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Sensex Opens Lower; Metal & IT Stocks Lose
Tue, 30 Jan 09:30 am | Rini Mehta, TM Team

Asian stock markets are lower today as Japanese and Hong Kong shares fall. The Nikkei 225 is off 0.64% while the Hang Seng is down 0.47%. The Shanghai Composite is trading down by 0.52%. Wall Street pulled back from record highs on Monday, with the Dow and the S&P 500 marking their biggest one-day percentage declines in about five months, weighed down by a slide in Apple shares.

Back home, India share markets opened the day on a negative note. The BSE Sensex is trading lower by 86 points while the NSE Nifty is trading lower by 42 points. The BSE Mid Cap index opened down by 0.3% while BSE Small Cap index opened the day on a flat note.

Barring automobile stocks and energy stocks, all sectoral indices have opened the day in red with metal stocks and information technology stocks witnessing maximum selling pressure. The rupee is trading at 63.55 to the US$.

Finance stocks have opened the day on a mixed note with Prime Securities and Religare Enterprises being the most active stocks in this space. HDFC share price opened the day on an encouraging note after the company on Monday reported a 233% jump in its net profit in the December quarter to Rs 56.7 billion from Rs 17 billion a year ago.

The surge in net profit was due to a one-time gain of Rs 52.5 billion as HDFC sold 9.5% stake in its arm HDFC Standard Life Insurance Co. Ltd via an initial public offer.

Further, total income rose 6.7% from a year ago to Rs 86.95 billion.

On a consolidated basis, HDFC reported a net profit of Rs 66.8 billion, up 144.7% from a year ago. Total income rose 12.4% to Rs 168.5 billion.

HDFC also approved raising Rs 350 billion via issue of debentures on a private placement basis and US$1.5 billion through issue of rupee-denominated bonds or foreign currency-denominated bonds to overseas investors in various tranches under Medium Term Note (MTN) programme.

Gross NPA stood at 1.15% at the end of December quarter, in line with 1.14% in September quarter.

Net interest income (NII) for the quarter stood at Rs 31.2 billion. This is against NII of Rs 28.5 billion it reported in the year-ago quarter.

Moving on to the news from IPO space. Speciality chemicals manufacturer Galaxy Surfactants initial public offer was fully subscribed on the first day of bidding yesterday.

Galaxy Surfactants' Rs 9.4-billion IPO received bids of 4.42 million shares against the total issue size of 4.43 shares, translating into 1 times subscription.

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The portion reserved for qualified institutional buyers (QIBs) was subscribed 2.71 times, non-institutional investors 1% and retail investors 44%.

The IPO, which is in a price band of Rs 1,470-1,480 per share, will close on 31 January.

One shall note that, this is the company's second attempt to go public. Earlier in 2011, Galaxy Surfactants had entered the capital markets to raise over Rs 2 billion through an IPO. However, it withdrew from the IPO market due to tepid response from investors.

So, should you subscribe to the above IPO? We have analyzed the IPO and have released our analysis on the company. You can access it here (subscription required).

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.

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