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Indian Indices Trade Marginally Higher; Consumer Durable Stocks Witness Buying
Mon, 9 Oct 11:30 am | Monish Vora, TM Team

Stock markets in India are presently trading near the dotted line with positive bias. Sectoral indices are trading on a mixed note with stocks in the consumer durables sector and banking sector witnessing maximum buying interest. Power stocks are trading in the red.

The BSE Sensex is trading up 61 points (up 0.2%) and the NSE Nifty is trading up 11 points (up 0.1%). The BSE Mid Cap index is trading flat, while the BSE Small Cap index is trading up by 0.5%. the rupee is trading at 65.33 to the US dollar.

In the news from the telecom sector, Tata Teleservices (TTSL) is witnessing selling pressure today. Most of the losses came after the company's management and representatives from the promoter group met Department of Telecommunications (DoT) officials and discussed ways of surrendering or selling their existing spectrum holdings.

As per reports, the company was preparing an exit plan for most of its 5,000-odd employees, while transferring only a small part of its employees to other group companies.

Following the above development, Tata Teleservices will be one of the first big Tata units to be shut in the group's 149-year-old history.

Presently, Tata Teleservices share price is trading down by around 12%.

Market participants are also cheering the recent amendments in the GST regime. The Goods and Services Tax (GST) Council on Friday finalised a slew of relaxation measures bringing significant relief to small and medium businesses and exporters. It also lowered GST rates for 27 items.

Rates on food items such as khakra, dried sliced mango, ICDS food packets, unbranded namkeen, and unbranded Ayurvedic medicine have been lowered to 5%, as have rates of waste paper, plastic and rubber e-waste. Similarly, the GST rate for job work services provided by Zaria workers, imitation jewellery, printing and food items has been cut to 5%.

Similarly, to lower the compliance burden on small and medium businesses, the threshold for the composition scheme has been increased to an annual turnover of Rs 10 million from the earlier Rs 7.5 million.

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In the news from the IPO space, the Rs 10 billion initial public offer (IPO) of Indian Energy Exchange (IEX) is set to open from today for subscriptions.

The company has fixed a price band of Rs 1,645-1,650 per share for its public issue and the last day of subscription for the same is 11th October.

As per the news, the company has already raised about Rs 3 billion from 23 anchor investors by alloting 18,19,501 shares at a price of Rs 1,650 per share. The list included ICICI Prudential MF, Birla Sunlife MF, Birla Sunlife Trustee Company, and SBI Mutal Fund (MF).

IEX is India's first power exchange, which provides automated trading platform for electricity and renewable energy certificates.

We'll shortly release our IPO note for the above IPO. You can access the same in our IPO section.

Speaking of IPOs, 2017 is set to be a record year for initial public offerings. However, is it worth investing in IPOs?

If past record is anything to go by, barring a few names that have quality, most IPO companies fail to live up to the hype. Also, the BSE IPO index has underperformed the Sensex over the past decade, as can be seen from the chart below:

BSE IPO Index vis-a-vis Sensex

So, an investor blindly following the IPO hype might have done better following the Sensex.

But does that mean that we should completely ignore IPOs? Here's a snip from a recent issue of The 5 Minute WrapUp answering the same...

  • While it's necessary to be cautious on IPOs, you don't need to completely ignore them either.

    For every Reliance Power - like issue, there have been issues like Maruti, TCS, and Jubilant Foodworks Ltd (with returns over 4,000%, 1,000% and 500% respectively) that have made investors rich.

    The percentage of such issues, unfortunately, is very low (Check this IPO performance snapshot). The odds are stacked against a retail investor.

    A careful evaluation of each IPO on its merits - its fundamentals, and most importantly, valuations - is the only way to spot future multi-baggers.

To learn how to navigate the treacherous world of IPOs, do read our special report on finding money-spinning 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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Mar 22, 2018 (Close)