Global Markets Turn Cautious, IPO News & Cues to Watch out Today

Wed, 11 Oct Pre-Open

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On Tuesday, share markets in India finished in red, continuing a positive streak.

The BSE Sensex closed higher by 78 points to end at 31,924 while the broader NSE Nifty ended the day higher by 28 points to close above at 10,017.

Among BSE sensex sectoral indices, power stocks rose the most by 0.9%, followed by infrastructure stocks 0.8%. Lupin and Power Grid Corp were among the top gainers.

Top Stocks in Action Today

Tata Motors is set to be in focus today as its subsidiary Jaguar Land Rover India registered a growth of 45 per cent in volume for the first nine months of the calendar year 2017. With 2,942 units sold during this period, Jaguar Land Rover India reported this massive jump, buoyed by a new and competitively priced model range, increased retailer footprint and enhanced service and brand experience programmes for consumers.

Almost all the model lines of Jaguar Land Rover, including the XE, XF, F-PACE, Discovery Sport and Range Rover Evoque witnessed high demand during the period. Sales also surged for the high-end Range Rover Sport and the flagship of the Land Rover brand, the Range Rover.

Coal India share price is likely to be in focus today after the company signed a wage agreement with workers' unions for a period of five years which would have an estimated impact of Rs 56.7 billion annually to the miner. Every five years, all central workmen unions negotiate with the management for a salary hike through a series of meetings. Validity of the last pay hike expired on June 31 last year.

IMF and World Bank Cut India's GDP Estimates

In another hit to the country's GDP growth potential, the World Bank reduced India GDP growth forecast to 7% for 2017-18 from 7.2% earlier.

In the June quarter of 2017-18, the Indian economy decelerated to 5.7%, lowest since the economy grew at 5.3% in the March quarter of 2013-14. This meant that after remaining the world's fastest-growing region for eight consecutive quarters, South Asia has slipped to the third position behind East Asia and the Pacific regions, as India's economy slowed to its lowest level in 13 quarters.

The World Bank blamed disruptions caused by demonetisation and the implementation of the goods and services tax (GST) as reasons for the decline.

Meanwhile, The International Monetary Fund (IMF) on Tuesday pared its growth forecast for India by half a percentage point to 6.7% for 2017, blaming the lingering disruptions caused by demonetisation of high value currencies last year and the roll out of the Goods and Services Tax (GST).

However, the IMF expects India's economy to recover sharply in 2018 to grow at 7.4%, though 30 basis points lower than its earlier estimate in April. Whereas the World Bank maintained that the economy would claw back to grow to 7.4% by 2019-20.

Global Cautious Over Catalan Independence Vote

Global stock markets were cautious, closely tracking the situation in Spain. Market participants waited to see whether Spain's Catalonia region would push for independence later. Meanwhile, German and US indices hit fresh peaks amid positive macro data, while oil prices were higher amid OPEC comments that signaled further possible cuts in crude production.

IPO Buzz

MAS Financial Services Ltd's initial public offering (IPO) was oversubscribed by over 128 times on Tuesday, the final day of the share sale.

MAS Financial is a Gujarat-based non-banking finance company (NBFC), primarily focused on middle and low-income customer segments. The company offers business and financing products such as micro-enterprise loans, small and medium enterprise loans, two-wheeler loans, commercial vehicle loans and housing loans.

Whereas, Indian Energy Exchange's (IEX) IPO was subscribed by 43% at the end of the second day of the offer. IEX is India's first power exchange, which provides automated trading platform for electricity and renewable energy certificates.

Meanwhile, General Insurance Corporation of India (GIC's) 113 billion IPO is set to kick off today. General Insurance Corporation of India (GIC Re), a leading Government PSU, was incorporated in 1972 and is the largest re-insurance company in India. It provides reinsurance for various general insurance products. GIC is the largest reinsurance company in India in terms of gross premiums accepted in Fiscal 2017, and accounted for approximately 60% of the premiums ceded by Indian insurers to reinsurers during Fiscal 2017.

With so many new IPOs set to hit the market, it is prudent to be ready with a strategy to take advantage of the frenzy.

It's good to be very selective when investing in IPOs. Carefully analyse each company for its own merits and don't give in to the hype surrounding the public offering.

That's Ankit Shah's approach at Equitymaster Insider. He keeps a sharp eye on developments in the IPO space and keeps his readers up to date on the big-ticket IPOs.

Ankit and his team of researchers constantly reference this handbook on investing in IPOs. You can download a copy for yourself. It's free. Just click here.

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

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