Rising Petrol and Diesel Prices, DHFL Saga, and Top Cues in Focus Today

Thu, 19 Sep Pre-Open

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Indian share markets ended their trading session marginally higher yesterday.

On the sectoral front, gains were seen in the metal sector and realty sector.

At the closing bell yesterday, the BSE Sensex stood higher by 82 points (up 0.2%) and the NSE Nifty closed higher by 23 points (up 0.2%).

The BSE Mid Cap index ended up by 0.4%, while the BSE Small Cap index ended the day up by 0.3%.

Top Stocks in Focus Today

From the realty sector, Sunteck Realty share price will be in focus today as the company acquired a premium project in Mumbai.

The luxury developer said it acquired a prime project near Mumbai's Lokhandwala, Andheri with the potential for development of approximately 1.1 million square feet in saleable area and a revenue of over Rs 25 billion in the next 4-5 years.

The company said that the project is acquired under the asset light Joint Development Agreement (JDA) model focused on establishing a strategic tie-up with credible partners, which will further strengthen company's cash flow and balance sheet.

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

Sintex Plastics Technology share price will also be in focus today as the company said in a regulatory filing on September 18 that its chief financial officer (CFO) had resigned two days earlier.

Market participants will also be tracking Hotel stocks as the GST rate fitment committee has proposed to cut tax from 28% to 18% on hotel tariff of Rs 7,500 and above, or to hike threshold tariff to Rs 10,000 with 28%.

Earlier tax on hotels tariff below Rs 7,500 was 18% and above that was taxed at 28%.

Rescue Plan for DHFL Hits a Major Roadblock

From the finance sector, a resolution plan to rescue debt-laden Dewan Housing Finance Corporation (DHFL) has hit a major roadblock as only a small segment of bondholders has agreed to be on board.

According to a custodian of DHFL bonds, the process has been further complicated as certain bondholders have initiated a process to take DHFL to bankruptcy court.

As per reports, out of the 87,000 debenture holders who had been asked to be party to the resolution plan being deliberated upon by banks, only 24,400 debenture holders had responded before the due date earlier this month.

The banks have signed an inter-creditor agreement (ICA) to come up with a plan to restructure nearly US$ 14 billion of DHFL's debt. They had been trying to get bondholders on board as well for the plan to succeed.

As per the new central bank rules for resolving bad debts, it is mandatory for 75% of lenders by value and 60% by number to sign the ICA to execute a revival plan which in DHFL's case can be achieved only with the support of bondholders.

Banks will need support from insurance companies, pension funds and other institutional investors to approve the resolution plan. The deadline for this plan ends on 25 September.

Banks have a collective Rs 350 billion exposure to DHFL through loans, and the lenders also hold debentures. Bond holders, which include mutual funds, insurance companies and pension funds, also have a Rs 450 billion exposure.

State Bank of India (SBI), Bank of Baroda and Union Bank of India are the top lenders to the company.

Rising Petrol and Diesel Prices

In the news from the oil & gas sector, petrol and diesel prices on Tuesday saw the biggest hike since July 5 Budget as India voiced concern over spike in global oil prices following attacks on Saudi Arabian crude oil facilities.

Petrol price was increased by 14 paisa per litre to Rs 72.2 and diesel by 15 paisa to Rs 65.6 per litre in the national capital.

This increase is the biggest single-day hike since the July 5 maiden Budget of Finance Minister Nirmala Sitharaman that raised rates by almost Rs 2.5 a litre due to an increase in excise duty on fuel.

The increase in retail prices on Tuesday followed nearly 20% surge in international oil prices in intraday trading in response to attacks halving Saudi Arabia's output, before closing nearly 15% higher at 4-month highs.

On Tuesday, international oil prices slid, although the market remains on tenterhooks over the threat of a military response to the attacks.

Brent crude was down 0.5%, at US$68.66 a barrel.

Reportedly, India imports 83% of its oil needs. Saudi Arabia is its second-biggest supplier after Iraq.

It sold 40.3 million tonnes of crude oil to India in FY19, when the country had imported 207.3 million tonnes of oil.

So, what do these drone attacks on Saudi's oilfields mean for oil prices?

In his latest video, Vijay Bhambwani addresses the conspiracy theories surrounding the Saudi drone attacks.

Did the Saudi's do it themselves to push up oil prices before Saudi Aramco's initial public offer?

Vijay's deep understanding and insights from this space makes you look at this burning issue from a different perspective.

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