Equity MF Outflow in August, Route Mobile IPO, and Top Buzzing Stocks Today

Thu, 10 Sep Pre-Open

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Indian share markets ended marginally lower yesterday.

Weak global cues and concerns over India-China tensions dragged benchmark indices lower.

Further, rising tensions between US-China and news in vaccine development dampened sentiment.

AstraZeneca Plc paused a late-stage trial of one of the leading Covid-19 vaccine candidates due to an unexplained illness in a study participant, disappointing investors who were pricing in a vaccine by the end of the year.

At the closing bell yesterday, the BSE Sensex stood lower by 171 points. Meanwhile, the NSE Nifty ended down by 32 points.

The BSE Mid Cap index ended down by 0.3%. The BSE Small Cap index ended down by 0.9%.

Sectoral indices ended on a mixed note with stocks in the banking sector and finance sector witnessing selling pressure.

Energy stocks, on the other hand, witnessed buying interest.

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Top Stocks in Focus Today

Reliance Industries will be among the top buzzing stocks today. In a major investment, Silver Lake is set to infuse Rs 75 billion in Reliance Retail for 1.75% stake in the company, which is a subsidiary of Reliance Industries (RIL).

The investment values Reliance Retail at a pre-money equity value of Rs 4.21 lakh crore, RIL said in an exchange filing. This is the second billion-dollar investment by Silver Lake in a Reliance Industries subsidiary after the US$ 1.35 billion it invested in Jio Platforms earlier this year.

Oil & gas stocks and paint stocks will be in focus today as crude oil prices tumbled after Saudi Arabia cut its October selling prices. Oil futures fell sharply on Tuesday this week, with Brent tumbling below US$ 40 a barrel for the first time since June.

Market participant will also track TeamLease Services as the company announced acquisition of additional 36.17% stake in Schoolguru Eduserve.

In 2017, the company had acquired 40% stake in online learning company Schoolguru for Rs 135.3 million, a move that the company had said would accelerate its employability strategy.

Equity Schemes See Net Outflows for Second Straight Month in August

In news from the mutual funds space, equity schemes saw net outflows for the second straight month in August, as the market's upward trajectory and the need for cash amid the Covid-19 pandemic prompted investors to pull out money.

Equity schemes witnessed outflows to the tune of Rs 40-42 billion in August, led by withdrawals from large-cap and multi-cap schemes, said sources in the know, basing their estimates on the data collected from 88% of the industry.

Open-ended scheme outflows have surpassed Rs 24.8 billion outflows seen in July - their first after over four years.

It will be interesting to see if the outflows signal the turn of a cycle for an industry that has largely witnessed robust inflows since 2014 or if the contribution from systematic investment plans (SIPs) start to slip as well.

SIPs, which have become a favourite route for retail investors to invest in mutual funds (MFs), had slid for the fourth successive month in July to Rs 78.3 billion, down 1% from the previous month.

Note that investor sentiments have improved following a sharp revival in markets over the past few months.

As a result, the retail entry into capital markets through mutual funds witnessed a significant revival as new systematic investment plan (SIP) registrations jumped to 9.13 lakh in June 2020.

The registrations had dropped to 7.5 lakh in April and 8.08 lakh in May 2020 after the Covid-19 pandemic resulted in a sharp fall in the markets in March.

The trend of inflow of new SIP registrations is in line with the rising retail participation in the stock market trade.

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

Route Mobile IPO: Retail Investors Portion Fully Subscribed

In news from the IPO space, the public offer of Route Mobile opened for subscription yesterday and was subscribed 55.9% at the time of closing stock market hours yesterday.

The IPO received bids for 6.8 million equity shares against offer size of over 12.1 million equity shares.

The response from retail investors remained good so far, as their reserved portion witnessed 108% subscription. The portion set aside for non-institutional investors subscribed 8%.

The Rs 6-billion public issue consists a fresh issue of Rs 2.4 billion and an offer for sale of Rs 3.6 billion by promoters.

The price band has been fixed at Rs 345-350 per equity share.

The company has already garnered Rs 1.8 billion from 15 anchor investors on September 8, a day ahead of IPO opening.

SBI Mutual Fund, SBI Life Insurance, Goldman Sachs, ICIC Prudential, Franklin Templeton, Kuwait Investment Authority, Vantage Equity, and Axis Mutual Fund are among 15 investors who participated for the anchor book.

How the above IPO sails through remains to be seen. Meanwhile, we will keep you updated on the latest developments from this space. Stay tuned.

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

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