Indian Indices Recover; Yes Bank & Sun Pharma Top Gainers

Thu, 20 Jun 12:30 pm

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Share markets in India recovered early losses and are presently trading on a positive note.

Barring IT sector and FMCG sector, all sectoral indices are trading on a positive note with stocks in the realty sector and telecom sector witnessing maximum buying interest.

The BSE Sensex is trading up by 161 points while the NSE Nifty is trading up by 47 points. The BSE Mid Cap index is trading up by 0.5% and the BSE Small Cap index is trading up by 0.3%.

The rupee is trading at 69.59 against the US$.

The domestic currency and bond prices gained after the US dollar dropped against all its major peers as Treasury yields tumbled after the Federal Reserve said it was open to cutting interest rates.

Yesterday, the rupee ended flat at 69.68 against the US dollar ahead of the US Fed's interest rate decision.

Overnight, the Fed signaled it was ready to lower rates for the first time since 2008, citing "uncertainties" that have increased the case for a cut.

In the news from the pharma sector, Glenmark Pharma's subsidiary - Glenmark Pharmaceuticals Inc., USA (Glenmark) has received tentative approval by United States Food & Drug Administration (USFDA) for Clindamycin Phosphate Foam, 1%.

The drug is a generic version of EVOCLIN Foam, 1%, of Mylan Pharmaceuticals Inc. According to sales data for the 12-month period ending April 2019, the EVOCLIN Foam's market achieved annual sales of approximately US$ 17 million.

The company's current portfolio consists of 156 products authorized for distribution in the US marketplace and 59 ANDA's pending approval with the USFDA.

Glenmark Pharma share price is presently trading up by 0.5%.

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

Moving on to the news from the finance sector, Indiabulls Housing Finance share price is witnessing buying interest today after reports indicated that the company will conduct a buyback of all non-convertible debentures (NCDs) maturing in July and August totaling Rs 22.9 billion.

Company's Managing Director and CEO, Gagan Banga in a TV interview said that the company's liquidity situation remained 'very strong', as it has raised around Rs 580 billion since September 2018 and has a cash buffer of Rs 280 billion.

He further added that the company does not have any exposure to Dewan Housing Finance Limited (DHFL) and Anil Ambani group stocks.

Note that the stock of the company witnessed huge selling last week after a writ was filed in the Supreme Court on Monday against Chairman Sameer Gehlaut for misappropriation of Rs 980 billion public money.

As per an article in a leading financial daily, a plea was filed in the Supreme Court seeking legal action against the company, its chairman and directors for alleged misappropriation.

The petition alleged that money was siphoned off by Sameer Gehlaut, the chairman of the firm for their personal use.

However, Abhay Yadav, the petitioner, withdrew the writ petition in Supreme Court. In an affidavit, Yadav had said that he was not aware of the contents and allegations mentioned in the complaints or the petition.

Indiabulls Housing Finance share price is presently trading up by 5.6%.

Speaking of non-banking financial companies (NBFCs), note that NBFCs were flush with funds from banks, insurance companies, and asset management companies i.e. mutual funds in 2016.

And with these funds and without the necessary restrictions, NBFCs become reckless in deploying the funds.

You can see this clear as day in the chart below...

One Chart that Predicted the NBFC and Mutual Fund Crisis Back in 2016

Here's what Tanushree Banerjee wrote about this in a recent edition of The 5 Minute WrapUp...

• Let's look back at 2016...
  
  Banks, mutual funds, and insurance companies were competing with each other to lend to NBFCs.
  
  And why not?
  
  Not only were the fast growing NBFCs hungry for funds, they also offered attractive yields.
  
  The NBFCs took more risk than banks by lending without collaterals. But they charged higher interest rates; which meant their margins remained far higher than that of banks.
  
  It's no wonder the NBFCs caught everyone's fancy. In fact, between 2013 and 2016, the top NBFCs saw their valuation multiples move up three to eight times.

As per Tanushree, the problem in the NBFC sector is far from over. But she believes the good quality NBFCs, and housing finance companies will continue to flourish and you can make the most of the opportunity by buying the safest NBFCs.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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Indian Share Market Update: Top Gainers and Losers