corporate expenses.

Aster DM is the latest in a series of healthcare firms, including Shalby Ltd, Alkem Laboratories Ltd, Dr Lal PathLabs Ltd, Narayana Hrudayalaya Ltd, Thyrocare Ltd and Eris Lifesciences Ltd, that have tapped the capital markets.

To know our view on this IPO, you can read our IPO note on Aster DM Healthcare (requires subscription).

Also, if you want to know more about IPOs and whether they are right for you, you can download our free special report - How to Get Rich with IPOs.

If you've been tracking the demand for IPOs, you would certainly think that 2017 is the year of IPOs. For one, IPO subscriptions were at sky high levels. But if the performance of recently listed IPOs are anything to go by, they have flattered to deceive.

Of the 5 recent high profile IPOs which listed on the stock market, four have given negative returns as of yesterday's closing price.

The IPO activity in FY17 is mainly driven by Offer for Sale (OFS) rather than fresh issues. An OFS is a route through which existing promoters and private equity investors offload their stake. Here, the money from the sale goes to the selling shareholder. Whereas, in a fresh issue, the money raised goes to the company who, normally, utilizes this money to repay debt, for capital expenditure, etc.

Also, the number of Private Equity (PE) investors exiting these companies raised a red flag. These PE investors had bought a stake in the IPO recently at a fraction of the listed price. Sensing the frenzy, they were able to offload their stake with multifold returns.

The only person left high-and-dry here was the retail investor. And, this is not a recent occurrence. The IPO euphoria is something similar to what was seen in 2007-08. More than 70% of the IPOs listed in 2007 and 2008 were in the red, even today when the Sensex is at an all-time high.

So, for the retail investor, it is very important to ignore the noise and focus on the fundamental and valuations on the table. And more often than not, this approach works much better than following the herd.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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