Indian Indices Trade Marginally Higher; Realty Stocks Witness Buying

Tue, 5 Sep 11:30 am

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Stock markets in India are presently trading near the dotted line with positive bias. Sectoral indices are trading on a mixed note with stocks in the consumer durables sector and realty sector witnessing maximum buying interest. Telecom stocks are trading in the red.

The BSE Sensex is trading up 59 points (up 0.2%) and the NSE Nifty is trading up 21 points (up 0.2%). The BSE Mid Cap index is trading up by 0.5%, while the BSE Small Cap index is trading up by 0.9%. The rupee is trading at 64.12 to the US$.

In the news from IPO sector, two IPOs viz. Dixon Technologies and Bharat Road Network are headed to the market with their initial share sale offers this week. The initial public offerings of both these companies will be open for subscription from 6th-8th September.

Dixon Technologies (India) Ltd, a consumer electronics manufacturer, has fixed a price band of Rs 1,760-1,766 per share for its IPO, through which it aims to raise about Rs 6 billion. Meanwhile, Bharat Road Network Ltd, a Srei Infrastructure Finance initiative, has fixed price band of Rs 195-205 per share for its IPO and also aims to raise Rs 6 billion.

We'll be soon releasing our IPO note on both the above IPOs today. You can access the same in our IPO section.

Speaking of IPOs, fundraising through initial public offerings (IPOs) is set to hit a record high this calendar year, as fifteen companies have already raised more than Rs 125 billion (till July), with much bigger offerings in the pipeline.

Further, five insurance company offerings are expected to raise a whopping Rs 400 billion collectively by the end of the year. State-owned General Insurance Co of India and New India Assurance Ltd, which have both filed their draft red herring prospectus (DHRP) with the regulators, are expected to raise a mammoth Rs 100 billion each. Similar offerings from SBI Life Insurance, ICICI Lombard General Insurance, and HDFC Standard Life Insurance are set to raise around Rs 70 billion, Rs 50 billion, and Rs 75 billion, respectively.

These five offerings themselves are set to make 2017 the biggest IPO year ever - even bigger than 2010, when 64 companies raised a collective Rs 375 billion through their IPOs.

2017 Set to be Record Year for IPOs

To know which IPOs to subscribe to, you can download our FREE report - How to Get Rich with IPOs. This report will show you how to safely profit from the 2017 IPO rush.

In the news from pharma sector, drug maker Lupin has announced the launch of its Olmesartan Medoxomil tablets, a hypertension drug, in the US market.

The company has launched Olmesartan Medoxomil tablets in strengths of 5 mg, 20 mg and 40 mg after having received an approval from the US Food and Drug Administration (USFDA).

Share price of Lupin is in focus today owing to the above development.

One shall note that USFDA alerts on Indian pharma companies have increased over the past few years. Regulators used to visit the plants every two years. Now they come every eight months. Increasing inspections have led to a total of 41 import alerts in the past eight years - 33 of them (80%) in just the last four years (2013-16). This clearly signifies increased USFDA scrutiny on Indian pharma firms. Further, increasing pricing pressure in the generics segment has dented realisations.

While short-term pain is expected, companies with strong R&D capabilities and compliant plants will do well over the long term. The uncertainties make it important to be stock specific in the sector. It is important to look for companies that have the competence and staying power to overcome the challenges.

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

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