Sensex Trades Strong; Consumer Durables Stocks Drag

Wed, 23 Aug 01:30 pm

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After opening the day in green, share markets in India have continued the momentum and are trading above the dotted line. Except stocks in the consumer durables sector, all sectoral indices are trading in green, with stocks in the realty sector and stocks in the PSU sector leading the gains.

The BSE Sensex is trading up by 150 points (up 0.5%), and the NSE Nifty is trading up by 38 points (up 0.4%). Meanwhile, the BSE Mid Cap index is trading up by 0.7%, while the BSE Small Cap index is trading up by 0.8% The rupee is trading at 64.13 to the US$.

In news from the IPO space, the Rs 1.5 billion IPO of Apex Frozen Foods got subscribed by 68% so far on on Day 2 of the bidding process. Apex Frozen Foods, a smaller peer to listed Avanti Feeds saw 42,18,160 bids by noon compared with the total issue size of 62,10,000 shares.

The company, which offers variants of processed White shrimp under brands namely Bay fresh, Bay Harvest and Bay Premium, is looking to divest 28% cent of promoter shares.

The company intends to invest IPO proceeds in increasing its processing capabilities. It intends to set up new processing facility to boost its operations and gain from operational efficiencies.

It is also looking to set up a facility for processing value-added products and a frozen shrimp processing facility with an intended fully utilised approximate capacity of 20,000 MTPA. including an intended fully utilised approximate capacity of 5000 MTPA for valued added products.

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

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.

Moving on to news from the GST space. According to an article in a leading financial daily, the government has already collected over Rs 420 billion as taxes so far in the first monthly filing under the new Goods and Services Tax (GST) regime.

The revenues from the new regime are expected to swell further as the filing cycle closes this later this week.

From the total revenue, over Rs 150 billion came in through the Integrated-GST, which is levied on the state movement of goods. While another Rs 50 billion came in through the way of cess on demerit goods like cars and tobacco. The remaining Rs 220 billion came in through the Central and State GST, which would be split equally between the central and state governments.

Reportedly, so far around 1 million tax payers have filed returns under the GST regime and a further 2 million have logged in and saved return forms.

GST unifies more than a dozen central and state levies including excise duty, service tax and VAT, and the revenue generated is to be split equally between the Centre and states.

In July last year, Rs 317 billion of excise duty was collected and Rs 196 billion of service tax.

A total of 6 million businesses are expected to file returns and pay taxes for July.

In our view, GST is a complicated topic, the exact implications of which will be obvious over next few years. Our colleague Vivek Kaul has studied the finer aspects of the GST and predicted what could go right and wrong.

To know more, download his special report - The Good, the Sad and the Terrible (GST).

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

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