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Indian Indices Trade Marginally Higher; Metal Stocks Witness Buying
Thu, 19 Jul 12:30 pm

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

The BSE Sensex is trading up 49 points (up 0.1%) and the NSE Nifty is trading flat. The BSE Mid Cap index is trading down by 0.3%, while the BSE Small Cap index is trading down by 0.8%.

The rupee is trading at 68.88 to the US$.

In the news from macroeconomic space, the Asian Development Bank said in a report today that growth in Asia and the Pacific's developing economies for 2018 and 2019 will remain solid as it continues apace across the region, despite rising tensions between the US and its trading partners.

The report stated that led by India, South Asia will continue to be the fastest growing economic area despite new trade tensions in Asia and Pacific region.

The ADO published in April had said that India's economic growth will rise to 7.3% his fiscal and further to 7.6% in the next financial year, retaining the fastest-growing Asian economy tag on back of Goods and Services Tax (GST) and banking reforms.

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In the news from the IPO space, the initial public offering (IPO) of TCNS Clothing was subscribed 10% on Day 1 of the bidding process. As per the data available with NSE, the issue received bids for 10,75,300 shares till 5 pm yesterday.

The issue comprises of 15,714,038 shares which are being offered in the Rs 714-716 price band.

The company is engaged in the business of designing, manufacturing, marketing and retailing of branded apparels for women and offers top-wear, bottom-wear, drapes, combo-sets and accessories etc., catering to the varied wardrobe requirements of Indian women. The company's brand portfolio includes 3 brands as follows:

'W' - A premiere brand targeted at women's casual and workwear requirements.

Aurelia - A contemporary ethnic wear brand that grew in revenue at a CAGR of 70.8% during 2013-17.

Wishful - A premium occasion wears brand that grew in revenue at a CAGR of 66.7% during 2013-17.

To know more about the company, you can read our IPO analysis of TCNS Clothing Ltd (requires subscription).

Speaking of IPOs, eighteen initial public offerings (IPOs) in the first six months of 2018 raised Rs 236.7 billion. This compares to Rs 120 billion that thirteen companies raised via IPOs in the year-ago period.

Further, as per the news, the outlook is bullish for the rest of the year as well, with 50 companies including HDFC Mutual Fund, Lodha Developers and Rail Vikas Nigam expected to launch their initial share sales.

Of these, 28 companies are awaiting SEBI nod to launch their IPOs and 18 others have received the regulatory approval.

Note that 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

We believe 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 how to safely profit from the ongoing IPO rush, download this FREE report now and discover How to Get Rich with IPOs.

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