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Sensex Closes Marginally Higher; Titan Surges 6.7%
Wed, 5 Apr Closing

Indian share markets continued to trade cautiously in the afternoon session and finished marginally higher. At the closing bell, the BSE Sensex stood higher by 64 points, while the NSE Nifty finished up 27 points. Meanwhile, the S&P BSE Mid Cap and the S&P BSE Small Cap finished up by 0.5% and 1.1% respectively. Gains were largely seen in capital goods stocks and realty stocks.

Titan Company share price surged 6.7% and hit its 52-week high after the company said business in the second half of fiscal year 2016-17 exceeded its expectations despite demonetisation. The company struggled in the first half due to a jeweler industry strike against excise duty and a new rule requiring customers to disclose their permanent account numbers for purchases above Rs2 lakh.

Among top gainers, Shankara Building Products Ltd share price surged 38% on its market debut, with its up to Rs 3.45 billion (US$52.96 million) IPO oversubscribed more than 41 times.

So the days ahead for the primary markets are set to be filled with IPO activity. But that also begs the question as what should our approach to IPOs be?

We believe it's important to not get swayed by the buoyancy surrounding IPOs. Instead, as with any stock, look for the fundamentals of the business and the attractiveness of valuations in IPOs as well.

IPOs can be a good wealth creators if - and only if - they tick the above boxes. If you wish to filter IPOs through our handy, comprehensive checklist, you can download our Handbook of IPOs.

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Asian stock markets finished broadly higher today with shares in China leading the region. The Shanghai Composite is up 1.48% while Hong Kong's Hang Seng is up 0.57% and Japan's Nikkei 225 is up 0.27%. European markets are mixed today. The CAC 40 is up 0.26% while the FTSE 100 gains 0.19%. The DAX is off 0.27%.

The rupee was trading at Rs 65.04 against the US$ in the afternoon session. Oil prices were trading at US$ 51.56 at the time of writing.

TVS Motors Ltd share price surged 3.5% in today's trade after the company reported a sales growth of 10% during the month of March 2017, with total sales increasing from 232,517 units recorded in the month of March 2016 to 256,341 units in the month of March 2017.

Total two-wheeler sales increased by 10.7% from 226,643 units recorded in March 2016 to 250,979 units in March 2017. Domestic two-wheelers sales grew by 8.4% from 200,190 units in March 2016 to 216,995 units registered in March 2017.

Scooter sales of the company grew by 23.5% increasing from 68,161 units in March 2016 to 84,173 units in March 2017. Motorcycles sales grew by 10.3% increasing from 86,776 units in the month of March 2016 to 95,671 units in March 2017. Three-wheeler of the company registered sales of 5,362 units in March 2017 as against 5,874 units in March 2016.

Besides, the company's total exports grew by 23.6% increasing from 31,121 units in March 2016 to 38,462 units in the month of March 2017. Two-wheeler exports registered growth of 28.5% increasing from 26,453 units in March 2016 to 33,984 units in March 2017.

Meanwhile, M&M reported 4.67% fall in its production to 50,711 units in March 2017 as compared to 53196 units in same month last year. On the other hand, the company's total sales for the month stood at 56,031 vehicles, a growth of 6%, compared to 52,718 vehicles during March 2016.

Two-wheelers feel the biggest BS-III ban pinch

Two-wheeler manufacturers are yet to fully recover from the notebandi induced sales slowdown. However, their woes seem to be far from over as most of them are staring at the possibility of booking losses on old inventory. This has been the fallout after the recent Supreme Court ban on the sale and registration of BS-III compliant vehicles from 1st April 2017.

M&M share price finished the day up by 0.4% on the BSE.

Automobile stocks finished the day on a strong note with Maruti Suzuki share price and Tube investments share price leading the gains.

Moving on to news from stocks in engineering sector. According to a leading financial daily, Bharat Heavy Electricals Ltd (BHEL) has achieved a capacity addition of 45,274 MW of utility sets during the 12th five-year plan, surpassing the Government's capacity addition target by 9%.

Significantly, BHEL continues to remain the single largest contributor to the country's installed capacity of utility sets, with a share of 46% in the 12th Plan capacity addition. Notably, BHEL's capacity addition during the 12th five-year plan is 78% higher than that in the 11th plan.

During FY 2016-17, BHEL has achieved a capacity addition of 6,317 MW in the utility segment, which is nearly four times of the next highest achievement by any other manufacturer. In addition, 1,422 MW of Industrial sets and 78 MW of overseas sets have also been commissioned by BHEL during the year, besides 61 MWp of Solar Power Plants, including 50 MWp at Ananthapur in Andhra Pradesh.

With the commissioning of 4 Roof Top Solar Plants, totaling to 403 kWp, during the year, BHEL has enhanced its presence in this emerging segment as well. With this, a total of 8,538 MW has been commissioned in the year.

The company added another feather in its cap by foraying into the field of power generation as a co-developer, with the start of commercial operation of the first unit of its 2x800 MW project at Yeramarus, Karnataka.

BHEL share price finished the day on a strong note (up 2.5%) on the BSE.

In news from pharma sector, Dr Reddy's Lab share price finished down by 0.4% after the company said the audit of its API manufacturing plant at Srikakulam, Andhra Pradesh, by the US Food and Drug Administration (USFDA), was completed and was issued a Form 483 with two observations.

The last one year has witnessed more than 400 Indian and foreign pharmaceutical companies going to the courts to resolve their grievances. Almost of all of them relate to implementation of the pricing policy and haphazard banning of fixed dose combinations (FDCs).

Consequently, the pharma sector reported a sharp decline in the rate of growth. Its growth in the domestic market declined from 15% YoY in 2015 to 9% for the latest 12-month period ended February 2017 over the corresponding period.

And here's a note from Profit Hunter:

Today, we're looking at the chart of a stock in the news, Titan Company Ltd.

The stock has been trading in a strong uptrend since 2009. It hit a high of Rs 212 in November 2010. But the uptrend did not stop. The stock continued to trade up tracking the ascending trend line (blue line on the chart).

In the process, the stock encountered resistance from 440 in February 2015 and September 2016.

Towards the end of 2016, the stock found support from the blue ascending trend line and rallied vertically towards the 440-resistance level. Last month, the stock broke above this resistance level with strong volumes on the back of rising gold prices.

Today, the stock opened gap up and hit a new life-high of Rs 495.

It will be interesting to see if the stock continues its upside momentum or if it will face some selling from its life-high.

Titan Hit Life-High
Titan Hit Life-High

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Mar 21, 2018 12:45 PM