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Sensex Opens Over 150 Points Up; Metal Stocks Lead
Mon, 19 Jun 09:30 am

Asian equity markets are higher today as Japanese and Hong Kong shares show gains. The Nikkei 225 is up 0.60%, while the Hang Seng is up 0.92%. The Shanghai Composite is trading up by 0.49%. US Stocks ended mixed on Friday; the Dow closed at record levels, while the tech-heavy Nasdaq closed lower.

Meanwhile, share markets in India have opened the day on a firm note. The BSE Sensex is trading higher by 144 points, while the NSE Nifty is trading higher by 39 points. The BSE Mid Cap Index and BSE Small Cap index opened the up by 0.4% & 0.5% respectively.

All sectoral indices have opened the day in green with metal stocks and capital goods stocks leading the pack of gainers. The rupee is trading at 64.59 to the US$.

Dr Reddy's Laboratories share price opened on a negative note on the news that the USFDA has issued one observation after the inspection of a unit of its Srikakulam formulations facility. The company has been issued a Form 483 with one observation, which it is addressing.

Bank of Maharashtra share price fell by 3.4% after it was reported that the Reserve Bank of India has initiated Prompt Corrective Action for Bank of Maharashtra in view of high net NPA. The bank's net non-performing assets (NNPA) ratio rose to 11.76% at the end of March, from 10.67% at end-December.

Under the RBI rules, prompt corrective action is triggered if a bank's NNPA ratio crosses 6%.

In another development, the initial public offering (IPO) of leading securities depository Central Depository Services (CDSL) will open for subscription today, with a price band of Rs 145-149 per share.

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The company is expected to raise Rs 5.10 billion at the lower end of price band and Rs 5.24 billion at higher end of price band.

It has already raised Rs 154.07 crore by issuing 10.3 million equity shares to 15 anchor investors. These shares were allotted at a price of Rs 149 apiece. CDSL is one of India's two depositories. The other is National Securities Depository Ltd, which holds securities in electronic form.

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

So far, this year, eight companies, including BSE, Shankara Building Products, CL Educate and Housing and Urban Development Corporation Ltd (HUDCO) got listed. Besides, the public issue of Tejas Networks had closed last week. Together these nine companies have raised over Rs 70 billion.

Going ahead, many firms have lined up their IPOs plans for the coming months. Eris Lifesciences' IPO is already underway to raise about Rs 17.41 billion.

Interestingly, in FY17, the amount of money raised through 25 IPOs nearly doubled to Rs 282 billion. The IPOs were well received, with a majority (15 of them) getting oversubscribed by over 10 times.

After a bumper year in FY17, abundant liquidity has fueled expectations that fund raising through IPOs would remain robust in FY18. And may even surpass the amount raised in FY17.

IPO Market Buzzing

In fact, as per the chief of Bombay Stock Exchange, 1,000-odd companies are planning to get listed once GST kicks in.

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Tata stocks opened the day on a mixed note with The Indian Hotels Company and Rallis India leading the gains. As per an article in a leading financial daily, in a move to consolidate cross-holdings across group firms, Tata Group's holding firm Tata Sons is set to acquire Tata Steel's 2.9% stake in Tata Motors.

Tata Sons will buy about 83.6 million shares in Tata Motors at or around the prevailing price of the stock on the date of the planned acquisition. Under the restructuring plan, Tata Sons will hold shares in these companies directly, and not through Tata Steel.

One must note that, reducing cross-holdings among the Tata group companies has been one of the top priorities for N Chandrasekaran since he took charge as chairman on 21 February. As Rohan Pinto, our research analyst writes in The 5 Minute WrapUp:

  • "The Tata Group too has some legacy business operations that are struggling. These businesses operate in a hyper-competitive environment and have generated sub-par returns for all stakeholders. Mr Chandrasekaran clearly has some tough calls to take on these operations."

And, on this to-do list Tata Steel has been the most important entity because of its Rs 830.14-billion gross debt at the end of March, which is 2.3 times its equity.

Tata Steel share price opened up by 1.4%, while Tata Motors share price opened down by 0.3%.

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Nov 24, 2017 (Close)