Sensex Trades Flat; HDFC & HUL Top Gainers

Mon, 13 May 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 healthcare sector and capital goods sector witnessing selling pressure while FMCG stocks and telecom stocks are witnessing buying interest.

The BSE Sensex is trading up by 44 points while the NSE Nifty is trading down by 2 points. The BSE Mid Cap index is trading down by 0.9% while the BSE Small Cap is trading down by 1.1%.

The rupee is currently trading at Rs 70.30 against the US$.

Market participants are tracking Trident share price, HDFC share price and ITC share price as these companies are set to announce their Q4FY19 results later today.

You can also read our recently released Q4FY19 Results: Vedanta, Ceat, ICICI Bank, Apollo Tyres, JK paper.

In the news from the engineering space, L&T share price has reported marginal fall of 2.8% in its net profit at Rs 23.8 billion for the fourth quarter ended March 31, 2019 as compared to Rs 24.5 billion for the same quarter in the previous year.

However, total income of the company marginally increased by 16.1% at Rs 316.2 billion for Q4FY19 as compared Rs 274.4 billion for the corresponding quarter previous year.

On a consolidated basis, the company has reported a rise of 13.4% in its net profit at Rs 39.2 billion.

For the year ended March 31, 2019, the company reported 24% rise in its net profit at Rs 66.8 billion. Income also increased by 17.8%.

The company also received approval for scheme of arrangement for merger of Wholly-owned Subsidiary - L&T Shipbuilding (LTSB).

The Scheme is subject to necessary statutory and regulatory approvals including the approvals of the National Company Law Tribunal and other regulatory authority.

In other news, L&T's open offer to buy 31% stake in Bengaluru-based IT company Mindtree hangs in balance as markets regulator is yet to give approval for the same.

The company plans to raise its stake in Mindtree to 66.32% by spending as much as Rs 108 billion through an open offer for 31% and an open market acquisition of 15%.

L&T share price is presently trading down by 2.2%.

To know more about the company, you can read L&T's Q4FY19 Result Analysis on our website.

Moving on to the news from the aviation space, Jet Airways share price is witnessing selling pressure today after media reports said a buyout offer from Etihad Airways was non-binding and might not guarantee a deal for the cash-strapped Indian airline.

Shares of the company fell more than 11% in early trade today on back of the above news.

As per an article in The Economic Times, Etihad submitted a bid for the airline which raised hopes of a bailout for Jet, which has about US$ 1.2 billion in bank debt.

Here's an excerpt from the article:

• Etihad wanted a commitment from banks on additional loans once it infuses equity into the company. The Middle Eastern carrier had not been able to find a local partner and lenders may need to take about 80% haircut on their outstanding loans to Jet Airways.

Last Friday, SBI received two unsolicited, non-binding bids. The airline's whole-time director Gaurang Shetty also resigned from the board and the firm due to personal reasons.

The Ministry of Corporate Affairs had recommended detailed probe into affairs at Jet Airways as recent inspections by Registrar of Companies (RoC) have found many discrepancies in books of accounts.

In February, the Registrar of Companies had initiated inspecting the books of Jet Airways, almost eight months after the MCA directed it to probe allegations that the airline siphoned off money. MCA had called for RoC probe at the time when Jet Airways was delaying its announcement of its June quarter result.

This is not the first agency probing the cash-strapped airline. In September last year, income-tax officials had carried out a survey at the business premises of the airline based on specific information.

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.

Jet Airways: Bleeding Red

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.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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