Sensex Jumps 400 Points; Kotak Mahindra Bank & HUL Top Gainers

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Share markets in India have extended early gains and are presently trading on a strong note. Barring realty stocks, all sectoral indices are trading in green with stocks in the IT sector and FMCG sector witnessing most of the buying interest.

The BSE Sensex is trading up by 411 points while the NSE Nifty is trading up by 116 points. The BSE Mid Cap index is trading up by 0.6%, while the BSE Small Cap index is trading up by 0.5%.

The rupee is trading at 73.29 against the US$.

Speaking of the current stock market scenario, investors took the flight to safety last week as stock markets saw a sharp fall post the Coronavirus impact.

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In news from the FMCG sector, shares of Pidilite Industries surged 4% in early trade today to hit a record high of Rs 1,645 ahead of its scheduled board meeting to consider interim dividend for the financial year 2019-2020.

The company has fixed March 16, 2020 as the record date to determine the members entitled to the receive interim dividend. The stock will turn ex-dividend on March 13.

Last month, the company had entered into a definitive agreement with Tenax SPA (Tenax Italy) for acquiring 70% of the share capital of Tenax India Stone Products (Tenax India) for cash consideration of approximately Rs 800 million.

Tenax Italy is the leading manufacturer of adhesives, coating, surface treatment chemicals and abrasives for the marble, granite and stone Industry.

Pidilite Industries share price is presently trading up by 3.2%.

Moving on to news from the banking sector, the government on Wednesday approved a scheme for the amalgamation of 10 state-owned banks into four.

The finance minister had announced the merger of the four public sector banks (PSBs) in August last year.

Punjab National Bank (PNB), Oriental Bank of Commerce, and United Bank of India will combine to form the nation's second-largest lender.

Canara Bank will take over Syndicate Bank meanwhile Union Bank of India is planned to be amalgamated with Andhra Bank and Corporation Bank.

Indian Bank will merge with Allahabad Bank.

Effective from April 1, 2020, the balance sheets as well as stocks of these banks will be integrated, according to the scheme of amalgamation approved by the Union Cabinet.

A senior finance ministry official said that businesses and industry will benefit through an increased lending capacity, with the regulatory ceiling for lending to individual borrowers increasing by over Rs 15 billion to Rs 30 billion.

The timeline for inviting comments from shareholders will be shorter than what was followed during the merger of Dena Bank and Vijaya Bank into Bank of Baroda, which came into effect on April 1, 2019.

Finance Minister Nirmala Sitharaman said the government weighed the benefits arising out of the Bank of Baroda amalgamation before taking a call on the merger of 10 public sector banks.

After the process is complete, India will have 12 PSBs instead of 27 back in 2017.

Speaking of PSBs, which banks look the best match post the latest matchmaking of PSU banks?

Needless to say, most investors would also be worried about the level of NPAs and current and savings accounts (CASA) of the merged entities.

Lower NPA ratio and sustenance of high CASA, in the future, could signal the banks' fitness levels to lend more.

But what could go unnoticed is the efficiency potential of the merged entities.

Post-merger, the employee per branch ratio of the consolidated PSU entities could be in the range of 7 to 9 per branch. This would be almost half that of their private sector counterparts like HDFC Bank and Kotak Bank.

India's Top 6 Public Sector Banks Are Getting Fitter

Leaner operations would mean use of technology to support growth.

So, we would not be surprised if the PSU entities leverage technology at a much bigger scale than their private sector peers, in a few years.

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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