Sensex Trades Flat; Tata Motors & Bharti Airtel Top Losers

Fri, 12 Apr 12:30 pm

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Share markets in India are presently trading on a flat note. Sectoral indices are trading mixed with stocks in the telecom sector and capital goods sector witnessing selling pressure while FMCG stocks and realty stocks are witnessing buying interest.

The BSE Sensex is trading down by 28 points while the NSE Nifty is trading down by 8 points. The BSE Mid Cap and the BSE Small Cap index are trading on a flat note.

The rupee is currently trading at Rs 68.28 against the US$.

The domestic currency depreciated by 32 paise against the US dollar in early trade today owing to increased demand for the greenback from importers and banks.

The rupee on Thursday climbed 19 paise to close at 68.92 against the US dollar.

In the news from the aviation space, Jet Airways share price is witnessing buying interest today after media reports stated that Etihad Airways has submitted an expression of interest (EoI) to buy a stake in the debt-laden airline.

Abu Dhabi based Etihad Airways currently holds 24% stake in Jet Airways. Struggling with a mounting debt of more than Rs 85 billion, Jet on Thursday cancelled all international operations along with several domestic flights.

Sources also said that Jet's founder Naresh Goyal, who was forced to step down as chairman recently, may submit an EoI to regain control of the airline he had started more than 25 years ago.

While Goyal may not have the funds required to qualify for the pre-bid process, the EoI guidelines allow those with minimum three years' experience in civil aviation to participate.

The qualification criteria require strategic investors to have minimum net worth of Rs 10 billion in the preceding financial year. Goyal, who has pledged 41.1% of his 51% stake in the airline, has been in touch with potential investors including some sovereign wealth funds.

Lenders led by State Bank of India (SBI) have invited EoIs from potential bidders for buying a controlling stake of up to 75%.

A senior executive of a public-sector bank said the country's first sovereign wealth fund National Infrastructure Investment Fund (NIIF), as well as private equity firms TPG Capital and Indigo Partners, had expressed an interest in buying a stake in the troubled airline.

Jet was expecting emergency funding of at least Rs 15 billion to be released by the lenders to meet its operational requirements after Goyal pledged his shares.

How this pans out remains to be seen. Meanwhile, we will keep you updated on all the developments from this space.

In other news, SpiceJet said it will induct 16 Boeing 737-800 NG aircraft on dry lease. The company has applied to the Directorate General of Civil Aviation (DGCA) for a no objection certificate (NOC) to import the aircraft.

Shares of the company gained around 10% in early trade today on back of the above news.

The airline said the new inductions will not just bring down flight cancellations to nil but also help in the company's aggressive international and domestic expansion plans.

SpiceJet share price is currently trading up by 6.7%.

Moving on to the news from the banking sector, the Reserve bank of India (RBI) in its latest report stated that banks closed fiscal 2018-19 with robust disbursals.

The data showed that bank credit rose 13.2% to Rs 97.67 lakh crore for the fortnight to March 29, while deposits grew by 10% to Rs 125.72 lakh crore during the same period.

Note that this is the second consecutive double-digits credit growth after the same had declined to 4.5% in FY17 at Rs 78.41 lakh crore, which was the lowest since 1963.

Non-food bank credit increased by 13.2% in February 2019 as compared with an increase of 9.8% in the year-ago period. Loans to the services sector almost doubled with a 23.7% growth in February 2019 compared to 14.2% in the same month last year.

Advances to agriculture and allied activities also increased by 7.5% in February 2019 compared to an increase of 9% in February 2018.

Speaking of credit growth, have a look at the chart below that shows the credit growth for banks is back to its 5-year high:

Credit Growth Back to 5 Year High

The credit growth that banks in India posted in December quarter of 2018, at 15.1% YoY, is not just very healthy. It's nearly 2 times GDP growth. But it also back to the five-year high.

Strong credit disbursal is clearly a sign of many things to come. Higher consumption demand, better capacity utilization, more capex and higher profits.

It would be interesting to see how this trend follows. Stay tuned!

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Indian Share Market Update: Top Gainers and Losers