Sensex & Nifty Open Marginally Lower; Bank Stocks Lead the Losses

Thu, 3 Aug 09:30 am

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Asian indexes were mostly lower on Thursday as the dollar recovered slightly from a two-and-a-half year low touched overnight against the euro. The Nikkei 225 is off 0.38%, while the Hang Seng is down 0.12%. The Shanghai Composite is trading down by 0.24%. Overnight, the US markets closed slightly higher supported by upbeat earnings.

Back home, share markets in India have opened the day on a flat note with a negative bias. The BSE Sensex is trading lower by 40 points while the NSE Nifty is trading lower by 21 points. The BSE Mid Cap and BSE Small Cap index both opened the day on a flat note.

Sectoral indices have opened the day on a mixed note with energy stocks and healthcare stocks leading the gains. While bank stocks and FMCG stocks have opened the day in the red. The rupee is trading at 64.07 to the US$.

Telecom stocks opened the day on a mixed note with Reliance Communications and MTNL leading the losses. As per an article in The Livemint, Bharti Airtel Ltd is considering selling about a 3% stake in its tower unit through an institutional share sale as the company is weighing the sale to cut its net debt.

Bharti Airtel had Rs 878.4 billion of net debt at the end of June, according to company filings.

In March, a consortium of KKR & Co. and Canada Pension Plan Investment Board (CPPIB) bought a 10.3% in its tower unit for Rs 61.93 billion.

Competition has been intensifying in the telecom market, as the entry of Reliance Jio Infocomm Ltd backed Mukesh Ambani has impelled rivals to slash tariffs and consolidate. A planned combination of Vodafone Group Plc's Indian unit with Idea Cellular Ltd will topple Airtel as the dominant mobile-phone operator in the nation.

Bharti Airtel share price opened the trading day up by 0.3%.

Moving on to the news from IPO space. The initial share sale offer of Cochin Shipyard was oversubscribed 3.16 times on the second day of the three-day bidding today.

The company has set a price band of Rs 424-432 per share for the initial share sale.

The IPO is a fresh issue of 22.65 million shares, which at the upper end of the price band will fetch the company over Rs 9.8 billion. There is also an offer for sale of 11.3 million shares. At the upper end of the price band, the government, which is selling 10% stake, will raise over Rs 4.9 billion.

The funds will be used to fund two major projects and also to improve the existing facilities.

But, do the company's fundamentals justify the price it is asking? Should you subscribe to it? Read on to find out.

Meanwhile, Security and Intelligence Services Limited (SIS) was oversubscribed 7 times on the last day of bidding.

SIS had priced its shares in a band of Rs 805-815. The IPO is a fresh issue of 5.12 million shares, which at the upper end of the price band will fetch Rs 3.6 billion to the company.

According to Livemint, 15 companies have raised Rs 125.8 billion through IPOs in 2017. In 2016, the Indian primary market saw 27 companies raise Rs 264.9 billion through IPOs.

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