Indian Indices Trade Marginally Higher; Energy Stocks Witness Buying

Wed, 13 Dec 11:30 am

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After opening the day marginally lower, stock markets in India have recovered earlier losses and are presently trading marginally higher. Sectoral indices are trading on a positive note with stocks in the energy sector and consumer durables sector witnessing maximum buying interest.

The BSE Sensex is trading up 115 points (up 0.3%) and the NSE Nifty is trading up 39 points (up 0.4%). The BSE Mid Cap index is trading up by 0.2%, while the BSE Small Cap index is trading up by 0.4%. The rupee is trading at 64.44 to the US dollar.

In news from the economy, describing the outlook for India as largely favourable, the United Nations in its 'World Economic Situation Prospects' report, has expressed hopes that the country's Gross Domestic Product (GDP) will grow at 7.2% in the year 2018 and go up further to 7.4% in the following year.

Despite the slowdown witnessed in early 2017 and the lingering impact of demonetization policy, it has projected positive outlook for India, on the back of robust private consumption, public investment as well as ongoing structural reforms.

Besides, it showed that growth in gross fixed capital formation, which is a proxy for investment demand in the economy, has dropped to 30% in 2017, from 40% in 2010, amid subdued credit growth, low capacity utilisation in some industrial sectors and balance sheet problems in the banking sector and corporate sectors. It also explained that in this environment, vigorous public investment in infrastructure has been critical in propping up overall investment growth.

It also said that the country's fiscal deficit has declined visibly, and it is expected to narrow further to 3.2% of GDP in 2018. It added that an upturn in the global economy now growing by about 3% paves the way to reorient policy towards longer-term issues such as addressing climate change, tackling existing inequalities and removing institutional obstacles to development.

However, the report warned that the anemic performance of private investment remains a key macroeconomic concern for India.

Note that revival in private sector investment continues to remain conspicuous by its absence. Going by the data, the overall value of stalled projects rose for the fifth quarter in a row in September 2017 to reach Rs 13.22 trillion, of which a lion's share of more than 66% belonged to the private sector.

For September 2017 quarter, new private sector projects worth Rs 310 billion were announced. This was much lower than projects valued at over Rs 1.5 trillion announced in each of the September 2016 and September 2015 quarters. Resultantly, overall new project announcements have fallen to the lowest level since the NDA government came to power, as can be seen from the chart below:

Private Investments Nosedive

So, unless the private sector investments pick up, the economic growth will continue to chug along.

Moving on to news from IPO segment. As per an article in The Livemint, Reliance Industries Ltd (RIL) chairman Mukesh Ambani is weighing an initial public offering (IPO) of mobile operator Reliance Jio Infocomm Ltd.

As per the reports, Mukesh Ambani is holding internal discussions about preparing to list Reliance Jio as soon as late 2018 or early 2019.

Reliance Jio, which hasn't made a profit since its official launch last year, is targeting to improve its financial performance before any share sale. Reliance Jio reported a net loss of Rs 2.71 billion (US$42 million) in the quarter ended 30 September, though the business made a profit before interest and taxes over the period.

Even as initial public offering (IPO) activity in India is headed for a record year, investments by anchor investors have hit historic levels in 2017.

According to an article in Business Line, these investors pumped in over Rs 158 billion in companies that got listed on bourses this year, which is almost double of the nearly Rs 79 billion these marquee investors had invested in 2016.

Anchor investors are institutional investors who are offered shares in an IPO a day before the issue opens. They 'anchor' the IPO by subscribing to shares at a fixed price, creating a significant impact on pricing of IPOs.

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

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