Markets Finish Strong

Thu, 12 May Closing

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Indian equity markets flourished in the green throughout the entire trading session today as the country's Upper House of Parliament passed a new bankruptcy code to address corporate debts and improve the ease of doing business. At the closing bell, the BSE Sensex closed higher by 193 points, the NSE Nifty finished higher by 52 points. The S&P BSE Midcap the S&P BSE Small Cap finished up by 0.7% and 0.9% respectively. Gains were largely seen in consumer durables and IT stocks.

Asian markets finished mixed as of the most recent closing prices. The Nikkei 225 gained 0.41%, while the Hang Seng led the Shanghai Composite lower. They fell 0.7% and 0.04% respectively. European markets are trading mixed today. The DAX is up 0.50%, while the CAC 40 has gained 0.41%. The FTSE 100 is off 0.1%.

The rupee was trading at 66.60 against the US$ in the afternoon session. Oil prices were trading at US$ 46.71 at the time of writing.

Shares of IDFC finished the trading day in the green (up 0.6%) after it was reported that IDFC's asset management arm, IDFC Alternatives has reportedly raised Rs 4.75 billion under its real estate focused 'Score Fund'. The five-year fund will be investing in residential projects across top seven property markets, including Mumbai, Delhi-NCR, Bengaluru, Pune, Chennai, Hyderabad and Kolkata.

The fund is looking to invest only in projects that have secured approvals and are aiming for gross annualized returns of 20-21%.

Under its third fund, IDFC's private equity arm is looking to raise Rs 7.5 billion and plans to deploy it through structured debt in mid-income housing projects with senior charge on cash flows.

Meanwhile, according to an article in The Economic Times, about 60 firms have reported a decline in debt levels in FY16. This is based on a sample of about 200 firms with turnover of over Rs 1 billion, which have announced their financial performance for FY16. Among the notable trend observed this year is that sectors such as cement, finance, packaging, transport (Airlines) and fertilizers appear to be repaying debt or are less dependent on debt.

Moving on to news from the energy sector. According to a leading financial daily, Cairn India's overseas subsidiary - Cairn India Holdings (CIHL) has decided to extend maturity of the loan of US$1.25 billion to THL Zinc (TZL) for a further period of two years. The initial loan period was given for a term of two years in May 2014.

The extension is on arm's length at a revised rate of interest of LIBOR + 450 bps (basis points) in the first year and at LIBOR + 475 bps in the second year (compared to the existing rate of LIBOR + 300 bps) and is on terms that are market standards including change of control provisions and will continue to be secured by a guarantee from Vedanta Resources Plc.

Reportedly, the return from the said loan will provide higher yield to CIHL compared to the return it is earning from its existing investments out of its cash and cash equivalents, which are in US dollars. TZL is the holding company of the Vedanta Group's international Zinc business, with assets in South Africa and Namibia.

In another development, Cairn Energy of UK has offered to pay 15% of the Rs 102.4 billion principal amount in return for the government lifting freeze on the 9.8% shares it holds in the former subsidiary. The Income-Tax Department had in January 2014 slapped a draft assessment order of Rs 102.4 billion tax on alleged capital gains Cairn made on 2006 reorganization of its India business. Pending that, it froze 9.8% shareholding it was left with in Cairn India, its erstwhile subsidiary which it sold to Vedanta Group in 2011. The scrip of Cairn India finished the trading day up by 0.8% on the BSE.

Buying activity was witnessed across majority of the energy stocks after oil prices jumped overnight with Reliance Industries and Petronet LNG leading the gains.

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