Sensex Trades in Red; Metal Stocks Witness Selling

Tue, 5 Dec 01:30 pm

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After opening the day in a red note, the Indian share markets have continued the downward spiral and are currently trading in the negative territory. All sectoral indices are trading negative, with stocks in the metal sector and the power sector witnessing maximum selling pressure.

The BSE Sensex is trading down 165 points (down 0.5%) and the NSE Nifty is trading down 48 points (down 0.5%). Meanwhile, the BSE Mid Cap index is trading down by 0.2%, while the BSE Small Cap index is trading down by 0.7%. The rupee is trading at 64.38 to the US$.

In news from stocks in the IPO space. The initial public offer (IPO) of hospital chain, Shalby Ltd is in focus today. Rs 4.8 billion IPO by hospital operator Shalby kicked off today, a day after the company allotted 6 million shares to its anchor investors including Goldman Sachs, Citigroup and Axis Mutual Fund for Rs 1.5 billion.

At the time of writing, Shalby Ltd's IPO was subscribed 3% so far on the first day of the share sale. As of 12.30pm, the IPO received bids for 470,460 shares against the total issue size of 14,521,686 shares, according to NSE data.

Shalby, which runs a multi-specialty hospital chain, has set a price band of Rs 245-248 per share for the IPO and aims to raise Rs 5 billion.

Shalby's IPO opens today and will close on 7 December. Should you apply for the IPO of Shalby Ltd? We have released our IPO note on Shalby. You can access the same in our IPO section.

IPO Subscription Times (2017)

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.

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 energy sector. State-owned Coal India Ltd said its coal supply to power plants increased by 9.2% to 290.59 million tonnes (MTs) in the first eight months of the current fiscal, driven by high loading of rakes.

The world's largest coal miner clocked in a robust 4.6 MTs increase in absolute terms compared to 266 MT during April-November 2016.

The growth in coal supplies to thermal power stations last month was around 9% higher at 40.9 MTs against 37.5 MTs supplied in November last year.

The miner said it is gearing to to step up the supplies even further to pull the power stations out of the critical situation.

Coal supplies to non-power sector is gradually increasing with stabilisation of supplies to power stations, it added.

CIL registered 8.1% growth in overall coal supplies for April-November period, maintaining the steady flow of the dry fuel to its customers with a staggering 27.6 MT increase in absolute terms compared to same period last year.

The state run miner, which was beaten down for a long time is slowly showing signs of revival. We will be sure to keep an eye on the developments on this front.

At the time of writing, Coal India share price was trading down by 0.6%.

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