Indian Indices Extend Gains; HDFC Bank Hits Record High

Thu, 27 Jun 12:30 pm

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Share markets in India are presently trading on a positive note. Barring IT sector and energy sector, all sectoral indices are trading in green with stocks in the automobile sector, realty sector and banking sector witnessing maximum buying interest.

The BSE Sensex is trading up by 155 points (up 0.4%), while the NSE Nifty is trading up by 47 points (up 0.4%). The BSE Mid Cap index is trading up by 0.4% and the BSE Small Cap index is trading up by 0.8%.

The rupee is trading at Rs 69.21 against the US$.

Speaking of Indian share markets, the current pattern of the Indian stock market very closely resembles 2013.

Back then too, Sensex was relatively flat while mid and small caps underperformed by a huge margin.

Only this time, the divergence is larger.

How Long Will this Sensex Outperformance Last?

While the 2013 correction was due to global macro issues, the recent correction in mid and small caps are due to factors back home.

Corporate governance issues leading to auditor exits plagued many mid and small caps in 2018. Then, we had the IL&FS impact leading to the NBFC crisis.

Will this Sensex outperformance continue?

Co-head of Research, Tanushree Banerjee believes it will be difficult going forward.

That is why, she has picked out 7 safe stocks. Stocks with robust business models that are available with an adequate margin of safety.

In latest developments from the IPO space, the initial public offering (IPO) of IndiaMart InterMesh was subscribed 36 times as of Wednesday, the final day of the offer. The issue received bids for 96.9 million shares as against 2.7 million on offer.

The retail investor portion of the issue was subscribed 13 times, the institutional investor portion 31 times, while the high net worth investor portion was subscribed 62 times.

Indiamart is a leading online business-to-business (B2B) marketplace. It has around 82.7 million registered buyers.

The firm enables discovery of products and suppliers across 50 industries. According to a report, it has close to 60% market share of the online B2B classified advertisement space in India.

The IPO comprised entirely of secondary share sale by promoters and other shareholders. IndiaMart had allotted shares worth Rs 2.1 billion to anchor investors on Friday.

Ankit Shah has shared the detailed note of the IPO in his premium newsletter Insider. You can read it here.

Speaking of IPOs, fund raising via the initial public offer route, hit a four-year low in the first half of 2019.

In H1CY19, eight companies including the recent offering by IndiaMart Intermesh, raised a cumulative Rs 55.1 billion through IPOs. This is the lowest amount raised in the last four years, the last low being in 2015, when an equal number of companies had raised Rs 38.5 billion via the IPO route.

According to reports, this was due to the overall market sentiment, especially the mid and small cap segment that underperformed the benchmarks indices. That apart, political uncertainty and the overall economic scenario kept companies at bay from raising fresh capital.

However, analysts believe that the second half could turn out to be better and more companies could tap the primary market for funds provided the overall market sentiment improves and there is an uptick in the economy.

Data showed that there are 56 companies that have market regulators' approval to raise about Rs 540 billion and another seven wanting to raise about Rs 133 billion and are awaiting regulatory approval.

How this development pans out remains to be seen. Meanwhile, we will keep you updated on the latest developments from this space.

Moving on, shares of Coffee Day Enterprises surged nearly 12% in early trade today after reports emerged that Coca-Cola is in talks to pick up a significant stake in Cafe Coffee Day (CCD).

As per an article in The Economic Times, Coca-Cola entered into exclusive talks to pick up a significant stake in CCD as the soft drinks giant looks to gain a foothold in the rapidly growing cafes space and hedge risks associated with its core carbonated drinks business.

Here's an excerpt from the article:

• The potential stake acquisition is being driven by Coca-Cola's headquarters in Atlanta, and officials from the beverage maker's global team are engaged in active talks with the Coffee Day management. It would give Coca-Cola a significant scale in the fast-growing cafe business, compared to soft drinks.

However, a Coco-Cola spokesperson said in response, "this news is absolutely speculative in nature and as a matter of company policy, we do not have any comments to offer at this point in time".

Stay tuned for more updates from this space.

And 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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