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Developments in the IPO Space, November Gold Imports, and Top Cues in Focus Today

Wed, 4 Dec Pre-Open

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India share markets ended their day on a negative note yesterday.

At the closing bell yesterday, the BSE Sensex stood lower by 126 points (down 0.3%) and the NSE Nifty stood down by 54 points (down 0.5%).

The BSE Mid Cap index ended the day down 1%, while the BSE Small Cap index ended the day down by 0.7%.

Sectoral indices ended on a mixed note. Stocks in the telecom sector and metal sector witnessed huge selling pressure, while realty stocks were trading in the green.

Top Stocks in Focus Today

Biocon share price will be in focus today as the company has launched Trastuzumab biosimilar Ogivri in the US market, bringing access to another biosimilar.

From the mining sector, shares of NMDC will be in focus today as the company reported weak iron ore production in November.

The company's production for the month was down 10.6% at 2.94 MT against 3.29 MT.

From the IPO Space

In latest developments from the IPO space, domestic institutions have issued commercial papers worth more than Rs 325 billion to fund IPOs of Ujjivan Small Finance Bank and CSB Bank.

As per an article in The Economic Times, IIFL, Infina Finance, Aditya Birla Finance, JM Financial and Sharekhan BNP Paribas are among the institutions that have issued commercial papers, mostly for a 14-day period offering 7.5-8% yield, specifically to fund these IPOs.

Ujjivan Small Finance Bank's Rs 7.5 billion initial public offering, which opened for subscription on Monday, could see a good response because of the funding.

The issue was subscribed 1.7 times on day one, buoyed by strong participation from retail investors. The retail investor portion was subscribed nearly 9 times.

On Friday, the company allotted shares worth Rs 3 billion to anchor investors. The allotment was made at Rs 37 per share.

The IPO closes on Wednesday. The price band for the issue is Rs 36 to Rs 37 per share.

Microfinance lender Ujjivan Financial Services is the holding company of Ujjivan Small Finance Bank.

How this IPO sails through remains to be seen. Stay tuned for more updates from this space.

November Gold Imports at 5-Month High

India's gold imports in November jumped 78% from a month earlier. This was the highest level in 5 months and the growth came in as jewellers in the world's second-biggest consumer of the metal restocked after a fall in prices.

As per a government source, New Delhi imported 71 tonnes of gold in November, compared with 40 tonnes in October.

Imports, however, were down 16% from November 2018.

In value terms, November imports totalled US$ 2.94 billion, slightly higher than last year's US$ 2.76 billion.

It would be interesting to track the above numbers in coming months and see how this trend pans out. Meanwhile, we will keep you updated on all the developments from this space.

Speaking of gold, Vijay Bhambwani talks about how gold has been relied upon by humankind for 3000 years in one of his videos.

If you consider street inflation, your fixed deposits are giving negative yields. In times like these, Vijay considers gold as a safe haven.

So, is it the time to buy gold?

Tune in to find out...

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