Sensex Flat; Pound Takes a Hit in Currency Markets

Wed, 19 Oct 11:30 am

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After opening the day flat, the Indian share markets registered losses and went on to trade marginally lower. Sectoral indices are trading on a mixed note with automobile sector stocks and FMCG sector stocks witnessing maximum selling pressure. Oil & gas stocks are trading in the green.

The BSE Sensex is trading down 71 points (down 0.3%) and the NSE Nifty is trading down 15 points (down 0.2%). The BSE Mid Cap index is trading flat, while the BSE Small Cap index is trading up 0.6%. The rupee is trading at 66.68 to the US$.

One of the latest IPOs, Endurance Technologies Ltd got listed on the bourses today. The auto component maker made a stellar debut on BSE by listing at Rs 570 a share. This was at a 21% premium to its issue price of Rs 472 per share. On NSE, the stock got listed at Rs 572 apiece, a 22% premium to its issue price.

The IPO of the company was sold between October 5-7 and was subscribed 44 times. Most of the demand for the IPO was seen from high net worth individuals (HNIs) and qualified institutional buyers (QIBs). The quota for these two categories was subscribed to 127 times and 53.43 times of the quota limits, respectively. The quota for retail investors was oversubscribed 2.60 times.

Endurance Technologies Limited (Endurance) is engaged in manufacturing of automotive components for two and three wheelers in India. It is the Tier 1 supplier to the OEMs. Further, it is the largest Aluminium die casting manufacturer and one of the leading automotive component manufacturer of suspension, transmission and brake systems (Proprietary business).

The company has 25 manufacturing plants across India, Italy and Germany. Out of this, 18 are in India and rest are outside India. Further, the company expects to commission two (one in India and one in Europe) more plants in FY2017.

As far as IPOs are concerned, listing gains and over subscription of the issues have caught the eye of market participants. There are many more IPOs lined up in the coming days and lure of such listing gains could be hard to avoid. This begs the question: What should be one's approach towards IPOs?

As far as our views are concerned, one should not get swayed away by the buoyancy surrounding IPOs. Instead, what one should look for in IPOs is the fundamentals of the business and the attractiveness of valuations.

We at Equitymaster have always recommended IPOs cautiously. If you ask us, every IPO needs to be evaluated on its own merit. When there is a need to go through a checklist for buying stocks, why not so in the case of IPOs?

There are several big IPOs in the pipeline in the last few months of 2016. In case you wish to run them through a handy checklist, we have something for you.

Our report - Download our Handbook of IPOs will help you to pick only the right ones for you.

In another news update, the Reserve Bank of India (RBI) has turned its focus on growth. This we say as the minutes of the newly minted Monetary Policy Committee (MPC) showed that broad concerns over economic growth and relief from the pullback in inflation spurred the bank's recent rate cut decision.

As per the minutes, the MPC was concerned about the economic growth, and saw the downturn in retail inflation and slack in the economy as an opportunity to cut the key policy rate.

The focus on economic growth by the RBI will mean chances of further rate cuts in its upcoming monetary policies.

On the inflation front, the minutes suggested that all members were reasonably sure of achieving the 5% consumer price index (CPI) inflation target by March 2017, even if some upside risks exist.

The RBI, early this month, surprised Indian stock markets by cutting the policy repo rate by 25 basis points. Post this development, the rate now stands at 6.25% from 6.50% earlier. The MPC, which includes six members, voted unanimously on the decision.

The logic behind the rate cut, as per the RBI, was cited to be slowing inflation. The MPC, headed by newly appointed RBI Governor Urjit Patel, stated it believes that food inflation momentum has moderated and opened up space for policy action.

To keep a tab on the inflation story in India and other macroeconomic trends, we recommend the Vivek Kaul Letter(subscription required). Vivek addresses a range of big issues in this unique newsletter - rising inflation levels, the government's handling of oil prices, the mess in public sector banks, the current state of India's real estate bubble...and a lot more!

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

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