Indian Indices Continue Downtrend; Healthcare Stocks Witness Selling

Fri, 28 Jul 11:30 am

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Share markets in India are presently trading on a negative note. Sectoral indices are trading on a mixed note with stocks in the healthcare sector and telecom sector witnessing maximum selling pressure.

The BSE Sensex is trading down 172 points (down 0.5%) and the NSE Nifty is trading down by 34 points (down 0.4%). The BSE Mid Cap index is trading up by 0.5%, while the BSE Small Cap index is trading up by 0.4%. The rupee is trading at 64.73 to the US$.

In other news, Idea Cellular share price is witnessing selling pressure today. This comes as the compnany on Thursday posted a consolidated loss of Rs 8.2 billion for the quarter ending June 30. The company had reported Rs 3.3 billion losses for March quarter.

The company is facing pressure on voice and data prices triggered by the entry of Reliance Jio Infocomm.

One shall note that the entry of Reliance Jio Infocomm has led to faster than expected consolidation in the telecom sector. Developments are already seen with merger proposal of Telenor India and Bharti Airtel, acquisition of telecom business of Sistema Shyam Tele Services by Reliance Communications and the planned merger of two of the biggest telecom companies Vodafone India and Idea Cellular.

The pricing disruption in the Indian telecom market caused by the entry of a new operator has led to industry revenue declines and created further stress on sector profitability, cash flows and leverage.

The declining sales revenue of the telecom players is also expected to have an adverse impact on government revenue collection in the form of spectrum usage charges and licence fee in the current financial year.

In the news from IPO pace, two more IPOs are set to hit the primary market within a week.

Cochin Shipyards IPO opens on 1 August. The Rs 14.7 billion IPO is priced in Rs 424 to Rs 432 range.

Security and Intelligence Services (SIS) IPO opens on 31 July. The company has priced its Rs 7.8 billion IPO in Rs 805-815 range. The initial public offer (IPO) comprises fresh issue of shares worth Rs 3.6 billion and an offer for sale of up to 51,20,619 shares by the existing shareholders.

Speaking of IPO space, we don't need thousands of IPOs to get rich. That's not how super investors make their fortunes. But a few good IPOs could certainly become the multibaggers in your portfolio in a few years.

We, at Equitymaster, have always recommended IPOs cautiously. Here's Rahul Shah, co-head of research at Equitymaster, explaining our rationale behind the approach:

• 'We know what a dirty game the IPO business is. We've seen it over and over again: It's a game where the odds are stacked against investors. So for us, the equation is simple. We'd rather face criticism in the short run than see our subscribers lose money over the longer term. We weren't afraid to do this during the hot IPO days of 2007, and we're not afraid to do it today.'

The Bottomline: You need to evaluate each IPO on its merits by considering its fundamentals, and most importantly, the valuations. And this is particularly important when the hype surrounding IPOs is at its peak.

Are IPOs a Sure Shot Way to Make Money?

We have reviewed some of the recent IPOs and have released their recommendation notes. You can check the same on our IPO page.

You can also download our FREE report and discover How to Get Rich with IPOs. This guide will show you how to safely profit from the 2017 IPO rush.

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

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