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Indian Indices Trade in Red; US-China Trade War Back On; IPO Buzz and Top Stocks in Action
Wed, 20 Jun Pre-Open | Parth Parekh, TM Team

On Tuesday, share markets in India opened flat and ended the day in red. The S&P BSE Midcap Index ended down by 1% while S&P BSE Small Cap Index ended down by 1.3%.

The BSE Sensex closed lower by 262 points to end the day at 35,287. While the NSE Nifty ended down by 89 points to end the day at 10,710.

Among BSE sectoral indices, metal sector fell the most by 1.7% followed by realty sector at 1.%. SAIL and Indiabulls Real Estate were among the top losers.

Top Stocks in Action

Yes Bank share price is likely to be in focus today as the company received final approval and registration from the stock markets regulator for acting as Custodian of Securities.

'Custodian of Securities' is a license granted by the regulator, to eligible entities allowing them to offer custodial services to financial market participants including Foreign Institutional Investors (FIIs) and Foreign Portfolio Investors (FPIs).

Solar Industries share price is likely to be in focus today, as the company has entered into a strategic partnership agreement with EURENCO for the supply of Propellants, Bombs, Ammunition filling and Modular Charges technologies under the 'Make in India' policy for the private sector.

Dr. Reddy's Laboratories share price is likely to be in focus as the company launched a new drug - Levetiracetam in Sodium Chloride Injection.

The injection is a therapeutic equivalent generic version of HQ Specialty Pharma Corporation's Levetiracetam in Sodium Chloride Injection, approved by the US Food and Drug Administration (USFDA).

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Global Markets Uneasy as Trade War Back on Cards

The US-China trade war is showing no signs of slowing down, as US President, Donald Trump is threatening to slap more tariffs on Chinese imports.

Donald Trump instructed the US Trade Representative's office to identify US$200 billion in imports from China for additional tariffs of 10%.

The US President said the 10% tariffs would come into effect if China refuses to change its practices. Last week he threatened 25% tariffs on $50 billion in Chinese products with another $100 billion targeted beyond that.

The move would be a major escalation of the dispute. World stock markets have suffered sharp falls as a result.

China responded by accusing the US of blackmail, raising fears of a full-blown trade war.

Post the latest salvo, Asian indices took a beating.

The Shanghai Composite was down 3.8% while Hong Kong's Hang Seng was down 2.8% and Japan's Nikkei 225 was lower by 1.8%.

IPO Buzz

The initial public offer of Varroc Engineering Limited is set to hit the market on 26 June. The price band for the issue has been fixed at 965-967 per share.

The auto parts manufacturer aims to raise over Rs 19.5 billion through its IPO, which is a pure offer for sale, with no fresh issue of capital.

The market is gearing up for a burst of activity, with at least 12 companies planning to raise more than Rs 170 billion over the next two months, after a quiet start to the June quarter.

Rhe last IPO to hit the primary market was IndoStar Capital Finance Ltd, which raised Rs 18.4 billion through its share sale in May.

Reportedly, the introduction of the new Indian accounting standards (IndAS) as one of the reasons why IPO-bound companies have not approached the market so far, this quarter.

All companies, including unlisted ones, having net worth of between Rs 2.5 billion and Rs 5 billion have to prepare their financial accounts for the year ended 31 March 2018 as per the IndAS accounting standards. Companies with net worth of Rs 5 billion or more had to implement the new standard a year earlier.

As per the reports, the pipeline in the June quarter will be very healthy. The market/IPO outlook continues to be strong and robust for the next two quarters if not the entire year.

Several major IPOs, including those of HDFC Asset Management Co. Ltd, auto parts maker Varroc Engineering Ltd, non-banking financial company IndoStar Capital Finance Ltd, microfinancier CreditAccess Grameen Ltd and women's apparel maker TCNS Clothing Co. Ltd, are set to hit the market this quarter.

Other companies that may launch their IPOs in the quarter include seafood exporters Devi Seafoods Ltd and Nekkanti Sea Foods Ltd. Both said they would decide on the timing of the launch after they get regulatory approval for their respective share sales.

With so many new IPOs hitting the market, it would be difficult to not get carried away.

A merit-based selection primarily including valuation, business, and management quality is the logical way to go about investing in IPOs. If it means going against the herd, so be it. And going by recent past, this strategy has been proven to be successful more often.

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Stock Market Updates

INDIABULLS VENTURES Plunges by 6%; BSE 500 Index Down 0.5% (Today's Market)

Nov 20, 2018 01:11 PM

INDIABULLS VENTURES share price has plunged by 6% and its current market price is Rs 446. The BSE 500 is down by 0.5%. The top gainers in the BSE 500 Index are ITI LTD (up 12.1%) and AEGIS LOGISTICS (up 4.8%). The top losers are INDIABULLS VENTURES (down 6.3%) and YES BANK (down 5.8%).

The BSE METAL Index Down 2% ; HINDALCO Among Top Losers (Today's Market)

Nov 20, 2018 01:11 PM

The BSE METAL Index Down at 12,689 (down 2.2%). Among the top losers in the BSE METAL Index today are HINDALCO, JINDAL STEEL & POWER and TATA STEEL. Meanwhile, the BSE Sensex has plunged 0.4% to 35,732.

BEML LTD. Surges by 5%; BSE CAPITAL GOODS Index Up 0.1% (Today's Market)

Nov 20, 2018 12:29 PM

BEML LTD. share price has surged by 5% and its current market price is Rs 767. The BSE CAPITAL GOODS is up by 0.1%. The top gainers in the BSE CAPITAL GOODS Index is BEML LTD. (up 5.1%). The top losers are ABB INDIA LTD. (down 0.2%) and LAKSHMI MACHINE (down 0.2%).

FORBES & CO. LTD. Surges by 10%; BSE CAPITAL GOODS Index Up 0.1% (Today's Market)

Nov 20, 2018 11:55 AM

FORBES & CO. LTD. share price has surged by 10% and its current market price is Rs 2,247. The BSE CAPITAL GOODS is up by 0.1%. The top gainers in the BSE CAPITAL GOODS Index is FORBES & CO. LTD. (up 9.7%). The top losers are SKF INDIA (down 0.2%) and ABB INDIA LTD. (down 0.2%).

AU SMALL FINANCE BANK Plunges by 5%; BSE BANKEX Index Down 0.5% (Today's Market)

Nov 20, 2018 11:47 AM

AU SMALL FINANCE BANK share price has plunged by 5% and its current market price is Rs 604. The BSE BANKEX is down by 0.5%. The top gainers in the BSE BANKEX Index are INDUSIND BANK (up 1.9%) and KOTAK MAH. BANK (up 0.1%). The top losers is AU SMALL FINANCE BANK (down 5.2%).

Sensex Opens in Red; Yes Bank Down 5% (Today's Market)

Nov 20, 2018 09:30 am

Indian share markets open in red with Sensex down by 72 points, while the Nifty is trading down by 32 points.

View More Indian Share Market News

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Nov 20, 2018 01:33 PM