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GST Impact on Service Sector, North Korea Tensions, and Top Stocks in Action
Wed, 6 Sep Pre-Open

Top Stocks in Action Today

HDFC share price is likely to be in focus today as the company's bond issue opens today. The mortgage lender plans to raise Rs 20 billion by issuing bonds on a private placement basis. The issue opens today and will close the same day. HDFC said that it will specifically address the persons who are eligible for the debenture issue and no other person can apply for it.

Telecom stocks will be in focus today after the Delhi High Court dismissed Vodafone India's plea asking for more clarity on how the telecom regulator would decide whether to lower the interconnect usage charge (IUC).

IDBI Bank is expected witness activity after it moved Supreme Court to restore insolvency case against Jaypee Infratech. This comes a day after the apex court stayed an order passed in August by the Allahabad bench of the National Company Law Tribunal (NCLT), which initiated insolvency proceedings against Jaypee Infratech.

Jaypee Infratech has defaulted on Rs 5.3 billion of loans outstanding to IDBI Bank Ltd. The matter will be heard next on 11 September.

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Services Sector Activity Reels Under GST Pressure

India's services sector activity continued to be impacted by the implementation of the goods and service tax (GST) regime in July. The country's predominant sector witnessed contraction for the second consecutive month, according to the Nikkei Services Purchasing Managers' Index (PMI) survey by Markit.

The Services PMI is the reading of the country's services sector output and is updated monthly. A reading above 50 indicates expansion, while any score below the mark denotes contraction.

A second consecutive drop in new business resulted in another monthly decline in activity. The services PMI for August finished at 47.5, signaling slow recovery from the 45.9 in July.

Although manufacturing production rebounded from July's downturn, growth was insufficient to offset the contraction in services activity. According to the survey, the downturn was often associated with the implementation of the GST, though there was also a mention of shortages of inputs.

Uncertainty Shrouds Global Stock Markets

Financial markets worldwide traded on a week note amid global uncertainty. Market participants specifically those in Asia remained cautious amid continued uncertainty over North Korea.

Tensions grew as the US said that North Korea was "begging for war" amid reports of another missile launch by the country.

IPO Buzz

In news from the IPO space, 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 during 6th-8th September.

Dixon Technologies, 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, 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 have analysed and reviewed both of them and have released their recommendation notes. You can check the same on their IPO page.

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.

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Read the latest Market Commentary


Please Note: The stock price of Yes Bank on NSE-50 is not adjusted for face value split. Kindly refer to its BSE's quote today for the adjusted price.

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Sep 22, 2017 (Close)

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