Cochin Shipyard IPO, RBI August Monetary Policy & Cues to Watch Out Today

Tue, 1 Aug Pre-Open

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Indian share markets began the trading week on a strong note owing to continued buying by DIIs and better-than-expected earnings from some blue-chip companies led by consumer durables stocks, metal stocks and PSU stocks.

At the closing bell, the BSE Sensex closed higher by 205 points and the NSE Nifty finished up 63 points.

The markets are touching record highs every day. It makes sense to sit back and evaluate if the fundamentals are in place for such heady growth. When one looks at corporate earnings over the past 5 years, it paints a different picture.

For instance, Richa's Hidden Treasure team has uncovered a batch of small caps that could lead to what Richa calls 'backdoor profits'.

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RBI Likely to Go for 25 bps Cut Rate

As per street estimates, The Reserve Bank of India may lower the key interest-rate peg by a quarter-percentage point this week. As per Economic Times, the popular assessment is that retail inflation numbers, key to RBI's rate action, are going to be well below the central bank's calculations.

Bank of Tokyo-Mitsubishi UFJ has even predicted a cut up to 50 basis points in this week's credit policy - the first after India switched over to the Goods and Services Tax (GST) at the stroke of midnight July 1. The GST, a producer tax, replaced multiple levies.

Top Stocks in Focus

NTPC share price is expected to be in limelight today after the government stated that the company has no plans to take over stressed assets in the power sector. The company also reported a 12% rise in its standalone net profit for the first quarter (Q1) of 2017-18.

According to the company, its profit after tax for the quarter increased to Rs 26.18 billion from Rs 23.38 billion during the corresponding period in 2016-17.

Tata Motors share price is expected to be in action today after the company is betting big on its upcoming model compact SUV Nexon as it prepares to enter the fastest growing segment in the Indian passenger vehicles market by September.

State Bank of India has decided to introduce a two-tier savings rate with effect from 31 July 2017. While balance above Rs 10 million will continue to attract interest of 4% per annum, accounts with balance below Rs 10 million will have an interest rate of 3.5% per annum. The move comes on the back of decline in the rate of inflationand high real interest rates.

Tech Mahindra share price and Power Grid Corporation share price is also expected to be in news today as the company declare their Q1 results during market hours.

IPO Buzz

The initial public offering (IPO) of Security and Intelligence Services (SIS), received bids for 14% of the total issue size on Day 1 of the bidding process.

The company, which provides security solutions and business support services across India and Australia, has already raised Rs 3.5 billion from 18 anchor investors including ADIA, Reliance Capital Trustee and Birla Sun Life Trustee Company.

The issue comprises of fresh equity shares aggregating up to Rs 3.6 billion and an offer for sale of up to 5,120,619 equity shares by the selling shareholders. The company has fixed Rs 805-815 price band for the three-day issue that closes on Wednesday.

Meanwhile, the public issue of Cochin Shipyard will open for subscription today which comprises of fresh issue as well as offer for sale.

In terms of dock capacity, it is India's largest public-sector shipyard. It is seen as a play on the defence sector in India.

Weaker Than Expected China PMI

Asian markets shrugged off the release of slightly lower-than-expected China PMI data to close higher. In China, official manufacturing PMI for July stood at 51.4, compared to a forecast of 51.6. The July figure was also below June's reading of 51.7.

While manufacturing PMI data tends to be more closely watched, China's pivot toward domestic consumption and away from investment-led growth means the services sector accounts for a bigger slice of the mainland economy.

Oil Prices Gain

Oil prices struggled for direction in yesterday's trade, with investors likely booking some profits after a solid run higher that has put the U.S. contract on track for its biggest monthly rise of the year.

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