Sensex Trades Marginally Higher; Oil & Gas Stocks Witness Buying

Wed, 12 Jul 01:30 pm

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Stock markets in India are presently trading marginally higher. Sectoral indices are trading on a mixed note with stocks in the energy sector and telecom sector witnessing maximum buying interest.

The BSE Sensex is trading up 12 points (up 0.1%) and the NSE Nifty is trading up 18 points (up 0.2%). The BSE Mid Cap index is trading up by 0.7%, while the BSE Small Cap index is trading up by 0.4%. The rupee is trading at 64.51 to the US$.

In other news, as per an article in the Economic Times, India is looking to impose restrictions and standards on products where imports have replaced domestic production. The move is aimed to give a push to the Modi governments 'Make in India' initiative.

Under the development, the commerce department has instructed various ministries to analyse data and compile lists of products which are being produced domestically but are losing market share to exports.

The measures are also in line with the government's aim to control trade deficit in India. Products such as medical devices, toys, ceramics, solar cells, plastic wares, etc. may be subjected to mandatory standards in the future as the government attempts to curb India's large trade deficit.

While trade deficit has come down lately, the situation is worrisome on the exports front. Most of the brunt here was seen after the government announced notebandi. The export growth nosedived in the month following demonetisation, as can be seen from the chart below:

Impact of Demonetisation on India's Exports

In the news from IPO space, market participants are tracking the IPO of Salasar Techno Engineering Ltd which has started accepting bids from today.

The issue is going to follow fixed price IPO wherein the issue price is fixed at Rs 108 per share. The company is raising funds to meet the working capital requirements of the company including margin money, for general corporate purpose and to meet the issue expenses.

Apart from the above, SBI Life Insurance Company is also set to come up with an IPO as the insurance regulator IRDA has approved the company's application this week.

The company would be another major insurer to hit the IPO market after ICICI Prudential Life Insurance Co. Ltd.

The company may be looking to raise in the region of Rs 70 billion by selling about a 12% stake, making it the largest such share sale by a life insurer in India. Note that SBI Life is a joint venture between State Bank of India (SBI) and BNP Paribas Cardif with the former owning a majority 70% stake and the later 26%.

It remains to be seen how the issue is priced, more so in light of the market expecting brisk growth from the company. And considering that the insurance business is quite a different beast compared to most other companies, valuation tends to be a tricky affair.

To understand this terrain, you may want to download our report - Handbook of IPO investing, which has a special section on valuation of insurance companies. This will help you demystify the complexities of the industry before you attempt to invest in insurance IPOs.

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

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