Indian Indices Trade Marginally Lower

Wed, 14 Sep 11:30 am

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After opening the day on a flattish note, the Indian indices slipped into red. Sectoral indices are trading on a mixed note with stocks from the metal and auto sector witnessing maximum selling pressure. Telecom stocks are, however, trading in the green.

The BSE Sensex is trading down 62 points (down 0.2%) and the NSE Nifty is trading down 16 points (down 0.2%). The BSE Mid Cap index and the BSE Small Cap index are trading on a positive note, up by 0.5% and 0.7%, respectively. The rupee is trading at 66.98 to the US$.

Starting off with the news from the initial public offering (IPO) space... September 19 will see the first initial public offering in India's insurance sector. This comes as ICICI Bank plans to raise Rs 60 billion by selling a stake in its subsidiary ICICI Prudential Life Insurance Company. By doing so, the bank has valued the insurer at Rs 480 billion.

Through the IPO, over 18.13 crore shares will be offered for sale. Of these shares, 10% is reserved for shareholders of ICICI Bank. Ten banks, including DSP Merrill Lynch and ICICI Securities, have been hired for the issue. ICICI Bank, which owns a 68% stake in the company, will raise Rs 60.5 billion at the top end of the price band.

The IPO is recorded as the biggest IPO in the domestic market since Coal India's stake sale in October 2010. In fact, this is what Tanushree Banerjee, Equitymaster co-head of research, recently wrote in one of the issues of the Research Digest (subscription required). Here's a snip-

• The IPO of ICICI Life Insurance will not only have the lure of being a billion-dollar issue. But it will also be one of a kind given that it is the first pure play insurance company to get listed in India.
  
  Now if you have had a chance to look at the financial statements of banks and non-banking companies, beware that insurance is a different animal altogether. What constitutes impressive financials and a strong balance sheet in the case of insurance companies differs quite a bit from other financial entities.
  
  And therefore valuing insurance businesses too is going to be a novel experience.

Our recent edition of The 5 Minute WrapUp offers two ways to think about IPOs and explains how to profit from them.

Further, to help you approach the big IPOs as an enterprising investor would, we are preparing special handbook for IPO Investing. Watch this space to know how you could access it...

As per a leading financial daily, petroleum products - including crude and some other intermediate products - could be taxed under the proposed goods and services tax (GST). The move, if finalized, is said to reduce the imperfections in the new levy and also narrow the inflationary impact of the tax.

As per the news, a proposal favoring imposition of a modest tax on these products is being examined and is expected to be taken up by the newly constituted GST Council where the government will try and convince states of its merit.

The idea here is to have some minimal tax of about 2-3% so that seamless flow of credit is not broken and the cascading effect is removed. At present, these products are proposed to be covered within the GST but zero rated till the time the council decides to impose a tax.

The above news marks as a recent development on the GST front. Early this week, the Union Finance Ministry notified the provisions of the Constitution Amendment Act that allows for setting up the Goods and Services Tax (GST) Council. A ministry notification stated that the Central Government appointed the 12th day of September, 2016 as the date on which the provisions of section 12 of the said Act shall come into force.

The formation of GST Council marks as a step forward in the implementation process of GST. Last week, President Pranab Mukherjee gave his assent to the Constitution Amendment Bill on Goods and Services Tax (GST). This, along with the bill ratified by more than 50% of the state assemblies, has made GST a law. To know more about GST, please read Vivek Kaul's report - GST & You: What the Media DID NOT TELL YOU About the GST.

As for market participants, the question is: Will the landmark GST Bill make you go out there and buy stocks in large numbers? One of the editions of The 5 Minute WrapUp titled 'GST Approved: Time to Buy Stocks by the Fistful?'  answers this question.

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

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