Mahindra Logistics' Market Debut; GST Council Meet Outcome; Key Q2 Earnings & Top Cues in Action Today

Fri, 10 Nov Pre-Open

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On Thursday, Indian share markets ended flat as oil prices fell overnight after they hit a more than two-year high earlier in the week. At the closing bell, the BSE Sensex closed higher by 32 points and the NSE Nifty finished up by 6 points. The S&P BSE Mid Cap finished up by 1% while S&P BSE Small Cap finished up by 0.8%.

Asian Paints, Bharti Airtel, ICICI Bank and Tata Steel were top gainers on Thursday with gains to the tune of 2.1%, 1.8%, 1.7% and 1.6%, respectively. Meanwhile, shares of ITC, Coal India, Lupin and ONGC fell 2.1%, 1.6%, 1.3% and 1%, respectively.

Top Cues in Action Today

Tata Motors share price will be in focus today after reported a robust three-fold growth in profit for July-September quarter, driven by better-than-expected JLR's operational performance. Profit during the quarter increased to Rs 25 billion, from Rs 8.5 billion in same quarter last fiscal.

SBI share price is set to hog limelight today on the reports that the bank will open more branches in Nepal and consider options to re-enter Vietnam under a three-year goal to grow its international operations to as much as 15% of total business.

SAIL share price will be in focus after the government asked state-owned SAIL and ArcelorMittal to expedite setting up of their proposed joint venture for a Rs 50-billion auto-grade steel plant.

Titan Company has received an approval for investment of US $0.5 million in KaHa, a company registered in Singapore. The board of directors at its meeting held on 7 November 2017 has approved for the same.

JSW Steel reported crude steel production of 1.3 million tonnes (LT) in October 2017, a growth of 1% over the corresponding month in 2016.

Hindustan Petroleum Corporation (HPCL) reported over 2-fold jump in its net profit at Rs 17.5 billion for the quarter ended 30 September 2017 as compared to Rs 7 billion for the same quarter in the previous year.

Coffee Day Enterprises, the owner of Cafe Coffee Day retail chain, reported a healthy 267% growth year-on-year in profit at Rs 598 million for July-September quarter, driven by one-time gain of Rs 532 million.

GST Council Meeting

The 23rd meeting of the goods and services tax (GST) council will be held in Guwahati. Finance ministers of 24 states have confirmed their participation.

Tax rates on 100 items are likely to be cut from 28%, with the GST council set to approve sweeping changes including simpler procedures and a single return filing form for small firms.

In today's meeting, the GST Council will also discuss the inclusion of real estate in the new indirect tax regime. It would also discuss ways of reducing the compliance burden on taxpayers.

Notably, the GST Council in the last three or four meetings has reduced rates on over 100 items, bringing them down either from 28% to 18% or from 18% to 12%.

Notably, a wider tax base will also allow the government to lower its tax rates in future.

After studying these and other finer aspects of GST, our colleague Vivek Kaul, has penned his views on what could go right and wrong. Get a balanced perspective on the entire GST saga from Vivek. The report is titled The Good, the Sad and the Terrible (GST). Claim your own copy of his special report now.

Earnings Today

Those scheduled to announce their second-quarter results include Alkem Laboratories, Allahabad bank, Ashoka Buildcon, Balaji telefilms, Bank of India, Bank of Maharashtra, BPCL, Bosch, Dena Bank & DLF, GE Shipping, MRF and M&M among others.

Global Stock Market Drivers

Asian stocks closed mixed on Thursday after Japanese stocks erased all the gains they made during morning trade. Investors in the region also digested the release of Chinese inflation data and kept an eye on President Donald Trump's stop in Beijing.

European stocks struggled for traction after a volatile session in Asian markets. The dollar was steady and Treasury yields declined as President Donald Trump challenged China over what he called unfair trade practices.

Meanwhile, Brexit talks resume Thursday in Brussels with no indication that a breakthrough is in reach.

Oil Prices Stabilize

Oil prices steadied just below two-year highs on Thursday, supported by supply cuts by OPEC and other major exporters including Russia.

Reportedly, a rally that has pushed up Brent by more than 40% since July may have run its course due to increases in US supplies and some indicators of a demand slowdown.

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.

IPO Buzz

HDFC Standard Life's initial public offering on Thursday, the last day of its issue, was oversubscribed 2.46 times. The portion meant for qualified institutional buyers (QIBs) was oversubscribed 9.4 times, non-institutional investors 0.9 times and retail investors 0.7%.

The company had, on Monday, raised Rs 23.2 billion from anchor investors.

With the stock markets buzzing, insurance companies are also making a beeline to capitalise on the IPO frenzy. After ICICI Prudential got listed last year, a number of both life and non-life insurance companies have lined up their IPOs this year.

But insurance protection in India remains grossly inadequate. This explains the huge protection gap of US$ 8.5 trillion for the country as of 2014. As per a Swiss Re report, India's protection gap stood at a staggering 92% and was the highest among all countries in the Asia Pacific.

Our big-picture editor, Vivek Kaul, recently penned a pertinent report on entire insurance industry. We strongly recommend you go through the full report on what's really happening in the insurance industry in India...and how it affects you. If you have not accessed Vivek Kaul's Letter yet, sign up here.

By the way, we have also prepared a guide to help you understand the valuation of insurance businesses.

To know more about the company, you can access our IPO note on the same in our IPO section.

Meanwhile, Mahindra Logistics, the 3rd party logistics (3PL) solutions provider, will list its equity shares on exchanges today. The issue price is fixed at Rs 429 per share.

The initial public offering was oversubscribed over 7.9 times during 31 October-2 November 2017.

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

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