Sensex Trades Marginally Higher; Power and Energy Stocks Witness Buying

Tue, 25 Jun 12:30 pm

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Share markets in India are presently trading marginally higher. Sectoral indices are trading on a mixed note with stocks in the power sector and energy sector witnessing maximum buying interest, while IT stocks are trading in red.

The BSE Sensex is trading up by 93 points (up 0.2%), while the NSE Nifty is trading up by 31 points (up 0.3%).

The BSE Mid Cap index is trading up by 0.3%, while the BSE Small Cap index is trading up by 0.1%.

In the news from the macroeconomic space, the Reserve Bank of India (RBI) has launched a single window for customer complaints relating to banks and non-banking finance companies (NBFCs) through an online portal.

With the help of this portal, customers can file a complaint and track its status. The complaints will be directed to the appropriate office of the Ombudsman or regional office of the RBI. Customers can also file an appeal against the decision of the Ombudsmen if need be.

The Complaint Management System (CMS) application that facilitates this feature was unveiled by the RBI on June 24, with an aim to speed up the process of customer grievance redressal. The portal is accessible on desktop as well as mobile devices.

RBI said that CMS can generate various reports to monitor and manage complaints that pertain to each entity and such data will be used by the central bank for regulatory and supervisory interventions.

The above move is certainly a step towards removing the inefficiencies in the banking and NBFC sector.

Speaking of NBFC space, the liquidity crisis, a slew of corporate defaults, and the bloodbath in many stocks from this sector has left investors in deep fear and panic.

However, it is not that all NBFCs have fared badly.

In a recent edition of The 5 Minute WrapUp, Ankit Shah has picked the top three NBFC gainers and losers (in terms of market capitalisation) over the last one year.

As can be seen in the chart below, while several NBFCs have suffered badly and destroyed investor wealth, there have also been quality NBFC stocks that have been wealth creators.

NBFC Crisis - Top Gainers and Losers

So, as Ankit shares, the key takeaway here is to never write off an entire sector and to always stay on the lookout for quality stocks in sectors going through temporary headwinds.

In fact, in Ankit's premium newsletter Insider, one of his cherry-picked housing finance stock has performed quite well despite the NBFC crisis.

In the news from pharma sector, Alembic Pharma share price is in focus today. The stock of the company is witnessing buying interest after it announced it has received approval from the US health regulator for Oseltamivir Phosphate capsules, used for treatment of influenza infection.

The company in a BSE filing stated the approval from the United States Food and Drug Administration (USFDA) is for the company's abbreviated new drug application (ANDA) for Oseltamivir Phosphate Capsules USP in the strengths 30 mg, 45 mg and 75 mg.

The approved product is therapeutically equivalent to the reference listed drug (RLD), Tamiflu Capsules of Hoffman-La Roche, Inc.

As per the data, Oseltamivir Phosphate capsules has an estimated market size of US$ 647 million for 12 months ending December 2018.

Note that Alembic Pharma currently has a total of 97 ANDA approvals (85 final approvals and 12 tentative approvals) from USFDA.

In the news from the FMCG sector, Emami share price was also in focus today. This came as shares of the company witnessed buying interest after eight consecutive sessions of losses.

The buying was seen a day after promoters sold 10% of their equity holdings in the company for Rs 12.3 billion to pare debt.

Data yesterday showed that around 34.6 million shares, representing 7.6% of Emami's total equity capital, changed hands on the BSE through block deals.

As of March 2019, out of 62.7% promoters' holding in Emami, 47.7% stake were pledged with the lenders. According to exchange filings, Emami promoters have pledged shares with Axis MF AMC, Tata Capital Financial Services, IndusInd Bank, DCB Bank, Hero Fincorp and others.

Earlier in February, Emami had said its promoters sold 10% stake in the company for Rs 16 billion to reduce promoter debt which was used in creation of assets like cement, solar power, etc.

Funds like SBI Mutual Fund, Premji Invest, Amundi, IDFC and others, were the buyers, thereby reducing the promoter holding in Emami to 62.7% from 72.7% as on December 31, 2018.

To know more about the company, you can read Emami's Q4FY19 Result Analysis on our website.

And 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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Indian Share Market Update: Top Gainers and Losers