Sensex Opens Marginally Higher; Metal Stocks Gain the Most

Thu, 8 Jun 09:30 am

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Asian equity markets are higher today as Chinese and Hong Kong shares show gains. The Shanghai Composite is up 0.04%, while the Hang Seng is up 0.06%. The Nikkei 225 is trading up by 0.05%. The European markets ended Wednesday's session in negative terrain ahead of major events like the European Central Bank's policy and the UK general elections today.

Meanwhile, share markets in India have opened the day flat with a positive bias. The BSE Sensex is trading higher by 66 points while the NSE Nifty is trading higher by 13 points. The BSE Mid Cap and BSE Small Cap index have opened the day up by 0.5% & 0.3% respectively.

Sectoral indices have opened the day on a mixed note with metal stocks and healthcare stocks leading the gains. While information technology stocks and FMCG stocks have opened the day in the red. The rupee is trading at 64.45 to the US$.

Bank stocks opened the day on a mixed note with J&K Bank and DCB Bank leading the gainers. As per an article in a leading financial daily, Yes Bank has secured shareholders' approval to raise Rs 200 billion this financial year.

The shareholders approved through special resolution the proposal to borrow/raise funds in Indian/foreign currency by issue of debt securities including but not limited to non-convertible debentures, medium term notes and bonds.

It can be noted that the bank was found to have under reported non-performing assets by over Rs 40 billion in financial year 2015-16 by the Reserve Bank (RBI).

The bank had to disclose the divergence as per a recent directive of the central bank and this had led to concerns among investors.

Meanwhile, State Bank of India (SBI) is planning to launch a planned share sale of as much as US$2.3 billion as early as this week in order to raise funds through Qualified Institutional Placement (QIP) from institutional investors.

Earlier in March, the bank received board's approval to raise up to Rs 150 billion (US$2.33 billion) from capital markets during the current fiscal year that began in April.

One must note that there are many ways to gauge investor sentiments. Valuations, the number & value of deals and IPO activity are just some of the many ways to do so. Qualified Institutional Placement (QIP) activity is another way to gauge the same.

QIPs Are Making a Comeback

A QIP is an equity raising mechanism for companies. QIPs tend to be a faster way to raise capital as the dealing happens with a few investors - only institutions in this case.

The last three years have seen quite a surge in qualified institutional placements (QIPs). While 2016 started off on a poor note, the month of September alone has seen Rs 32 billion raised through 6 issues.

Yes Bank share price & SBI share price opened the day down by 1.1% & 0.5% respectively.

In another development, The Financial Express reported that, just like in the bank sector, the government is looking at consolidation in the infrastructure financing space.

The government is looking to consolidate companies like India Infrastructure Finance Company (IIFCL), Power Finance Corporation (PFC), IFCI and Rural Electrification Corporation (REC) to create one or two large public-sector entities with the adequate financial muscle to lend more for various infrastructure projects.

The move seems prompted by the fact that public sector banks, saddled with huge toxic assets, are incapable of lending much to cater to the huge fund requirements of long-gestation infrastructure projects.

Moreover, with the government stepping up focus on infrastructure through various initiatives like smart cities and highway and shipping projects, funding the required investments remains a huge challenge.

The government has reiterated it favours consolidation in the banking space. In April 2017, State Bank of India absorbed five associate lenders and the Bharatiya Mahila Bank.

Subsequent to the merger, the bank now has a quarter of all outstanding loans in India's banking sector.

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