Indian Indices Extend Gains; Bajaj Finance, M&M Among Top Gainers

Wed, 15 May 12:30 pm

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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, IT sector and FMCG sector witnessing buying interest while telecom stocks and metal stocks are witnessing selling pressure.

The BSE Sensex is trading up by 169 points (up 0.5%), while the NSE Nifty is trading up by 42 points (up 0.4%). The BSE Mid Cap index is trading down by 0.2% while the BSE Small Cap index is trading up by 0.2%.

The rupee is trading at Rs 70.19 against the US$.

The domestic currency extended its morning gains, driven by easing crude prices and hopes about easing US-China trade tensions.

In the news from the engineering sector, Larsen & Toubro (L&T) share price is in focus today as its real estate arm - L&T Realty is eyeing revenues of Rs 32 billion from an upcoming project in Navi Mumbai.

Reports state that the first transit-oriented development in India coming up near the Seawoods Darave railway station has a development potential of 1.5 million square feet and will be developed in a phased manner.

For the first phase, the company has received nearly 1,800 booking applications from home buyers for 500 units offered.

Earlier this week, the company 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.

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

Meanwhile, L&T has acquired 1,168 shares of Mindtree from the open market on May 14, 2019. After the acquisition, the stake in the company has increased to 25.94%.

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%.

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 banking sector, shares of Union Bank of India dipped as much as 10% in early trade today after the lender said its net loss widened to Rs 33.7 billion in Q4FY19.

Reportedly, the net loss was mainly on account of higher provisioning. The state-run lender had registered a net loss of Rs 25.8 billion in the same quarter previous year.

The gross non-performing assets (NPAs) stood at 14.98% of gross advances at March-end 2019 against 15.73% as of March 31, 2018. Net NPAs eased to 6.85% from 8.42%. The bank's provision coverage ratio stood at 66.24%, as against 57.16% a year ago.

As part of the risk-based supervision as per RBI directive, the bank has reported divergence in gross NPAs of Rs 8.7 billion in 2017-18.

In other news, Yes Bank share price is witnessing selling pressure today after the Reserve Bank of India (RBI) appointed former deputy governor Rama Subramaniam Gandhi as an additional director on the board of the private sector lender for two years.

Shares of Yes bank hit a five-month low of Rs 149 and are presently trading at their lowest levels since November 2018.

Earlier, ICRA downgraded Yes Bank's tier-I and tier-II bonds and infrastructure debt on deterioration in the credit quality of large ticket borrowers.

Speaking of banking sector, if there is any private sector bank that has severely underperformed in the last two years, it has to be Lakshmi Vilas Bank (LVB).

Look at the chart below.

Lakshmi Vilas Bank Down 60% from Its 2017 High

Here's what Sarvajeet Bodas wrote about this in the recent edition of The 5 Minute WrapUp...

• LVB declined by more than 50% in the last 2 years compared to the overall BSE Bankex showing gains of about 30%.
  
  Here's another interesting data.
  
  If you look at the shareholding pattern of LVB during this 2-year time frame, retail investors (Individual share capital up to Rs. 2 Lacs) have increased by 15%. The number of shares owned by them increased by 24%.

This is a typical example of retail investors catching a falling knife!

Apart from Yes bank, market participants are also tracking Majesco share price, Lupin share price, and Jubilant Foodworks share price as these companies are set to announce their results today.

You can also read our recently released Q4FY19 Results: ITC, Inox Leisure, Nestle, Orbit Exports.

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

Read the latest Market Commentary

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Indian Share Market Update: Top Gainers and Losers