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Indian Indices End Higher, Updates from the IPO Space, and Top Stocks in Action Today
Wed, 10 Apr Pre-Open | Monish Vora, TM Team

On Tuesday, share markets in India witnessed buying interest during closing hours and ended higher.

The BSE Sensex closed higher by 239 points to end the day at 38,939. Yes bank and Tata Motors were among the top gainers.

While the broader NSE Nifty ended up by 67 points to end at 11,672.

Among BSE sectoral indices, realty stocks gained the most by 1.4%, followed by automobile stocks and banking stocks.

Top Stocks in Action Today

Tech Mahindra share price will be in focus today as the company received approval for proposal to acquire 18.1% equity shares each of Infotek Software and Systems and Vitaran Electronics.

Ashok Leyland share price will be in focus today as the company is aiming to set up more assembly plants overseas, including the CIS region and African countries, as part of plans to scale up its global operations.

The company is banking on its new range of medium and heavy commercial vehicles (M&HCV) and light commercial vehicles (LCVs) to help it enter new regions beyond its traditional stronghold such as the Middle East, SAARC countries and pockets of Africa.

Market participants will also track Tata Steel share price.

Reportedly, the company's subsidiary - Tata Sponge Iron is likely to take over the operations of Usha Martin's (UML) steel unit in Jamshedpur. The money from the deal will be kept in an escrow account of State Bank of India (SBI) and will be utilised to repay UMLs debt.

From the IPO Space...

In the latest developments from the IPO space, Polycab India's Rs 13.5 billion initial public offering (IPO) on Tuesday received bids for over 33 times on day 3 of the bidding process.

As of 3 pm yesterday, the issue received bids for 83,12,15,331 shares against the total size of 1,76,37,777 shares.

As per an article in The Economic Times, this has made it the first issue of 2019 to see subscription of 10 times or more. The IPO is the biggest hit since HDFC AMC IPO which received a staggering 83 times bids in July last year.

On the block are fresh issue of equity shares, aggregating up to Rs 4 billion, and offer for sale (OFS) of 17,582,000 shares. The company has raised Rs 4 billion from 25 anchor investors. The price band for the issue has been fixed at Rs 533-538.

Polycab India is engaged in the business of manufacturing and selling wires and cables and fast-moving electrical goods (FMEG) under the "POLYCAB" brand.

According to CRISIL Research, Polycab India is the largest manufacturer in the wires and cables industry in India, in terms of revenue from the wires and cables segment and provides one of the most extensive range of wires and cables in India.

During the financial year 2017-18 (FY18), the company had a market share of approximately 18% of the organized wires and cables industry, and approximately 12% of the total wires and cables industry in India, estimated at Rs 525 billion based on manufacturers realization.

Polycab India manufactures and sells a diverse range of wires and cables such as power cables, control cables, instrumentation cables, solar cables, building wires, flexible cables, flexible/single multi core cables, communication cables and others including welding cables, submersible flat and round cables, rubber cables, overhead conductors, railway signaling cables, specialty cables and green wires.

To get a detailed view of the IPO, you can read Ankit Shah's latest note in the Equitymaster Insider: Polycab India IPO: All You Need to Know.

Oil Hits 5-Month High

Oil prices hit a five-month high above US$ 71 a barrel on Tuesday, supported by concern that violence in Libya could further tighten supply.

Supply curbs led by the Organization of the Petroleum Exporting Countries (OPEC) have underpinned a more than 30% rally this year for Brent crude, despite downward pressure from fears of an economic slowdown and weaker demand.

Russia signaled on Monday it wanted to raise output when it meets with OPEC because of falling stockpiles.

On Tuesday, Energy Minister Alexander Novak said there would be no need to extend the supply-curbing deal if the market was expected to be balanced in the second half of the year.

US sanctions on Iran and Venezuela have deepened the OPEC supply cut and concern has grown this week about the stability of Libyan output. The OPEC member pumps around 1.1 million barrels per day (bpd), just over 1%of global supply.

Stay tuned for more updates from this space.

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

INOX WIND Plunges by 6%; BSE CAPITAL GOODS Index Up 1.5% (Today's Market)

Aug 19, 2019 02:24 PM

INOX WIND share price has plunged by 6% and its current market price is Rs 44. The BSE CAPITAL GOODS is up by 1.5%. The top gainers in the BSE CAPITAL GOODS Index are V GUARD INDUSTRIES (up 2.7%) and HAVELLS IND (up 2.7%). The top losers is INOX WIND (down 6.1%).

IDBI BANK Surges by 11%; BSE BANKEX Index Up 0.7% (Today's Market)

Aug 19, 2019 02:14 PM

IDBI BANK share price has surged by 11% and its current market price is Rs 28. The BSE BANKEX is up by 0.7%. The top gainers in the BSE BANKEX Index is IDBI BANK (up 11.3%). The top losers are SBI (down 0.8%) and YES BANK (down 3.0%).

RELIANCE INFRA Plunges by 6%; BSE POWER Index Up 0.4% (Today's Market)

Aug 19, 2019 12:32 PM

RELIANCE INFRA share price has plunged by 6% and its current market price is Rs 47. The BSE POWER is up by 0.4%. The top gainers in the BSE POWER Index are JSW ENERGY (up 1.7%) and ADANI POWER (up 1.7%). The top losers is RELIANCE INFRA (down 5.5%).

SHANKARA BUILDING PRODUCTS LTD Surges by 5%; BSE REALTY Index Up 1.1% (Today's Market)

Aug 19, 2019 12:30 PM

SHANKARA BUILDING PRODUCTS LTD share price has surged by 5% and its current market price is Rs 270. The BSE REALTY is up by 1.1%. The top gainers in the BSE REALTY Index are SHANKARA BUILDING PRODUCTS LTD (up 5.0%) and PRESTIGE ESTATES (up 6.2%). The top losers are OMAXE LTD (down 0.2%) and INDIABULLS REAL EST (down 2.6%).

THYROCARE TECHNOLOGIES Surges by 7%; BSE HEALTHCARE Index Up 1.4% (Today's Market)

Aug 19, 2019 12:28 PM

THYROCARE TECHNOLOGIES share price has surged by 7% and its current market price is Rs 471. The BSE HEALTHCARE is up by 1.4%. The top gainers in the BSE HEALTHCARE Index is THYROCARE TECHNOLOGIES (up 6.8%). The top losers are IPCA LABS (down 0.1%) and SYNGENE INTERNATIONAL (down 0.1%).

Sensex Opens Higher; Sun pharma and L&T Top Gainers (Today's Market)

Aug 19, 2019 09:30 am

Indian share markets open in green. The BSE Sensex opened up by 246 points, while the Nifty is trading up by 74 points.

View More Indian Share Market News

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