Share Markets in India Open in Green; L&T Gains on Strong Q1 Result

Mon, 31 Jul 09:30 am

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Asian indices are mixed today as investors turned cautious after North Korea conducted another missile test on Friday. The Shanghai Composite is up 0.36%, while the Hang Seng is up 0.66%. The Nikkei 225 is trading down by 0.07%. Over the weekend, most US stocks closed lower on disappointing earnings.

Back home, share markets in India have opened the day on a positive note. The BSE Sensex is trading higher by 124 points, while the NSE Nifty is trading higher by 26 points. The BSE Mid Cap and BSE Small Cap index both opened the day up by 0.2%.

Sectoral indices have opened the day on a mixed note with healthcare stocks and information technology stocks leading the losses. While capital goods stocks and power stocks are trading in green. The rupee is trading at 64.15 to the US$.

L&T share price surged over 3.4% after the company reported a 50.6% jump in consolidated net profit to Rs 10.3 billion for the first quarter ended 30 June. The company had posted a net profit of Rs 6.8 billion in the corresponding period a year ago.

Pharma stocks opened the day on a mixed note with Alembic Pharma and Dishman Pharma leading the gainers. In the latest development, Lupin announced that USFDA has concluded inspection of its Pithampur facility in Madhya Pradesh without any observations.

The USFDA has successfully completed a good manufacturing practices (GMP) inspection as well as prior approval inspection (PAI) at its Pithampur manufacturing facility without any observations. The inspection started on 24 July 2017.

Notably, Lupin has been facing heat from USFDA for some months now. The US regulator had recently given observations on the company's Goa plant, the most important with respect to imports to the US, in April. In May, the Indore unit of the pharmaceutical manufacturer received six observations from USFDA.

US Remains Key Growth Driver

Lupin derives 43% of its global revenues from the US. The US continues to be a principle growth driver for the company. Lupin enjoys a strong brand equity in the US and is the 5th largest pharmaceuticals company by prescriptions in the country.

However, the pharma sector, once considered a safe haven for investors has been on a steady decline over the past two years.

In such a scenario, what is key to identifying potential multibagger stocks? How does one pick them at the right time and ride them to their full potential? How many multibaggers do you really need to achieve the big riches that you desire?

Most importantly, are there any stocks right now that could turn out to be multibaggers? Click here to know everything that you need to know right now about mutlibagger stocks...

Lupin share price opened the day up by 0.2%.

Moving on to the news from IPO space. The latest addition to companies hitting the primary market is Security and Intelligence Services (SIS) India.

The company's initial public offering (IPO) will open today and close on 2 August 2017. At a price band of Rs 805-815 apiece, the funds raised will be used for repayment and pre-payment of a portion of outstanding debt.

The IPO comprises fresh issue of shares worth Rs 3.6 billion and an offer for sale of up to 51,20,619 shares by existing shareholders.

Meanwhile, SIS has raised Rs 3.5 billion from 18 anchor investors ahead of its IPO.

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.

We have reviewed each of them and have released their recommendation notes. You can check the same on their IPO page.

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

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