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Indian Indices Trade Marginally Higher; Banking and Telecom Stocks Witness Buying

Mon, 30 Jul 12:30 pm

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

The BSE Sensex is trading up by 68 points (up 0.2%), while the NSE Nifty is trading up by 10 points (up 0.1%). The BSE Mid Cap index is trading up by 0.1%, while the BSE Small Cap index is trading up by 0.5%.

The rupee is trading at 68.72 to the US$.

In the news from initial public offering (IPO) space, TCNS Clothing made a tepid debut today. The scrip of the company got listed at Rs 715 on BSE, almost same as its offer price of Rs 716.

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).

At the time of writing, TCNS Clothing share price was trading down by 9.5% on the BSE.

Speaking of IPOs, the stock market is gearing up for a burst of IPO activity over the next two months.

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

So how should one approach to IPOs? 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.

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

From the pharma space, Thyrocare Technologies share price is witnessing buying interest today. Gains are seen on news that the company is going to consider buyback of its shares.

As per the news, a meeting of the board of directors of the company will be held on August 4th to consider a proposal to buy back equity shares.

At the time of writing, Thyrocare Technologies share price was trading up by 6.2%.

Speaking of buybacks, the number of buyback offers in 2017-18 were at an all-time high. Never, in the last two decades, Indian markets saw fifty-nine companies announcing buyback plans.

As per Rahul Shah, co-head of Research, investors should not assume buybacks are always good. Here's an excerpt of what he wrote in one of the editions of The 5 Minute Wrapup:

• The reason behind the buyback must be investigated. At the end of the day, an increase in earnings should be more a function of the inherent robustness of the business, as that's what will help it continue to grow at a healthy pace.

At Equitymaster, we believe, as a shareholder in cash rich companies, you should not only be wary of expensive buybacks. But if possible use it to your advantage to rake in some cash.

It's a matter of time before you get to use the cash for buying stocks, you've always wanted to, at attractive bargains.

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

Read the latest Market Commentary

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