Sensex Ends Volatile Day Flat; FMCG Stocks Lead Gains

Tue, 26 Jun Closing

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After opening the day in red, share markets in India witnessed volatile trading activity throughout the day and ended the day on a flat note with a positive bias. Sectoral indices traded mixed, with stocks in the power sector and stocks in the realty sector, leading the losses.

At the closing bell, the BSE Sensex stood higher by 20 points (up 0.1%) and the NSE Nifty closed up by 7 points (up 0.1%). The BSE Mid Cap index ended the day down 0.3%, while the BSE Small Cap index ended the day down by 0.6%.

The rupee was trading at Rs 68.16 against the US$ in the afternoon session. Oil prices were trading at US$ 74.64 at the time of writing.

Asian stock markets finished mixed. As of the most recent closing prices, the Hang Seng was down by 0.3% and the Shanghai Composite was down by 0.5%. The Nikkei 225 was up by 0.1%. Meanwhile, European markets, were trading on a positive note. The FTSE 100 was up by 0.4%. The DAX, was up by 0.1% while the CAC 40 was up by 0.2%

The initial public offer of Varroc Engineering Limited hit the market today. 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.

Note that 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.

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, 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.

Poor IPO Returns Post Listing

If you've been tracking the demand for IPOs, you would certainly think that 2017 was the year of IPOs. For one, IPO subscriptions were at sky high levels. But if the performance of recently listed IPOs are anything to go by, they have flattered to deceive.

Of the five recent high-profile IPOs which listed on the stock market, four have given negative returns. 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.

Moving on to news from stocks in the consumer durables sector. Voltas share price was among the most active stocks today after it was reported that the Tata Group is looking to divest its stake in the company.

According to reports, Tata Group is exploring options to divest up to 9% stake in Voltas. The said divestment could take place in more than one tranche. Currently, Tata Sons is said to have 26.6 percent stake in Voltas.

The report further outlined that the group could sell between 4-5% of Tata Sons' stake in Voltas and could sell entire 0.58% stake of EWart Investments in the firm.

The capital raised through this sale could then be used for defence and aerospace investments. The move is also aimed at simplifying holding structure in group companies.

Voltas share price ended the day up by 2.2% after plunging over 4% in early trade.

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

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