Sensex Opens above 41,000-Mark; Automobile and IT Stocks Lead

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Asian share markets are higher today as Chinese and Hong Kong shares gain. The Nikkei 225 is up 0.4% while the Hang Seng is up 0.1%. The Shanghai Composite is trading higher by 0.2%.

Back home, India share markets have opened the day on a positive note. The BSE Sensex is trading up by 218 points while the NSE Nifty is trading up by 61 points. The BSE Mid Cap index and the BSE Small Cap index have opened the day up by 0.4%.

Barring telecom sector, all sectoral indices have opened on a positive note with stocks in the IT sector, auto sector, and metal sector witnessing maximum buying interest.

The rupee is trading at Rs 71.40 against the US$.

In latest developments from the IPO space, the Rs 4.1 billion public issue of private sector lender CSB Bank continued to receive overwhelming response from investors of all categories on November 26, the last day of bidding.

As per NSE data, the IPO was oversubscribed by 86.9 times as it received bids for 1,004 million equity shares against its issue size of 11.5 million shares.

The retail investors continued to pour in money since the day one as their reserved portion, was oversubscribed 44.4 times.

The portion set aside for non-institutional investors was subscribed 164.7 times and that of qualified institutional buyers by 62.2 times.

CSB Bank is one of the oldest private sector banks in India with a history of over 98 years. The bank has a strong base in Kerala along with significant presence in Tamil Nadu, Karnataka, and Maharashtra.

It offers a wide range of products and services to an overall customer base of 1.3 million as on September 30, 2019, with particular focus on SME, Retail, and NRI customers.

The bank delivers its products and services through multiple channels, including 412 branches and 290 ATMs spread across the country as on September 30, 2019, and various alternate channels such as micro ATMs, debit cards, internet banking, mobile banking, point of sale services and UPI.

It will be interesting to watch how this IPO opens on the listing day.

Note that, 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.

Speaking of IPOs, this one IPO has been the hot topic in the world over. I am talking about the Saudi Aramco IPO.

There's a lot going on this front.

Saudi Aramco's much heralded and oft-delayed initial public offering is going ahead, albeit in a scaled down version of the original plan by Saudi Crown Prince Mohammed bin Salman.

There'll be no grand opening on the London or New York stock exchanges. The sale is restricted to the Saudi bourse and won't even by marketed to most international money managers.

Investors will be able to purchase just 1.5% of the world's most profitable company, about half what was previously considered. Even so, the share sale in early December will come close to, or even surpass, the record for the biggest IPO in history.

So, what does all that mean for crude oil investors and traders? And why is important?

At a time when Saudis are not sharing many details with their wall street investment bankers, Vijay Bhambwani in his latest video, raises a few questions that the mainstream media is not covering, and not even crude oil traders are asking...

Tune in to find out...

Moving on to news from the engineering sector, the government has collected Rs 7.3 billion from disinvestment of 10% stake in its railway engineering company RITES through the offer for sale (OFS) route.

On 22 November, the government had proposed selling 10% stake in the company to non-retail investors only and on 25 November to retail investors and non-retail investors, with an option to additionally sell up to 12.5 million equity shares, through OFS.

The floor price for the OFS was set at Rs 293.50 per share.

Note that the government has set a disinvestment target of Rs 1.05 trillion for the current financial year. Last week, the cabinet had also approved the privatization of BPCL.

The government will sell its entire 53.3% stake in the company to a strategic buyer along with transferring management control.

The Cabinet had also announced selling its 30.8% shareholding in Container Corporation of India to a strategic buyer along with handing over the management control.

Moreover, the centre will also dilute its 63.8% stake in Shipping Corporation of India.

How the above disinvestment plans pan out remains to be seen. Meanwhile, we will keep you updated on the latest 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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