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Sensex Trades Marginally Higher; Metal Stocks Witness Buying
Tue, 9 May 11:30 am

After opening the day on a positive note, share markets in India witnessed volatility and are presently trading marginally higher. Sectoral indices are trading on a positive note with stocks in the metal sector and realty sector witnessing maximum buying interest.

The BSE Sensex is trading up 27 points (up 0.1%) and the NSE Nifty is trading up 9 points (up 0.1%). The BSE Mid Cap index is trading up by 0.3%, while the BSE Small Cap index is trading up by 0.5%. The rupee is trading at 64.48 to the US$.

In a bid to push the employment generation, PM Narendra Modi has directed that all proposals sent to the cabinet must state the number of jobs they can generate.

This comes as the Modi government is going all out to ensure it delivers on the promise of creating 10 million jobs. As per a Crisil report, more than 1.5 million people enter the job market every month in the country and the rapid adoption of automation, which reduces the dependence on labour, is aggravating the job crisis.

One shall note that we have a big unemployment crisis which can derail the growth of the Indian economy. As can be seen from the chart below, the situation of unemployment over the past many years has hardly changed.

Marginal Change in Unemployment Over the Past Decade

As per Vivek Kaul's analysis, a little over 12 million individuals will keep joining the workforce every year in the years to come. This works out to around one million a month. And at this rate, the Indian workforce is expected to be larger than that of China by 2030.

The demographic dividend benefits a country if the government is able to create the right environment in which jobs are created. And from what we see, we are failing miserably on this front.

But this is not the only crisis hitting India's economy now. To know more, refer to Vivek's special report.

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Apart from the above, market participants in the domestic markets are keenly tracking the IPO space.

S Chand and Company has made its debut on D-Street today. Shares of the company got listed at Rs 707 apiece on BSE today, up 5.52%, against the issue price of Rs 670 apiece.

The IPO of the company had received bids for 457.2 million shares, which was 59.49 times the issue size. The quota limit for qualified institutional buyers (QIBs) was subscribed 44.27 times, that for non-institutional investors 204.65 times and retail individual investors (RIIs) 6.07 times. Apart from that, the company had raised Rs 2 billion from 15 anchor investors by selling 32.62 lakh shares.

Investors are also tracking the Rs 12 billion IPO of state-owned Housing and Urban Development Corporation (HUDCO) for which the bidding process started yesterday. The issue got bids for over 63% of the issue size on the first day of the bidding process.

The firm is a wholly-owned government company. The company has 46 years of experience in providing loans for housing and urban infrastructure projects in India.

HUDCO classifies its housing finance loans into social housing, residential real estate and retail finance. Its urban infrastructure finance loans include projects relating to water supply, roads & transport, power, emerging sectors, commercial & social infrastructure, sewage & drainage. Further, its housing finance loans are classified into social housing, residential real estate and retail finance, which is branded as HUDCO Niwas.

To know our view on the HUDCO IPO, you can visit our IPO page.

A dozen of IPOs are lined up in the upcoming months. And given the buoyancy surrounding IPOs, which can be seen from the huge retail participation in some of the recent IPOs, market participants are looking forward to most of the upcoming issues.

But no matter what picture the present trend paints, one should look at the fundamentals of the business and the attractiveness of valuations in each and every IPO.

In case you wish to run IPOs through a handy checklist, you can download our Handbook of 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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Mar 21, 2018 12:41 PM