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Indian Indices Trade in Red; IT Stocks Witness Buying
Tue, 6 Jun 01:30 pm

After opening the day on a flat note, share markets in India witnessed volatile trading activity and are currently trading below the dotted line. Sectoral indices are trading on a mixed note with stocks in the IT sector and stocks in the banking sector trading in green, while stocks in the consumer durables sector are leading the losses.

The BSE Sensex is trading down by 110 points (down 0.4%), and the NSE Nifty is trading down by 40 points (down 0.4%). Meanwhile, the BSE Mid Cap index is trading down by 0.9%, while the BSE Small Cap index is trading down by 1% The rupee is trading at 64.37 to the US$.

In news from stocks in the IPO space. India Grid Trust's InvIT, made a muted debut on the exchanges today, as the first power sector InvIT, listed flat. India Grid Trust share price opened at Rs 100, flat at its issue price.

The initial public offering (IPO) of the InvIT, promoted by power transmission asset operator Sterlite Power Grid Ventures, was open for subscription during May 17-19, and sold in the Rs 98-100 range. The InvIT was valued at Rs 22.5 billion.

The InvIT's IPO was oversubscribed 1.35 times -- this included allotment of 101.2 million units to 19 anchor investors, amounting to Rs 10.1 billion.

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InvITs are debt instruments that facilitate capital into the infrastructure sector by pooling small sums of money from investors to help infrastructure developers to monetise infrastructure assets.

The listing of instruments enables promoters of infrastructure to monetise completed assets and raise funds for other long-term projects.

The portfolio of India Grid comprises two power transmission projects located across four states. The projects include eight EHV overhead power transmission lines with a total circuit length of approximately 1,936 km and two sub-stations with 6,000 MVA of transformation capacity.

IPOs continue to galore in 2017. Per the latest available information, at least four companies are ready to tap the secondary market in the June month itself. Reportedly these would be trying to garner around Rs 50 billion.

IPO Market Buzzing

This was the second listing of an InvIT after IRB InvIT Fund.

With multiple offerings lined up, it becomes difficult to evaluate and pick out the best opportunity, if any exists. Not all IPOs will have fortunes like the D-Mart IPO, as the IPO game is inherently rigged against the retail investor.

We don't need to back all the IPOs to get rich. But a few good IPOs could certainly become the multibagger in your portfolio in a few years.

We have come out with a special report titled, How to Get Rich with IPOs. It is a comprehensive report that aims to cut through all the hoopla surrounding IPOs. This guide will show you how to safely profit from the 2017 IPO rush.

Moving on to news from stocks in the telecom sector. Bharti Airtel share price is in focus today after the telecom giant announced that the Competition Commission of India (CCI) approved the proposed merger of Telenor India with the company.

The country's largest telecom operator Bharti Airtel also received approvals from the Securities & Exchange Board of India, BSE and the National Stock Exchange of India last week.

Bharti Airtel and Telenor India also filed a joint application before National Company Law Tribunal for approval of their merger.

In February this year, Airtel had entered into an agreement with Telenor South Asia Investments Pte in February to buy Telenor India's operations in Andhra Pradesh, Bihar, Maharashtra, Gujarat, UP (East), UP (West) and Assam. These seven circles contribute about 35% to Airtel's total revenue.

These circles represent a high population concentration and therefore offer a high potential for growth.

Airtel will also take on some of the Nordic telecom operator's local liabilities.

The acquisition is slated to bolster Airtel's 4G spectrum holdings and revenue market share, strengthening its hand in the battle against Reliance Jio Infocomm. Airtel will pocket 43.4 units of 4G spectrum in the 1800 MHz band once the Telenor deal is concluded.

Airtel will also take over Telenor India's outstanding spectrum payments of some Rs 16.5 billion and other operational contracts, including tower leases with Bharti Infratel and Indus Towers, besides employees and 44 million customers. This stands to add to the telecom major's already growing debt.

At the time of writing, Bharti Airtel share price was trading down by 1.1%.

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Nov 23, 2017 09:13 AM