Dull Mid-Week for the Markets

Wed, 11 May Closing

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Indian equity markets remained under pressure in the afternoon session and finished well below the dotted line on the back of Mauritius tax amendments and weak European markets. At the closing bell, the BSE Sensex closed lower by 176 points, the NSE Nifty finished lower by 39 points. The S&P BSE Midcap finished up by 0.2% while the S&P BSE Small Cap finished flat. Losses were largely seen in realty and power stocks.

Asia markets closed on a mixed note, as the yen nudged higher against the dollar and oil prices retreated. The Shanghai Composite gained 0.16% and the Nikkei 225 rose 0.08%. The Hang Seng lost 0.93%. European markets are lower today with shares in France off the most. The CAC 40 is down 0.99% while Germany's DAX is off 0.65% and London's FTSE 100 is lower by 0.21%.

The rupee was trading at 66.70 against the US$ in the afternoon session. Oil prices were trading at US$ 44.24 at the time of writing.

Shares of Yes Bank finished the trading day on an optimistic note (up 0.7%) after the bank announced its plan to raise around Rs 165 billion through issue of debt securities as well as equity capital. The bank is seeking shareholders' approval for this fundraising, which will be completed in one or more tranches. The bank has scheduled a shareholders' meeting on June 7, 2016, where it will ask shareholders to approve raising Rs 100 billion of debt by issuing securities to eligible investors on private placement basis. The proposed fund would be raised in one or more tranches in domestic and or overseas markets, as per the structure and within the limits permitted by the RBI and other regulatory authorities.

Furthermore, the bank has also proposed to raise additional capital aggregating up to US$ 1 billion (about Rs 65 billion) by way of placement of shares through Qualified Institutional Placement (QIP) and/or private placement in international markets through ADRs/ GDRs.

In another development, The Economic Times reported that the government will allocate fresh capital only to those PSU banks that have performed better than average and have improved their bad loan recovery effort. Finance ministry officials have begun one-to-one interactions with MDs and CFOs of government owned banks to understand their capital requirement for the full year 2016-17. Banks need to maintain a minimum capital to absorb losses on their loans. During the meeting, finance ministry officials have conveyed to the banks that they would receive the bare minimum capital that's needed to meet the regulatory requirements and to stay afloat. From FY17, banks will have to maintain minimum capital adequacy ratio of 10.25%.

PSU banks languished in red today with PNB and Indian Bank bearing majority of the brunt.

Barring Escorts Ltd, majority of the stocks in the automobile space finished in red. Tata Motors DVR and Tata Motors lead the losses.

According to a leading financial daily, Maruti Suzuki India will be increasing the production capacity at its plants to meet the growing demand of the Vitara Brezza and the Baleno so as the reduce the waiting period for both the cars. Maruti has decided to increase the production of the Vitara Brezza from 80,000 units to over 120,000 units per annum. Production of the Baleno hatchback is being increased to about 165,000 units this year. With the new plant in Gujarat on its way, Maruti Suzuki is hoping that it will help the company to reduce the waiting period for both these cars.

Meanwhile, the company plans to commission close to half a million capacity in the next three to four years. Maruti is confident of a compounded annual growth rate of 10% until 2020 to achieve its goal of making 2 million cars a year as part of its Vision 2.0. Suzuki is expected to further infuse another Rs 25 billion in India by 2018-19. In our recent editions of The 5 Minute WrapUp Premium, we explain why innovation is the need of the hour in the auto space (Subscription Required).

Maruti reported a 13.3% rise in total sales in April at 126,569 units as against 111,748 units last year. The company's domestic sales increased by 16.2% during the month to 117,045 units as against 100,709 units in April 2015. Maruti Suzuki finished the day up by 1.3% on the BSE.

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