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Sensex Trades Marginally Lower; Energy Stocks Witness Selling
Thu, 9 Mar 11:30 am

After opening the day on a flat note, the Indian share markets witnessed choppy trades and are presently trading marginally lower. Sectoral indices are trading on a negative note with stocks in the energy sector and telecom sector witnessing maximum selling pressure. Auto stocks are trading in the green.

The BSE Sensex is trading down 9 points (down 0.03%) and the NSE Nifty is trading down 7 points (down 0.1%). The BSE Mid Cap index is trading flat, while the BSE Small Cap index is trading up by 0.2%. The rupee is trading at 66.80 to the US$.

As per an article in the Economic Times, the government and its investment promotion agency (Invest India) are in talks with close to 300 companies to channelize investment of close to US$62 billion into the country. The list includes both Indian and foreign companies, with most of the investments proposed by Chinese companies.

The above move is expected to help create over 17 lakh jobs in India.

Also, with proposed investment of around US$32 billion by Chinese companies, nearly half the flows being pursued are from China. This is expected to help cut the massive flow of imports from across the border, besides creating employment in India.

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India is seen as a good spot to attract foreign investments. However, the notebandi move have had some negative effect on foreign money flowing to India. Furthermore, it is also said that India might suffer damage in the crossfire of the US-China trade war. Estimates are also that China would double up dumping of its goods to countries like India when it will lose business in the US.

Nonetheless, these are early days and the above plan by the government comes as a step in the right direction. We will have to wait and watch how the above plan gets executed to gauge its benefits.

Moving on to the news from the IPO space, the initial public offering (IPO) of D-Mart parent Avenue Supermarts to raise up to Rs 18.7 billion was fully subscribed on the first day of the offer. The supermarket operator is selling shares in a range of Rs 295-299 a share in an offer that closes on Friday.

Purely in terms of size, the D-Mart IPO does not match up to some of the big offerings in the recent past. But given its credible business model and strong operating ratios, not to mention Radhakishan Damani's stature as an investor and entrepreneur, there is a lot of excitement about the IPO.

Rohan Pinto, our Research Analyst, has released the Equitymaster IPO note recently. In this detailed report, Rohan not only evaluates the company's business performance but answers the crucial question about valuations.

Find the entire report here (subscription required).

Apart from the above, the IPO of Music Broadcast got oversubscribed 40 times on the last day. The issue received bids for 412 million shares, worth over Rs 136 billion, against an issue size of 10 million shares.

But that's not all. The frenzy in IPO markets is likely to continue throughout the month of March. At least half-a-dozen companies are set to raise Rs 60 billion in March or early April through initial public offerings (IPOs). And this is recorded as the second-best month for IPOs in the past six-and-a-half years.

The above list includes companies such as Central Depository Services, S Chand & Co, Continental Warehousing Corporation, Security and Intelligence Services, Housing and Urban Development Corporation and Shankara Building Products.

So, what should be one's approach towards IPOs?

If the past trend is any indication, listing gains and over subscription of the IPO issues have caught the eye of market participants.

Huge Retail Participation in IPOs

In our view, however, one should not get swayed away by the buoyancy surrounding IPOs. Instead, what one should look for in IPOs are the fundamentals of the business and the attractiveness of valuations.

One of our editions of The 5 Minute WrapUp offers two ways to think about IPOs and explains how to profit from them. Further, in case you wish to run IPOs through a handy checklist, we have something for you. Download our Handbook of IPOs to be able to pick only the right ones for you.

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

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Mar 22, 2018 11:43 AM