Sensex Ends Day in Green; Metal Stocks Top Gainers

Wed, 20 Jun Closing

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After opening the day in green, share markets in India witnessed positive trading activity throughout the day and ended the day on a positive note. Sectoral indices traded on a mixed note, with stocks in the metal sector and stocks in the banking sector, leading the gains.

At the closing bell, the BSE Sensex stood higher by 260 points (up 0.6%) and the NSE Nifty closed up by 62 points (up 0.6%). The BSE Mid Cap index ended the day up 0.2%, while the BSE Small Cap index ended the day up by 0.3%.

The rupee was trading at Rs 68.09 against the US$ in the afternoon session. Oil prices were trading at US$ 75.48 at the time of writing.

Asian stock markets finished in green. As of the most recent closing prices, the Hang Seng was up by 0.7% and the Shanghai Composite was up by 0.3%. The Nikkei 225 was up by 1.2%. Meanwhile, European markets, too were trading on a positive note. The FTSE 100 was up by 1.2%, The DAX, was up 0.5% while the CAC 40 was up by 0.4%

In news from the IPO space. Biscuit maker Anmol Industries Ltd has filed draft papers with the stock markets regulator for its initial public offering (IPO).

The company is set to come out with an offer for sale of up to Rs 7.5 billion. According to the draft red herring prospectus (DHRP) filed by the company, majority of the sale will be by Baijnath Choudhary and Family Trust selling shares worth Rs 7.2 billion.

Edelweiss Financial Services, ICICI Securities and Motilal Oswal Investment Advisors are the managers to the issue, and the company's shares are expected to be listed on both NSE and BSE.

IPO Subscription Times (2017)

One space which tests the investor's contrarian philosophy is the IPO space. The demand for IPO's has reached sky-high levels. Avenue was the first company this year to cross the 100 time subscription mark swiftly followed by CDSL and Dixon technologies lately.

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, 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.

To know more, download this FREE report now and discover How to Get Rich with IPOs. This guide will show you how to safely profit from the IPO rush.

In news from the GST space. According to a leading financial daily, the government is considering imposition of GST (goods and service tax) plus VAT (value added taxation) on auto fuels when they will be covered under the GST regime.

A peak tax rate of 28% plus states levying some amount of local sales tax or VAT on petrol and diesel is likely to be the tax structure if the fuels are brought under the regime.

The peak GST rate plus VAT will be equal to the present tax incidence, which is made up of excise duty, levied by the central government, and VAT charged by the states.

But before the two fuels are put under GST, the Centre has to decide if it is willing to let go of the about Rs 200 billion of input tax credit it currently pockets by keeping petrol, diesel, natural gas, jet fuel and crude oil out of the Goods and Services Tax (GST) regime.

Notable, GST subsumed more than a dozen central and state levies like excise duty, service tax and VAT when it was implemented from July 1, 2017. However, its implementation on five petroleum products - petrol, diesel, natural gas, crude oil and ATF was deferred. This resulted in the industry losing on revenue as they were not able to offset GST tax they paid on input from those paid on the sale of products like petrol, diesel and ATF.

Every coin has two sides. GST is no exception. It has had its fair share of chaos in the months immediately post its implementation from 1 July 2017. Many businesses reported depressed earnings due to the transition to GST.

With the government considering its imposition on petrol and diesel a year after its implementation, what implications could it have? Our colleague Vivek Kaul has studied the finer aspects of the GST and predicted what could go right and wrong.

Download his special report - The Good, the Sad and the Terrible (GST).

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

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