Indian Indices Trade in Green, IPO Market Buzzing, and Top Stocks in Action

Tue, 31 Jul Pre-Open

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On Monday, share markets in India opened on a positive note and ended the day in green after a optimistic day of trading.

The BSE Sensex closed higher by 158 points to end the day at 37,494. While the broader NSE Nifty ended the day up by 41 points to end at 11,320.

Among BSE sectoral indices, PSU stocks rose the most by 2.2%, followed by bank stocks at 1.3%. Bharti Airtel and ICICI Bank were among the top gainers.

Top Stocks in Action Today

Sun Pharma share price is likely to be in focus today after it was reported that 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.

HDFC Ltd share price will be in focus today the company reported its quarterly earnings yesterday.Notable, the mortgage lender reported a 54% jump in standalone net profit to Rs 21.9 billion in the quarter in focus, up from Rs 14.2 billion in the same period a year ago.

GST Rate Cuts to be Credit Negative

According to ratings agency Moody's Investor Service, the recent rate cuts in the Goods and Service Tax (GST) regime will exert pressure on India's fiscal consolidation and are therefore credit negative.

Moody's said that the revenue loss from the GST rate cuts would be around 0.04%-0.08% of the GDP annually. Although the proportion of revenue loss is small, the vacillation in tax rates creates uncertainty around government revenue and comes amid persistent upside risks to its expenditures.

GST rates on a number of consumer durable items, such as refrigerators, washing machines and small television sets, were lowered with effect from 27 July.

Notably, Finance Minister Arun Jaitley had said that the total revenue loss to the exchequer from all the rate cuts effected since GST rollout on 1 July 2017 was Rs 700 billion.

Note that GST implementation is spurring on a wave of formalization of the economy.

Since the launch of Goods and Services Tax (GST), there were 9.8 million unique GST registrants, an increase of 50% compared to the previous tax regime. There has also been a large increase in voluntary registrations, especially by small enterprises that buy from large enterprises wanting to avail themselves of input tax credits.

IPO Buzz

HDFC Asset Management Company has fixed final offer price at Rs 1,100 per share.

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.

Meanwhile, women's apparel maker TCNS Clothing 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 share price ended the day down 8% from its issue price.

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