TCS, ONGC, Rcom Share Price, SBI Life Insurance Listing & Other Top Cues in Action Today

Tue, 3 Oct Pre-Open

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Indian share markets closed the previous session on a flat note. At the closing bell last week, the BSE Sensex stood higher by 1 point and the NSE Nifty closed higher by 20 points (up 0.2%). The BSE Mid Cap index ended the day up by 0.8%, while the BSE Small Cap index ended the day up by 1.1%. Losses were seen across most sectors with stocks in the IT sector and stocks in the FMCG sector, leading the losses. While stocks in the realty sector witnessed buying interest.

Top Stocks in Focus

Reliance Communications share price is expected to be in news today as the company called off the merger of its wireless services business with Aircel Ltd, citing regulatory delays and opposition from some creditors, in a development that will further impede its efforts to pare its huge debt. RCom said it is now looking at alternative ways to reduce its debt, including sale of real estate assets and "optimization of spectrum".

TCS share price is anticipated to see so action today as the company stated that a US court has more than halved the compensatory and punitive damages demanded from the company to US$420 million in a lawsuit filed by Epic Systems Corp. TCS said the order will not have any impact on second quarter financial results expected on 12 October.

In news from energy sector, as per an article in The Economic Times, ONGC has received green clearance for the Rs 4.56 billion exploratory drilling project in Sivasagar district of Assam. Reportedly, the proposed project will help establish hydrocarbons in the block, help cut the country's oil import bill and reduce imbalance in oil production and consumption.

In another development, Power Grid Corporation of India Ltd has entered into a term loan facility agreement with ICICI Bank for Rs 32.7 billion. Power Grid has set an investment plan and has budgeted capital expenditure (CAPEX) including investment in joint venture and subsidiaries of more than Rs 250 billion during 2017-18.

Meanwhile, Hindustan Unilever share price should witness some action after the company agreed to divest its entire stake in Kimberly-Clark Lever as part of a strategy to exit non-core businesses. The 50-50 joint venture that makes and sells brands such as Kotex and Huggies since 1995 had an annual sales of about 3 billion last fiscal. The company has sold bread and bakery business under the Modern brand to the Everstone Group and rice exports business to LT Foods in the past two years.

Coal India share price is expected to see some action today as the company is lining up nearly Rs 85 billion as capital expenditure and Rs 65 billion for various other projects in the ongoing fiscal. The projects include a supercritical thermal power plant, solar energy and coal gasification.

Shares of auto companies are likely to stay in focus in the coming week as they will start releasing their monthly sales numbers for September starting October 1, 2017. Automakers put up a stellar show in August. With festive fervour all around, the figures for September are likely to be robust too.

Meanwhile, SBI Life Insurance, which completed its initial share sale last week, will make stock market debut today.

RBI Policy Review

The fourth bimonthly rate-setting meeting of the financial year of RBI's Monetary Policy Committee (MPC) is scheduled for October 3-4. With inflation firming up and the rupee coming under pressure, many economists feel the central bank will vote to keep the repo rate unchanged at 6%.

IPO Segment

Godrej Agrovet and MAS Financial Services will hit the market with initial public offerings next week. Godrej Agrovet, promoted by Godrej Industries has fixed the price band for its IPO at Rs 450-460 per share. The IPO opens on October 4 and closes on October 6, 2017. MAS Financial Services is coming up with its issue to raise up to Rs 4.60 billion. The price band has been fixed at Rs 456-459 a share for the issue, which opens on October 6 and closes on October 10.

Meanwhile, Indian companies raised a record close to Rs 270 billion through initial public offerings (IPOs) in the first half of the current fiscal and an impressive pipeline is already in place for coming months. Prior to that, companies had raised a record Rs 212.44 billion from IPOs in the first half of 2007-08. Proceeds of the IPO were used to fund business expansion plans, pay debt, meet working capital requirements and for other general corporate purposes.

The market euphoria is something similar to what was seen in 2007-08. When everyone around you is clamoring to get a piece of the IPO pie, it makes sitting tight difficult. And, why should you sit tight when stocks like Avenue Supermart lets you pocket a cool 100% gain from day 1 of the listing?

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. For every Reliance Power - like issue, there have been issues like sMaruti, TCS, and Jubilant Foodworks Ltd(with returns over 4,000%, 1,000% and 500% respectively) that have created immense wealth for shareholders. A merit-based selection primarily including valuation, business, and management quality is the logical way to go about it.

Asian Markets Trade Marginally Higher

Asian stock Markets finished higher with shares in China leading the region. Japanese markets finished firm after the Bank of Japan released the results of its "Tankan" survey that showed business confidence among large manufacturers in Japan improved in the three months from the previous survey in June.

Oil prices Fall

Oil prices fell pausing for breath after posting gains of as much as 20% in the third quarter, after a survey pointed to a slight increase in OPEC production in September. The price gains have been supported by anticipated demand from US refiners resuming operations after shutdowns due to Hurricane Harvey, but a quick resumption of shale production could put a dampener on prices.

To keep a tab on the movements in crude oil and other commodities, you can read the stock market commentary from the Daily Profit Hunter team. Their commentary tracks the developments in the global economy as well as stock, currency and commodity markets.

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

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