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Sensex Trades Marginally Higher; FMCG Stocks Among Top Gainers
Thu, 12 Oct 01:30 pm | Prasheel Vartak, TM Team

After opening the day in green, Share markets in India witnessed choppy trades and are presently trading marginally above the dotted line. Sectoral indices are trading on a mixed note, with stocks in the FMCG sector and the metals sector witnessing maximum buying interest. Stocks in the banking sector and the PSU sector are trading in the red.

The BSE Sensex is trading up by 70 points (up 0.2%) and the NSE Nifty is trading up 30 points (up 0.3%). Meanwhile, the BSE Mid Cap index is trading higher by 0.3%, while the BSE Small Cap index is trading up by 0.6%. The rupee is trading at 65.07 to the US$.

In news from stocks in the IPO space. The initial public offer (IPO) of state-owned reinsurer, General Insurance Corporation of India (GIC Re) is attracting a lot of attention.

According to an article in Livemint, Life Insurance Corp. of India (LIC) has put in a major bid for shares of GIC Re's ongoing IPO.

The GIC IPO is looking to raise Rs 113.7 billion at the upper end of the price band of Rs 855-912 per share. The share sale values the insurance firm at Rs 800 billion.

According to the article, LIC has bid for a substantial portion in the institutional portion of the book as a result of which the institutional portion was already oversubscribed and the overall IPO too was substantially subscribed on the first day itself.

As of yesterday's close, the portion of shares reserved for institutional investors in the GIC Re IPO was subscribed 1.55 times, while the overall IPO was subscribed 80%.

GIC Re's share sale is the second largest IPO to hit the Indian primary market since state-owned Coal India Ltd's Rs152 billion initial share sale in 2010, which remains the largest public offering till date by an Indian entity.

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GIC Re is the largest reinsurance company in India and accounted for about 60% of the premiums ceded by Indian insurers to reinsurers during fiscal 2017.

However, does its valuations justify its potential?We have released a recommendation note for the GIC Re IPO. You can access it here.

Notably, the stake sale will see a dilution of about 14.2% of the government's stake, netting it around Rs 98 billion on the upper end of the price band.

GIC Re's initial share sale is part of the government's divestment plan, under which the department of investment and public asset management (DIPAM) plans to sell government stakes in several central public sector enterprises through various routes such as IPOs, offers for sale and strategic sales.

Centre Gets Cracking on Disinvestment

After three years of underachieving its disinvestment targets, the government is back with a bang. This time, it wants to focus on strategic stake sales of non-public sector units (PSUs) and areas where disinvestment has so far been poor. FY15-16 saw no disinvestment through this route.

For FY18, the total budgeted disinvestment target has been set at Rs 725 billion. Of this, Rs 465 billion is expected to come from minority stake sales, buybacks, mergers, public listings, and the CPSE ETFs. Rs 150 billion is likely to come from strategic sales. And the balance Rs 110 billion from listing of state-owned general insurance companies.

Moving on to news from stocks in the steel sector. Tata Steel share price is in focus today as the steelmaker acquired intellectual property rights (IPR) for a technology from global metals and mining major, Rio Tinto. The technology will give Tata Steel, an edge over global steel majors owning low-carbon steelmaking technology.

The technology, 'HIsarna' will not only reduce carbon emissions by at least 20% but also bring down the cost of steel production. HIsarna is a completely new technology in the steel- making process which combines Tata Steel's cyclone converter furnace with Rio Tinto's smelter technology.

The technology was being developed jointly by the companies but now Tata Steel has acquired the full intellectual property rights and will operate the technology alone

The company has been trying out the technology at its IJmuiden steelworks in the Netherlands.

Tata Steel is one of the low-cost producers of Steel in the world. This along with the budding alliance that its European subsidiary has announced with the steel business unit of German engineering company ThyssenKrupp is likely to give the Indian steel making company enough prowess to stay ahead of its peers.

At the time of writing, Tata Steel share price was trading up by

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