Sign up for Equitymaster's free daily newsletter, The 5 Minute WrapUp and get access to our latest Multibagger guide (2018 Edition) on picking money-making stocks.

This is an entirely free service. No payments are to be made.

Download Now Subscribe to our free daily e-letter, The 5 Minute WrapUp and get this complimentary report.
We hate spam as much as you do. Check out our Privacy Policy and Terms Of Use.
Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
  • MyStocks


Login Failure
(Please do not use this option on a public machine)
  Sign Up | Forgot Password?  

Sensex Trades in Red; Metal Stocks Sole Gainers
Tue, 8 Aug 01:30 pm

After opening the day marginally higher, share markets in India had a tepid session of trading and are currently trading in red. Except stocks in the metals sector all sectoral indices are trading on a negative note with stocks in the realty sector and stocks in the oil and gas sector leading the losses.

The BSE Sensex is trading down by 188 points (down 0.6%), and the NSE Nifty is trading lower by 50 points (down 0.5%). Meanwhile, the BSE Mid Cap index is trading down by 0.6%, while the BSE Small Cap index is trading down by 0.7% The rupee is trading at 63.74 to the US$.

In news from stocks in the telecom sector. Idea Cellular share price rallied nearly 3% in early trade today after the capital markets regulator, Security Exchange Board of India (SEBI) gave a conditional approval to the merger proposal of Idea Cellular and Vodafone India.

The approval would be subject to an ongoing probe by the regulator and approvals from public shareholders, and the National Company Law Tribunal (NCLT).

The regulator said Idea has given a voluntary undertaking to SEBI that it will not dispose of shares that were purchased by one of its promoters before the merger announcement, till further directions from SEBI.

After receiving approval from the regulator, Idea Cellular filed an application before the NCLT for approval of merger Vodafone India and Vodafone Mobile Services with the company.

The entry of Reliance Jio and the fierce tariff war it has triggered has set off brisk activity in the industry for fundraising and consolidation, as the incumbents look for ways and means to fend off the competition.

In March, Vodafone India and Idea Cellular announced the merger of their operationss to create the country's largest mobile phone operator worth more than US$ 23 billion with a 35% market share

At the time of writing, Idea Cellular share price was trading down by 1.5%.

Just Released: Multibagger Stocks Guide
(2017 Edition)

In this report, we reveal four proven strategies to picking multibagger stocks.

Well over a million copies of this report have already been claimed over the years.

Go ahead, grab your copy today. It's Free.

NO-SPAM PLEDGE - We will NEVER rent, sell, or give away your e-mail address to anyone for any reason. You can unsubscribe from The 5 Minute WrapUp with a few clicks. Please read our Privacy Policy & Terms Of Use.

Moving on to news from the IPO space. State-owned reinsurance company General Insurance Corp (GIC) is set it come out with its initial public offering (IPO) soon as the company filed the draft red herring prospectus (DRHP) with the regulator on Monday.

According to the DHRP, the IPO will see GIC dilute 14.2% of its stake. The company has appointed investment banks Citigroup, Axis Capital, Deutsche Bank, HSBC and Kotak Mahindra Capital Co. Ltd to manage the public offering.

The government plans to sell 107.5 million shares in the IPO, while the company will issue around 17.2 million new shares to raise primary capital.

GIC's initial share sale is part of the Union government's divestment plan, under which the department of investment and public asset management has appointed bankers to sell government stakes across over a dozen public sector enterprises

The IPO is likely to raise over Rs 100 billion, and could become the second largest public offering in India. In 2010, Coal India became the country's largest IPO raising over Rs 152 billion.

GIC intends to use the primary proceeds for augmenting its capital base to support the growth of its business and to maintain current solvency levels and for general corporate purposes, according to the DRHP.

IPO Market Buzzing

The IPO market has been on a firm uptrend since FY15. In FY17, the amount of money raised through 25 IPOs nearly doubled to Rs 282 billion.

IPOs are all the rage in the share markets these days. With new companies listing by the day, all with promises of superior returns.

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

Download this FREE report now and discover How to Get Rich with IPOs. This guide will show you how to safely profit from the 2017 IPO rush.

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

Read the latest Market Commentary

Equitymaster requests your view! Post a comment on "Sensex Trades in Red; Metal Stocks Sole Gainers". Click here!


Small Investments
BIG Returns

Zero To Millions Guide 2018
Get our special report, Zero To Millions
(2018 Edition) Now!
We will never sell or rent your email id.
Please read our Terms


Feb 26, 2018 09:27 AM