Indian Indices Rebound; Sun Pharma & Bajaj Finance Gain 6%

Tue, 9 Jul 12:30 pm

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Share markets in India recovered early losses and are presently trading on a positive note.

Barring consumer durables sector, IT sector and FMCG sector, all sectoral indices are trading on a positive note with healthcare stocks and realty stocks witnessing maximum buying interest.

The BSE Sensex is trading up by 88 points while the NSE Nifty is trading up by 21 points. The BSE Mid Cap index is trading up by 0.5% and the BSE Small Cap index is trading up by 0.3%.

The rupee is trading at 68.65 against the US$.

While the Budget 2019 failed to cheer Indian stock markets, Tanushree Banerjee's Rebirth of India call remains intact. She explains how investors could continue to make the most of the irreversible trends and India's US$ 5 trillion potential in the video below.

You can read about the opportunities in Rebirth of India here: defence boom, infrastructure sector reforms, NBFC Crisis and Electric Vehicle Disruption.

In news from the retail sector, Titan share price is witnessing selling pressure today after the company reported a lower-than-expected growth in jewellery business during Q1FY20.

Shares of the company fell as much as 13% in early trade today on back of the above news. The stock touched a low of Rs 1072, its biggest slide since June 2013.

Reports state that the company's subdued growth for the April-June quarter was on the back of tough macroeconomic environment and weak consumption trend.

Revenues grew 13% in June quarter as sharp increases in gold prices hit consumer demand last month. In June, global gold prices rose 8% month-on-month which analysts believe hurt consumer demand for the precious metal.

In its quarterly update, the company said "the quarter witnessed a tough macro-economic environment with consumption being hit. Very high gold prices particularly in June also impacted growth in the jewellery industry. Against this background, the company's growth particularly in the jewellery segment was lower than planned even though the gains in market share were sustained".

The company also said its watches division reported revenue growth of 19%, partly aided by execution of a large institutional order from Tata Consultancy Services (TCS) while eye-wear segment witnessed revenue growth of 13%, aided by activation during the quarter.

Moving on, in latest developments from the IPO space, Sterling and Wilson Solar Ltd (SWSL) has received approval from markets regulator to float its Rs 45 billion initial public offering (IPO).

Incorporated in March 2017 as Rashmika Energy Pvt Ltd, the Mumbai-based company offers solar engineering, procurement and construction services.

It was ranked as the world's largest solar EPC services provider in 2018 based on annual installation of utility-scale photovoltaic systems of more than five megawatt-peak.

The capital markets regulator issued its final observations on SWSL's IPO proposal on July 4, according to information available on the regulator's website.

The IPO will be an offer-for-sale by the company's Chairman Khurshed Yazdi, and Shapoorji Pallonji and company, the promoter selling shareholders.

The company had filed its draft red herring prospectus for the offer on April 15, 2019. The company's order book stood at Rs 43.1 billion as on 31 December 2018.

Speaking of IPOs, the first half of 2019 hasn't seen a lot of activity in the IPO market.

There have been just 8 IPO on the main board. None of them mega-sized IPOs.

Despite lackluster activity in India's primary markets, there have been attractive money-making opportunities for attentive investors.

Ankit Shah, in his premium newsletter Insider, recommended applying to the IPO of Polycab India and the more recent IPO of IndiaMART Intermesh.

Both IPOs were subscribed many times over. And both gave handsome double-digit returns on the listing date.

Top 3 IPO Gains in 2019

At Equitymaster, we 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.

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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