Sensex Slips 200 Points; Yes Bank & Vedanta Top Losers

Wed, 28 Aug 12:30 pm

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Share markets in India have extended early morning losses and are presently trading lower.

Barring realty sector and IT sector,all sectoral indices are trading on a negative note with stocks in the metal sector and telecom sector witnessing maximum selling pressure.

The BSE Sensex is trading down by 170 points while the NSE Nifty is trading down by 48 points. The BSE Mid Cap index is trading down by 0.4% and the BSE Small Cap index is trading down by 0.1%.

The rupee is trading at 71.69 against the US$.

Speaking of Indian stock markets, if you look at the returns over the years, you will see that the markets have never moved in a linear fashion.

It has never been a one-way street - only up or down.

Stock markets have always moved in cycles.

If you would have bought stocks when either the Sensex or the Smallcap index was in a downturn, you would have made big returns once the cycle turned and the bulls took over.

The Time to Buy Stocks is Now

The economic slowdown does not herald the end of the world or for that matter the end of India. It's a phase and like all phases - This too shall pass.

The real question is - Are you taking advantage of these price declines to buy quality stocks?

In news from the finance sector, shares of Dewan Housing Finance Corporation (DHFL) slipped 5% after the company said it has defaulted to the tune of Rs 141.3 million towards interest payments on bonds.

In a regulatory filing, the company said an interest payment default of Rs 94.2 million occurred on secured NCDs (5-year tenure) and of Rs 47.1 million on 10-year NCDs.

The company also said it has planned to raise funds through equity share sale or other means as part of the debt resolution plan. The fund mop-up can also be through any other permissible mode or a combination of prospectus or placement document or letter of offer or any other permissible offer.

A meeting of the board of directors of the company is scheduled to be held on Friday, August 30, 2019, to consider and approve the proposal for issuance of equity shares.

Earlier this week, DHFL defaulted on its financial repayment obligations worth Rs 15.7 billion with regard to issuance of bonds and commercial papers.

Note that the beleaguered NBFC has not been able to fulfil its obligations towards debt repayment in the recent past and there have been several cases of defaults on commercial papers and bonds.

Reports state that the company is estimated to be sitting on a debt-pile of over Rs 900 billion.

How this all pans out remains to be seen. Meanwhile, we will keep you updated on the latest developments from this space.

Moving on, Vadilal Industries share price is witnessing buying interest today. Stock of the company gained 4% in early trade today after the company reported a good set of numbers for the April-June quarter (Q1FY20).

Vadilal Industries, which manufactures and sells ice creams, reported a 16% year-on-year (YoY) jump in its consolidated net profit at Rs 380 million on the back of higher sales. It had posted a profit of Rs 323 million in the year-ago quarter.

Operational revenue during the quarter grew 13% at Rs 2,584 million on a YoY basis. EBITDA (earnings before interest, taxes, depreciation, and amortization) margin expanded 140 bps at 25.2%.

Note that, CARE Ratings recently changed the credit ratings of the company. The company's long-term bank facilities were downgraded to CARE BBB (under credit watch with negative implications) from CARE BBB+.

Its short-term facilities were revised to CARE A3+ (under credit watch with negative implications) from CARE A2.

In a press release, CARE Ratings said that "resignation of two independent directors raising concerns over the corporate governance in the company and heightened differences among the promoters of the Vadilal group which could impact the operational performance and capex plans of the group going forward".

Reports state that the revision in the ratings assigned to the bank facilities of Vadilal Industries were on account of recurring delays in publication of its financial results on the exchanges for the quarter and year ended March 31, 2019 & quarter ended June 30, 2019.

In the past four trading sessions, the stock has rallied 22% and is presently trading at its 52-week high levels.

To know more about the company, you can read Vadilal Industries' Q1FY20 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