Indian Indices Extend Uptrend

Wed, 25 May 11:30 am

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After opening the day on a positive note, the Indian stock markets have added to their early gains. Sectoral indices are trading on a positive note with stocks from the banking, IT and finance sectors leading the gains.

The BSE Sensex is trading up 368 points (up 1.5%) and the NSE Nifty is trading up 120 points (up 1.5%). The BSE Mid Cap index is trading up by 0.8%, while the BSE Small Cap index is trading up 0.9%. The rupee is trading at 67.44 to the US$.

As per an article in Financial Express, the issue of rising stressed assets in Indian corporate firms has sparked interest in asset reconstruction companies (ARCs). This can be said as the Reserve Bank of India (RBI) has received a bunch of applications for licenses to set up the ARCs recently.

Piramal Enterprises, Encore Capital JC Flowers in partnership with Ambit Holdings, Fairfax-backed IIFL Holdings and Fortune Financial Services promoted by former Sun Pharma CFO Sudhir Valia have all applied for ARC licences. Notably, Encore Capital, which began its India operations last year, and is the world's largest publicly traded retail distressed debt buyer, is looking to set up an ARC exclusively for retail non-performing assets (NPAs).

The developments are seen as the RBI has geared up to clean up the balance sheets of Indian banks that are collectively saddled with rising bad loans. Banks have been putting pressure on the corporates for repayment of loans. As such, the debt laden corporates struggling with interest payments have announced asset sales. However, are there enough buyers out there? One of our charts from the recent edition of The 5 Minute WrapUp answers this and provide some insights on the future practicalities of such asset sales.

Stocks in the automobile space are trading on a positive note with Ashok Leyland and Tata Motors DVR witnessing maximum buying interest.

In another news update it was reported that Mahindra & Mahindra's (M&M) subsidiary 'Mahindra & Mahindra South Africa' has incorporated a subsidiary company 'Mahindra West Africa' in Nigeria. The incorporation was dated on May 20, 2016.

The new company is incorporated as a subsidiary (99.99%) of Mahindra & Mahindra South Africa, which in turn is a 100% subsidiary of Mahindra & Mahindra.

Mahindra West Africa has been incorporated to promote Mahindra brand and expand its reach into West Africa Region for its various businesses like Auto, Tractors, 2 Wheelers, 3 Wheelers, Genset, Construction equipment, Truck & Buses & Agri.

M&M is one of the leading auto companies of India. One shall note that the company has completed nine product launches in FY16. This along with the above efforts can aid the performance of the company going forward.

Presently, the stock of M&M is trading up by 0.8%.

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