Sensex Gains 150 Points; Yes Bank Jumps 9%

Fri, 24 Jan 12:30 pm

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Share markets in India are presently trading on a positive note. Benchmark indices erased losses made earlier in the day, amid heavy buying in banking and automobile stocks.

A decline in crude oil prices for the fourth consecutive session also boosted sentiments.

Barring telecom stocks and IT stocks, all sectoral indices are trading in green with stocks in the metal sector and banking sector witnessing most of the buying interest.

The BSE Sensex is trading up by 133 points while the NSE Nifty is trading up by 44 points.

The BSE MidCap index is trading up by 0.8%, while the BSE SmallCap index is trading up by 0.5%.

The rupee is trading at 71.25 against the US$.

Speaking of the Indian share markets, earnings and upcoming budget would play a critical role in shaping the investment trend.

In the below video, Tanushree Banerjee tells how you should react to the biggest economic event of the year - the Union Budget which is going to be announced in a few days.

Watch Now...

In news from the realty sector, Godrej Properties share price is in focus today.

The company is opening up luxury homes for sale at Mumbai's iconic RK Studios which it bought last year. The developer will sell three and four bedroom homes as part of what it calls the 'Collector's Edition Residences' at the 72-year old property.

The 2.2-acre site offers around 33,000 square metres of saleable area. The project will have three and four bedroom homes of 1,316-2,258 sq ft in size.

In other news, India's largest real estate developer DLF is planning to invest Rs 50 billion to develop a commercial project, led by office development and some retail space, on 27 acres in Chennai's Taramani area.

The project, DLF Downtown, is its fourth project in Chennai and will be developed in a joint venture with Tamil Nadu Industrial Development Corporation (Tidco), the realty firm said on Thursday.

With this project, DLF would have around 14 million sq ft of development in the southern city, and would become the second largest market after Gurugram.

DLF share price is presently trading up by 1.8%.

Speaking of the real estate sector, note that this is one sector that has tested investor patience over the years. While the sector has seen big moves in the last few years, the downward movement has been equally sharp.

The post demonetisation era has been tough on the sector. Excess inventory, i.e. housing projects stuck for years, has meant homeowners have largely stayed away from any fresh buying in the real estate space.

Also, post the IL&FS crisis, lending to real estate developers has largely dried up. The BSE Realty Index also reflects the same. It was down 31% in 2018.

But is the scenario about to change?

The government recently announced a Rs 250 billion package to bailout stalled housing projects. It's a much-needed relief for homeowners.

The government plans to revive over 1,600 stalled housing projects covering 4.6 lakh units.

Announcing the decision, Finance Minister Nirmala Sitharaman had said the government will put in Rs 100 billion in this alternative investment fund (AIF) while SBI and LIC would provide Rs 150 billion, taking the total size to Rs 250 billion.

Is the Real Estate Sector Set for a Turnaround?

What would be more interesting is the pickup in consumption once the real estate sector revives.

Once people get their homes, they are likely to spend on tiles, paints, furniture, electronics, pipes, cables, cement, and many other things.

Watch this space for more!

Moving on to news from the finance sector, shares of PNB Housing Finance plunged 12% in early trade today after the company reported a 22% drop in its net profit at Rs 2.4 billion for the December quarter amid lower credit growth.

The company had posted a net profit of Rs 3.1 billion in the corresponding period of last year.

The lender's net interest margin shrunk to 2.98% for the December quarter, the lowest in last five quarters.

The outstanding loan book de-grew to Rs 691.9 billion from Rs 740.2 billion in March 2019.

The company's net interest income stood at Rs 5.7 billion, up 1.4% over Rs 5.6 billion in the year-ago quarter.

Gross non-performing assets ratio stood at 1.75% of the loan assets at the end of December 2019 against 0.5% a year-ago.

Meanwhile, Punjab National Bank (PNB) has decided not to sell shares in PNB Housing and maintain a minimum shareholding of 26% as a promoter.

PNB's holding in PNB Housing is set to fall to 27.5% from the current 32.4% when the latter issues fresh shares to raise about Rs 15 billion.

The mortgage lender has shrunk its equity raising plan by one-fourth from the proposed Rs 20 billion so that PNB's holding does not fall below 26%.

PNB Housing Finance share price is presently trading down by 10%.

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

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