Rising Oil Prices, Latest on the Jet Airways Saga, and Top Stocks in Action Today

Wed, 22 May Pre-Open

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On Tuesday, share markets in India fell sharply in the afternoon session and ended deep in the red after a volatile day of trading.

The BSE Sensex closed lower by 383 points to end the day at 38,970. Tata Motors and Maruti Suzuki were among the top losers.

While the broader NSE Nifty ended down by 119 points to end at 11,709.

Among BSE sectoral indices, auto stocks fell the most by 2.6%, followed by metal stocks and IT stocks.

Top Stocks in Action Today

JSW Steel share price will be in focus today as the company is planning to raise long term funds through issuance of non-convertible debentures with warrants which are convertible into or exchangeable with equity shares of the company.

State Bank of India (SBI) share price will also be in focus as the lender has reportedly entered into strategic partnership with the FMCG arm of The Art of Living - Sri Sri Tattva.

Market participants will also track IndusInd bank share price, Symphony share price and Thermax share price as these companies will announce their March quarter (Q4FY19) results today.

You can also read our recently released Q4FY19 Results: Bajaj Auto, PI Industries, GSK Pharma.

Results Corner

has reported a fall of 25.3% in its net profit at Rs 296.4 million for March quarter (Q4FY19) as compared to Rs 396.8 million for the same quarter in the previous year.

However, total income of the company increased by 15.2% at Rs 3287.7 million for Q4FY19 as compared Rs 2854.9 million for the corresponding quarter previous year.

Bosch share price has reported a fall of 5.1% in its net profit at Rs 4117 million for the quarter ended March 31, 2019 as compared to Rs 4337.8 million for the same quarter in the previous year.

United Breweries share price has reported a fall of 25.3% in its net profit at Rs 679.2 million for the quarter ended March 31, 2019 as compared to Rs 908.8 million for the same quarter in the previous year.

BPCL share price has reported a rise of 16.2% in its net profit at Rs 31.2 billion for the quarter under review as compared to Rs 26.9 billion for the same quarter in the previous year.

Total income of the company increased by 10.5% at Rs 850 billion for Q4FY19 as compared Rs 769.1 billion for the corresponding quarter previous year.

From the Aviation Space...

On Tuesday, Hinduja Group said that it is evaluating a possible bid for debt-laden Jet Airways. Reportedly, Hinduja Group is in talks with Jet founder Naresh Goyal and investor Etihad, besides talking to investment bankers led by SBI Capital Markets for due diligence.

Shares of the company ended 12.7% higher yesterday on back of the above news.

Jet has tried to convince investors for months including Etihad, to pump in money and save the airline. Etihad, which already holds a minority stake in Jet, is interested in re-investing in the airline, subject to certain conditions.

The debt-laden airline has seen a slew of top executives and board members leave the airline in the past few months. Last month, Nasim Zaidi quit his position as non-executive and non-independent director on the airline's board citing 'personal reasons' and 'time constraints'.

The airline's independent director, Rajshree Pathy also quit the board in April. Last week, top executive Gaurang Shetty, considered close to founder Naresh Goyal, also resigned from airline's board of directors.

How this all pans out remains to be seen. Meanwhile, we will keep you updated from all the developments from this space.

From the IPO Space...

The country's largest Agri-centric commodity derivative exchange, the National Commodity & Derivatives Exchange Limited (NCDEX), is working on a plan to float an Initial Public Offering (IPO) to provide an exit option to some shareholders who have stayed invested since long and raise growth capital.

The National Stock Exchange (NSE) is the largest shareholder with 15% equity holding. Reportedly, the exchange has already initiated talks with two merchant bankers.

Speaking of IPOs, we at Equitymaster believe a merit-based selection, primarily including valuation, business, and management quality, is the logical way to go about investing in IPOs.

If it means going against the herd, so be it. And going by recent past, this strategy has been proven to be successful more often.

Oil Prices

Oil prices rose on Tuesday on escalating US-Iran tensions and amid expectations that producer club OPEC will continue to withhold supply this year.

On Monday, US President Donald Trump threatened Iran with "great force" if it attacked US interests in the Middle East. This came after a rocket attack in Iraq's capital Baghdad, which Washington suspects to have been organized by militia with ties to Iran.

The tension comes amid an already tight market as the Organization of the Petroleum Exporting Countries (OPEC), Russia and other producers have been withholding supply since the start of the year to prop up prices.

A meeting has been scheduled for June 25-26 to discuss the policy.

Stay tuned for more updates!

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