Sensex Ends 186 Points Higher; Energy and Power Stocks Witness Buying

Tue, 19 Nov Closing

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Indian share markets witnessed buying interest during closing hours today and ended their day on a positive note.

At the closing bell, the BSE Sensex stood higher by 186 points (up 0.5%) and the NSE Nifty closed higher by 56 points (up 0.5%).

The BSE Mid Cap index ended down by 0.1%, while the BSE Small Cap index ended the day up by 0.3%.

On the sectoral front, gains were seen in the energy sector and power sector. Metal sector and automobiles sector, on the other hand, witnessed selling.

Asian stock markets finished on a positive note as of the most recent closing prices. The Hang Seng stood up by 0.57% and the Nikkei was trading up by 0.11%, while the Shanghai Composite was trading flat.

European markets were also trading on a positive note. The FTSE 100 was up by 0.39%. The DAX was trading up by 0.82%, while the CAC 40 was trading up by 0.28%.

The rupee was trading at 70.91 to the US$ at the time of writing.

In the news from the IPO space, Kerala-based private sector lender CSB Bank, formerly known as Catholic Syrian Bank, has announced the launch of its initial public offering (IPO) worth nearly Rs 4.1 billion.

The IPO will hit the markets between 22-26 November and will be available at a price band of Rs 193-195 apiece.

The bids for the offer can be applied for a minimum of 75 shares and its multiples.

The proposed initial share sale will see the lender raise fresh capital worth Rs 240 million, while its existing shareholders, including ICICI Lombard General Insurance, HDFC Life Insurance, ICICI Prudential Life Insurance, The Federal Bank, Bridge India Fund, Satellite Multicomm, Way2Wealth Securities and Edelweiss Tokio Life Insurance, will sell 19.78 million shares for Rs 3.85 billion via the offer for sale route.

According to its red herring prospectus, the company will use the proceeds from the fresh issue during the current fiscal to augment the bank's tier-1 capital base and to meet its future capital requirements.

While 75% of the offer is kept aside for qualified institutional buyers (QIBs), 15% is reserved for non-institutional investors and 10% for retail investors.

CSB Bank is one of the oldest private lenders in India, having a strong presence in Kerala, Tamil Nadu, Maharashtra and Karnataka.

For the six months ended September 30, the bank reported a revenue of Rs 8.17 billion. Its profit, for the first half of FY20, stood at Rs 443 million, reversing the loss of Rs 657 million reported in FY19.

In terms of asset quality, the bank's gross non-performing assets (NPA) were 2.86% of its total advances, declining from 4.87% as of March 31.

Its total NPA provisioning and write-offs stood at Rs 2.7 billion for the six-month period ended September 30, against Rs 11.3 billion provisioning and write offs between FY17-19.

How this 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 the news from the automobile space, retail sales of passenger vehicles jumped 11% year-on-year (YoY) in October to 248,036 units.

This was seen largely because of discounts offered during Navaratri and Diwali.

Sales, however, were largely flat when compared with 223,498 units sold in September.

In the two-wheeler segment, retail sales rose 5% YoY to 1,334,941 units in October, while those of three-wheelers increased 4% YoY to 59,573 units.

Given the slump in overall economic activity and over capacity with fleet owners because of an increase in freight carrying capacity of trucks, sales of heavy commercial vehicles slumped 23% YoY to 67,060 units during the month.

According to the Federation of Automobile Dealers Associations (FADA), during the festival period, retail sales of vehicles rose just 1% YoY to 343,319 units, while those of motorcycles eased 2% to 1,899,032 units in October. Commercial vehicle segment registered an 18% YoY decline in retail sales during the period.

How these numbers show up in the coming months remains to be seen. Meanwhile, we will keep you updated on all the developments from this space.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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