Indian Indices Extend Gains; Tech Mahindra & Axis Bank Top Gainers

Fri, 6 Sep 12:30 pm

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Share markets in India have extended early morning gains and are presently trading higher. Sectoral indices are trading on a mixed note with stocks in the power sector, banking sector and automobile sector witnessing buying interest, while realty stocks are trading in red.

The BSE Sensex is trading up by 259 points (up 0.7%), while the NSE Nifty is trading up by 66 points (up 0.6%). The BSE Mid Cap index is trading up by 0.3% and the BSE Small Cap index is trading up by 0.4%.

The rupee is trading at Rs 71.68 against the US$.

In news from the IT sector, Tata Consultancy Services (TCS) has expanded its strategic partnership with Posten Norge AS, a Nordic postal and logistics group, to build a digital stack that will enable product innovation and a superior customer experience.

The expanded partnership will focus on developing modern, intelligent and automated solutions for Posten, in the areas of mail, communications and logistics. Posten began its partnership with TCS in 2013.

TCS share price is presently trading down by 0.4%.

Meanwhile, Tech Mahindra has expanded its strategic collaboration with leading American network operator AT&T.

This deal will accelerate AT&T's information technology (IT) network application, shared systems modernization, and movement to the cloud.

Note that this is the largest deal the company has won to date although deal financials have not been disclosed.

The multi-year agreement will enable AT&T to focus on core objectives, including having the most advanced software defined 5G network, and migrate the majority of its non-network workloads to the public cloud by 2024.

Tech Mahindra share price is presently trading up by 4%.

Moving on to news from the finance sector, shares of Indiabulls Housing Finance crashed 9% to Rs 406.2, hitting its fresh 52-week low amid reports that a public interest litigation (PIL) has been filed against the company and its promoters in Delhi High Court on allegations of siphoning-off of funds.

According to a TV report, the PIL seeks Special Investigation Team (SIT) led investigation into the alleged violations and offences.

The company issued a clarification to the exchanges regarding the report, saying that "the petition hasn't yet been filed in High Court as per its website, but leaked in social media with malicious intent to create turbulence in company's stock price".

The company said that the alleged PIL admits allegations which are same as in earlier petition of Abhay Yadav which was subsequently withdrawn, adding that the company is determined to fight out the petitioners in the court.

Note that earlier this month, credit rating agency ICRA downgraded Indiabulls Housing Finance's long-term debt instruments to AA+ from AAA, on account of rising woes for non-banking financial companies (NBFCs) and housing finance companies (HFCs).

Moody's Investors Service had also downgraded the company's long-term corporate family rating to 'Ba2' from 'Ba1', due to pressure on the cost and availability of funds for the company and certain other finance companies in India.

The downgrade also factored the company's deterioration in asset quality, in the quarter ended June 2019, wherein stage 3 loans went up by 57% on a quarter-on-quarter basis.

Indiabulls Housing Finance share price is presently trading down by 5.2%.

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

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.

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!

Read the latest Market Commentary

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Indian Share Market Update: Top Gainers and Losers