Indian Share Markets Open Weak; Oil & Gas Stocks Buck the Trend

Wed, 26 Dec 09:30 am

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Global stock markets are under pressure after another rout this week as US political uncertainty added to heightened concerns over slowing global economic momentum. Asian equities are trading mixed today following the plunge in Wall Street on Christmas eve.

Back home, India share markets opened on a negative note. The BSE Sensex is trading down by 281 points while the NSE Nifty is trading down by 70 points. The BSE Mid Cap index opened down by 0.8% while BSE Small Cap index opened down by 0.9%.

Barring oil & gas stocks, all sectoral indices have opened the day in red with IT stocks and realty stocks leading the losers.

The rupee is currently trading at Rs 69.81 against the US$.

With the global uncertainty, there is a lot of negativity in the air.

November was a good month for the market, but the sentiment now has turned down again.

And that is the crucial point. It is times like these that throw up great buying opportunities in safe stocks.

Look at this chart...

Safety Beats Growth in 2018

Co-head of Research at Equitymaster, Tanushree Banerjee is am a firm believer in safe stock investing.

She has started recommending carefully chosen safe stocks to her subscribers.

Pharma stocks are trading on a negative note with Orchid Pharma & Indoco Remedies witnessing maximum selling pressure. As per an article in a leading financial daily, Aurobindo Pharma has received final approval from the US health regulator to market anaesthesia drug Vecuronium Bromide Injection.

Reportedly, the company has received final approval from the US Food and Drug Administration (USFDA) to manufacture and market Vecuronium Bromide Injection in the strengths of 10mg and 20mg.

The approved product is a generic equivalent of Organon's Norcuron Injection.

As per IQVIA data, the approved product has an estimated market size of US$ 11 million for the 12 months ending September 2018.

Note that, this is the 58th abbreviated new drug application (ANDA) to be approved out of unit IV formulation facility in Hyderabad used for manufacturing general injectable and ophthalmic products.

Aurobindo now has a total of 397 ANDA approvals (369 final approvals including 20 from Aurolife Pharma LLC and 28 tentative approvals) from USFDA.

Aurobindo Pharma share price opened the day down by 1.4%.

To know more about the company, you can access to Aurobindo Pharma's Q2FY19 result analysis and Aurobindo Pharma FY18 annual report analysis on our website.

Moving on to the news from IPO space. As per an article in a leading financial daily, Bengaluru-based real estate developer Shriram Properties Ltd has filed draft documents with markets regulator for an initial public offering (IPO).

The company, part of the Shriram Group, plans to raise up to Rs 2.5 billion in fresh capital through the IPO.

As per the reports, the overall size of the Shriram Properties IPO is expected to be around Rs 12 billion as several existing investors plan to pare their holdings through the share sale.

Starwood Capital, Tata Capital Financial Services Ltd, TPG Asia and Mauritius Investors Ltd will collectively offer to sell 42.4 million shares in the Shriram Properties IPO.

Shriram plans to use the proceeds to repay debt, which would include loans availed by its units Shriprop Structures, Global Entropolis and Bengal Shriram.

Note that, Shriram Properties is not the only real estate company looking to go public.

In April, Mumbai-based real estate developer Lodha Developers Ltd had filed its draft prospectus for an IPO, which will see the company raise Rs 37.5 billion in primary capital, and an offer for sale by promoters.

In June, Puranik Builders Ltd, a major real estate developer with projects in Mumbai and Pune, filed the draft prospectus for a Rs 8.1-billion IPO.

With so many IPOs set to hit the markets, we at Equitymaster believe a merit-based selection, primarily including valuation, business, and management quality, is the logical way to go about investing in IPOs.

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.

To know how to safely profit from the ongoing IPO rush, download this FREE report now and discover How to Get Rich with IPOs.

And to know what's moving the Indian stock markets today, check out the most recent share market updates here.

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

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