Oil & Gas Stocks Lead the Losses

Fri, 19 Feb 01:30 pm

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The Indian indices are presently trading on a negative note. Selling activity is witnessed across oil & gas, capital goods, healthcare and FMCG sectors.

The BSE Sensex is trading lower by 77 (down 0.3%) and the NSE Nifty is trading down by 29 points (down 0.4%). The BSE Mid Cap index is trading lower by 0.5% while the BSE Small Cap index is trading down by 0.2%. Gold prices, per 10 grams, are trading at Rs 29,366 levels. Silver price, per kilogram, is trading at Rs 37,467 levels. Crude oil is trading at Rs 2,259 per barrel. The rupee is trading at 68.71 to the US$.

PSU banking stocks are trading mixed with Punjab National Bank and Union Bank leading the gains. As per a leading financial daily, country's largest lender State Bank of India (SBI) has raised Rs 30 billion through tier-II bonds on a private placement basis. The bank has issued 30,000, Basel III compliant, tier-II bonds in the nature of debentures. These are issued at a face value of Rs 10 lakh each at par, with 10-year tenure. The bonds will bear 8.45% per annum coupon and will have a call option after 5 years.

The bloating bad loans and the provisioning for the same have kept the public sector lenders (PSUs) in dire need of capital to meet not just incremental credit demand but also Basel-III norms. To find a way through this, many PSUs have been raising capital from the bond market through tier-I and tier-II bonds. Resultantly, bond issuances have risen since October during this fiscal (subscription required). Private agencies such as ICRA and CARE Ratings have estimated that banks need Rs 1.8 trillion in tier-I capital, out of which Rs 700 billion will be through government infusion.

In recent news SBI stated that it has recognised 50% of its non-performing assets during its asset quality review in the third quarter ended December 2015. Gross non-performing assets (NPA) for the quarter stood at 5%, expanding by 2 bps YoY and 95 bps QoQ. Provisions stood at Rs 79 billion, recording growth of 49% YoY and 82% QoQ. The bank's net profit during the quarter stood at Rs 11 billion, registering a decline of 62% YoY and 71% QoQ.

Earnings have been hit in the December 2015 quarter on account of the clean-up exercise undertaken in line with RBI's AQR. Since this exercise is likely to be carried out in March 2016 quarter as well, we believe that the provisioning is likely to increase and keep the profits depressed. To know our views on the bank, you can read the detailed result analysis here (subscription required). Presently the stock of SBI is trading up by 2.4%.

Stocks in the engineering space are trading on a mixed note with KSB Pumps leading the gains and Sanghvi Movers leading the losses. Blue Star has reported that it is targeting to attain 12% market share in room air conditioners (AC) in FY17 with the launch of its new star-rated inverter ACs. The company also caters to export market, generating an export revenue of Rs 2 billion and expects this share to increase to Rs 6 billion in the next three years.

So far, the company has been able to clock revenues of Rs 32 billion and the figure is likely to touch Rs 35 billion by the end of the current fiscal. The company grew by 20% in the current financial year so far, faster than the industry growth, and currently has a market share of 10%.

In another development, the company has announced the launch of a stylish range of air-conditioners. The range comprises of highly energy-efficient as well as eco-friendly split air-conditioners for residential and commercial segments.

Blue Star is India's leading central air-conditioning and commercial refrigeration company. It provides end-to-end solutions as a manufacturer, contractor and after-sales service provider to corporate, commercial, institutional and residential customers. Presently the stock is trading down by 2.8%.

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