Sensex Opens Flat; Bharti Airtel & Idea Cellular Slump

Wed, 20 Sep 09:30 am

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Asian equities are higher today as Chinese and Hong Kong shares show gains. The Shanghai Composite is up 0.09% while the Hang Seng is up 0.27%. The Nikkei 225 is trading up by 0.17%. US equities rose on Tuesday as the US Federal Reserve kicked off a two-day monetary policy meeting.

Back home, share markets in India have opened the day on a flat note with positive bias. The BSE Sensex is trading higher by 57 points while the NSE Nifty is trading higher by 7 points. The BSE Mid Cap Index and BSE Small Cap index both opened the day up by 0.4%.

Barring bank stocks, automobile stocks and PSU stocks, all sectoral indices are witnessing buying interest with capital goods stocks and realty stocks leading the pack of gainers. The rupee is trading at 64.18 to the US$.

Telecom stocks are witnessing selling pressure today after the Telecom Regulatory Authority of India (Trai) more than halved the so-called interconnect usage charge (IUC) to six paise with effect from 1 October, dealing a big blow to older telecom firms. The move comes as a potential boost to newcomer Reliance Jio Infocomm Ltd.

Reacting to the news, Bharti Airtel share price fell 2.4%, while Idea Cellular share price slumped 4%.

Pharma stocks have opened the day on a mixed note with Dishman Pharma and  HYPERLINK "https://www.equitymaster.com/share-price/INDOCO/INDOCO-532612/INDOCO-REMEDIES-Share-Price" Indoco Remedies being the most active stocks in this space. As per an article in a leading financial daily, Cadila Healthcare Limited (Zydus Cadila), has entered into an exclusive agreement for the technical know-how for varicella vaccine production in the Russian Federation with Pharm Aid Ltd, headquartered in Russia.

Reportedly, Pharm Aid Ltd, has been set up by Nacimbio together with Ishvan Pharmaceuticals Ltd, for the localisation of innovative vaccine production in Russia.

The company aims to partner with leading global pharma companies and bring in affordable, innovative products and full-cycle technology to the Russian Federation in treatment areas of Vaccines, HIV, Hepatitis and Tuberculosis.

Through this agreement, Zydus will gain access to the public and private market segments in the Russian Federation, Belarus, Uzbekistan, Kazakhstan, Armenia and Kyrgyzstan.

Notably, the demand is estimated at three million doses per annum in the Russian Federation alone.

At the end of the day, whether the company is able to derive value from the partnership and augment the overall performance will be the key thing to watch out for.

Cadila Healthcare share price opened up by 0.6%.

Moving on to the news from IPO space. With SBI Life Insurance Co. Ltd's Rs 84 billion initial public offering (IPO) is set to hit the market today.

SBI Life Insurance's IPO will the biggest to hit the market since Coal India Ltd's issue in October 2010. It is also the fourth-largest IPO by issue size.

It has a price band of Rs 685-700 per share. The IPO will see SBI and its joint venture partner BNP Paribas Cardif SA sell 8% and 4% of their stakes in the life insurance firm. At the upper end of the price band, SBI will get Rs 56 billion from its stake sale, while BNP Paribas Cardif will earn Rs 28 billion.

We have released our IPO note on SBI Life. You can access the same in our IPO section.

One space which tests the investor's contrarian philosophy is the IPO space. The demand for IPO's has reached sky-high levels. Avenue was the first company this year to cross the 100-time subscription mark swiftly followed by CDSL and Dixon technologies lately.

The market euphoria is something similar to what was seen in 2007-08. Avenue was the first company this year to cross the 100-time subscription mark swiftly followed by CDSL and Dixon technologies lately.

IPOs Back in Demand

History suggests that these cases are few and far between. More than 70% of the IPOs listed in 2007 and 2008 are in the red, even today when the Sensex is at an all-time high. This allows us to stay on the fence when it comes to investing in IPOs. But it doesn't make sense to completely ignore this space. Here's what Richa Agarwal wrote in the recent edition of The 5 Minute WrapUp:

• "A merit-based selection primarily including valuation, business, and management quality is the logical way to go about it. 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 than not."

Download this FREE report now and discover How to Get Rich with IPOs This guide will show you how to safely profit from the 2017 IPO rush.

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

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