India's Economic Growth, IPO Buzz, and Top Stocks in Action Today

Fri, 29 Nov Pre-Open

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On Thursday, Indian share markets witnessed buying interest most of the day and ended higher.

Benchmark indices continued their momentum and scaled new highs as foreign portfolio investors (FPIs) turned net buyers of Indian equities.

The BSE Sensex closed higher by 110 points to end the day at 41,130. IndusInd Bank and ICICI Bank were among the top gainers.

While the broader NSE Nifty ended up by 54 points to end at 12,154.

Among BSE sectoral indices, telecom stocks gained the most, followed by metal stocks and realty stocks.

Top Stocks in Action Today

Bharti Airtel share price will be in focus today as the company has appealed to the Supreme Court to allow the telco and the government to agree on quantum of adjusted gross revenue (AGR)-based dues that need to be paid and the timeline for payments.

In a letter to telecom minister Ravi Shankar Prasad, Airtel appealed that it wants interest to be levied only from the date of the AGR judgment and a 16-year payment period for all the dues after a moratorium of two years.

RBL Bank share price will also be in focus today as the company said its board is going to consider fundraising on November 30.

A meeting of the board of directors of the bank is proposed to be held on November 30 to consider and if thought fit to approve raising of funds by way of issue of equity shares of the bank on a preferential basis.

Market participants will also track Zee Entertainment share price. The company on Wednesday said three directors have resigned from its board, two of them citing related-party transactions, among other reasons, for quitting.

The company said independent directors Neharika Vohra and Sunil Sharma had stepped down on November 22 and November 24, respectively. Non-independent director Subodh Kumar had also resigned on the same day that Vohra stepped down.

From the Macroeconomic Space...

A Reuters poll showed that India's economy probably expanded at its weakest pace in more than six years in the quarter to September as consumer demand and private investment weakened further and a global slowdown hit exports.

The median of a poll of economists showed annual growth in gross domestic product of 4.7% in the quarter, down from 5% in the previous three months and 7% for the corresponding period of 2018.

The government has taken several steps, including cutting corporate tax in September, to boost investments and bolster economic growth.

In a parliamentary debate on the economic slowdown affecting jobs, opposition parties said millions of people had lost their jobs and the country faced an "economic emergency".

In her reply, Finance Minister Nirmala Sitharaman said the economy faced a slowdown but no recession. She also sought parliament's approval to spend US$ 2.7 billion in addition to a budgeted Rs 27.9 trillion rupees in the 2019/20 fiscal year.

Some economists, however, said economic growth could pick up in the second half of the current fiscal year, after the government took steps to support real estate and non-bank finance companies.

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

SBI Cards Files for IPO

SBI Cards and Payment Services, the credit card unit of SBI on Wednesday, filed initial share sale documents that could see the company sell shares worth around Rs 96 billion.

As per reports, the share sale is poised to become the fifth-largest IPO in the country after Coal India, Reliance Power, GIC of India, and ONGC.

SBI, which holds 74% stake in the unit along with private equity firm Carlyle Group, which holds the rest 26% through its subsidiary CA Rover Holdings, will together sell 130.5 million shares through the IPO.

The initial share sale also includes a fresh issue of shares that will see the company raise Rs 5 billion to augment its capital base and for business growth.

As of 30 September 2019, SBI Cards had a 18% share of the Indian credit card market, the second largest credit card issuer in India with 9.46 million credit cards.

HDFC Bank has the largest credit cards business in the country with 13.3 million cards issued, while ICICI Bank stood third with 7.9 million credit cards, according to data from the Reserve Bank of India.

In other news, the retail portion of Saudi Aramco's IPO has been fully covered, with orders reaching 32.57 billion Saudi riyals (£6.77 billion).

The state-owned oil giant is planning to sell 1.5% of the company, or about 3 billion shares, at an indicative price range of 30 riyals to 32 riyals, valuing the IPO at as much as 96 billion riyals ($25.6 billion).

Note that the Saudi Aramco IPO has been the hot topic in the world over. 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...

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

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