Indian Indices Trade Marginally Higher; Realty Stocks Witness Buying

Tue, 13 Jun 11:30 am

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Stock markets in India have continued their momentum and are presently trading on a positive note. Sectoral indices are trading on a mixed note with stocks in the realty sector and finance sector witnessing maximum buying interest. IT stocks are trading in the red.

The BSE Sensex is trading up 75 points (up 0.2%) and the NSE Nifty is trading up 19 points (up 0.2%). The BSE Mid Cap index is trading up by 0.5%, while the BSE Small Cap index is trading up by 0.8%. The rupee is trading at 64.43 to the US$.

In the news from banking sector... Finance minister Arun Jaitley said that the Reserve Bank of India (RBI) is drawing up a list of debtors with bad loans that need to be resolved under the insolvency law.

He further said that there are already about 81 cases filed under the IBC and 18 of these have been initiated by financial creditors.

On subdued loan growth, Jaitley noted that banks are making their best efforts.

Mr Jaitley had just reviewed the quarterly performance of state-run lenders and financial institutions. The finance minister has on various occasions said that the problem of bad loans is not systemic but limited to 30-50 accounts.

The minister is going to meet heads of public sector banks to discuss the issue of non-performing assets (NPAs) and the steps being taken by them to expedite the recovery of bad loans that have crossed Rs 6 trillion.

Please note that bad loans at state-run banks have grown more than Rs 1 lakh crore since April 2016 to Rs 6 lakh crore as of December 31, 2016.

To tackle the above problem, the Reserve Bank of India is pondering over initiating tough measures against willful defaulters.

While RBI's measures to tackle NPAs is proactive, banks need to take their share of blame. In one of our recent editions of The 5 Minute WrapUp, we had highlighted how the banks' return ratios had deteriorated due to their profits written off on account of NPA provisions.

The RBI has done well to focus its attention on the willful defaulters. However, this seems to be a curative measure than a preventive one. For the bad loans problem to be solved, the root cause i.e. the initial lending process of banks needs to be put in order.

In other news, Tejas Networks is set to hit the IPO markets tomorrow.

Tejas Networks is an optical and data networking products firm with customers spread over 60 nations. The company designs, develops and sells software enabled networking equipment products to telecommunications service providers, internet service providers, utility companies, defence companies and government entities.

The IPO of the company will close on June 16, 2017. The price band for the same has been set between Rs 250 and Rs 257 per share and the company plans to issue fresh equity shares worth Rs 4.5 billion and an offer for sale of up to 12,711,605 equity shares.

We will shortly release a note on the above IPO. Meanwhile, to know our view on the latest IPOs, you can visit our IPO page.

One shall note that one of the factors drawing retail investors to Indian share markets is revival of the IPO market.

Given the ongoing buoyancy surrounding IPOs, as can be seen from the chart below, many expect that fund raising through IPOs would remain robust in FY18.

IPO Market Buzzing

Now, while all that remains to be seen, the question that should concern you is how to decide whether the IPO is really right for you. If you wish to know what's the smartest way to profit from the 2017 IPO rush, download our latest report How to Get Rich with 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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