Indian Indices Rebound; Sensex Ends 239 Points Higher

Tue, 9 Apr Closing

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After opening the day on a flat note, Indian share markets witnessed buying interest during closing hours and ended higher. Barring telecom sector and consumer durable sector, all sectoral indices ended on a positive note with stocks in the realty sector, automobiles sector and banking sector witnessed maximum buying interest.

At the closing bell, the BSE Sensex stood higher by 239 points (up 0.6%) and the NSE Nifty closed higher by 67 points (up 0.6%). The BSE Mid Cap index ended the day up by 0.2%, while the BSE Small Cap index ended the day down by 0.1%.

Asian stock markets finished on a positive note as of the most recent closing prices. The Hang Seng was up 0.3% and the Nikkei was trading up by 0.2%. The Shanghai Composite stood lower by 0.2%.

The rupee was trading at 69.41 to the US$ at the time of writing.

In the news from the banking sector, Yes bank share price witnessed buying interest today after the private lender announced fundraising plans by way of issuance of equity shares.

As per a leading financial daily, the board of directors of the bank are scheduled to meet on April 26, 2019 to consider raising of funds by way of issuance of equity shares.

Shares of the company ended over 4% higher today on back of the above news.

Earlier in March 2017, the lender had raised Rs 49.1 billion through QIP route, issued shares at price of Rs 300 per share.

The board will also consider the audited financial statements of the bank for the quarter and year ended March 31, 2019, along with dividend recommendation, if any, for the financial year 2018-19.

In other news, State bank of India (SBI) has put non-performing assets (NPAs) worth Rs 4.2 billion on auction to recover unpaid dues.

As per an article in The Economic Times, the accounts are Kamachi Industries that owes Rs 3.6 billion and SNS Starch which has Rs 0.6 billion due to SBI. The bidding for these properties will start on April 25.

Here's an excerpt from the article:

• SBI, the country's largest lender, has been active as well on NPA recovery channels outside the insolvency process.
  
  The bank is looking to sell all of these stressed assets on a 100% cash-basis, but the actual realization will depend on the reserve price and bids received from the buyers.

The state-owned lender has seen its asset quality improve in the current fiscal. The percentage of its net NPAs eased to 4% in the third quarter of the last fiscal, from 4.8% in the previous quarter.

SBI share price ended the day up by 0.8%.

Moving on to the news from the steel sector, JSW Steel share price was in focus today after the company said its crude steel production fell 3% to 4.2 million tonnes in Q4 March 2019 over Q4 March 2018.

Production of flat rolled products rose 1% to 3 million tonnes while production of long rolled products fell 8% to 1 million tonnes in Q4 March 2019 over Q4 March 2018.

Crude steel production rose 3% to 16.7 million tonnes. Production of flat rolled products rose 3% to 11.7 million tonnes while production of long rolled products rose 9% to 3.9 million tonnes.

Last week, the company said it will raise up to US$ 1 billion in dollar-denominated non-convertible bonds.

Reportedly, the company did not say how the funds will be used, but JSW Steel is expanding capacity at its flagship Vijayanagar steel plant from 13 million tonnes per annum to 18 million tonnes per annum.

The company's net debt stood at Rs 460 billion at the end of December 2018. Also, the company is close to acquiring bankrupt steel firm Bhushan Power and Steel for an upfront cash payment of Rs 193.5 billion and an equity infusion of Rs 3.5 billion to revive the steel mill's operations.

In March, the company closed a US$ 700 million, five-year advance payment and supply agreement with steel trading firm Duferco International Trading Holding SA.

JSW Steel ended the day up by 0.7%.

Speaking of interesting development in the steel sector, did you know In the last 6 years, India has been the world's fastest growing steel producer, among the top 10.

Have a look at the chart below which shows India's steel production growing at the fastest rate:

India's Steel Production Growing at the Fastest Rate

The above data validates Tanushree's optimism about India's future.

Here's what we wrote in one of the recent edition of The 5 Minute WrapUp...

• Over the last 6-year period, India's steel production grew at a CAGR of 6%. Countries such as Germany and Japan registered negative growth. Growth has been flat in USA, South Korea, Russia, and Brazil.
  
  China, the world leading steel producer, which saw double-digit growth over 2001-2010, grew marginally by 4% CAGR in the last six years.
  
  Importantly, India's production growth is due to strong domestic demand. Particularly, on the back of strong infrastructure development and housing demand, especially affordable housing.

No wonder India has surged past Japan and USA to become the second largest steel producer in the world.

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