Indian Indices Trade Marginally Higher; Yes Bank Jumps 9%

Fri, 26 Jul 12:30 pm

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Share markets in India have erased their early morning losses and are presently trading on a positive note.

Sectoral indices are trading mixed with stocks in the automobile sector, capital goods sector, and healthcare sector witnessing buying interest, while oil & gas stocks and IT stocks are witnessing selling pressure.

The BSE Sensex is trading up by 109 points while the NSE Nifty is trading up by 37 points. The BSE Mid Cap index is up by 0.5%, while the BSE Small Cap index is trading up by 0.2%.

The rupee is trading at Rs 69.04 against the US$.

Market participants are tracking Maruti Suzuki share price, Bajaj Auto share price, JSW Steel share price, and Force Motors share price as these companies are set to announce their June quarter (Q1FY20) results later today.

You can read our recently released Q1FY20 results: Zee Entertainment, SKF India, Torrent Pharma, Monsanto India, TVS Motors, Jyothy Labs, DCM Shriram, United Spirits.

In news from the automobile sector, Tata Motors share price is witnessing selling pressure today after the automaker's losses more than doubled in the June quarter. The company reported Rs 36.8 billion loss for the quarter against a loss of Rs 18.6 billion in the same quarter previous year.

Consolidated revenue from operations fell 8% year-on-year (YoY) and 29% sequentially to Rs 608.3 billion.

Shares of the company slipped over 4% in early trade today to hit seven-year lows of Rs 138 per share on back of the above news. Tata Motors hit its lowest level since September 13, 2011, when it had touched Rs 136 in the intra-day trade.

Tata Motors' commercial vehicle (CV) and passenger vehicle (PV) businesses put together reflect a bigger decline in segment-specific revenues when compared with that of Jaguar Land Rover (JLR). The CV and PV businesses posted Q1FY20 revenue of Rs 143.1 billion, declining from Rs 172.9 billion a year earlier.

In comparison, JLR's Q1FY20 revenue fell to Rs 456.6 billion from Q1FY19 revenue of Rs 482.2 billion.

Reacting to the losses, company's CFO said "Q1FY20 was the worst in terms of market demand as the slowdown turned out to be more than what was anticipated. The first quarter saw stress in liquidity and financing for CVs and PVs."

He added that the demand environment in the China market, the single-biggest for JLR where the carmaker had reported a sharp drop of 34% YoY in sales in FY19, is turning stable as the company continued to make interventions.

On the domestic front, the total PV sales of Tata Motors declined 29% YoY to 42,034 units in the June quarter. Sale of CVs reported a decline of 15% YoY to 89,845 units last quarter. Revenue from the PV business dropped 6% in the quarter to Rs 31.9 billion.

Speaking of automobiles stocks, BSE Auto index is down 35% since the start of this year.

Multiple factors have affected the auto sector of late.

The liquidity crisis faced by NBFCs, regulatory changes leading to increased costs, new emission norms... they have all taken their toll.

Also, this sector is ripe for disruption with electric vehicles and ride sharing applications.

The coming one year will be a real test for India's auto companies.

It will also tell us if this slowdown is temporary or if there has been a structural change in the sector.

Richa Agarwal, editor of Hidden Treasure believes that the companies which will adapt their business models to the rapidly changing environment will survive and thrive.

In fact, she has picked out 4 Rebound Stocks to profit from the market crash.

Moving on to news from the banking sector, as per reports, TPG Capital's Indian private equity arm Advent International Corporation are among institutional investors that will infuse fresh capital into Yes Bank.

As per an article in a leading financial daily, TPG and Advent International are the front runners. They will most likely invest around US$ 350 million each. The amounts to be invested are currently being negotiated.

The bank will issue new shares through the preferential allotment route to TPG and Advent International to raise the money.

The private lender has met around 76 firms including PE funds, high net-worth individuals and investment managers over the past few months to seek funds.

Earlier this month, Chief Executive Ravneet Gill announced that the bank would raise US$ 1.2 billion and is in discussions with several private equity players.

The bank has exposures to many debt-laden companies currently in the news including Rs 37 billion to Dewan Housing Finance Corporation and Rs 5.5 billion in Jet Airways.

Yes Bank share price is presently trading up by 9.2%.

To know more about the company, you can read Yes Bank's latest 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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