Sensex Trades Higher; HCL Technologies, Infosys Among Top Gainers

Thu, 28 Mar 12:30 pm

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Share markets in India are presently trading on a positive note. Barring energy sector, all sectoral indices are trading on a positive note with stocks in the realty sector, IT sector and FMCG sector witnessing maximum buying interest.

The BSE Sensex is trading up by 196 points (up 0.5%), while the NSE Nifty is trading up by 65 points (up 0.6%). The BSE Mid Cap index is trading up by 0.7% and the BSE Small Cap index is trading up by 0.8%.

The rupee is trading at Rs 68.92 against the US$.

In the news from the IT sector, Infosys share price is in focus today as the company has entered into a strategic partnership with ABN AMRO, the third largest bank in the Netherlands headquartered in Amsterdam.

Reportedly, this partnership strengthens Infosys' position as a leading technology and business process management provider across the mortgage services value chain, improving experience and operational efficiencies.

As part of the partnership, Infosys will acquire 75% of the shareholding in Stater N.V., a wholly owned subsidiary of ABN AMRO bank, that offers pure-play, end-to-end mortgage administration services in Netherlands, Belgium and Germany.

In another news, HCL Technologies is also in focus today. The IT company has signed 17 transformational deals during the quarter for another straight quarter driven by financial services, technology & services and manufacturing.

Reports state that bookings in FY19 were 40% higher than FY18. Expectations for Q4FY19 are to be a healthy quarter on the back of healthy bookings and deal pipeline in 9MFY19.

HCL Technologies share price and Infosys share price are presently trading up by 3.2% and 1.6%, respectively.

You can also read HCL Tech Q3FY19 result analysis and HCL Tech Annual Report on our website.

Moving on to the news from the finance space, DHFL share price is witnessing buying interest today on reports that Piramal group and Baring Private Equity (PE) are in advanced stage of negotiations to acquire majority stake in the housing finance company.

As per an article in a leading financial daily, the company's Chairman and MD, Kapil Wadhawan had said the company has engaged with large potential entities to identify and on-board the right strategic partner and are in advanced stages of discussions to achieve the same over the next 90 days.

Last week, rating agency CRISIL downgraded its short-term rating on the commercial paper of DHFL to 'CRISIL A2+' from 'CRISIL A1'. Reportedly, the downgrade is driven by a significantly slower build-up of liquidity vis-a -vis earlier expectations because of challenges in timely closure of several high-visibility securitization and other fund-raising transactions over the past month.

DHFL has also stated its intention to take steps to raise additional funds and increase on-balance sheet liquidity, including securitization of home loans and sell-down of its developer loan exposures by March 31, 2019. Further, the company has also announced plans to induct a strategic investor.

DHFL share price is presently trading up by 11.1%.

Note that DHFL is also facing questions about its financial health after the IL&FS default pushed up the cost of funds for the mortgage lender and made borrowing difficult.

Speaking of non-banking financial companies (NBFCs), it is evident from the chart below that their credit growth has seen robust growth in recent years.

Is the NBFC Party in India Coming to an End?

From 2013-2017, NBFCs grew by 13% as compared to 5.4% for banks. A major reason for this is the gain in market share from public sector banks (PSBs). The recent NPA woes of the PSBs has seen them tighten up their credit lines.

The NBFCs have stepped in, along with private sector banks, to fill this gap. But the recent liquidity crisis at IL&FS has raised concerns over how long this growth will continue.

It would be interesting to see how this all pans out. Meanwhile, we will keep you updated on the latest developments from this space.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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