Indian Indices Turn Volatile; Sensex Slips Over 100 Points

Fri, 31 May 12:30 pm

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Share markets in India are presently trading marginally lower. Sectoral indices are trading on a mixed note with stocks in the IT sector and oil & gas sector witnessing buying interest, while metal stocks and realty stocks are trading in red.

The BSE Sensex is trading down by 131 points while the NSE Nifty is trading down by 28 points. The BSE Mid Cap index is trading on a flat note, while the BSE Small Cap index is trading down by 0.6%.

The rupee is currently trading at 69.80 against the US$.

Market participants are tracking Nitco share price and Orchid Pharma share price as these companies are set to announce their March quarter (Q4FY19) results today.

You can also read our recently released Q4FY19 Results: JSW Steel, Bata India, Sun Pharma, Aegis Logistics, Mphasis.

In the news from the energy sector, HPCL share price is witnessing buying interest today. Shares of the company hit a 52-week high of Rs 331, lifted by fall in crude oil prices.

Oil prices fell to their lowest in nearly three months after US President Donald Trump said he would impose tariffs on imports from Mexico, stoking fears about global economy.

Buying was also seen as the company reported strong earnings in March quarter. So far, HPCL shares have rallied around 20% on back of the above news.

HPCL had reported 70% year-on-year (YoY) growth in net profit at Rs 29.7 billion in Q4FY19, on account of a better-than-expected performance in the marketing segment.

The state-owned oil marketing company's (OMC) board also recommended final equity dividend of Rs 9.40 per share for the financial year 2018-2019.

To know more about the company, you can read HPCL's latest result analysis on our website.

Moving on to the news from the aviation space, Jet Airways share price is in focus today as the grounded carrier on Thursday said it won't approve its financial results for FY19.

As per an article in The Economic Times, this is due to the ongoing search for a new investor as well as the massive attrition in its board and top management.

Here's an excerpt from the article:

• In view of the ongoing bidding process undertaken by the domestic lenders for change in management of the company, coupled with resignation by members of the board of directors, its key managerial personnel and other employees across functions, the company is not in position to consider and approve the audited financial result for the Year ended 31 March 2019.

On May 17, the airline's board became dysfunctional after Etihad Airways' representative Robin Kamark resigned, the fourth director to quit in less than a month, leaving it with only two members.

As per market regulator norms, the board of a publicly listed company requires a minimum of three members.

Etihad's other representative, Kevin Knight along with founder Naresh Goyal and his wife Anita Goyal resigned on March 25.

The debt laden airline announced the resignation of whole-time director Gaurang Shetty on May 9. Two independent directors, Nasim Zaidi and Rajshree Pathy had put in their papers in April.

Earlier this month, CEO Vinay Dube, CFO Amit Agarwal, Chief People Officer Rahul Taneja and Company Secretary Kuldeep Sharma also resigned from the company.

In other news, Abu Dhabi's sovereign wealth fund, Mubadala Investment, has emerged as a possible saviour of Jet Airways which has been struggling to find investors who will pump in money to revive the airline.

Etihad has officially submitted a bid but is willing to invest Rs 17 billion in the airline and remain a minority partner. Jet's dues, including loans to lenders and outstanding, stand at around Rs 120 billion.

The Hindujas have also expressed interest along with Indian government's National Infrastructure Investment Fund (NIIF).

However, according to a report on a financial portal, Etihad may bring in Mubadala as its strategic partner.

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.

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

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