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- Indian Stock Market News April 9, 2019
Sensex Trades in Red, IPO Market Back in Focus, and Top Stocks in Action Tue, 9 Apr Pre-Open
On Monday, share markets in India opened on a negative note and ended the day in red after an dull day of trading.
The BSE Sensex closed lower by 162 points to end the day at 38,700. While the broader NSE Nifty ended down by 61 points, to end the day at 11,605 points.
Among BSE sectoral indices, realty stocks fell the most by 2.3%, followed by energy stocks at 1.7%. Yes Bank and Bajaj Finance were among the top losers.
Top Stocks in Action Today
Laxmi Vilas Bank and Indiabulls Housing Finance share prices will be in focus today after Lakshmi Vilas Bank's board approved a merger with mortgage lender Indiabulls Housing Finance in the latest incidence of a bank combining with a non-banking finance company.
Shareholders of Lakshmi Vilas will get 14 shares of Indiabulls Housing for every 100 bank shares they hold.
Indiabulls trumped several private equity players which were reportedly in the fray to acquire a stake in the bank.
Cadila Healthcare share price is likely to be in focus as it received the tentative approval from the USFDA to market Tofacitinib Tablets (US RLD - Xeljanz Tablets), 5 mg.
Reportedly, it will be manufactured at the group's formulations manufacturing facility at Moraiya, Ahmedabad.
Tofacitinib is used alone or with other medications (such as methotrexate) to treat moderate to severe forms of rheumatoid arthritis. It helps to decrease pain, tenderness and swelling in the joints.
Polycab India IPO in Focus
the initial public offer of Polycab India which hit the markets last week witnessed good demand on its second day of the bidding process today.
Data available with NSE showed the IPO was subscribed 1.2 times at the time of writing. The issue received bids for 2,08,89,765 units against the total size of 1,76,37,777 shares. Qualified institutional buyers (QIBs) quota has was subscribed 2.11 times, non-institutional investors (NII) 0.52 times and retail 1.15 times so far.
Polycab India is engaged in the business of manufacturing and selling wires and cables and fast-moving electrical goods (FMEG) under the "POLYCAB" brand.
According to CRISIL Research, Polycab India is the largest manufacturer in the wires and cables industry in India, in terms of revenue from the wires and cables segment and provides one of the most extensive range of wires and cables in India.
During the financial year 2017-18 (FY18), the company had a market share of approximately 18% of the organized wires and cables industry, and approximately 12% of the total wires and cables industry in India, estimated at Rs 525 billion based on manufacturers realization.
Polycab India manufactures and sells a diverse range of wires and cables such as power cables, control cables, instrumentation cables, solar cables, building wires, flexible cables, flexible/single multi core cables, communication cables and others including welding cables, submersible flat and round cables, rubber cables, overhead conductors, railway signaling cables, specialty cables and green wires.
To get a detailed view of the IPO, you can read Ankit Shah's latest note in the Equitymaster Insider: Polycab India IPO: All You Need to Know.
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.
For information on how to pick stocks that have the potential to deliver big returns, download our special report now!
Read the latest Market Commentary
Indian Share Market Update: Top Gainers and Losers
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