Indian Indices at Record High; Auto Sector Up 1.9%

Mon, 29 Jan 11:30 am

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Stock markets in India have continued their momentum and are presently trading on a positive note. All sectoral indices are trading on a mixed note with stocks in the auto sector and IT sector witnessing maximum buying interest.

The BSE Sensex is trading up 344 points (up 1%) and the NSE Nifty is trading up 89 points (up 0.8%). The BSE Mid Cap index is trading up by 0.2%, while the BSE Small Cap index is trading flat. The rupee is trading at 63.53 to the US dollar.

In the news from the IPO space, Newgen Software Technologies made a decent debut on bourses today. The scrip of the company, which recently concluded its IPO subscription offer, got listed at Rs 253, a premium of around 3% over its issue price of Rs 245.

Newgen Software Technologies is a software products company that offers a platform enabling organisations to rapidly develop powerful applications addressing their strategic business needs. Its platform comprises of Enterprise Content Management (ECM), Business Process Management (BPM) and Customer Communication Management (CCM).

Some of the key active customers of the company include Trust Company of America, Mercantile Bank, ICICI Bank, Trafigura, Bajaj Electricals, United Arab Bank, National Commercial Bank Jamaica, Axis Bank, Yes Bank, Kotak Mahindra Bank, Bank Islam Brunei Darussalam, Philippines Resource Saving Bank, ICICI Prudential Life Insurance, Reliance General Insurance, Max Life Insurance, Strides Shasun and Shriram Transport Finance. Repeat customers accounted for 81.5% of its H1FY18 revenues.

To know more about the company, you can read our IPO analysis of Newgen Software Technologies Ltd (subscription required).

At the time of writing, Newgen Software Technologies share price was trading at Rs 257.

Speaking of IPOs, the demand for IPO's has reached sky-high levels. Avenue Supermarts was seen as the first company last year to cross the 100-time subscription mark swiftly followed by CDSL and Dixon technologies, among others.

IPO Subscription Times (2017)

This 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.

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 than not.

To know more, you can download our FREE report - How to Get Rich with IPOs. This guide will show you how to safely profit from the ongoing IPO rush.

In the news from GST space, as per an article in the Economic Times, Goods and Services Tax (GST) receipts rose in December 2017, reversing the decline seen in the previous two months.

Further, the government is expecting the collections to improve in the coming months as measures to raise compliance have begun to show results.

As per the data, the total collections for December rose to Rs 867 billion, as on January 24. Note that GST receipts had slipped to Rs 808 bn in November from more than Rs 830 bn in October and Rs 920 bn in September.

The above development bodes well as higher tax revenue receipt will help bolster the country's financials and also provide further ammunition for the government to spend on social welfare and providing additional infrastructure to its citizens.

How this will continue in the coming months remains to be seen. We will keep you updated on the developments from this space.

After studying these and other finer aspects of GST, our colleague Vivek Kaul, has penned his views on what could go right and wrong. Get a balanced perspective on the entire GST saga from Vivek. The report is titled The Good, the Sad and the Terrible (GST). Claim your own copy of his special report now.

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

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