Indian Indices Trade on a Negative Note; IT Stocks Witness Selling

Tue, 30 Jan 11:30 am

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Stock markets in India are presently trading on a negative note. Sectoral indices are trading in the red with stocks in the IT sector and capital goods sector witnessing maximum selling pressure.

The BSE Sensex is trading down 203 points (down 0.6%) and the NSE Nifty is trading down 70 points (down 0.6%). The BSE Mid Cap index is trading down by 0.4%, while the BSE Small Cap index is trading down by 0.7%. The rupee is trading at 63.73 to the US dollar.

In the news from the IPO space, Amber Enterprises India Ltd made a stellar debut on bourses today. The scrip of the company, which recently concluded its IPO subscription offer, got listed at Rs 1,180, a premium of around 37% over its issue price of Rs 859.

Amber Enterprises India is the leading room air conditioner (RAC) original equipment manufacturer (OEM) and original design manufacturer (ODM) in India.

It has a market share of 55.4% by volumes in the fiscal year ended March 2017 (FY17). The company manufactures RAC's for 8 out of the 10 top RAC brands in India including Daikin, Hitachi, LG, Panasonic, Voltas and Whirlpool. These 8 brands have over 75% of market share in India.

The company has 10 manufacturing facilities across seven locations in India. They commanded nearly three-fourth share of the Indian RAC market in FY17.

To know more about the company, you can read our IPO analysis of Amber Enterprises India Ltd (subscription required).

At the time of writing, Amber Enterprises India Ltd share price was trading at Rs 1,206.

Speaking of IPOs, the demand for IPO's has reached sky-high levels. This euphoria is something similar to what was seen in 2007-08.

At times like this, it pays to follow a merit-based selection - primarily including valuation, business, and management quality - 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.

Also note that with big ticket IPOs in the limelight in 2017, SMEs have also joined in to get a share of the pie. The recent SME IPO data for 2017 certainly seems to suggest so.

The amount raised by SME IPOs in 2017 stood at 17.85 billion, more than three times the amount raised in 2016. The number of SME IPOs launched also doubled from 66 to 132. This is evident from the chart below:

SME IPO Boom in 2017

While it doesn't make sense to completely ignore this space, a certain sense of caution is definitely merited.

From the macroeconomic space, India's economy is expected to grow by 7-7.5% in FY19, according to the Economic Survey 2017-18.

The survey, authored by chief economic adviser in the finance ministry Arvind Subramanian, said the economy is likely to grow at 6.75% in 2017-18 against 6.5% estimated by the Central Statistics Office (CSO).

The Survey said the major risk to India's growth story next fiscal could emanate from rise in crude oil prices in the international market, however, it expressed hope that recovery in investments, global investment, improved global growth outlook and stabilisation of GST will however help pick up the domestic economy.

The Survey also stated that the forthcoming Union Budget 2018 will have its focus on investments over savings and also that the policymakers will have their focus on employment, education, and agriculture.

The survey, on the other hand, also stated that India is headed for some fiscal slippage and could miss the target of 3.2% of GDP.

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

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