Indian Indices Trade Marginally Higher; Healthcare Stocks Witness Buying

Wed, 13 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 healthcare sector and energy sector witnessing maximum buying interest.

The BSE Sensex is trading up 65 points (up 0.2%) and the NSE Nifty is trading up 7 points (up 0.1%). The BSE Mid Cap index is trading up by 0.4%, while the BSE Small Cap index is trading up by 0.3%. The rupee is trading at 64.00 to the US$.

In the news from global financial markets, data showed Japanese wholesale prices rose at the fastest annual pace in nearly nine years in August.

Wholesale prices rose 2.9% in August from a year earlier. This was the eight-straight month when wholesale prices rose and marked the fastest pace of growth since October 2008.

Also, the rise in the corporate goods price index (CGPI), which measures the price that firms charge each other for their goods and services, was roughly in line with a median market forecast for a 3% increase. The July gain was 2.6%.

Overall final goods prices rose 1.4% from a year earlier.

The above rise was seen on the back of rising import prices for crude oil, scrap metal, and other commodities on robust demand from China.

The data led optimism that consumer inflation will accelerate toward Bank of Japan's (BoJ) 2% target.

Core consumer prices had risen just 0.5% in July from a year earlier. This was the case because companies remained hesitant to pass along rising labor and raw material costs to households.

Also, the BoJ has pushed back the timing for reaching its price target six times since it deployed its massive stimulus programme in 2013.

The central bank now hopes consumer inflation to hit its 2% target by March 2020, as signs of strength in the economy and a tight job market boost wages and give households more purchasing power, thereby allowing firms to hike prices.

That said, there remain many issues that can hamper Japan's economic growth. The economy is flooded with excessive money printing, too much debt, too much government intervention, and stock market manipulation.

The BoJ's moves are in line with the easy money policies that central banks have adopted around the world. However, with the changes at central banks in 2016, it seems that the end of easy money is near.

In the news from IPO space, Capacit'e Infraprojects IPO will open for subscription from today onwards. The company has an asset-light business model and a Rs 46 billion order book that includes clients such as Rustomjee, Lodha, Oberoi and Godrej seeks to raise 4 billion from the primary market.

The company has set an IPO price band of Rs 245-250 per share. The company will use the proceeds from the issue to fund working capital requirement, purchase capital assets and general corporate purposes.

We have released our IPO note for this IPO. You can access the same in our IPO section.

Apart from the above, the IPO of ICICI Lombard General Insurance Company is also set to hit the market this week.

The IPO would be the first by a general insurer in India. The company is a joint venture between ICICI Bank and Canada-based Fairfax Financial Holdings. It had filed its draft prospectus in July for the public issue comprising Offer for Sale (OFS) of shares by existing shareholders, accounting for 19% stake.

One shall note that 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.

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