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Of Depreciating Rupee, Q3FY19 Results, and Top Stocks in Action Today
Wed, 16 Jan Pre-Open | Monish Vora, TM Team

On Tuesday, share markets in India traded on a positive note throughout the day and ended on a strong note after an optimistic day of trading.

The BSE Sensex closed higher by 465 points to end the day at 36,318. While the broader NSE Nifty ended up by 149 points to end at 10,887.

Among BSE sectoral indices, IT stocks rose the most by 3%, followed by power stocks and realty stocks.

Top Stocks in Focus Today

Piramal Enterprises share price will be in focus today as the company has raised Rs 50 billion at an average rate of 9.5% through longer tenure bond sale in the last one month. The company's housing finance subsidiary-Piramal Capital & Housing Finance also raised Rs 40 billion of term loans in the same period.

M&M share price will be in focus today as the company has entered into a strategic partnership with Shell Lubricants.

Under the pact, the company and Shell will work together to offer market-leading, high-performance lubricant products, such as engine oils, transmission and axle oils, including those under the 'Maximile' brand. These lubricants will be distributed through the Mahindra dealership network and bazar networks through the Mahindra spares business unit.

L&T share price will also be in focus as the company's wholly-owned subsidiary-L&T Hydrocarbon Engineering (LTHE), in consortium with Subsea 7 has won another award for two projects from Saudi Aramco.

Market participants will also track Cyient share price.

Cyient is going to discuss a proposal for a maiden buyback offer at its meeting to be held on January 17, 2019.

Results Corner

Trident has reported a rise of 53.6% in its net profit at Rs 1.1 billion for the quarter under review as compared to Rs 0.7 billion for the same quarter in the previous year.

Hindustan Media Ventures has reported 25.4% fall in its net profit at Rs 291.6 million for the quarter under review as compared to Rs 390.9 million for the same quarter in the previous year.

However, total income of the company increased by 6% at Rs 2.5 billion for Q3FY19 as compared Rs 2.4 billion for the corresponding quarter previous year.

TV18 broadcast reported a consolidated net profit of Rs 1.46 billion for the third quarter ended December 31, 2018. The company had reported a net profit of Rs 85.3 million in the corresponding quarter a year ago.

Rupee Slides Past 71-Mark

The Indian rupee was under pressure yesterday as foreign funds pulled out Rs 7.3 billion from the capital markets on a net basis, while domestic institutional investors purchased shares worth Rs 5.3 billion on Monday.

The domestic currency breached the crucial 71-mark against the US dollar on Tuesday.

Data released on Monday showed retail inflation falling to 18-month low of 2.2% in December on account of lower food prices. But core inflation continues to remain elevated at 5.7%, mainly because of higher education and healthcare costs.

The rupee came under pressure recently after global oil prices rebounded from December lows on supply cuts by producer club OPEC and Russia.

Oil prices are up nearly 20% since hitting an 18-month low in late December. Higher crude prices put pressure on India's current account as well as fiscal deficit and thus hurts the rupee.

From the IPO Space...

In the latest development from the IPO space, several companies including cables and consumer electronic goods maker Polycab Wires Pvt. Ltd and hotel operator Chalet Hotels Ltd, are gearing up for their public offers.

Chalet Hotels is also expected to raise Rs 20 billion through its IPO. According to the company's draft red herring prospectus, it plans to raise Rs 9.5 billion in fresh capital, while the promoters will sell 24.7 million shares through the offer for sale. The hotel owner plans to use the fresh capital for repaying debt.

In 2018, 24 companies raised Rs 309.6 billion through their initial public offerings (IPOs), while 2017 witnessed 36 companies raising Rs 671.5 billion through public floats.

However, between October and December 2018, companies had desisted from launching IPOs, considering the highly volatile stock market.

Besides, Polycab and Chalet Hotels, Harsha Engineers Ltd, Dodla Dairy Ltd and Indiamart Intermesh Ltd are also looking to launch IPOs.

In 2018, the markets regulator approved 71 IPO proposals as compared to 46 in 2017.

Speaking of IPO's, according to an article in The Economic Times, Indian stock exchanges ranked second globally in terms of IPOs, raising US$ 5.52 billion from 161 offerings till November this year. The US ranked first, raising US$ 60 billion from 261 IPOs.

Here's an excerpt from the article:

  • According to the report, the drop in IPOs could be attributed to reasons such as significant corrections in the stock markets in mid-cap and small-cap stocks.

    Further, the amount of volatility has increased due to uncertainties around global growth compounded by the ongoing US-China trade wars.

    In addition, there are a number of macroeconomic factors which are contributing uncertainties such as liquidity crises among non-bank lenders in India triggered by defaults done by a leading infrastructure finance company IL&FS and currency volatility (depreciation of the rupee), the report added.

With so many IPOs set to hit the markets, we at Equitymaster believe a merit-based selection, primarily including valuation, business, and management quality, is the logical way to go about investing in IPOs.

If it means going against the herd, so be it. And going by recent past, this strategy has been proven to be successful more often.

To know how to safely profit from the ongoing IPO rush, download this FREE report now and discover How to Get Rich with IPOs.

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

Read the latest Market Commentary

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Stock Market Updates

Sensex Ends Marginally Higher; Automobile and Power Stocks Witness Buying (Today's Market)

Aug 16, 2019 Closing

The BSE Sensex ended the day up by 39 points, while the NSE Nifty closed up by 18 points.

PIDILITE INDUSTRIES at All Time High; BSE FMCG Index Up 0.4% (Today's Market)

Aug 16, 2019 03:34 PM

PIDILITE INDUSTRIES share price has hit an all time high at Rs 1,373 (up 1.7%). The BSE FMCG Index is up by 0.4%. Among the top gainers in the BSE FMCG Index today are PIDILITE INDUSTRIES (up 1.7%) and P&G HYGIENE (up 0.2%). The top losers include AVANTI FEEDS (down 0.1%) and COLGATE (down 0.1%).

APL APOLLO TUBES Surges by 6%; BSE CAPITAL GOODS Index Down 0.1% (Today's Market)

Aug 16, 2019 03:32 PM

APL APOLLO TUBES share price has surged by 6% and its current market price is Rs 1,350. The BSE CAPITAL GOODS is down by 0.1%. The top gainers in the BSE CAPITAL GOODS Index are APL APOLLO TUBES (up 6.4%) and SUZLON ENERGY (up 6.7%). The top losers are LAKSHMI MACHINE (down 0.2%) and HONEYWELL AUTOMATION (down 0.4%).

CANARA BANK Surges by 5%; BSE BANKEX Index Up 0.8% (Today's Market)

Aug 16, 2019 03:30 PM

CANARA BANK share price has surged by 5% and its current market price is Rs 237. The BSE BANKEX is up by 0.8%. The top gainers in the BSE BANKEX Index is CANARA BANK (up 5.2%). The top losers is HDFC BANK (down 0.2%).

ECLERX SERVICES Plunges by 5%; BSE IT Index Down 0.8% (Today's Market)

Aug 16, 2019 03:30 PM

ECLERX SERVICES share price has plunged by 5% and its current market price is Rs 519. The BSE IT is down by 0.8%. The top gainers in the BSE IT Index are FIRSTSOURCE SOL. (up 3.5%) and ORACLE FINANCIAL (up 3.2%). The top losers is ECLERX SERVICES (down 5.5%).

DR. LAL PATHLABS LTD Surges by 7%; BSE HEALTHCARE Index Down 0.3% (Today's Market)

Aug 16, 2019 03:22 PM

DR. LAL PATHLABS LTD share price has surged by 7% and its current market price is Rs 1,201. The BSE HEALTHCARE is down by 0.3%. The top gainers in the BSE HEALTHCARE Index are DR. LAL PATHLABS LTD (up 7.1%) and APOLLO HOSPITALS (up 8.1%). The top losers are STRIDES PHARMA SCIENCE (down 0.1%) and SANOFI INDIA (down 0.2%).

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