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CAMS IPO, Revamp of Mutual Fund Risk Calculation in Planning, and Top Buzzing Stocks Today
Fri, 18 Sep Pre-Open | Monish Vora, TM Team

Indian share markets witnessed selling pressure throughout the day yesterday and ended lower.

Benchmark indices slipped following losses in global markets after the US Federal Reserve's policy-making committee indicated the overnight rate could stay close to zero for years to reach its 2% inflation target.

At the closing bell yesterday, the BSE Sensex stood lower by 323 points. Meanwhile, the NSE Nifty ended down by 88 points.

Hindalco was the top loser in NSE yesterday. Meanwhile, the top gainers in NSE were Dr Reddy's Laboratories and Zee Entertainment.

The BSE Mid Cap index ended down by 0.2%. The BSE Small Cap index ended down by 0.5%.

On the sectoral front, realty stocks and banking stocks were among the hardest hit.

At 8 am today, the SGX Nifty was trading up by 8 points, or 0.1% higher at 11,540 levels. Indian share markets are headed for a flat opening today following the trend on SGX Nifty.

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Gold prices were trading down by 0.9% at Rs 51,370 per 10 grams at the time of closing stock market hours yesterday. Over the last three weeks, gold is trading in a narrow range since hitting record highs of Rs 56,200 last month.

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Top Stocks in Focus Today

Dr Reddy's Lab will be among the top buzzing stocks today. Dr Reddy's laboratories and the Russian Direct Investment Fund (RDIF) have agreed to conduct clinical trials and distribute 100 million doses of Russia's Sputnik V Covid-19 vaccine in India.

The Sputnik V vaccine, which is based on human adenoviral vector platform, is undergoing clinical trials. Deliveries could potentially begin in late 2020, subject to completion of successful trials and registration of the vaccine by regulatory authorities in India.

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HCL Technologies share price will be in focus today as the stock of the company hit a fresh 52-week high of Rs 817.45 apiece yesterday. Buying interest was seen as HCL Technologies and Google Cloud announced the expansion of their strategic partnership to bring HCL's Actian portfolio, starting with Actian Avalanche, to Google Cloud.

Earlier this week, in a mid-quarter update, HCL Tech informed that it has seen a strong execution during the quarter to date, and continues to execute the plan this month. The company said that the revenue growth for the current quarter is expected to exceed 3.5% sequentially in constant currency.

Another Set of Reforms for Mutual Funds in Planning

In news from the mutual funds space, the stock market regulator is planning another set of reforms for mutual funds where it might revamp the mutual fund (MF) risk-o-meter.

As per an article in a leading financial daily, the market regulator will expand the MF risk-o-meter to include a "Very High" risk category.

The five existing categories of MFs are low, moderately low, moderate, moderately high and high.

The article added that risk in equity funds will be assesses on the basis of three parameters - market capitalisation, volatility, and impact cost.

Equity funds will be reclassified into the high and high risk categories. All credit risk funds will be moved to the new very high risk category.

The report added that credit risk funds will be judged on the basis of quality, duration, and liquidity of bonds.

Asset management companies (AMCs) will be required an annual timeline of how the risk has evolved in each fund. Any change in a scheme's underlying assets should reflect in the scheme's risk classification.

Note that the proposal comes shortly after the regulator on September 13 modified norms on asset allocation by multi-cap funds.

The circular mandates multi-cap equity schemes to allocate 25% each to largecaps, midcaps, and smallcaps. The remaining 25% is up to the fund manager.

The regulator also issued a clarification on Sunday, suggesting that based on the preference of unit holders, mutual funds could consider rebalancing.

They also have an option to facilitate a switch for unitholders to other schemes. They could also merge the multicap fund with a largecap fund or convert it to large cum midcap fund.

Assuming every fund rebalances, the circular is expected to trigger a move of around Rs 280 billion from largecaps to smallcaps.

Richa Agarwal, lead smallcap analyst at Equitymaster, believes this move would be net positive for select smallcap stocks.

As per her, this could be a once in a decade opportunity to get rich from select smallcaps.

IPO Buzz: Happiest Minds Debut and CAMS IPO Price Band

In news from the IPO space, Happiest Minds Technologies shares surged on making their stock market debut yesterday to trade at a price of Rs 383 per share. This meant a premium of Rs 217 on the upper band of the issue price of Rs 165-66 per share.

The stock was listed on the bourses at a price of Rs 351 per share. Happiest Minds shares began trading 131% higher from the issue price.

Happiest Minds Technologies IPO was subscribed 151 times with all portions being oversubscribed by the investors. Non-Institutional Investors (NII) had bid the most for the stock.

Ashok Soota, promoter of Happiest Minds, was the founder of midcap IT firm Mindspace, which was later taken over by Larsen & Toubro group. The industry veteran previously had a long stint in Wipro from 1984 to 1999.

In other news, the public offer of Computer Age Management Services' (CAMS) will hit the primary market on Monday, September 21.

The firm has set the price band for the issue at Rs 1,229-1,230 per share. The initial public offering (IPO) will be an offer for sale (OFS) of 1,82,46,600 shares by NSE Investments which at the upper limit of the price band suggests an issue size of Rs 22.4 billion.

The anchor allotment will be announced on Friday and the IPO will close on Sep 23.

CAMS claims to be India's largest registrar and transfer agent with a market share of 69.4%, based on mutual funds' average assets under management, as of November 2019.

It offers integrated services for receipt, verification and processing of financial and non-financial transactions for the BFSI (banking, financial services and insurance) sector, largely the mutual fund industry.

How the above IPO sails through remains to be seen. Meanwhile, we will keep you updated on the latest developments from this space. Stay tuned.

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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Stock Market Updates

SADBHAV ENGINEERING Share Price Up by 5%; BSE CAPITAL GOODS Index Up 0.6% (Today's Market)

Oct 23, 2020 03:16 PM

SADBHAV ENGINEERING share price is trading up by 5% and its current market price is Rs 51. The BSE CAPITAL GOODS is up by 0.6%. The top gainers in the BSE CAPITAL GOODS Index is SADBHAV ENGINEERING (up 5.1%). The top losers are LAKSHMI MACHINE and BHARAT ELECTRONICS (down 0.8%).

OBEROI REALTY Share Price Down by 5%; BSE REALTY Index Down 0.9% (Today's Market)

Oct 23, 2020 03:16 PM

OBEROI REALTY share price is trading down by 5% and its current market price is Rs 482. The BSE REALTY is down by 0.9%. The top gainers in the BSE REALTY Index are MAHINDRA LIFESPACE (up 1.6%) and GODREJ PROPERTIES (up 0.7%). The top losers is OBEROI REALTY (down 5.3%).

GRINDWELL NORTON Share Price Up by 5%; BSE CAPITAL GOODS Index Up 0.8% (Today's Market)

Oct 23, 2020 03:06 PM

GRINDWELL NORTON share price is trading up by 5% and its current market price is Rs 570. The BSE CAPITAL GOODS is up by 0.8%. The top gainers in the BSE CAPITAL GOODS Index is GRINDWELL NORTON (up 5.2%). The top losers are BHARAT ELECTRONICS (down 0.3%) and THERMAX (down 0.4%).

APL APOLLO TUBES at All Time High; BSE CAPITAL GOODS Index Up 0.9% (Today's Market)

Oct 23, 2020 02:26 PM

APL APOLLO TUBES share price has hit an all time high at Rs 3,045 (up 2.5%). The BSE CAPITAL GOODS Index is up by 0.9%. Among the top gainers in the BSE CAPITAL GOODS Index today are APL APOLLO TUBES (up 2.5%) and HONEYWELL AUTOMATION (up 0.3%). The top losers include BHARAT ELECTRONICS (down 0.3%) and THERMAX (down 0.5%).

CENTRAL BANK Share Price Up by 7%; BSE BANKEX Index Down 0.1% (Today's Market)

Oct 23, 2020 02:24 PM

CENTRAL BANK share price is trading up by 7% and its current market price is Rs 11. The BSE BANKEX is down by 0.1%. The top gainers in the BSE BANKEX Index is CENTRAL BANK (up 6.8%). The top losers are SBI (down 0.2%) and FEDERAL BANK (down 0.4%).

Sensex Trades 120 Points Higher; Dow Futures Down by 47 Points (Today's Market)

Oct 23, 2020 12:30 pm

BSE Sensex is trading up by 120 points, while the NSE Nifty is trading up by 53 points.

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