Sensex Opens Higher; Automobile & Metal Stocks Lead

Tue, 17 Dec 09:30 am

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Asian share markets are higher today as Chinese and Hong Kong shares show gains. The Shanghai Composite is up by 1%, while the Hang Seng is up 0.9%. The Nikkei 225 is trading up by 0.3%.

Wall Street notched a fresh record high on Monday as investor confidence was boosted by upbeat data from China, while cooling trade tensions between the world's two biggest economies removed one of the hurdles for global economic growth.

Back home, India share markets have opened the day on a positive note. The BSE Sensex is trading up by 166 points while the NSE Nifty is trading up by 35 points.

The BSE Mid Cap index and the BSE Small Cap index have opened the day up by 0.1% and 0.2%, respectively.

Sectoral indices have opened the day on a mixed note with stocks in the metal sector and auto sector witnessing buying interest, while power stocks and telecom stocks are trading in red.

Speaking of Indian stock markets, smallcap analyst Richa Agarwal talks about the ongoing economic slowdown, an upcoming rebound in the small cap space, and her number 1 stock pick for 2020 in the video below.

Tune in to find out more...

In latest developments from the IPO space, Equitas Small Finance Bank has filed draft papers with the markets regulator for its proposed initial public offering.

According to the draft red herring prospectus (DRHP) filed on Monday, the initial public offering (IPO) comprises of a fresh issue aggregating up to Rs 5.5 billion and an offer for sale of up to 80 million equity shares by Equitas Holdings Limited.

Chennai-based Equitas Small Finance Bank proposes to utilize the net proceeds from the offer towards augmenting bank's Tier I capital base to meet its future capital requirements.

Equitas Holdings Limited (EHL) is the promoter of the company.

As per the DRHP, Equitas Small Finance Bank has been providing housing finance since 2011 through Equitas Housing Finance Limited (EHFL).

The company also provides vehicle finance and micro and small enterprises (MSE) finance.

Speaking of IPOs, one of the IPOs hitting the Indian primary markets this week is that of Prince Pipes and Fittings, which operates in the high potential Indian plastic pipes and fittings industry.

The Indian plastic pipes and fittings industry rose at a healthy 10-12% CAGR between FY2014 and FY2019 to about Rs 290-300 billion.

CRISIL Research forecasts the industry to grow at 12-14% to Rs 500-550 billion over the five-year period from FY19 to FY24.

The chart reveals one of the biggest reasons why the industry has a long growth story ahead...

A Big Opportunity Beyond the Current Slowdown

Here's what Ankit Shah wrote about this in a recent edition of The 5 Minute WrapUp...

• India has very low per-capita plastic consumption of about 11 kg, compared with the global average of 30 kg. Traditional materials dominate the application areas of plastic.
  
  However, over the past three to four years, low crude oil prices and superior properties of plastic have increased the usage of plastic in India. Hence, India's per-capita consumption is expected to increase towards the global average.
  
  Given this background, the IPO of Prince Pipes and Fittings looks interesting to me. I'm going to analyse this IPO and recommend my Insider readers whether to apply for it or not.

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

Moving on to news from the banking sector, State Bank of India (SBI) and other public sector banks have decided to lend Rs 40 billion to Patanjali Ayurved for the acquisition of Ruchi Soya Industries, which was facing bankruptcy proceedings under the Insolvency and Bankruptcy Code.

Reports state that the money lent by banks will help the government owned banks to settle their exposure to Ruchi Soya with a haircut of 65%.

Apart from SBI, Union Bank is also one of the banks lending to Patanjali.

Banks led by SBI and others had earlier made claims of over Rs 121.5 billion against Ruchi Soya after the company failed to repay its loans.

SBI share price has opened the day up by 0.5%.

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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