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Indian stock market to see slew of new issues in 2004: survey
Monday, 02 February 2004, 20:30 IST
MUMBAI: The Indian stock market, one of the best performing bourses in Asia, is likely to see a slew of new public issues in the current year as companies rush to lure investors in a booming market, said a study Monday.
As many as 30 offer documents are awaiting the capital market regulator's approval to raise a whopping 
162.54 billion over the next few months, said a survey conducted by Prime Database, an independent market research firm.
Issues aggregating 21.80 billion are also about to be filed with the Securities and Exchange Board of India (SEBI), taking the total amount to be raised to 185 billion, it added.
In the April-January period of the current fiscal year, only 16 public issues were launched in the market that raised a meagre 25.15 billion, said the market research firm.
"Never in the history has such a huge amount been targeted to be raised at a given point of time," said Prithvi Haldea, managing director of Prime Database.
"In case all these issues are able to hit the market during the January to March period, the quarter's figure would far outscore even the highest annual amount of 133.12 billion that was achieved in 1994-95," he said.
The study said firms such as Bharat Petroleum Corp, Power Finance, AB Corp, BPL, Daksh, Hutchison, Idea, National Thermal Power, Shopper's Stop, Sify, and Tata Consultancy Services were likely to tap the market in 2004.
In 2004, as much as 300 billion worth of public issues were likely to hit the domestic market, it added.
"Any major fall in the secondary market, however, will surely put almost all of these issues back on the shelves," said Haldea.
The market ended in the negative zone for the third consecutive week ended January 30 after posting gains in seven straight weeks on large-scale buying in shares of new as well as old economy counters.
The market has lost nearly 10 percent from its life intra-day high of 6,249.60 points touched in the first week of January.
The Bombay Stock Exchange index soared 73 percent in 2003 over the previous year, making it one of the best performing markets in the Asian region, mainly on the back of a record $6.7 billion foreign institutional investments.
Source: IANS
162.54 billion over the next few months, said a survey conducted by Prime Database, an independent market research firm.
Issues aggregating 21.80 billion are also about to be filed with the Securities and Exchange Board of India (SEBI), taking the total amount to be raised to 185 billion, it added.
In the April-January period of the current fiscal year, only 16 public issues were launched in the market that raised a meagre 25.15 billion, said the market research firm.
"Never in the history has such a huge amount been targeted to be raised at a given point of time," said Prithvi Haldea, managing director of Prime Database.
"In case all these issues are able to hit the market during the January to March period, the quarter's figure would far outscore even the highest annual amount of 133.12 billion that was achieved in 1994-95," he said.
The study said firms such as Bharat Petroleum Corp, Power Finance, AB Corp, BPL, Daksh, Hutchison, Idea, National Thermal Power, Shopper's Stop, Sify, and Tata Consultancy Services were likely to tap the market in 2004.
In 2004, as much as 300 billion worth of public issues were likely to hit the domestic market, it added.
"Any major fall in the secondary market, however, will surely put almost all of these issues back on the shelves," said Haldea.
The market ended in the negative zone for the third consecutive week ended January 30 after posting gains in seven straight weeks on large-scale buying in shares of new as well as old economy counters.
The market has lost nearly 10 percent from its life intra-day high of 6,249.60 points touched in the first week of January.
The Bombay Stock Exchange index soared 73 percent in 2003 over the previous year, making it one of the best performing markets in the Asian region, mainly on the back of a record $6.7 billion foreign institutional investments.
Source: IANS