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Sensex & Nifty at All-Time High; FMCG Stocks Lead
Mon, 24 Jul 11:30 am

After opening the trading day on a positive note, Indian share markets continue to trade firm in the morning session. Gains are largely seen in stocks from consumer durables sector stocks and FMCG sector. Meanwhile, metal stocks and healthcare stocks are trading in the red.

The BSE Sensex is trading higher by 192 points and the NSE Nifty is trading higher by 50 points. The BSE Mid Cap index is trading up by 0.4% while the BSE Small Cap index is trading up 0.6%. The rupee is trading at 64.32 to the US$.

As per an article in a leading financial daily, Singapore has sought to defend its visa regime, saying that one-third of its workforce is 'already foreign' and it would be 'mindless' to have open border without any policy framework to control the flow of people.

The statement of Singapore Deputy Prime Minister Tharman Shanmugaratnam assumes significance as Indian IT companies use that country as a gateway to serve clients in the region, the reports noted.

Notably, all major Indian tech companies including TCS, HCL, Infosys and Wipro have a presence in Singapore.

Moreover, Indian IT companies have also been subject to tighter visa norms in the US, which is home to 60% of India's IT products.

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So, are you worrying about IT stocks? If you are, then I highly recommend our co-head of Research Tanushree's 5 Minute WrapUp from 3 February - How To Act On the Trump Crash in IT Stocks. Here's an excerpt.

  • "We believe, if they respond to this challenge well and differentiate themselves from their peers, certain Indian IT companies could not only survive but thrive.

    In this new era of disruption, only firms run by managements who believe in agility will do well. Thus, in this sector, it is imperative to bet on the jockeys as much as it is the horses. Taking a blanket negative view on the sector would be wrongheaded."

Moving on to the news from stocks in automobile sector. According to an article in a leading financial daily, Tata Motors is planning to consider a proposal to raise up to Rs 10 billion by issuing non-convertible debentures (NCDs).

In this regard, the company is planning to hold a meeting of its duly constituted committee of the board on 26 July.

The above issuance is pursuant to the approval of its shareholders at 71st annual general meeting (AGM) held on 9 August 2016 and a resolution passed by members on 14 February 2017.

There is a lot of interest in the corporate debt market these days. One such instrument that has gained prominence these days is Non-Convertible Debentures or NCDs. NCDs are loan-linked bonds that cannot be converted into stock and usually offer higher interest rates than convertible debentures.

So, what makes NCDs so popular among corporates? With bond yields falling in line with policy rate changes, raising funds via NCDs has become a cheaper source.

Loans Raised Through NCDs Highest in Last Seven Years

We believe that the NCD route may look attractive, but one must take a decision on case to case basis keeping the risk of the issue into consideration. One of the recent edition of The 5Minute WrapUp offers the view on the same:

  • "Potential investors should not get carried away by the euphoria. They should assess the issue structure and the risk return considerations beforehand. Also, these NCDs are not risk free. Their ability to pay interest is dependent on the financial health of the issuer. Hence, credit rating of the issue and parentage of the issuing company must be assessed before subscribing".

Tata motors share price is presently trading down by 0.3%.

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Feb 22, 2018 10:49 AM