Indian Indices Trade Marginally Lower; Realty Stocks Witness Selling

Fri, 28 Apr 11:30 am

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After opening the day on a negative note, share markets in India continued below the dotted line. Sectoral indices are trading on a mixed note with stocks in the realty sector, telecom sector, and FMCG sector witnessing maximum selling pressure. Metal sector is trading in the green.

The BSE Sensex is trading down 126 points (down 0.4%) and the NSE Nifty is trading down by 43 points (down 0.5%). The BSE Mid Cap index is trading up by 0.3%, while the BSE Small Cap index is trading up by 0.4%. The rupee is trading at 64.29 to the US$.

The Rs 7.2 billion IPO of S Chand and Company was oversubscribed 1.96 times yesterday.

As per the data, the IPO received bids for 1,50,41,466 shares against the total issue size of 76,85,284 shares.

The retail investor portion was subscribed 2.24 times yesterday. The portion set aside for qualified institutional buyers (QIBs) was subscribed 2.68 times and the quota for non- institutional investors was subscribed 32%.

The issue closes today. The company has set the price band for the IPO at Rs 660-670 per share and the minimum bid lot at 22 shares. The IPO includes fresh issue of share worth up to Rs 3 billion and an offer for sale (OFS) of 60 lakh shares by the existing shareholders.

S Chand is a leading Indian education content company (in terms of revenue from operations in FY16). The company delivers content, solutions and services across the education lifecycle through its K-12, higher education and early learning segments.

To know our view, please refer to our IPO analysis for S. Chand.

A dozen of IPOs are lined up in the upcoming months. And given the ongoing buoyancy, market participants are looking forward to most of the upcoming issues. As can be seen in the chart below, retail participation has been huge in some of the recent IPOs.

Huge Retail Participation in IPOs

But no matter what picture the present trend paints, one should look at the fundamentals of the business and the attractiveness of valuations in each and every IPO.

In case you wish to run IPOs through a handy checklist, you can download our Handbook of IPOs.

In the news from global financial markets, the Bank of Japan (BoJ) stood pat on monetary policy yesterday. The central bank announced it would leave overnight interest rates at minus 0.1%. It also announced to cap 10-year bond yields at about 0%, and to continue to purchase government bonds at a pace of 80 trillion yen a year.

The decision to keep monetary policy unchanged was made to avoid speculation about an early exit from stimulus and keep inflation moving towards the central banks' 2% goal.

The BoJ, however, raised its economic assessment. It increased its real gross domestic product (GDP) growth forecast for FY18 to 1.6% from the 1.5% projected in January. Further, it lowered its core consumer price index (CPI) growth forecast to 1.4% from 1.5% for the same period.

In its quarterly outlook report, the BoJ said Japan's economy is likely to continue to expanding and maintain growth at a pace above its potential.

Japan's economy gained most of the stimulus by the fall in the yen after the election of Donald Trump as US President.

While the above developments look good, there are many issues that can hamper Japan's economic growth. The economy is flooded with excessive money printing...too much debt...too much government intervention...too much stock market manipulation, etc.

Also, the above developments by the BOJ are in continuation with the easy money policies that central banks are adopting around the world. With the changes at central banks in 2016, it seems that the end of easy money is near.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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