Indian Indices Recover; Yes Bank & Maruti Suzuki Top Gainers

Fri, 16 Aug 12:30 pm

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

Sectoral indices are trading on a mixed note with stocks in the automobile sector and power sector witnessing buying interest, while IT stocks and healthcare stocks are trading in red.

The BSE Sensex is trading up by 36 points while the NSE Nifty is trading up by 11 points. The BSE Mid Cap index and the BSE Small Cap index are trading on a flat note.

The rupee is trading at 71.27 against the US$.

In news from the banking sector, Yes Bank is planning to raise an additional US$ 600 million from large investors to bolster its capital buffers.

The bank is planning to raise more funds after its qualified institutional placement (QIP) offering that closed on Wednesday was oversubscribed. Yes Bank raised around US$ 270 million in the fundraising.

The private lender said that five investors bought more than 65.5% of the equity shares offered in its QIP. These are Societe Generale (18.8%), Key Square Master Fund LP (16.2%), BNP Paribas Arbitrage (14.4%), HDFC Trustee Company Limited A/C HDFC Balanced Advantage Fund (10.3%) and Key Square Master Fund II LP (5.9%).

Other investors in the QIP were Government Pension Fund of Norway, British investment firm Ashmore Group and Aditya Birla Sun Life Asset Management Company among others. The share issuance resulted in a 9.96% stake dilution.

The bank had originally planned to raise US$ 1 billion to shore up its capital adequacy ratio required under Basel III norms.

As of the June quarter, the bank's tier I capital adequacy ratio stood at 10.7% as against the regulatory requirement of 8.875%. The bank's common equity tier 1 capital stood at 8%, which is marginally above the regulatory requirement of 7.375%.

Note that the private lender is dealing with a surge in doubtful loans, falling share price and a declining profit. The bank's net profit in the April-June quarter fell to Rs 1.1 billion from Rs 11 billion in the year-ago period.

Yes Bank share price is presently trading up by 4.6%.

Speaking of the banking sector, note that public sector banks have struggled due to rising NPAs. NBFCs have struggled after the IL&FS crisis and are wary to lend.

Since the IL&FS crisis, the domino effect has affected all lenders in the Indian economy.

However, there has been a silver lining in this mess. i.e. the increased market share of private sector banks.

It is evident from the chart below that since 2014, private banks have consistently gained market share mainly at the expense of PSU banks.

India's Credit Shift Megatrend

Co-head of research at Equitymaster, Tanushree Banerjee believes this trend is set to continue as PSU banks are still struggling to get out of their NPA mess.

One such good quality private bank makes it in her top 7 stocks to buy list.

These 7 stocks will be a part of many such megatrends that will play out over the next decade in India.

Moving on to news from the energy sector, Indraprastha Gas share price is in focus today. The company on Wednesday reported a 24% increase in its net profit at Rs 2.2 billion.

Reports state that profits were mainly backed by 12.7% increase in overall volumes. Compressed natural gas (CNG) volume rose 11.7%, whereas piped natural gas (PNG) volume grew by 12.4%. Within the PNG segment, industrial/commercial segment performed relatively better.

In a regulatory filing, the company said, "continuing the growth momentum, IGL registered an overall sales volume growth of 13% over the corresponding quarter in the last fiscal, with the average daily sale going up from 5.55 million standard cubic meters per day (mmscmd) to 6.25 mmscmd".

Total gross sales value during the quarter rose 23% to Rs 17.4 billion.

EBITDA increased by 21% year-on-year (YoY). The company's EBITDA margin declined marginally YoY to 22.7%.

The company has laid out city gas distribution infrastructure in Delhi, Noida, Ghaziabad, Rewari, Gurugram, Karnal and Muzaffarnagar which consists of over 13,000 kms of pipeline network. It also supplies PNG to over 11.2 lakh households in these cities.

To know more, you can read the company'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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Indian Share Market Update: Top Gainers and Losers