Sensex Trades Over 100 Points Higher; Yes Bank, Bajaj Finance Among Top Gainers

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Share markets in India are presently trading on a positive note. Sectoral indices are trading mixed with stocks in the energy sector, consumer durables sector and healthcare sector witnessing maximum buying interest while telecom stocks are trading in red.

The BSE Sensex is trading up by 113 points (up 0.3%), while the NSE Nifty is trading up by 32 points (up 0.3%). The BSE Mid Cap index is trading up by 0.4% and the BSE Small Cap index is trading up by 0.2%.

The rupee is trading at Rs 69.76 against the US$.

Market participants are tracking ACC share price, Indiabulls Real Estate share price, and ICICI Securities share price as these companies are set to announce their Q4FY19 results later today.

You can also read our recently released Q4FY19 results: HDFC Bank, Mahindra Lifespace, Reliance Industries.

In the news from the aviation space, Jet Airways share price is in focus today as high-risk investors are putting up tactical bets on revival prospects.

As per an article in The Economic Times, investors for the debt laden carrier - Etihad Airways, TPG Capital and Indigo Partners are having second thoughts on whether to bid for it, as questions about the bidding procedure remain unanswered.

Here's an excerpt from the article:

• The stock has got into a zone where risk-reward has become favourable for high-risk investors. These high-risk investors had earlier burnt their fingers with similar bets on companies like JP Associates and Reliance Communications.

In other news, lenders to Jet Airways have approached the government to secure its international landing slots. The lenders are said to have moved the Ministry of Civil Aviation to guard the international slots and the airline's overseas flying rights.

Domestic slots have been distributed among its rivals including IndiGo and SpiceJet by the Directorate General of Civil Aviation (DGCA) for three months. Jet Airways had 280 slots at the Mumbai airport and 180 in Delhi. The airline can have these slots back if a new buyer comes on board.

Note that, Jet Airways used to be a frontrunner once. What went wrong?

Well, one of the many reasons was the challenge from the entry of budget carriers. This led to dropping of fares by Jet Airways. Some tickets were sold even below the breakeven cost.

Then, provincial taxes of as much as 30% on jet fuel were added to its expenses. Further, the rise in oil prices was a death blow to their earnings.

On a consolidated level, the company has bled in nine of the last eleven fiscals. In other words, it has kept its bottom-line in the black in only two out of the last eleven years.

The airline needs Rs 85 billion to restart operations. So far, it isn't clear whether Jet Airways will find a buyer to fly again, or if lenders will take it to a bankruptcy court.

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

Jet Airways share price is presently trading up by 9%.

Moving on, Essel Propack share price is witnessing buying interest today on reports that Blackstone Group, one of the world's largest private equity firms, has agreed to buy a majority stake in the specialty packaging company for about US$ 310 million.

Reportedly, the New York-based PE firm has signed a definitive agreement with Essel's promoter, Ashok Goel, to buy a 51% stake at Rs 134 per share.

This deal will trigger a mandatory open offer, according to takeover norms of the markets regulator, requiring Blackstone to purchase an additional 26% stake in Essel Propack. Blackstone has offered to buy the remaining 26% stake at Rs 139.2 per share.

Speaking of foreign players investing in India, many private equity funds have joined hands to increase their controlling stakes in Indian investments lately.

Here are some examples...

• A joint venture between Brookfield Asset Management Inc. and State Bank of India for distressed assets.
• The acquisition of a stake in Mankind Pharma by ChrysCapital, GIC and the Canada Pension Plan Investment Board.
• Resurgent Power Ventures Pvt. Ltd, a platform created by Tata Power and ICICI Venture, raising capital from Kuwait Investment Authority and State General Reserve Fund of Oman.

India Focused Global Funds Raising Top Dollar

Here's what Tanushree Banerjee, co-head of Research at Equitymaster, wrote about this in one of the editions of The 5 Minute WrapUp...

• Enticed by their long-term prospects, these funds are losing no time to enhance stake in their Indian investments.
  
  And this is possibly just the start.
  
  According to OECD, the 20 largest pension funds together hold about 43.2% of total global pension assets. Even if India receives a 5% allocation, it will mean a boom in the stock market.
  
  In last three years, these funds have consolidated because of stronger growth among the bigger pension players.

She believes these players are likely to focus on countries offering strong returns apart from relative safety, like India.

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

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