Sensex Opens Marginally Up; Realty Stocks Gain

Fri, 6 Jul 09:30 am

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Asian share markets are lower today as Japanese and Hong Kong shares fall. The Nikkei 225 is off 0.7% while the Hang Seng is down 0.4%. The Shanghai Composite is trading down by 0.5%. In Thursday's Wall Street session, the Dow Jones Industrial Average index rose 0.8%, the S&P 500 index 0.9% and the Nasdaq Composite index 1.1%.

Back home, India share markets opened the day marginally higher. The BSE Sensex is trading up by 68 points while the NSE Nifty is trading up by 11 points. The BSE Mid Cap index and BSE Small Cap index opened up by 0.2% & 0.1% respectively.

The rupee is currently trading at 68.75 to the US$.

Sectoral indices opened the day on a mixed note with realty stocks and energy stocks witnessing maximum buying interest. While, metal stocks & consumer durables' stocks opened the day in red.

In the news from the IPO space. Auto component maker Varroc Engineering has made its stock market debut today after a successful initial public offer that closed last week.

The company's Rs 19.6-billion IPO was subscribed 3.6 times during June 26-28. Price band for the offer was fixed at Rs 965-967 per share.

Varroc Engineering supplies auto parts to Jaguar Land Rover, Bentley, Audi and Harley Davidson. Besides, it supplies auto parts to giants such as Volkswagen, Ford, Honda and Bajaj Auto.

Founded in 1990 in Aurangabad, Varroc is an automotive component manufacturer and supplier of exterior lighting systems, power-trains, electrical and electronics, body and chassis parts to passenger cars and motorcycle segments worldwide.

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

Also, according to EY India IPO Readiness Survey Report, globally, Indian exchanges recorded the highest IPO activity as the country saw 90 IPO launches that raised US$ 3.9 billion in the first half of this year.

Meanwhile, the amount raised by SME IPOs in 2017 stood at Rs 17.9 bn. This is more than three times the amount raised in 2016. The number of SME IPOs launched also doubled from 66 to 132. This is evident from the chart below:

SME IPO Boom in 2017

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Varroc Engineering's IPO opened the day on a flat note.

Moving on to the news from paints sector. As per an article in a leading financial daily, Berger Paints India Ltd (BPIL) has inked a pact with Rock Paint Co. Ltd (Rock Paint) of Japan to form a joint venture (JV) to sell automotive paints in India and Nepal.

Reportedly, the purpose of forming a JV is for sale of superior automotive refinish paints in lndia and Nepal. The JV is proposed to be named as "Berger Rock Paints Private Limited".

Berger will hold 51% and Rock Paint will hold 49% in the share capital of JV.

In 2017, Berger had a Memorandum of Understanding (MoU) with Rock Paint wherein it carried out trial sales of automotive refinish paints in India. The results of the trial sales were encouraging and hence the companies decided to extend the partnership.

Both companies are positive the high quality automotive refinish paints will have considerable demand in the Rs 20 billion automotive refinish market.

Rock Paint is a leading manufacturer of automotive refinish paints in Japan. The company offers a wide range of high quality, easy-to-use coatings suited to the diverse needs of today's auto-refinish market.

Berger expects the JV to benefit from its market knowledge and infrastructural strength in India while gaining significantly from the technical expertise and high end products that Rock Paint will bring to the table.

Berger Paints share price opened the day up by 1.3%.

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