X

Sign up for Equitymaster's free daily newsletter, The 5 Minute WrapUp and get access to our latest Multibagger guide (2017 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

MEMBER'S LOGINX

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

Sensex Continues Downtrend; Power Sector Drags
Thu, 10 Aug 01:30 pm

After opening the day marginally lower, share markets in India had a tepid session of trading and are currently still trading in the red. Except stocks in the IT sector all sectoral indices are trading on a negative note with stocks in the power sector and stocks in the auto sector leading the losses.

The BSE Sensex is trading down by 150 points (down 0.5%), and the NSE Nifty is trading lower by 50 points (down 0.5%). Meanwhile, the BSE Mid Cap index is trading down by 1%, while the BSE Small Cap index is trading down by 1.2% The rupee is trading at 63.95 to the US$.

In news from the IPO space. State-owned general insurance company New India Assurance Co. (NIA) 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 Wednesday. This follows soon after General Insurance Corp (GIC) also filed its DHRP with the regulator this week.

According to the DHRP, NIA plans a total stake dilution of 14.5%. The government will sell 96 million shares in the offering, while the company will issue 24 million new shares to raise primary capital.

The stake sale is likely to net the government over Rs 70 billion. And the total size of the issue could be around Rs 100 billion considering the new share sale component.

NIA plans to use the primary capital raised to augment its capital base to support growth of its business and maintain solvency levels.

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.

With the filing of the prospectus, the government has lined up another mega divestment public offering.

On Monday, state-owned reinsurer GIC filed its draft documents to raise over Rs 100 billion through an IPO.

The two insurance IPOs will be among the largest share sales to hit the primary markets since record Rs 152 billion public offering in 2010.

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.

In news from stocks in the metals sector. Coal India share price is in focus today after the country's largest miner outlined plans to shut unprofitable mines.

The state-run coal major said that it will shut nearly 100 unprofitable mines over the next 2-3 years. Out of which, 37 will close operations this year. Coal India had shut down 15 mines in the previous year.

A study conducted by the company showed that out of the mines operated by Coal India, about 15 mines are highly profitable and 90 others can be made profitable.

The company has engaged Indian School of Mines and expertise of Singareni Collieries to chart out a roadmap for making the 90 mines profitable.

Coal India said that the process of opening new mines and closing unviable ones is a continuous process. Coal India began with 750 mines but now has 394. Low grade coal extracted from mines that produce less than one million tonnes a year are generally considered unprofitable as the scale of operation in them do not support the cost involved.

Coal India has been under pressure recently after the Coal Controller of India downgraded 50% of its 394 mines. This meant that the coal mined from these mines fetched lower prices than what it did in the previous year. The company expects revenues to be hit by Rs 100 billion due to the downgrading.

At the time of writing, Coal India share price was trading down by 1.2%.

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 Continues Downtrend; Power Sector Drags". Click here!

  

Become A Smarter Investor In
Just 5 Minutes

Multibagger Stocks Guide 2017
Get our special report, Multibagger Stocks Guide (2017 Edition) Now!
We will never sell or rent your email id.
Please read our Terms

S&P BSE SENSEX


Aug 18, 2017 (Close)

MARKET STATS