Indian Indices Drop 1%; Bank, Auto Stocks Lead Losses

Fri, 9 Feb Closing

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After opening the day in red, share markets in India witnessed negative trading activity throughout the day and ended the day on a weak note. Losses were seen across most sectors with stocks in the banking sector and stocks in the auto sector, leading the losses.

At the closing bell, the BSE Sensex stood lower by 407 points (down 1.2%) and the NSE Nifty closed down by 122 points (down 1.2%). The BSE Mid Cap index ended the day flat, while the BSE Small Cap index ended the day up by 0.2%.

Asian stock markets finished in red. As of the most recent closing prices, the Hang Seng was down by 3.1% and the Shanghai Composite was down by 4.5%. The Nikkei 225 was down by 2.3%. Meanwhile, European markets were trading on a negtive note. The FTSE 100 was down by 0.2%, The DAX, was down by 0.4% while the CAC 40 was down by 0.4%.

The rupee was trading at Rs 64.40 against the US$ in the afternoon session. Oil prices were trading at US$ 64.38 at the time of writing.

In news from stocks in the automobile sector. Mahindra & Mahindra (M&M) share price ended the day on a negative note after announcing the sale of its stake in a joint venture.

M&M announced that it sold 22% stake in Joint Venture (JV) Mahindra Sanyo Special Steel Private Limited (MSSSPL) to JV partner Sanyo Special Steel Company Limited (Sanyo) for Rs 1.4 billion.

As per its FY17 Annual Report, M&M owns 51% stake in MSSSPL, while Sanyo, Japan and Mitsui and Company Limited, Japan, own 29% and 20% respectively. MSSSPL is a manufacturer of Carbon, Alloy & Tool Die Steels.M&M will sell 22% stake in MSSSPL, reducing its stake from 51% earlier to 29%, post which MSSSPL will cease to be a subsidiary of M&M. It will sell 26,36,401 shares in MSSSPL to Sanyo for Rs 555 per share for an overall consideration of Rs1.4 billion.

The transaction is expected to be completed by March 31, 2018. Following the sale, the shareholding of Sanyo in MSSSPL will increase from 29% to 51%.

M&M share price closed the day down by 0.5%.

In the news from the IPO space, Aster DM Healthcare - one of the largest private healthcare service providers operating in multiple GCC states (Cooperation Council for the Arab States of the Gulf) based on numbers of hospitals and clinics - is coming with its IPO on February 12th.

The company has set the price band of Rs 180-190 per equity share for its IPO.

The company currently operates in all the GCC states, which comprises the United Arab Emirates, Oman, Saudi Arabia, Qatar, Kuwait and Bahrain, in Jordan, India and the Philippines. The company's GCC operations are headquartered in Dubai, while the United Arab Emirates and Indian operations are headquartered in Kochi, Kerala.

The company operates in multiple segments of the healthcare industry, including Hospitals, Clinics and Retail Pharmacies and provides healthcare services to patients across economic segments in several GCC states through their various brands 'Aster', 'Medcare' and 'Access'.

As of 30th September 2017, the company had 323 operating facilities, including 19 hospitals with a total of 4,754 installed beds.

SME IPO Boom in 2017

We've constantly mentioned how the IPO euphoria has peaked in recent times. It now looks like the smaller companies have also joined the party. 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.

With big ticket IPOs in the limelight in 2017, SMEs have also joined in to get a share of the pie. If past history is anything to go by, the IPO wave has generally been followed by a market correction. That too major ones. We've seen stocks debut just before the 2000-01 dotcom bubble. Then the IPO euphoria in 2008 was followed by the sub-prime crisis.

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

Coming back the IPO at hand. We'll soon review the above IPO and release a recommendation note for the same. You can check the same on our IPO page.

Also, if you want to know more about IPOs and whether they are right for you, you can download the free special report - 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!

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