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SAMHI Hotels IPO, PMC Bank Fiasco, and Top Cues in Focus Today

Thu, 5 Dec Pre-Open

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Indian share markets ended their day on a positive note yesterday.

At the closing bell yesterday, the BSE Sensex stood higher by 174 points (up 0.4%) and the NSE Nifty closed higher by 43 points (up 0.4%).

The BSE Mid Cap index ended up by 0.5%, while the BSE Small Cap index ended the up by 0.3%.

On the sectoral front, gains were seen in the banking sector and metal sector. Capital goods sector and energy sector, on the other hand, witnessed selling.

Speaking of Indian stock markets, Vijay Bhambwani states why he is positive about the markets and the Indian economy for the next 11 months.

As per Vijay, the US election season is set to have a big impact on India. In the video below, he covers what to expect over the next 11 months. Tune in to find out more...

Top Stocks in Focus Today

From pharma sector, Biocon share price will be in focus today as the company, with its partner Mylan, launched the much-awaited oncology biosimilar of Trastuzumab in the US.

It marks the second biosimilar launch in the US after the company's launch of oncology drug Pegfilgrastim earlier.

Further, Biocon-Mylan will be launching both the strengths (420 mg and 150 mg) of biosimilar Trastuzumab.

Biocon 's prospects continue to be driven by the launch of biosimilars, which is also a key reason for its stock price gaining more than 30% since September lows.

The company has been targeting emerging markets which are witnessing strong sales and has also commercialized both insulin and Trastuzumab biosimilars in Australia.

From the , will be in focus today as one of the promoters, Standard Life Investments, offered to offload 2.3% stake in the fund house yesterday.

In a regulatory filing to exchanges, Standard Life proposed to sell up to 4.75 million equity shares of the total issued and paid-up equity share capital of HDFC AMC, with an option to sell additional 3.85 million shares, through offer-for-sale mechanism.

Developments in the IPO Space

SAMHI Hotels has received Indian stock market regulator's go ahead to raise an estimated Rs 18-20 billion through its initial public offering (IPO).

Going by the draft papers, SAMHI Hotels' IPO comprises a fresh issue of Rs 11 billion and an offer for sale (OFS) of 1,91,45,624 equity shares.

Net proceeds of the fresh issue will be utilised towards repayment or prepayment of certain indebtedness by the company and its subsidiaries. Besides, the money will be utilised for general corporate purposes.

Kotak Mahindra Capital Company, CLSA India, DSP Merrill Lynch and Goldman Sachs will manage the offer.

As on June 30, 2019, the current portfolio of SAMHI consists of 27 operating hotels across 12 cities.

For operating its hotels, the company has a long-standing relationship with three leading hotel operators --Marriott, IHG and Hyatt, as per the company overview in draft papers.

How this IPO sails through remains to be seen. We will keep you updated on all the news from this space.

Speaking of IPOs, 2019 has seen some of the most mindbogglingly profitable IPOs.

The top six IPOs of the year have given high double-digit and triple-digit returns so far - IRCTC (180%), IndiaMART InterMESH (121%), Affle India (105%), Neogen Chemicals (73%) and Polycab India (72%).

In a recent edition of The 5 Minute WrapUp, Ankit Shah shares how IPOs offer insights into the mood of the stock markets.

He picked the six most successful IPOs of the year and checked the retail investor enthusiasm for them.

Obviously, all these IPOs were oversubscribed across investor categories. But the level of retail investor enthusiasm differed widely, depending on the overall market sentiments.

Here's what Ankit wrote about it...

• Clearly, IRCTC witnessed the highest number of bids for the retail category. Factoring in the discount of Rs 10 per share for the retail category, the total bids were worth a whopping Rs 3,242 crore. Over five times the entire IPO size!
  
  Polycab India and the recent IPO of CSB Bank also received a strong thumbs-up from retail investors.

Does this hint that retail investors are coming back to the markets? Could we witness of flurry of IPOs in the coming months?

Ankit is keeping a close watch and going to pick all the profitable IPOs for his readers at Insider.

PMC Bank Saga Continues...

23 individuals comprising senior bankers, directors and account holders of Punjab & Maharashtra Co-operative (PMC) Bank had allegedly withdrawn around Rs 700 million, days before the Reserve Bank of India (RBI) imposed a clampdown on the lender.

Officials at the Economic Offence Wing (EOW) of the Mumbai Police said these individuals withdrew the money between September 7 and September 19.

On September 21, the bank's managing director, Joy Thomas, wrote to the RBI about alleged violations of regulations and irregularities in its dealings and two days later, the central bank put restrictions on the bank, including a Rs 1,000 cap on withdrawals.

The limit has since been increased in phases, to Rs 50,000 now.

Grant Thornton, which conducted a forensic audit of the bank, has pegged the alleged fraud at Rs 66.7 billion in its draft report, the EOW officials said.

The amount was earlier estimated to be Rs 43.6 billion. The audit has also found alleged misappropriation of Rs 50 million by bank employees.

The city police on Tuesday arrested three more directors of the bank. So far, 12 people including two promoters of real estate firm HDIL, three auditors and seven former directors have been arrested in the case.

Note that the PMC bank fiasco has put small savers in the limelight yet again. These banks have poor lending practices. Depositors have had to pay the price time and again.

In the short run, this has an adverse effect on microfinance lending as well. Micro finance institutions (MFIs) are skeptical about lending to even genuine borrowers in an uncertain environment.

But this is actually a blessing in disguise for MFIs with strong business practices.

After all, last mile connectivity in lending is still a huge opportunity.

Here's what Tanushree Banerjee wrote about this in one of the editions of The 5 Minute WrapUp...

• The average ticket size of a microfinance borrower in India is around Rs 38,000 which is much lower than the global average (Rs 65,000).
  
  The sector itself has grown at an average annual rate of 27% for the last 4 years.
  
  Still states like Uttar Pradesh, Bihar, and Madhya Pradesh with a large rural population are highly under-penetrated even today.

A private bank that is part of Tanushree's 7 stocks to buy list has already taken a step in this direction.

It will be a big beneficiary when the microfinance boom plays out in India.

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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