Developments in the IPO Space, Falling Gold Prices, and Top Buzzing Stocks Today

Fri, 28 Aug Pre-Open

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Indian share markets ended their trading session marginally higher yesterday.

Benchmark indices erased gains during the last hour of trading and turned flat, dragged down by energy stocks.

At the closing bell on Thursday, the BSE Sensex ended up by 40 points. Meanwhile, the NSE Nifty stood higher by 10 points.

The BSE Mid Cap index ended on a flat note. The BSE Small Cap index ended up by 0.4%.

Sectoral indices ended on a mixed note with stocks in the realty sector and auto sector witnessing buying interest.

Meanwhile, energy stocks witnessed selling pressure.

Top Stocks in Focus Today

Hindustan Aeronautics share price will be among the top buzzing stocks today after it was reported that the government will sell up to 15% stake in the company via offer for sale (OFS).

Mahindra & Mahindra (M&M) share price will also be in focus today as the company has inked a pact with Tel Aviv-based REE Automotive to explore production of electric commercial vehicles.

The firm has signed a memorandum of understanding (MOU) with the startup to explore development and manufacturing of electric commercial vehicles for global markets.

Market participants will also track tata group stocks today after it was reported that the conglomerate is building an all-in-one e-commerce app for its swathe of consumer products and services.

The prototypes, which consolidate all of the group's consumer-facing businesses and existing online assets, are ready and a launch is expected by end-2020 or early next year, the reports noted.

Rupee Rises to 5-Month High

The rupee sharply appreciated 48 paise to settle at 73.82 against the US dollar on Thursday after RBI Governor Shaktikanta Das said the central bank has not exhausted its ammunition to deal with the current situation due to the coronavirus pandemic.

At the interbank forex market, the domestic unit opened at 74.30, unchanged from its previous closing, but gained ground and finally ended at 73.82 against the greenback, higher by 48 paise over its previous close.

During the day, the local unit witnessed an intra-day high of 73.81 and a low of 74.36 against the US dollar.

Speaking at a webinar organized by a financial daily, Das said that rather than becoming averse to lending, banks have to improve their risk management and governance frameworks, and also build sufficient resilience.

He also said the central bank has not exhausted its ammunition, whether on rate cuts or other policy actions, to deal with the current situation due to the pandemic.

Gold Prices Dip as Investors Book Profits

Gold prices edged lower on Thursday tracking a muted trend in the international spot gold prices.

Gold futures on MCX were trading down by 0.8% at Rs 51,321 at the time of writing.

In global markets, gold edged lower following a sharp rise in the last session, as investors squared positions to focus on whether US Federal Reserve Chairman Jerome Powell signals a change in monetary strategy.

From August 7th highs of about Rs 56,200, gold is down more than Rs 4,400 per 10 grams.

However, prices are finding support amid fast rising coronavirus cases.

So, is it time to buy or hold gold and silver at current levels? Or should you buy platinum?

In this video below, India's no. 1 trader, Vijay Bhambwani tells what he thinks you should do with your bullion holdings.

Tune in here:

To know more about gold, just visit our Youtube Playlist on gold investing.

From the IPO Space...

In latest developments from the IPO space, gold's record-setting rally is set to give wings to the largest initial share sale by an Indian jeweler, helping it overcome tumbling demand in the second-biggest consuming nation.

Earlier this week on Monday, Kalyan Jewellers India said it plans to raise as much as 17.5 billion through a public listing as it banks on the long-term appeal of gold, a staple of Indian weddings and a popular investment option in the country.

The issue consists of a fresh fundraise of Rs 10 billion and Rs 7.5 billion secondary share sale by promoter TS Kalyanaraman and private equity firm Warburg Pincus.

As per the DRHP, the fresh capital will be utilized towards funding working capital requirements and for general corporate purposes.

Note that the above news come at a time when gold stocks are witnessing positive response from investors as they move towards the safe haven amid the volatility.

In other news, despite the sharp stock market rally since March, public market listings worth over Rs 335 billion are waiting in the wings, as companies which have received regulatory approvals hope for investor sentiments to improve and higher valuations.

Data from the markets regulator showed that thirty-four companies, which have received approvals for initial public offerings totaling Rs 335.2 billion are yet to tap stock markets.

Following a lacklustre 2019 that saw only 16 companies raise around Rs 123.7 billion, the lowest since 2015, the year 2020 was expected to see a rebound.

However, with India going into lockdown to contain the spread of Covid-19 in March, only two public offers have hit the street - Rossari Biotech and Mindspace Business Parks REIT.

Reports state that only a few high-quality issuers are scheduled to hit the markets this year, including UTI Asset Management Company, Angel Broking and Happiest Minds Technologies.

UTI's Rs 40 billion IPO planned for September is primarily to help its shareholders such as State Bank of India (SBI) and Life Insurance Corp. of India (LIC) cut their stakes to 10% as mandated by the regulator.

How all this pans out in the coming months remains to be seen. Meanwhile, we will keep you updated on the latest developments from this space.

And to know what's moving the Indian stock markets today, check out the most recent share market updates here.

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

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