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Indian Indices Continue Downtrend, BOB-Vijaya-Dena Merger, and Top Stocks in Action Today
Wed, 19 Sep Pre-Open | Rini Mehta, TM Team

Share markets in India continued their momentum and ended in red yesterday. Sectoral indices traded in red, with stocks in the realty sector, power sector and PSU sector leading the losses.

At the closing bell yesterday, the BSE Sensex stood lower by 295 points (down 0.8%) and the NSE Nifty closed down by 99 points (down 0.9 %). TheBSE Mid Cap index ended down 1.4%, while the BSE Small Cap index ended down 1.6%.

Top Stocks in Focus Today

Adani ports share price will be in focus today as the company's wholly owned subsidiary, Adani Logistics has incorporated a Joint Venture (JV) company namely 'Adani NYK Auto Logistics Solutions'.

The object of incorporation is to provide logistic services i.e. rail transportation by auto wagons to the person engaged in automotive industry.

From the pharma space, Aurobindo pharma share price will also be in focus today as the company received approval from the South African Health Products Regulatory Authority (SAHPRA) for its Dolutegravir, Lamivudine and Tenofovir Disoproxil Fumarate (DLT) tablets.

Market participants will also be tracking L&T share price.

As per an article in a leading financial daily, the company's construction arm- L&T Construction has won orders worth Rs 20.5 billion across two business segments.

To know more about the company, you can access to L&T Q1FY19 result analysis and L&T 2017-18 Annual Report Analysis on our website.

In News from the Bank Sector...

In the latest development, the government proposed the merger of three banks, Bank of Baroda, Vijaya Bank and Dena Bank, aimed at creating the country's third-biggest lender.

That's seen as preparing the ground for consolidation among the remaining 17 state-owned lenders that have been a drain on the exchequer and marking the next big move in banking reforms.

The boards of the three banks will now consider the proposal.

Reportedly, the combined entity will have a strong presence across the nation with more than 34% of low-cost deposits, a capital buffer of nearly 12% and a business book of Rs 14.8 trillion. Bank of Baroda is the biggest of the three with Rs 10.3 trillion of total business, followed by Vijaya Bank at Rs 2.8 trillion and Dena Bank at Rs 1.7 trillion.

The finance ministry said in a release that the envisaged amalgamation will be first ever three-way consolidation of banks in India.

Previously, the government had pushed through consolidation of the State Bank of India group, with SBI absorbing five associate banks and Bharatiya Mahila Bank. That process was completed last year.

The finance ministry stated that the provision coverage ratio (PCR) of the proposed amalgamated entity will be 67.5%, well above the average of public sector banks (PSBs) at 63.7%.

The capital adequacy ratio of the combined entity would be at 12.3%, significantly above the regulatory norm of 10.875%, the finance ministry said, adding that it would be better positioned to tap capital markets.

From the IPO Space...

In the news from the IPO space, the state-owned engineering and construction company IRCON International was subscribed 49% by noon hours yesterday.

The offer for sale (OFS) received bids for 48.15 lakh equity shares compared with the total issue of 9,905,157 shares.

The issue has received strong demand from retail investors whose reserved portion was subscribed around 1.4 times.

The issue has a price band of Rs 470-475 per share and the equity shares are proposed to be listed on BSE and NSE. The public issue comprises an offer for sale of 9.9 million equity shares by its promoter, The President of India, acting through the Ministry of Railways, Government of India.

The net issue proceeds from the IPO will be utilised towards repayment of certain borrowings and for general corporate purposes.

IRCON International Limited is a Mini Ratna government company incorporated by Central Government (Ministry of Railways) under the Companies Act, 1956 on 28th April 1976. It is an integrated engineering and construction company specializing in major infrastructure projects, including railways, highways, bridges, flyovers, tunnels, aircraft maintenance hangars, runways, EHV sub-stations, electrical and mechanical works, commercial and residential properties, development of industrial areas, and other infrastructure activities.

To know more about the company, you can read our IPO analysis of IRCON International Ltd (requires subscription).

Also, with so many IPOs set to hit the markets, we at Equitymaster believe a merit-based selection, primarily including valuation, business, and management quality, is the logical way to go about investing in IPOs. If it means going against the herd, so be it. And going by recent past, this strategy has been proven to be successful more often.

To know how to safely profit from the ongoing IPO rush, download this FREE report now and discover How to Get Rich with IPOs.

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

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BSE Sensex is trading up by 209 points, while the NSE Nifty is trading up by 76 points.

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