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Mon, 30 Jul 09:30 am

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Asian equities are lower today as Japanese and Hong Kong shares fall. The Nikkei 225 is off 0.7% while the Hang Seng is down 0.7%. The Shanghai Composite is trading down by 0.2%. Wall Street's major indices fell on Friday as weak earnings reports from major technology companies led to a big drop for the sector.

Back home, Indian share markets have opened the day marginally up. The BSE Sensex is trading higher by 41 points while the NSE Nifty is trading higher by 10 points. The BSE Mid Cap Index and BSE Small Cap index opened the day up by 0.4% & 0.2% respectively.

Sectoral indices have opened the day on a mixed note with PSU stocks and energy stocks leading the gainers. While, IT stocks and automobile stocks opened the day in red. The rupee is trading at 68.70 to the US$.

Pharma stocks opened the day on a mixed note with Aarti Drugs & Orchid Pharma witnessing maximum buying interest. As per an article in a leading financial daily, the US arm of Sun Pharmaceutical Industries is recalling over 2,500 bottles of Metformin hydrochloride from Arizona on account of presence of foreign substance in one lot.

The company is recalling bottles of Metformin hydrochloride extended release tablets 500 mg, packaged in a 500-count bottle.

The tablets were manufactured at Sun Pharma's Halol facility, USFDA said in its Enforcement report.

Reportedly, the ongoing, voluntary recall is a class II recall.

As per USFDA, a class II recall is initiated in a situation in which use of, or exposure to, a violative product may cause temporary or medically reversible adverse health consequences or where the probability of serious adverse health consequences is remote.

Metformin hydrochloride extended release tablets are used to improve glycemic control in adults with type 2 diabetes.

Speaking of the pharma sector, there is enormous uncertainty in the industry. Uncertainty regarding price erosion in the United States as well as hostile US FDA visits, have changed a once defensive sector into a risky sector.

So, is this the right time to buy pharma stocks? The sector was once termed as defensive sector. However, in last two years things have changed a lot.

But, we at Equitymaster believe this could be point of consolidation in the industry i.e. with stricter norms, lower margins, and pricing pressure, the industry may see many exits and acquisitions. This could lead to relatively fewer but higher quality players.

We believe, if you can pick a niche company with good financials and strong management, this is a good time to consider pharma stocks.

Sun Pharma's share price opened the day down by 0.2%.

Moving on to the news from the IPO space. HDFC Asset Management Company has fixed final offer price at Rs 1,100 per share on Saturday.

HDFC AMC and Standard Life Investments in consultation with the book running lead managers have finalised the offer price at Rs 1,100 per share for the IPO.

Accordingly, the company raised Rs 28 billion through the IPO which consisted of 25.5 million equity shares.

The reserved portion of qualified institutional investors oversubscribed by 192.3 times, non-institutional investors 195.2 times and retail 6.7 times. The issue received bids worth Rs 1.7 trillion against the IPO size of Rs 28 billion.

But, do the fundamentals and future growth prospects of HDFC AMC justify the demand for its IPO?

Read our Co-head of Research, Tanushree Banerjee's IPO note here...

With buoyant capital markets and the mutual fund industry on a roll, AMCs are eager to hit the market with their IPOs.

With HDFC AMC's IPO hitting the markets, many are expected to follow HDFC AMC. This opens up an entirely new segment for investors.

The first mover in this race was Anil Ambani promoted Reliance Nippon Life Asset Management Company that came up with a Rs 15.4 billion offering in October last year.

Interestingly, UTI AMC has also announced plans to list this financial year.

The AMCs' plan to go public follows a growing trend where banks and financial services are looking to unlock value in group businesses after the rapid rise in stock markets.

Also, apart from AMCs, another segment that's grabbing attention is brokerage houses.

Is India Moving Towards Financialization of Household Savings?

HYPERLINK "https://www.equitymaster.com/5minWrapUp/charts/index.asp?date=07/26/2018&story=1&title=Is-India-Moving-Towards-Financialization-of-Household-Savings" https://www.equitymaster.com/5minWrapUp/charts/index.asp?date=07/26/2018&story=1&title=Is-India-Moving-Towards-Financialization-of-Household-Savings <>

So, how can you profit from this financialization trend in India? And how should you think about these IPOs? Are valuations worth it? Is the opportunity of a lifetime or the dud of the decade?

These are the questions that will require much more contemplation. But don't worry - our research team is on it.

We at Equitymaster 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.

Also, we will be releasing detailed notes on these upcoming IPOs - keep an eye out for them. You can read our detailed analysis of the upcoming IPOs here.

Meanwhile, women's apparel maker TCNS Clothing has made a debut on the bourses today.

The final issue price was fixed at higher end of price band of Rs 714-716 per share. The 11.3-billion initial public offer had received good response from institutional investors, subscribing 5.3 times during July 18-20.

The offer received bids for 5.8 million equity shares against the total issue size of 1.1 million shares (excluding anchor portion of 47,14,210 shares).

TCNS Clothing opened slightly higher in the opening session.

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

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