Falling Gold ETFs, IRCTC Offer for Sale, and Top Buzzing Stocks Today

Fri, 11 Dec Pre-Open

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After five days of continuous rally, Indian share markets reversed the trend yesterday, in line with global equities, and ended in the red amid profit booking.

At the closing bell yesterday, the BSE Sensex stood lower by 144 points.

The NSE Nifty ended down by 51 points.

Nestle was among the top gainers. UltraTech Cement, on the other hand, was among the top losers.

Shares of Info Edge and Nestle hit their respective 52-week highs yesterday.

The BSE Mid Cap index ended down by 0.6%. The BSE Small Cap index ended lower by 0.7%.

Sectoral indices ended on a mixed note with stocks in the realty sector and FMCG sector witnessing buying interest.

Power and auto stocks, on the other hand, witnessed selling pressure.

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Top Stocks in Focus Today

Maruti Suzuki will be among the top buzzing stocks today.

Maruti Suzuki India said it will increase prices of its vehicles from January to offset the adverse impact of rising input costs.

Over the past year, cost of the company's vehicles has been impacted adversely due to increase in various input costs, Maruti Suzuki India said in a regulatory filing.

The above announcement comes at a time when Maruti is recovering from the lockdown induced disruptions. In November, it had posted a 2.4% decline in total domestic passenger vehicle sales at 1,35,775 units as against 1,39,133 in the same month last year.

Its overall sales, including exports, were at 1,53,223 units as against 1,50,630 in November 2019, a growth of 1.7%.

Telecom stocks will also be in focus today after it was reported that the Department of Telecommunications (DoT) will soon announce spectrum bands crucial for rolling out 5G services.

Market participants will also track cement stocks today.

Shares of cement companies were under pressure yesterday, falling by up to 5% after the Competition Commission of India (CCI) raided cement companies on price cartelisation allegations.

Shares of UltraTech Cement, Ambuja Cements, ACC, Ramco Cement, Star Cement, Orient Cement, Dalmia Bharat, JK Cement and Birla Corporation fell in the range of 3-5% on the back of above news.

Ambuja Cements and ACC in a regulatory filing said, the CCI has initiated an investigation against cement companies in India including the Ambuja Cements and ACC regarding alleged anti-competitive behavior.

ACC said it is of the firm view that it has acted and continues to act in compliance with competition laws and is fully cooperating with the investigation and providing all necessary information to the authorities.

Gold ETFs Turn Negative After 7 Months

In news from the commodity space, gold exchange-traded funds (ETFs) offered by domestic mutual funds saw net redemptions of Rs 1.4 billion in November - their first outflow since March.

Between April and October, these funds had seen inflows of nearly Rs 50 billion.

Reports state that the correction in gold prices has discouraged some investors from investing in gold.

After hitting a record-high in August, gold prices have come off by more than 12%. However, on a year-to-date basis, gold is up more than 25%.

How this trend pans out in coming months remains to be seen. Meanwhile, we will keep you updated on all the developments from this space.

Speaking of gold, domestic gold and silver prices struggled yesterday as US lawmakers were unable to reach a breakthrough in stimulus talks.

Gold prices for the latest contract on MCX fell 0.6% to Rs 48,935 per 10 grams at the time of closing stock market hours yesterday.

In the earlier session, gold prices had slumped 1.8% or Rs 920 per 10 grams while silver had tumbled nearly Rs 1,800 or 2.7% per kg.

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

IRCTC Offer for Sale Opens for Subscription for Retail Investors

The government is planning to sell up to 20% stake in Indian Railway Catering and Tourism Corporation (IRCTC) through an offer-for-sale (OFS) which opens for subscription today.

The offer for sale in IRCTC opened today for retail investors.

The government proposes to sell up to 24 million equity shares of IRCTC, representing up to 15% stake, with an option to additionally sell 8 million shares, representing 5% of the total issued and paid up equity share capital.

The floor price for the offer is Rs 1,367.

In all, the Government of India will sell 32 million shares, which is expected to garner Rs 43.7 billion for the exchequer starved of funds due to the Covid-19 crisis.

The OFS will help the government inch forward in meeting the Rs 2100 billion disinvestment target. Of this, Rs 1200 billion will come from disinvestment of public sector undertakings and another Rs 900 billion from stake sale in financial institutions.

The government currently holds 87.4% stake in IRCTC. To meet the market regulator's public holding norm, the government has to lower its stake in the company to 75%.IRCTC, the only entity authorized by Indian Railways to provide catering services, online railway tickets and packaged drinking water at railway stations and trains in India, was listed on the stock exchanges in October 2019. The company had raised Rs 6.4 billion through the IPO.

How this OFS pans out remains to be seen. Meanwhile, stay tuned for more updates 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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