Rising Gold Prices, IPO Buzz, and Top Stocks in Action Today

Tue, 25 Feb Pre-Open

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On Monday, Indian share markets fell sharply, tracking a global selloff as coronavirus cases spiked outside China.

During the weekend, South Korea put the country on high alert while the number of infections jumped to over 700 and deaths rose to seven. In China, the virus has killed over 2,400 and reported 76,936 cases.

The BSE Sensex closed lower by 807 points to end the day at 40,363. Tata Steel and ONGC were among the top losers.

While the broader NSE Nifty ended down by 242 points to end at 11,839.

Among BSE sectoral indices, metal stocks fell the most, followed by automobile stocks and telecom stocks.

Top Stocks in Action Today

Aurobindo Pharma share price will be in focus today as the US drug regulator revoked the 'Voluntary Action Initiated' status issued to company's plant in Hyderabad, days after indicating it might not pursue further regulatory action.

The letter issued on February 19, mentions that the establishment inspection report (EIR) with voluntary action indicated (VAI) classification for the facility was erroneously sent to the company and is being retracted.

Biocon share price will also be in focus today as the company has received three observations from the US health regulator following inspection of its insulin manufacturing facility in Malaysia.

The US Food and Drug Administration (USFDA) had conducted a pre-approval inspection of Biocon's subsidiary Biocon Sdn BHd's manufacturing facility in Malaysia for Insulin Glargine between February 10 and 21.

Market participants will also track Bharti Infratel share price. The company has extended deadline for completion of its merger with Indus Towers in order to comply with certain conditions, despite the government's nod for FDI enhancement on Friday.

The department of telecommunications (DoT) on Friday approved the merger of telecom tower companies Bharti Infratel and Indus Towers.

Gold Prices at Seven-Year High

Gold prices climbed more than 2% on Monday to their highest since February 2013, as spikes in coronavirus cases in several countries outside China deepened worries about a hit to the global economic growth, prompting a flight to safe havens.

Global equities extended losses as concerns about the spread of the virus beyond China grew with sharp rises in infections in Italy and Iran, while South Korea raised its infectious disease alert to its highest level.

The World Health Organization said it is worried about the growing number of cases without any clear link to China.

Speaking of gold, in his latest video, Vijay Bhambwani shares his view on Gold and Silver prices. He talks about how the bullion prices will move in the short term.

You can check the same here: Will Gold and Silver Prices Fall because of the Coronavirus?

From the IPO Space...

Antony Waste Handling Cell is expected to launch its nearly Rs 3 billion initial public offering (IPO) for subscription on March 4.

The IPO comprises a fresh issue of up to Rs 0.43 billion and an offer for sale of up to Rs 2.5 billion.

The offer for sale comprises a 94,42,164 equity shares by Leeds (Mauritius) (13,90,322 shares), Tonbridge (Mauritius) (20,85,502 shares), Cambridge (Mauritius) (20,65,300 shares) and Guildford (Mauritius) (39,01,040 shares).

The issue will close on March 6. The company proposed to utilize the net fresh issue proceeds towards the reduction of the aggregate outstanding borrowings.

In other news, SBI Cards & Payment Services, backed by State Bank of India (SBI) and private equity firm Carlyle Group, is likely to beat some of the largest companies by market value after listing next month.

The IPO is expected to be priced in the Rs 750-755 range. At the upper limit of this price band and including the fresh issue, SBI Cards may command a market capitalisation of just over Rs 700 billion on listing.

As per an article in The Economic Times, 16 Nifty stocks had market capitalizations lower than Rs 700 billion as of Friday. Among them were JSW Steel (Rs 680 billion), Mahindra & Mahindra (M&M), Dr Reddy's Labs (Rs 540 billion), GAIL (Rs 538 billion) and Tata Steel (Rs 534 billion).

The IPO of the second-largest credit card issuer in the country will remain open for four days in anticipation of high investor appetite. On the fourth day, the subscription will remain open exclusively for retail and non-institutional investors, while qualified institutional buyers can bid for the offer during the first three days.

Reportedly, a one-day extension was provided because the Unified Payments Interface (UPI) mechanism is the only option available for retail investors applying for IPOs through intermediaries.

Incorporated in 1998, SBI Cards is the second-largest credit card issuer in India, with an 18% market share of the credit cards market in terms of the number of cards outstanding.

SBI Card's total credit card spends grew at a compounded annual growth rate of 54.2% over FY17-FY19 compared with an industry average of 35.6%.

Speaking of the credit card business, a quick look at India's credit card spending is a good indicator of the country's consumption potential.

Have a look at the chart below:

India's Massive Consumption Megatrend

Here's what Tanushree Banerjee wrote about this in a recent edition of The 5 Minute WrapUp...

• Credit card spending in India has clocked a rapid 32% annual growth rate over the last 5 years. I expect this trend is expected to continue for many years.
  
  India's young demographic and rapid urbanisation will be the driving force of this consumption megatrend.
  
  This is a megatrend worth watching. Stocks of companies that cater to this theme will benefit in the long run.

This is one of the megatrends that will help what Tanushree calls the Rebirth of India.

She has identified the 7 best stocks that will profit from the Rebirth of India. You can read about these top 7 stocks here.

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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