Sensex Opens Marginally Lower; TCS and Hero MotoCorp Top Losers

Wed, 10 Apr 09:30 am

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Asian share markets slipped today as the International Monetary Fund (IMF) lowered its global growth outlook and as tensions over tariffs between the United States and Europe escalated. The Nikkei 225 is down 0.6% while the Hang Seng is down 0.4%. The Shanghai Composite is trading down by 0.3%.

Back home, India share markets have opened the day on a negative note. The BSE Sensex is trading down by 49 points while the NSE Nifty is trading down by 6 points. The BSE Mid Cap index and BSE Small Cap index both opened the day on a positive note.

Sectoral indices have opened the day on a mixed note with realty stocks and energy stocks witnessing maximum buying interest. While, IT stocks have opened the day in red.

The rupee is trading at Rs 69.16 against the US$.

The domestic currency opened flat at 69.28 against the previous close of 69.29.

On Tuesday, the rupee ended 37 paise higher to close at 69.30 against the US dollar on sustained foreign fund inflows. Snapping its four-day losing streak, the rupee rose following suspected fund inflows in the debt segment.

In the news from the banking sector, HDFC bank share price is in focus today as media reports suggest there could be a block deal worth Rs 25 billion in the stock.

Reports state that an undisclosed entity is likely to sell 11 million shares of the bank through a block deal.

The deal will reportedly be done in the price range of Rs 2,219-2,287 per share. This represents to a 3% discount to the closing price of the bank's share on April 9, at the lower end of the price range.

HDFC Bank share price has opened the day down by 0.8%.

Moving on to the news from the aviation space, Jet Airways' founder Naresh Goyal told lenders seeking to rescue the carrier that he will pledge the rest of his shares to them on condition they release the promised interim loan funding of Rs 15 billion without delay. Goyal owns 51% in the airline but has pledged 31.2% with lenders.

As per an article in The Economic Times, the pledging of Goyal's remaining shares is critical to the plan by the banks to sell a controlling stake in the airline to a new investor.

Here's an excerpt from the article:

• Interim funds are equally critical for Jet, which has grounded most of its planes, defaulted on vendor payments and delayed salaries. The Jet management has estimated it won't survive beyond this month without an urgent release of the promised loans.
  
  Goyal sought interim funds via a signed letter on the advice of the airline's chief financial officer Amit Agarwal. Additionally, he met the airline's lenders along with two Jet directors Ashok Chawla and Nasim Zaidi, former aviation secretary and ex-director general of civil aviation (DGCA), respectively.

Meanwhile, Etihad Airways which is Jet's second largest shareholder, is planning a board meeting to discuss the revival plan proposed by the lenders led by State Bank of India (SBI).

Reportedly, Etihad has stuck to the demand that it should be exempted from the takeover norm that requires investors to make an open offer for a further 20% stake if they exceed a 25% threshold.

Jet's lenders have been holding talks with Etihad and reached out to private equity investor TPG and government-backed National Investment and Infrastructure Fund (NIIF).

The debt laden airline's CEO told employees that the airline is working to secure interim funding to get more planes flying.

A lawyer representing the airline's pilots wrote to the CEO, saying they would be forced to "resort to all constitutional and legal methods" if the outstanding salaries weren't cleared by April 14 and future salaries by the 1st of each month.

Jet Airways share price has opened the day down by 1.5%.

Speaking of airlines, while looking at the current demand-supply scenario in the aviation industry, it is important to look at how air passenger traffic is growing.

Have a look at the chart below that shows the air passenger growth for the past six months:

Air Passenger Growth is Tapering off

In February, domestic air passenger traffic reported its lowest monthly passenger traffic growth since January 2015. It registered a marginal annual growth of 5.6%.

Similarly, in January, the number of passengers flown by domestic airlines grew at 9.1% YoY, while in December, it increased by 13% YoY. This is way lower than the historical growth rate of 20% between 2014-2018 period.

As per Research Analyst Sarvajeet Bodas, a slowdown in passenger growth is due to several factors. These include frequent flight cancellations due to grounding of fund-starved Jet Airways' aircraft, pilot shortages faced by IndiGo, NOTAMs (notice to airmen) at various airports, and a rise in airfare etc.

In the last 5 years, we saw a surge of middle-class travelling by plane. But when the ticket price goes up, many of them prefer an alternate mode of transportation.

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