Fed Monetary Policy Meet, Dixon Tech IPO Listing & Other Top Cues in Action Today

Tue, 19 Sep Pre-Open

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Indian share markets  ended on a strong with the Nifty settling at its record closing high. At the closing bell, the BSE Sensex closed higher by 151 points. While, the NSE Nifty finished higher by 68 points. Meanwhile, the S&P BSE Midcap Index finished up by 0.7% while the S&P BSE Small Cap Index ended up by 0.8%. Gains were largely seen in capital goods stocks followed by consumer durable stocks.

Top Stocks in Focus

Tata Motors share price is likely to be in focus today after Global research house Bank of America Merrill Lynch upgraded its position on the stock. It feels new product launches in domestic and export markets will aid in future growth for the company. Also, a revision in its hedging policy will also help going forward.

ITC share price is likely to be in focus today after its plans open 40 new hotels adding around 5,000 rooms over a period of time. This is part of company's strategy to strengthen its hospitality business.

In the near term, the company is working on opening 10 new hotels in the next three- and-half years under its ongoing expansion program across different verticals entailing overall investment of Rs 250 billion.

Reportedly, nine of these hotels are in India and one in Colombo, Sri Lanka. This is part of ITC's 'India First' strategy. ITC's hotels business had posted consolidated revenue of Rs 14.14 billion in 2016-17, up from Rs 13.57 billion in 2015- 16.

Meanwhile, the company also decided to foray into fresh fruits, vegetables and upgraded series of e-choupal which it sees as potential areas for non-linear growth. ITC's agri business division has an annual turnover of about Rs 90 billion.

As per the reports, the division's growth is partly aligned with the company's FMCG business. It would also unveil variants of potatoes soon followed by dehyrdrated onions. A number of these new products provide opportunities for growth.

Lupin share price is likely to be in focus today after the company announced the appointment of Jim Loerop as Chief Corporate Development Officer. Jim will lead Lupin's overall corporate development efforts and will be responsible for the Company's global M&A and business development functions. He will integrate Lupin's Business development, Licensing and M&A teams to drive the company's global M&A and Business Development strategy.

Commenting on the appointment, Vinita Gupta, Chief Executive Officer, Lupin said, "We are delighted to welcome Jim at a crucial time as we accelerate our transition into complex generics and specialty brand segments. Jim's rich experience in both branded and generic business will be invaluable in helping us navigate our business towards new growth opportunities."

Jim will be based at Naples, Florida in the US, and he will report to Vinita Gupta, CEO, Lupin.

IPO Buzz

In the news from IPO space, Dixon Technologies made a stellar debut today as the company's scrip got listed at Rs 2,725 on BSE and NSE, a premium of around 54% over its issue price of Rs 1,766. It ended the day at Rs 2892, a gain of 63% over its issue price.

The company had raised Rs 6 billion through IPO, which got tremendous response from all the category of investors. The issue was over-subscribed 118 times, receiving bids for 280 million shares against the total issue size of 2.38 million shares.

Dixon Technologies (India) Ltd. is engaged in manufacturing products in the consumer durables, lighting, and mobile phones markets in India. The company's product portfolio includes consumer electronics like LED TVs; home appliances like washing machines; lighting products like LED bulbs and tubelights, downlighters, and CFL bulbs; and mobile phones.

Apart from the manufacturing of above products, the company also provides solutions in reverse logistics i.e. repair and refurbishment services of set top boxes, mobile phones and LED TV panels.

Another IPO, Bharat Road network had a flat opening today to list at 205, exactly at the upper band of its issue price.

Also, ICICI Lombard General Insurance Rs 57 billion IPO which opened on Friday got subscribed 67% at the end of day two of bidding. The quota reserved for QIB (qualified institutional buyers) was fully subscribed while 60% of the retail portion was subscribed.

The public offer will remain open until 19 September 2017. The objects of the offer are to achieve the benefits of listing the equity shares on the stock exchanges and to carry out the sale of up to 86,247,187 equity shares by the selling shareholders.

Among other general insurance companies, General Insurance Corp of India and New India Assurance Company are also planning to come up with their IPOs. Various estimates put India's insurance market size at US$100 billion. Analysts say it can become a dominant theme on Dalal Street in the years to come.

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.

Federal Reserve Monetary Policy Meeting

Global financial markets wait anxiously as the US Federal Reserve prepares for its policy meet this week. The Fed is expected to tighten its monetary policy to reduce its US $ 4.5 trillion balance sheet. Gold prices fell to its two week low ahead of the meet.

Since 2015, the US Fed has raised the benchmark short-term interest rate four times. This will also be one of the last 4 federal meetings before Federal Reserve Chairman Janet Yellen's first term ends in February next year.

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