Sensex Trades Strong; Metal Stocks Witness Buying

Fri, 8 Dec 11:30 am

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After opening the day on a positive note, the Indian share markets have continued the momentum and are currently trading comfortably in green. Sectoral indices are trading on a positive note, with stocks in the metals sector and stocks in the FMCG sector witnessing maximum buying interest.

The BSE Sensex is trading up 295 points (up 0.9%) and the NSE Nifty is trading up 92 points (up 0.9%). Meanwhile, the BSE Mid Cap index is trading up by 0.8%, while the BSE Small Cap index is trading up by 1.1%. The rupee is trading at 64.48 to the US$.

In news from stocks in the IPO space. The Rs 6.5-billion initial public offer of Future Supply Chain Solutions was subscribed by over 75% on the second day of the offer. The IPO opened on 6 December with a price band of Rs 660-664 per share.

The issue comprises an offer for sale of up to 7.8 million equity shares by Griffin Partners and up to 2 million shares by the promoter, Future Enterprises.

In all, 2.93 million shares were allocated to 16 anchor investors. The list of anchor investors consisted of prominent names like L&T Mutual Fund Trustee Ltd, Reliance Capital Trustee Company and HDFC Trustee Company, among others.

The Future Supply Chain IPO closes today.

Meanwhile, IPO of Shalby Ltd, Ahmedabad-based multi-specialty hospital chain, was oversubscribed 2.8 times on the finaly day of the three-day bidding yesterday.

The IPO comprised of a fresh issue of equity shares aggregating up to Rs 4.8 billion and an offer for sale of up to 1 million equity shares by the selling shareholder.

So, are these companies leaving enough money on the table for investors? We've released our IPO notes for the above IPOs. We have released our IPO note on both the IPOs. 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.

IPOs are all the rage in the share markets these days. With new companies listing by the day, all with promises of superior returns.

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.

Download this FREE report now and discover How to Get Rich with IPOs. This guide will show you how to safely profit from the 2017 IPO rush.

Moving on to news from stocks in the banking sector. ICICI Bank share price, is among the most active stocks in the markets today. According to a leading financial daily, ICICI Bank, India's largest private sector lender plans to raise at least US$ 500 million through issuing dollar bonds.

The bank plans to sell bonds to global investors as a part of its medium-term note programme. The money will be used to provide dollar funding to Indian companies abroad.

The bond issue which opened in Asia earlier on Thursday has an initial pricing guidance of 170 basis points above the 10-year US treasury and is part of the bank's US$ 7.5 billion medium term note programme of which US$ 5.8 billion is yet to be tapped.

The initial guidance of the bond means that the price will be just above the 3% mark, though demand for the issue could mean that the price of the bond will fall.

In March ICICI had raised US$ 300 million at 3.35% through a similar bond maturing in 5.5 years.

With the current development, ICICI Bank is set to join the ever-growing list of Indian companies opting to raise funds via bond issues.

At the time of writing, ICICI Bank share price was trading up by 1.1%.

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

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