Nifty 10K, IndusInd-Bharat Financial Agreement & Other Top Cues in Action Today

Tue, 12 Sep Pre-Open | Karan Janani, TM Team

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Indian stock markets ended the Friday's session higher as Nifty reclaimed its 10,000 level. The BSE Sensex closed higher by 195 points while the NSE Nifty finished higher by 71 points. The S&P BSE Mid Cap finished up by 0.7% while & S&P BSE Small Cap too finished up by 0.8%. Gains were largely seen in capital goods stocks, power stocks and bank stocks.

L&T (up 3.8%), Asian Paints (up 2.8%), Tata Motors (DVR) (up 2.5%), were among the major gainers on Sensex. However, M&M, Infosys, Sun Pharma, witnessed maximum selling pressure.

Top Stocks in Focus

IndusInd Bank and Bharat Financial Inclusion are expected to be in focus today after it was reported that the companies signed a confidentiality agreement for the proposed merger between them. Reportedly, Bharat Financial will be run as a subsidiary of IndusInd for a year and then it may be merged with the bank.

Lupin share price is likely to be in focus today after it was reported that the company has received final approval for its Doxycycline Hyclate Tablet USP, 100 mg from the United States Food and Drug Administration (USFDA) to market a generic version of Pfizer Inc.'s Vibra-Tabs 100 mg.

Doxycycline Hyclate Tablet USP, 100 mg had US sales of US$149.9 million as per IMS MAT June 2017. It is indicated in the treatment of infections caused by various microorganisms and as an adjunctive therapy in severe acne.

In another development, Glenmark Pharma has received final approval from the US health regulator for generic version of Rythmol SR capsules. The capsules are used in treatment for illness associated with rapid heartbeats.

According to IMS Health sales data for the 12 months to July 2017, Rythmol SR capsules achieved annual sales of approximately US$ 69.2 million. The company's current portfolio consists of 123 products authorised for distribution in the US marketplace and 63 Abbreviated New Drug Applications pending approval with the USFDA.

Automobile Sector is likely to be in focus after the GST Council raised the vehicle cess by less than the maximum possible limit last week.

The GST Council on Saturday left untouched the rates on small cars and hybrid vehicles. But midsized cars will now attract a cess that's 2% higher, larger sedans 5% higher, and SUVs 7% higher. Initially, the cess was proposed to be raised by a maximum of 10%.

The above increase on mid and high segment cars approved by the GST Council will come into effect from today.

As per the news, the revised rates mean a partial reversal of the price benefits buyers enjoyed after the GST rollout.

The total tax incidence on vehicles in the midsized, large and SUV categories will be lower by 1.6%, 3.8% and 5.3%, respectively, as compared to pre-GST levels. However, luxury carmakers such as Audi, Mercedes-Benz and BMW will be more affected by the increase in the cess, as these companies had benefitted the most from the initial decline in total levies.

IPO Buzz

In the news from IPO sector, three public offerings are slated to hit D-Street this week.

They are Matrimony.com, Capacit'e Infraprojects and ICICI Lombard. Together, these companies will raise Rs 66 billion.

Reportedly, Matrimony.com is expected to raise over Rs 5 billion which opened yesterday. The company has raised nearly Rs 2.3 billion from anchor investors ahead of its initial share sale.

Meanwhile, Capacit'e Infraprojects' Rs 4 billion IPO will be launched on 13 September. ICICI Lombard has set Rs 651-661 as the price band for its IPO, which will make it a Rs 57 billion issue opening from 15 September.

So, do these companies have sound business models? Are they leaving enough money on the table for investors?

To know more about our views on these companies, you can access the same in our IPO section.

Hurricane Irma Threat in US

US stock markets breathed a sigh of relief as Hurricane Irma hit Florida with a lesser than expected force. US stocks had ended in the negative last week ahead of the hurricane threat. Hurricane Irma which was downgraded to a Category 1 storm early on Monday, is expected to hit Tampa and Orlando early Monday and Tallahassee later in the afternoon.

The geo-political threat has also subsided for the moment as there were no nuclear tests conducted by North Korea over the weekend. The respite might be short lived as the UN Security Council met yesterday to discuss on further and tougher sanctions on North Korea. The Korean nation threatened to retaliate in case any further harsh resolutions imposed on them.

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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.