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Sensex Trades on a Volatile Note; IndusInd Bank & Power Grid Top Losers
Fri, 14 Feb 12:30 pm | Monish Vora, TM Team

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Share markets in India have erased early gains and are presently trading marginally lower. Benchmark indices turned volatile ahead of the release of wholesale inflation data.

The BSE Sensex is trading down by 53 points, while the NSE Nifty is trading down by 14 points.

The BSE Mid Cap index is trading down by 0.2%, while the BSE Small Cap index is trading up by 0.1%.

Sectoral indices are trading on a mixed note with stocks in the power sector and banking sector witnessing selling pressure, while energy stocks are witnessing buying interest.

The rupee is currently trading at 71.39 against the US$.

Speaking of Indian stock markets, in his latest video, Rahul Shah outlines the action you can take if the bull market of 2019 by passed you.

Tune in now...

In news from the telecom sector, shares of Vodafone Idea surged over 13% in early trade today after the company reported a consolidated loss of Rs 64.4 billion for the December quarter.

However, shares of the company reversed their early morning gains and dipped 11% after the Supreme court rejected the telcos' plea seeking new schedule of AGR payments.

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The company recorded exceptional expenses worth Rs 528 million for adjusted gross revenue (AGR) dues in the December quarter. It had made provisions worth Rs 441.5 billion for these dues in the September quarter.

The company's consolidated revenue from operations rose to Rs 110.9 billion in October-December from Rs 108.4 billion in the second quarter, driven by an addition of 8.3 million 4G users in the quarter.

On a sequential basis, the company posted a growth rate of 2.3%. While 4G addition growth was 9.4%, ARPU growth was 1.8%. On a YoY basis, ARPUs were up 22%.

Note that the company had reported its highest ever quarterly loss in the three month period ended 30 September, after it accounted for most of the liabilities related to AGR in the preceding quarter itself.

Coming down heavily on the Department of Telecommunications (DoT) for not taking coercive action against telcos for failing to repay, the apex court ordered contempt proceedings against Bharti Airtel and Vodafone Idea.

The next hearing has been scheduled for March 17.

The Apex Court also pulled up the DoT desk officer who wrote to the Attorney General asking him to not insist on payment of dues.

Last month, a bench headed by Justice Arun Mishra had dismissed review petitions of telecom firms seeking review of its earlier order asking them to pay Rs 1.47 trillion in statutory dues by January 23, saying it did not find any "justifiable reason" to entertain them.

Vodafone Idea, Bharti Airtel and Tata Teleservices had filed modification applications on the time schedule to make payments of over Rs 1 trillion that they owe to DoT as AGR.

How the above developments pan out remains to be seen. Meanwhile, we will keep you updated on the latest developments from this space.

Moving on, as per an article in The Economic Times, the Rs 95-billion initial public offer (IPO) of SBI Cards and Payments Service is likely to be launched in the first week of March.

Earlier this week, the markets regulator gave its inprincipal approval to SBI Cards to launch its IPO.

Here's an excerpt from the article:

  • The IPO is likely to be priced in a band of Rs 690-700 per share. In the unofficial grey market, SBI shares are being traded at Rs 950-970 per share, about 38% over its likely IPO price.

Parent State Bank of India added a record 3.6 lakh shareholders in December quarter as a portion of the shares in the SBI Cards IPO are reserved for the state-owned lender's shareholders.

The company will offer up to 130.5 million equity shares via the offer for sale route, according to the draft red herring prospectors (DRHP).

How this IPO sails through remains to be seen. Stay tuned for more updates from this space.

Speaking of IPOs, in one of the editions of The 5 Minute WrapUp, Ankit Shah shared how IPOs offer insights into the mood of the stock markets.

He picked the six most successful IPOs of 2019 and checked the retail investor enthusiasm for them.

Obviously, all these IPOs were oversubscribed across investor categories. But the level of retail investor enthusiasm differed widely, depending on the overall market sentiments. This can be seen in the chart below:

Are Retail Investors Back in the IPO Game?

Here's what Ankit wrote about it...

  • Clearly, IRCTC witnessed the highest number of bids for the retail category. Factoring in the discount of Rs 10 per share for the retail category, the total bids were worth a whopping Rs 3,242 crore. Over five times the entire IPO size!

    Polycab India and the recent IPO of CSB Bank also received a strong thumbs-up from retail investors.

Does this hint that retail investors are coming back to the markets? Could we witness of flurry of IPOs in the coming months?

It would be interesting to see how this trend pans out in the coming months.

Ankit keeps a tab on all the IPOs at his premium newsletter Equitymaster Insider (requires subscription).

In one of his recent articles, he has explained why keeping a tab on the IPO market is vital to your overall investing goals. You can read it here: What I Learnt from IPOs in 2019 (requires subscription).

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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 143 Points Lower; Realty and Oil & Gas Stocks Witness Selling (Today's Market)

Feb 27, 2020 Closing

The BSE Sensex ended the day down by 143 points, while the NSE Nifty stood down by 45 points.

HERITAGE FOOD Surges by 10%; BSE 500 Index Down 0.5% (Today's Market)

Feb 27, 2020 03:22 PM

HERITAGE FOOD share price has surged by 10% and its current market price is Rs 402. The BSE 500 is down by 0.5%. The top gainers in the BSE 500 Index are HERITAGE FOOD (up 10.2%) and BASF INDIA (up 13.4%). The top losers are OBEROI REALTY and HDFC BANK (down 0.1%).

ADANI TRANSMISSION Plunges by 5%; BSE POWER Index Down 0.6% (Today's Market)

Feb 27, 2020 03:14 PM

ADANI TRANSMISSION share price has plunged by 5% and its current market price is Rs 264. The BSE POWER is down by 0.6%. The top gainers in the BSE POWER Index are SUZLON ENERGY (up 2.2%) and TORRENT POWER LTD (up 1.0%). The top losers are ADANI TRANSMISSION (down 5.2%) and GMR INFRA (down 6.4%).

MPHASIS Surges by 5%; BSE IT Index Down 1.0% (Today's Market)

Feb 27, 2020 03:14 PM

MPHASIS share price has surged by 5% and its current market price is Rs 897. The BSE IT is down by 1.0%. The top gainers in the BSE IT Index is MPHASIS (up 5.1%). The top losers are TECH MAHINDRA (down 0.3%) and ORACLE FINANCIAL (down 0.5%).

EDELWEISS FINANCIAL Plunges by 5%; BSE 500 Index Down 0.5% (Today's Market)

Feb 27, 2020 03:14 PM

EDELWEISS FINANCIAL share price has plunged by 5% and its current market price is Rs 98. The BSE 500 is down by 0.5%. The top gainers in the BSE 500 Index are BASF INDIA (up 11.5%) and NLC INDIA LTD (up 10.9%). The top losers are EDELWEISS FINANCIAL (down 5.3%) and RELAXO FOOTWEARS (down 5.0%).

BHARAT DYNAMICS Surges by 11%; BSE 500 Index Down 0.5% (Today's Market)

Feb 27, 2020 03:12 PM

BHARAT DYNAMICS share price has surged by 11% and its current market price is Rs 312. The BSE 500 is down by 0.5%. The top gainers in the BSE 500 Index are BHARAT DYNAMICS (up 11.0%) and BASF INDIA (up 13.0%). The top losers are SRF LTD and CYIENT .

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