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Indian Indices Dip in the Red

Tue, 10 May 11:30 am

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After opening the day flat, the Indian indices registered losses and went on to trade in the red. Sectoral indices are trading on a discouraging note with stocks from the auto and oil & gas sectors witnessing maximum selling pressure.

The BSE Sensex is trading down 62 points (down 0.2%) and the NSE Nifty is trading down 24 points (down 0.3%). The BSE Mid Cap index is trading flat and the BSE Small Cap index is trading marginally higher by 0.1%. The rupee is trading at 66.69 to the US$.

Stocks in the automobile space are trading on a negative note with Tata Motors and Eicher Motors leading the losses. As per a leading financial daily, Maruti Suzuki has estimated double-digit expansion in annual sales at least until 2020. The company as urged its component suppliers to make investments for the future as its requirements are expected to grow.

It was noted that the company, addressing 200-300 vendors in Bangkok in April, said that it will be commissioning close to half a million capacities in the next three to four years. The company is confident of a compounded annual growth rate of 10% until 2020 to achieve its goal of making 2 million cars a year.

This optimistic outlook from Maruti Suzuki comes despite uncertainties over diesel vehicles and the Society of Indian Automobile Manufacturers (SIAM) cutting the industry growth forecasts.

In FY16, Maruti Suzuki had its highest market share in passenger vehicle for about a decade and half at 46.7%. As for passenger cars, the company has a 52.7% market share in FY16. In its results for the fourth quarter and full year ended March 2016, the company reported a 12% YoY growth in sales. To know our latest view on the company, please take a look at the result analysis report (subscription required).

Maruti Suzuki is India's largest passenger car company. The company offers full range of cars from entry level Maruti 800 & Alto to stylish hatchback Ritz, A-star, Swift, Wagon R, Estillo and sedans DZire, SX4 and Sports Utility Vehicle Grand Vitara.

Speaking about cars, Vivek Kaul, editor of Vivek Kaul's Diary, recently wrote an insightful article that correlates car sales to black money.

Ujjivan Financial Services made a decent debut today by listing at Rs 231.90 on the National Stock Exchange (NSE). This records a 10.4% premium to its issue price of Rs 210.

The listing gain is backed by an impressive 41 times subscription received by initial public offering (IPO) that ran between April 28 and May 2.

These are the kind of numbers that typically only come in when the IPO season is in full swing. Apart from Ujjivan Financial Services, other IPOs that have come out recently like TeamLease Services and Ujjivan Financial Services also saw oversubscription to the tune of 66 times and 73.55 times respectively.

Unlike winter and summer, the IPO season doesn't follow a yearly pattern. It comes when the markets are rising and investors are willing pay up. Slightest sign of a weak market, and it is quick to go away too. And so does the hype around many of the stocks, especially the fundamentally weak ones.

As we wrote in one of our recent articles... "We've been highlighting the perils of the IPO season to you. Note: of the 66 IPOs we've covered (and that still trade) since CY08 to CY15, forty are trading below the closing price on the day of listing. That's a 61% failure rate. Actually, it's higher as the positive returns on some of the IPOs lag the Sensex's returns for the same period. As a long term investor, you will do well not to get swayed away by the buoyancy surrounding IPOs."

To know our views on the recent and upcoming IPOs, you can visit our IPO Buzz section (subscription required).

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

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