Indian Indices Extend Losses

Wed, 18 May 11:30 am

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   09:30 am   

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After opening the day deep in the red, the Indian indices registered further losses and continued to trade in the negative territory. Sectoral indices are trading on a discouraging note with stocks from the auto, banking and IT sector witnessing maximum selling pressure.

The BSE Sensex is trading down 222 points (down 0.9%) and the NSE Nifty is trading down 63 points (down 0.8%). The BSE Mid Cap index is trading down by 0.4%, while the BSE Small Cap index is trading flat. The rupee is trading at 66.94 to the US$.

Stocks in the banking space are trading on a negative note with HDFC Bank and South Indian Bank leading the losses. As per a leading financial daily, the issue of non-performing assets (NPAs) continued to torment Indian banking sector in the quarter ended March 31, 2016. This is because gross NPAs of 27 out of 40 banks that announced their Q4 FY16 financial results so far, grew by 54.6% on a quarter-on-quarter (QoQ) basis.

Among public sector banks, 11 banks' combined gross NPAs stood at Rs 2,013 billion for Q4 FY16, as against Rs. 1,217 billion in Q3 FY16. This reflected a sharp rise of 65% on a QoQ basis. As for private sector banks, gross NPAs of 11 banks surged 21% QoQ to Rs 481 billion during the quarter.

Marred by NPAs, Indian banks are in a sorry state. Tanushree Banerjee, co-head of research at Equitymaster, has highlighted the rot in the banking sector in the recent edition of The Equitymaster Research Digest (subscription required).

This issue has made Prime Minister Narendra Modi repairing bank balance sheets his administration's top-most priority. Also earlier, in April, the Supreme Court had asked the government to overhaul the banking system to prevent bad loans and hasten recovery from defaulting borrowers to reduce the NPA levels.

Stocks in the energy space are trading on a mixed note with Gujarat Gas and Oil and Natural Gas Corporation leading the losses. Petronet LNG has announced results for the quarter and the year ending March 2016. The company reported a 20% YoY decline in its net profit at Rs 2.4 billion for the quarter ended March 2016. The dip in net profit was seen on account of reversal of tax expenses that has jacked up profit in the corresponding quarter in FY15. Also, fall in energy prices globally weighed on the net profitability of the company. Total income during the quarter dipped 15% YoY to Rs 60 billion.

For the entire year ending March 2016 (FY16), net profit rose 3.6% YoY to Rs 9 billion. Total income, however, dipped 31% YoY during the quarter.

One shall note that Petronet LNG has renegotiated a major deal with its Qatar-based supplier RasGas in December. The deal was regarding lowering in the costs of gas shipments and avoidance of a US$ 1.5 billion penalty fee for lifting less gas then agreed. On December 30, the contract was reworked which lowered the price of the imported fuel by 50%. The reworked agreement helped bring down cost of importing natural gas to less than US$ 5 per mmBtu (million British thermal unit) from US$ 12 per mmBtu earlier.

Presently the stock of Petronet LNG is trading down by 0.8%.

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