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Sensex Trades in Red; DLF Cracks 5%

Mon, 13 Nov 11:30 am

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After opening the trading day on a flat note, share markets in India are trading well below the dotted line in the morning trade. Sectoral indices are trading on a mixed note, with stocks in the software sector and stocks in the banking sector witnessing maximum buying interest, while stocks in the capital goods sector are leading the losses.

The BSE Sensex is down down by 137 points and the NSE Nifty is trading down by 54 points. Meanwhile, the BSE Mid Cap index is trading down by 0.2%, while the BSE Small Cap index is trading flat. The rupee is trading at 65.01 to the US$.

DLF share price plunged 5% in morning trade after the company's net debt rose by Rs 9 billion during the September quarter to Rs 268 billion.

As per an article in The Economic Times, the borrowing could rise further to meet construction cost of its ongoing projects amid a demand slowdown in the property market.

DLF expects to reduce its debt significantly from the proposed infusion of over Rs 130 billion into the company by the end of this fiscal, mainly from promoters' stake sale to GIC.

DLF reported 94% year-on-year drop in its consolidated net profit at 125.7 million for the quarter ended September. Total income for the period also declined 21% to 17.51 billion.

In news from stocks in the IPO space, shares of The New India Assurance Co. Ltd (NIA) debuted 10% lower on the bourses, after the general insurer saw its Rs 96 billion initial public offer (IPO) get subscribed 1.19 times earlier this month.

The New India Assurance share price is trading lower 8% on the BSE compared to the issue price of Rs 800, which was the upper end of the price band.

One space which tests the investor's contrarian philosophy is the IPO space. The demand for IPO's has reached sky-high levels. Avenue Supermarts was the first company this year to cross the 100-time subscription mark swiftly followed by CDSL and Dixon technologies lately, with MAS Financial Services being the newest entrant to the list.

IPO Subscription Times (2017)

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 Maruti, 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. If it means going against the herd, so be it. And going by recent past, this strategy has been proven to be successful more often than not.

Moving on to news from stocks in the banking sector. Axis Bank is among the top gainers today after the bank said it proposes to raise equity and equity-linked capital amounting to Rs 116.26 billion from a set of marquee investors, including entities affiliated with Bain Capital Private Equity and the bank's promoter Life Insurance Corporation of India (LIC).

As per the reports, entities affiliated with Bain Capital, and public sector life insurer LIC propose to invest Rs 68.54 billion and Rs 15.83 billion, respectively, in the instruments, respectively.

Axis Bank said the funds will bolster the capital adequacy, thereby providing the impetus for the growth of the core business of the bank and its subsidiaries. Once approved, this would be one of the largest private equity investments in the Indian banking sector.

At the time of writing, Axis Bank Share price was trading up by 1.8%.

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