Indian Indices Continue Downtrend

Thu, 19 May 11:30 am

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After opening the day deep in the red, the Indian indices registered some gains but failed to inch enough upwards and continued to trade on a negative note. Sectoral indices are trading on a mixed note with stocks from the telecom and FMCG sector witnessing maximum selling pressure.

The BSE Sensex is trading down 70 points (down 0.3%) and the NSE Nifty is trading down 18 points (down 0.2%). The BSE Mid Cap index is trading up by 0.2%, while the BSE Small Cap index is trading up 0.5%. The rupee is trading at 67.24 to the US$.

Parag Milk Foods made a steady debut today by listing at Rs 217.5 per share. This records a 1% premium to its issue price of Rs 215 per share. However, the stock quickly climbed within minutes of listing and surged over 13% by touching intraday high of Rs 242.70 per share.

These are the kind of numbers that typically only come in when the IPO season is in full swing. Apart from Parag Milk Foods, other IPOs that have come out recently like TeamLease Services, Ujjivan Financial Services, and Thyrocare Technologies also saw over subscription to the tune of 66 times, 41 times and 73.55 times, respectively.

Unlike winter and summer, the IPO season doesn't follow a yearly pattern. It comes when the markets are rising and investors are willing to pay up. Slightest sign of a weak market, and it is quick to fade. And so does the hype around many of the stocks, especially the fundamentally weak ones.

As we wrote in one of our articles... "We've been highlighting the perils of the IPO season to you. Note: of the 66 IPOs we've covered (and that still trade) since CY08 to CY15, forty are trading below the closing price on the day of listing. That's a 61% failure rate. Actually, it's higher as the positive returns on some of the IPOs lag the Sensex's returns for the same period. As a long term investor, you will do well not to get swayed away by the buoyancy surrounding IPOs."

Further, do read about our views on Parag Milk Foods Limited (PMFL) and the dairy industry in India in one of the editions of Research Digest(subscription required).

To know our views other upcoming IPOs, please visit our IPO Buzz section (subscription required).

As per an article in Economic Times, Indian oil firms had a mixed bag in capital expenditure during FY16. This was seen as exploration firms spent less after tracking the global trends in the bearish oil market. The oil producers slashed their capex plans. This came in part due to lower oil prices and in part due to poor execution facility. According to the ministry data, Oil and Natural Gas Corporation spent Rs 295 billion during FY16. This was recorded as nearly a fifth lower than originally planned. Its overseas arm ONGC Videsh invested just Rs 67 billion, 35% less than the targeted capex. Oil India spent nearly a tenth less. Further, Cairn India slashed its capex target several times during the year due to tumbling oil prices. GAIL invested barely half of its target spending, primarily due to slower progress in some of its key pipeline projects stuck for years.

Refiners, on the other hand met or exceeded their targets. Higher profit, lower working capital requirement and reduction in borrowings on account of lower oil prices encouraged refiners to fast-track execution of projects to cater the rising demand for fuel in the country.

Among the volatile economic conditions, we believe capacity utilisation is one of the key metrics that serious long term investors need to track. Please do read this interesting editions of The 5 Minute WrapUp titled 70% Upside in Sensex Will Be a Reality Only If... by Tanushree Banerjee, Managing Editor, StockSelect to know more about our views on the same.

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

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