Indian Indices End Higher, Upcoming IPOs, and Top Stocks in Action Today

Wed, 27 Mar Pre-Open

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On Tuesday, share markets in India witnessed buying interest during closing hours and ended their day on a positive note.

The BSE Sensex closed higher by 425 points to end the day at 38,233. SBI and NTPC were among the top gainers.

While the broader NSE Nifty ended up by 129 points to end at 11,483.

Among BSE sectoral indices, banking stocks gained the most by 2.2%, followed by realty stocks and healthcare stocks.

Top Stocks in Action Today

ITC share price will be in focus today as the company reportedly sold its menswear brand John Players to Reliance Retail for an undisclosed amount. Besides, the company has also transferred the trademark as part of the deal.

To know more about the company, you can read ITC's latest result analysis on our website.

L&T share price will be in focus today as the company's wholly owned subsidiary - L&T Hydrocarbon Engineering (LTHE) has won a large order from Tawfiq Coke Products-Oman.

Market participants will also track Infibeam Avenues share price.

Reportedly, Infibeam Avenues has acquired 100% stake of Vavian International, a company formed and registered in Dubai from Infibeam Global EMEA FZ-LLC, the wholly owned subsidiary of the.

From the Currency Space...

The Indian rupee was trading marginally higher against the US$ on Tuesday, tracking gains in Asian currencies market.

After rising to the highest level in seven months following sustained fund inflows by the foreign institutional investors, the rupee came under pressure last Friday after the greenback strengthened against its major crosses.

So far this year, the rupee has gained 1.30% against the US dollar, while foreign investors have bought US$6.3 billion in equity and US$455.1 million in debt market.

Jet Airways' Rescue Plan

Jet Airways share price is seeking to clear at least part of the dues to aircraft leasing firms and pay salary arrears to pilots with the emergency finance raised from state run banks.

Jet had said in its statement on Monday that it will leverage the Rs 15 billion of interim finance received from lenders to partly clear pending dues towards lessors, vendors, creditors and employees in a phased manner.

The airline is currently operating only about 34 of its aircraft out of the 119 it had before the current liquidity crisis hit the company, leading to flight cancellations.

Shares of the debt-laden airline closed 7% higher yesterday, rising for the 3rd straight day after Naresh Goyal, the Promoter and Chairman of Jet Airways, along with his wife, Anita Goyal stepped down from their positions in the board. Etihad Airways nominee Kevin Knight also quit the board.

With yesterday's gain, Jet has gained 27% in the past three days.

How this rescue plan pans out remains to be seen. Stay tuned.

From the IPO Space...

State-owned Rail Vikas Nigam Limited's initial public offer (IPO) is set to open for subscription on Friday. Through this IPO, the company is seeking to raise up to Rs 4.8 billion according to the government's divestment schedule.

Incorporated by the Ministry of Railways under the companies act, 1956 in 2003, Rail Vikas Nigam Limited is a project executing agency.

The objective of the company is to undertake mobilization of financial resources, rail project development, enhance golden quadrilateral and port connectivity by implementing rail projects, and raise extra-budgetary resources for project execution.

The company engages in completing all sorts of rail projects such as construction of cable-stayed bridges, major bridges, workshops, metro projects, railway electrification, gauge conversion, new lines, doubling, and institutional buildings.

The Miniratna central public-sector enterprise, incorporated by the Ministry of Railways, is offering up to 2,53,457,280 shares in the price band of Rs 17-19 per share. The issue will close on April 3.

Speaking of IPOs, 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.

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Read the latest Market Commentary

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