Indian Indices Erase Gains; Infosys & Tata Steel Top Gainers

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Share markets in India have erased early gains and are presently trading marginally higher. The BSE Sensex rose as much as 300 points intraday to 40,483 surpassing its previous high of 40,392 touched last week.

Sectoral indices are trading on a mixed note with stocks in the metal sector, telecom sector and IT sector witnessing maximum buying interest, while automobile stocks and consumer durable stocks are witnessing selling pressure.

The BSE Sensex is trading up by 89 points (up 0.2%), while the NSE Nifty is trading up by 50 points (up 0.4%). The BSE Mid Cap index is trading up by 0.1% and the BSE Small Cap index is trading up by 0.4%.

The rupee is trading at Rs 70.69 against the US$.

In latest developments from the IPO space, Burger King India, a major player in the domestic quick service restaurant (QSR) space, will file for an initial public offer (IPO) this week with the markets regulator.

As per reports, the issue will comprise a secondary share sale worth Rs 6 billion by private equity major Everstone Capital and fresh fundraising worth Rs 4 billion. The funds raised will be used to fuel the burger chain's expansion plans.

Burger King India would list early next year, joining rivals Jubilant Foodworks (operator of the Domino's Pizza chain) and Westlife Development (franchisee of McDonald's).

Everstone owns and operates Burger King's branded restaurants across India and Indonesia, as part of its food and beverage Asia portfolio.

Investment bankers said taking Burger King India public is part of Everstone's strategy to liquidate its investment. In May 2018, Everstone-backed non-banking financial company (NBFC) IndoStar Capital Finance had raised Rs 18.4 billion through an IPO.

In 2017, Everstone's education sector-focused publishing company S Chand and Company got listed in a Rs 7.3 billion IPO.

How this Burger King IPO sails through remains to be seen. Meanwhile, we will keep you updated on the latest developments from this space.

Speaking of IPOs, the year 2019 hasn't seen much activity in the IPO market. Since the start of the year, there have been just 13 IPOs on the BSE main board.

Even the ones that hit the primary markets were mostly small to mid-sized IPOs. And no mega IPOs.

The total amount raised through IPOs has shrunk to Rs 107.2 billion in 2019, a third of the Rs 309.6 billion raised in the previous year.

Very few companies come out with IPOs during bearish market conditions. So, when the IPO market is sluggish, you must take that as an indicator of market sentiment and liquidity conditions.

However, it is interesting to note that despite the tepid market conditions, most of the companies gave positive listing day gains.

In fact, if you had invested in each one of them and held them till now, your gains would have been even better.

The chart below shows the top five performing IPOs of 2019:

Top 5 Performing IPOs of 2019

As you can see in the chart, the best IPOs of 2019 have delivered fantastic returns. In fact, 10 of the 13 companies have delivered positive returns.

So, unlike bull markets wherein selling shareholders do their best to squeeze the highest price, bear markets often offer fantastic opportunities to spot great companies and get onboard early on.

Moving on to news from the realty sector, Indiabulls Real Estate on Saturday said it has sold its property in London to a promoter group firm for Rs 18.3 billion as part of its plan to focus on the India business and cut debt.

In a filing to BSE, Indiabulls said "the company's wholly owned subsidiary has divested its entire stake in Century Ltd, which indirectly owns Hanover Square property, London to Clivedale Overseas Ltd, an entity owned by the promoters of the company."

Earlier, the company had disclosed its plans to focus on its India business and pare debt. At its annual general meeting (AGM) in September, shareholders of the company had approved a proposal to sell its London property to promoters.

The company also said that a loan of about 133 million pounds was needed to complete the ongoing construction at 22, Hanover Square property in London.

Earlier this year in June, promoters of the company had sold 14% stake in the company through open market transactions to Embassy Group for Rs 9.5 billion as part of its strategy to exit realty business.

However, last month Indiabulls Group faced a setback when the Reserve Bank of India (RBI) rejected the proposed merger of Indiabulls Housing Finance with private sector lender Lakshmi Vilas Bank.

To enter the banking and financial space, Indiabulls Group has been selling various completed commercial properties to US-based private equity firm Blackstone.

Indiabulls Real Estate share price is presently trading up by 5%.

Speaking of the realty sector, Research Analyst Sarvajeet Bodas, in the video below, talks about how Modi's push towards affordable housing can revive the real estate sector and accelerate the economic activity.

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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Indian Share Market Update: Top Gainers and Losers