Indian Share Markets Open Positive; Titan Among Top Gainers

Fri, 20 Nov 09:30 am

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Asian share markets are trading on a mixed note today.

The Nikkei is trading down by 0.8% and the Hang Seng is trading up by 0.4%.

US stocks fell on Thursday after US shares retreated as the second wave of Covid-19 infections in US surged and investors weighed the timeline for the mass rollout of an effective vaccine. Selling was also seen as an unexpected rise in weekly jobless claims in the US raised fears of stalling growth in the world's largest economy.

The Dow Jones Industrial Average ended down by 0.43% while the Nasdaq fell 0.15%.

Back home, Indian share markets have opened on a positive note.

The BSE Sensex is trading up by 177 points. Meanwhile, the NSE Nifty is trading up by 55 points.

Titan is among the top gainers today. ICICI Bank, on the other hand, is among the top losers today.

Titan, the Tata group company said it saw good traction across all its businesses in the festive season and its jewellery business witnessed a "mid-teens" growth from Dussehra till Diwali. Titan said its watches and wearables business also did good business during the festive season with recovery close to last year levels.

The BSE Mid Cap index and the BSE Small Cap index have opened the day up by 0.9% and 0.6%, respectively.

Sectoral indices are trading on a positive note with stocks in the finance sector and realty sector witnessing most of the buying interest.

The rupee is trading at 74.14 against the US$.

Gold prices are trading up by 0.1% at Rs 50,050 per 10 grams.

To know more about gold, you can check out our detailed article on investing in gold here: How to Invest in Gold?

Speaking of stock markets, in his latest video, Co-head of Research at Equitymaster, Rahul Shah discusses why he preferred a little-known stock over Nestle and how he was proven right.

Tune in to the video to find out more:

Also, speaking of the current stock market scenario, note that Indian share markets have climbed back to their highest levels since the pandemic began.

The Sensex is trading above the 44,000-mark. Meanwhile, the Nifty is less than 150 points away to hit the 13,000-mark.

The smallcap index is up more than 78% since 23 March.

As per Richa Agarwal, lead smallcap analyst at Equitymaster, there could still be a lot of steam left to this smallcap rebound rally.

Have a look at the history of previous smallcap crashes and rebounds over the last two decades...

As you can see, every big fall in the smallcap index was followed by a sharp up move, a minimum gain 200%. Twice the rebounds were just shy of touching 300%.

Richa believes if you focus on the quality of business, margin of safety in valuations, and an optimum asset allocation, you are likely to create huge wealth for yourself.

Moving on to stock specific news...

Vodafone Idea will be among the top buzzing stocks today.

A consortium led by Oaktree Capital Management has proposed providing capital of at least US$ 2 billion (Rs 150 billion) to Vodafone Idea as the telecom company seeks funds for capital expenditure and debt servicing.

As per news, Oaktree has teamed up with several other firms including Varde Partners.

The above development comes as Vodafone Idea had announced plans to raise up to Rs 250 billion through a mix of debt and equity in September.

Late last month following the second quarter results the company's chief executive officer Ravinder Takkar said the fund raising plans are on track and would be completed in three months.

Vodafone Idea, which has been struggling for several quarters, saw losses reduce in September quarter to Rs 72.1 billion. In the year-ago quarter, the loss figure was Rs 509.2 billion, while in June 2020 quarter the telco's net loss was Rs 254.6 billion.

While losses have reduced, the company has seen significant subscriber churn losing customers to rivals such as Bharti Airtel and Reliance Jio. The company has been facing a cash shortfall and has indicated that its ability to continue as a going concern depends upon successful negotiations with banks for refinancing of loans and guarantees.

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

In news from the macroeconomic space, rating agency ICRA said India's gross domestic product (GDP) is estimated to have contracted to 9.5% in the September quarter from 23.9% in Q1FY21.

The recovery, as per the agency, is led by an improvement in construction and manufacturing activities.

In addition to the continued cost-cutting measures, the availability of raw material inventory that had been procured previously at subdued costs supported the earnings of the manufacturing entities in the September quarter compared to the April-June period.

The rating agency said there was a robust recovery in the performance of key construction sectors such as cement sector and steel sector and healthy central government awards in roads and railways during Q2FY21.

The lead indicators of the trade and transport sectors such as railway revenue-carrying freight, generation of goods and services tax (GST), e-way bills, service sector exports and diesel consumption displayed a marked improvement in their year-on-year (YoY) performance in Q2FY21 relative to the previous quarter.

However, the Covid-19 pandemic continued to adversely affect demand in the contact-intensive sectors such as tourism, hospitality and recreation in the quarter.

Moody's had revised India's GDP forecast to a contraction of 8.9% against its earlier projection of 9.6% for the calendar year 2020.

It would be interesting to see how these numbers pan out. Stay tuned for all the updates from this space.

In news from the IPO space...

Gland Pharma, one of the largest and fastest-growing injectable-focused B2B companies, is set to debut on bourses today after closing its public issue with 2.06 times subscription last week.

The price band for the offer had been fixed at Rs 1,490-1,500 per share.

The IPO, India's largest IPO in the pharma sector, comprised of a fresh issue aggregating up to Rs 12.5 billion and an offer for sale of up to 34.9 million shares.

The company plans to utilize the fresh issue proceeds for funding incremental working capital requirements, capital expenditure requirements and for general corporate purposes.

The previous largest IPO in pharma space was Rs 17.4 billion raised by Eris Lifesciences in 2017 while Alkem Laboratories and Laurus Labs raised about Rs 13.5 billion each in 2015 and 2016, respectively.

So far in India, only 14 companies have raised over Rs 60 billion through IPOs.

So far in 2020, 11 companies have raised Rs 184.8 billion through IPOs of which SBI Cards and Payment Services alone has raised Rs 103.5 billion.

How this IPO debuts today remains to be seen. Meanwhile, we will keep you updated on the latest developments from this space.

Speaking of IPOs, in one of his videos, Vijay Bhambwani shares his thoughts on the recent spate of IPOs and what it means for the stock market.

You can check the same here: My View on the IPO Market

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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Indian Share Market Update: Top Gainers and Losers