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Sensex Trades Strong; Metal Stocks Top Gainers
Fri, 17 Nov 11:30 am | Prasheel Vartak, TM Team

After opening the day in green, share markets in India have continued the momentum and are presently trading above the dotted line. Sectoral indices are trading on a mixed note, with stocks in the realty sector and stocks in the metal sector witnessing maximum buying interest. While stocks in the IT sector are leading the losses.

The BSE Sensex is trading up by 380 points (up 1.2%) and the NSE Nifty is trading up 116 points (up 1.1%). Meanwhile, the BSE Mid Cap index is trading up by 1.5%, while the BSE Small Cap index is trading up by 1.3%. The rupee is trading at 64.82 to the US$.

In news from stocks in the banking sector. Bank of Baroda share price is among the top gainers on the bourses today, after the bank said that its board will consider a proposal to raise funds worth Rs 60 billion.

The bank plans to raise funds through the equity route. The meeting of the designated board committee i.e. Finance Committee of the board will be held on November 21, 2017 to consider and approve of the fund raiseing.

The equity fund can be raised through qualified institutions placement (QIP), and/or rights issue for size and amount as may be decided, within overall approval of the board of raising equity capital up to Rs 60 crore, the bank said in a filing to exchanges.

To make the most of the market optimism, an increasing number of companies are opting to raise funds through the primary markets with the help of tools like QIPs.

QIPs Poised to Scale Fresh Peak in 2017

QIPs are set to touch a record high in 2017. Since the beginning of 2017, QIPs have crossed Rs 340 billion. According to Prime Database, more than 60% of this amount has been raised by companies belonging to the BFSI (banking, financial services, and insurance) space. This includes the likes of State Bank of India and Kotak Mahindra Bank, which have raised Rs 150 billion and Rs 58 billion, respectively.

QIPs tend to be a faster way to raise capital as the dealing happens with a few investors - only institutions in this case. And this is why companies prefer this route - because of its convenience and fewer resource requirements compared to other methods of raising equity.

Buoyancy in the market and positive sentiment towards primary issuances are giving confidence to companies and investment bankers to push ahead with their capital-raising plans. With 17 offerings raising a little over Rs 340 billion in just seven months, fundraising through institutional placements will surpass the QIP record of Rs 346.7 billion set in 2009.

The Indian markets have rallied sharply in 2017. India remains one of the best performing markets in the world. The broader markets, particularly the small-cap and mid-cap stocks, have outperformed the benchmarks. The attractive valuations in the secondary market are encouraging a lot of promoters to go public.

The stock markets have picked up steam. But does it mean you should rush out to buy stocks?

The answer is no.

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We believe it's important to not get swayed by the buoyancy. Instead, one should look for the fundamentals of the business and the attractiveness of valuations before buying any stock. The best thing to do in an overheated market is almost always to stay focused on value and take comfort in the safest stocks.

Moving on to news from the GST space. Days after announcing a Goods and Service Tax (GST) rate cut for over 231 items, the Union Cabinet approved the setting up of the anti-profiteering authority under the GST regime in a bid to ensure that the benefit of lower rates is passed on to consumers.

Anti-profiteering measures will provide an institutional framework to ensure that the full benefits of input tax credits and reduced GST rates on goods or services flow to consumers. This institutional framework comprises the National Anti-Profiteering Authority (NAA), a Standing Committee, a Screening Committee in every state and the Directorate General of Safeguards under the Central Board of Excise and Customs (CBEC).

Crucially, the authority has been granted wide-ranging powers, including to cancel the registration of offending firms in extreme cases.

According to the rules, if the NAA confirms that there is a need to apply anti-profiteering measures, then it has the authority to order the supplier to reduce its prices or return the undue benefit availed by it along with interest to the recipient of the goods or services. If this can't be done, then the company can be ordered to deposit the amount in the Consumer Welfare Fund.

As we have saying, GST is a much-needed economic reform, and measures such as setting up of the NAA in order to ensure its efficacy are a step in the right direction. It should eventually expand India's narrow tax base and increase government revenues.

That said, every coin has two sides. GST is no exception. It has had its fair share of chaos in the months immediately post its implementation from 1 July 2017. Many businesses reported depressed earnings due to the transition to GST.

Our colleague Vivek Kaul has studied the finer aspects of the GST and predicted what could go right and wrong.

Download his special report - The Good, the Sad and the Terrible (GST).

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

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