Elections in Germany, NTPC, PNB Share Price & Other Top Cues in Action Today

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Indian share markets languished in red in previous session as rupee hit its weakest point since early April amid concerns that the government's plan for an impetus to halt an economic slowdown may have a negative impact on the fiscal deficit. The sentiment also remained negative after North Korea said it might test a hydrogen bomb in the Pacific Ocean and escalated a war of words with US President Donald Trump.

At the closing bell last week, the BSE Sensex closed lower by 448 points and the NSE Nifty finished down by 157 points. The S&P BSE Mid Cap finished down by 2.7% while S&P BSE Small Cap finished down by 2.9%. Losses were largely seen in realty stocks, metal stocks and capital goods stocks.

Top Stocks in Focus

NTPC share price is expected to be in focus today as the company received shareholders' approval to raise Rs 150 billion via non-convertible bonds on private placement basis for capex, working capital and other corporate purposes. Besides, the shareholders also approved the proposal to confirm payment of interim dividend and declare final dividend for 2016-17.

In news from banking sector, PNB share price is expected to be in limelight today as the company plans to raise up to Rs5,000 crore equity capital from the markets to fund growth. As per the reports, the public-sector bank however did not give any indication as to whether it would be raised by diluting government equity or issuing Additional Tier-1 (AT1) bonds.

Infosys share price is expected to see some action as the company's wholly owned subsidiary Infosys Finacle, part of EdgeVerve Systems announced a partnership with ToneTag, a provider of near-field communications, payments and location based services using sound waves. Through this partnership, Finacle and ToneTag will offer a joint solution that will leverage the latter's sound wave technology to enable proximity payments and interactions.

As per a leading financial daily, SAIL aims to tap big into the steel demand in India, which is projected to become "the fifth- largest economy" this year. The company is armed with latest technologies and higher product mix. SAIL has done significant value addition in its product mix, with higher grades of steel from Rourkela Steel Plant's new plate mill for the oil and gas sector, SAIL HT-600 for the automotive sector and high strength LPG steel grade from Bokaro Steel Plant

Meanwhile, SAIL is also poised to install a new 3 million tonne per annum Hot Strip Mill at Rourkela Steel Plant (RSP) by 2018 in a bid to enlarge its basket of value added products.

In news from engineering sector, as per an article in The Hindu Business Line, BHEL will create a diversified portfolio for its next wave of growth that will include areas such as solar energy, transportation and water business. The company plans to go beyond thermal power and other areas for capitalising on emerging opportunities that include defence and aerospace to increase the company's share of business from non-coal areas.

IPO Segment

The initial public offering (IPO) of Prataap Snacks Ltd was subscribed 43% on Friday, the first day of the IPO. The portion of shares reserved for retail investors and high net-worth investors were subscribed 28% and 2% respectively. The company has priced its shares in a range of Rs930-938 per share. The Rs480 crore IPO will close on 26 September.

The IPO comprises a fresh issue of Rs 2 billion. As per Livemint, the proceeds from the fresh issue will be used by the company for repaying borrowings, funding capital expenditure requirements for setting up new production lines, modernization of existing manufacturing facilities, and investment in subsidiary.

The market euphoria is something similar to what was seen in 2007-08. When everyone around you is clamoring to get a piece of the IPO pie, it makes sitting tight difficult. And, why should you sit tight when stocks like Avenue Supermart lets you pocket a cool 100% gain from day 1 of the listing?

History suggests that these cases are few and far between. More than 70% of the IPOs listed in 2007 and 2008 are in the red, even today when the Sensex is at an all-time high.

This allows us to stay on the fence when it comes to investing in IPOs. But it doesn't make sense to completely ignore this space. For every Reliance Power -like issue, there have been issues like Maruti, TCS, and Jubilant Foodworks Ltd (with returns over 4,000%, 1,000% and 500% respectively) that have created immense wealth for shareholders. A merit-based selection primarily including valuation, business, and management quality is the logical way to go about it.

RBI Eases Foreign Investment Regulations

As per a leading financial daily, the Reserve Bank of India changed the rules pertaining to the calculation of the foreign investment limit in so-called masala bonds. This could potentially open up more space for Indian companies to sell more such securities.

Masala bonds, or rupee-denominated bonds sold overseas, will not be part of the investment limit for foreign portfolio investors (FPIs) in corporate bonds and will instead be included under external commercial borrowings.

North Korea Continues to Weigh on Global Markets

US markets closed narrowly mixed last week as health care stocks recovered most of their losses. The Dow closed out its second consecutive week of gains, up 0.4% on the week.

Markets in Asia retreated last week on renewed tensions between North Korea and the United States - though China's debt position also worried investors. S&P cut China's sovereign credit rating for the first time since 1999, pointing to economic and financial risks from the country's soaring debt. Fitch as well as Moody's lowered their ratings for China earlier this year. The move could be prickly for the ruling Communist Party, ahead of a national congress next month.

European markets are expected to see some action as Germany will hold national elections for Chancellor on Sept. 24, with Angela Merkel seeking a fourth term. The election occurs at a time when Europe is enjoying an above-trend pace of economic growth and a broadening recovery.

Oil prices Remain Flat

Oil markets had a neutral reaction to OPECs uneventful meeting. OPEC met last week to consider the possibility of extending the production cuts beyond March 2018. The meeting was uneventful, with no decision taken in regard to recommendations on extending or deepening the production cut deal.

To keep a tab on the movements in crude oil and other commodities, you can read the stock market commentary from the Daily Profit Hunter team. Their commentary tracks the developments in the global economy as well as stock, currency and commodity markets.

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