Indian Indices Witness Losses, Yes Bank Saga, and Top Cues in Focus Today

Mon, 30 Sep Pre-Open

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India share markets witnessed selling pressure during closing hours on Friday and ended their day deep in the red.

At the closing bell on Friday, the BSE Sensex stood lower by 167 points (down 0.4%) and the NSE Nifty closed down by 58 points (down 0.5%).

The BSE Mid Cap index ended the day down 0.6%, while the BSE Small Cap index ended the day down 0.8%.

Barring telecom stocks, all sectoral indices ended on a negative note with stocks in the metal sector and realty sector witnessing most of the selling pressure.

Top Stocks in Focus Today

From the IT sector, Quess Corp share price will be in focus today as the company has received approval for acquisition of remaining 49% stake in Trimax Smart Infraprojects (TSIPL), a subsidiary company. Post completion of acquisition, TSIPL will become a wholly owned subsidiary of the company.

Earlier, Quess Corp had entered into a joint venture (JV) with Trimax IT Infrastructure and Services (Trimax IT), thereby acquiring 51% in the equity share capital of Trimax Smart Infraprojects, for implementing smart city projects in Ahmedabad.

From the banking sector, Punjab National Bank (PNB) share price will also be in focus today as the lender has received approval for raising funds through Additional Tier-1 Basel-Ill compliant perpetual bonds amounting up to Rs 30 billion in one or more tranches.

Market participants will also be tracking Cadila Healthcare share price as the company has received the final approval from the US Food and Drug Administration (USFDA) to market Clobetasol Propionate Lotion, (US RLD - Clobex Lotion), 0.05%.

To know more about the company, you can access to Cadila Healthcare's 1QFY20 result analysis and Cadila Healthcare's stock analysis on our website.

From the Banking Sector: The Yes Bank Saga

Yes Capital, one of the promoter entities of Yes Bank, has sold 1.8% stake in the bank for Rs 2.4 billion.

Shares of the private sector lender tumbled 5% in early trade today on back of the above news.

In a filing to exchanges on Thursday, Yes Bank said, "YES Capital (India) Private Ltd ("YCPL"), part of the promoter group of YES Bank, has today sold 1.8% shareholding in the Bank."

It added that proceeds from the stake sale by Yes Capital will be utilized to prepay its entire balance outstanding NCDs of Yes Capital subscribed by various schemes of Franklin Templeton Asset Management (India) Pvt. Ltd.

In September 2017, Yes Capital had placed rated, zero coupon NCDs worth Rs 6.3 billion with Franklin Templeton. The NCDs were scheduled to mature in October 2020.

Note that last week, another promoter entity Morgan Credits had sold 2.3% stake in the bank for Rs 3.4 billion, to prepay a certain part of its outstanding dues to Reliance Nippon Life AMC.

In a regulatory filing on Wednesday, Yes Bank had said that "the bank has received strong interest from multiple foreign as well as domestic private equity and strategic investors for this capital raise and remains firmly on course to raising growth capital subject to the necessary approvals."

The above developments come at a time when concerns are being raised over the bank's exposure in the NBFC Altico Capital which has recently defaulted on interest payment.

Last week, Rana Kapoor-controlled Morgan Credits, a promoter, paid Rs 7.92 billion to Reliance Nippon Asset Management (RNAM).

The entity last week sold 2.3% of the promoter holding in the bank in a bulk deal to reduce Kapoor group's ownership of the embattled bank to 7.4%.

Note that the stock of YES Bank has been under pressure ever since the Reserve Bank of India (RBI) curtailed its promoter-chief executive Kapoor's term on corporate governance concerns. Many of the bank's past lending bets under Kapoor are haunting the earnings now and keeping the share prices depressed.

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

TRAI on Weaker Financial Health of Telcos...

Indicating weaker financial health, Telecom Regulatory Authority of India, (TRAI) in its latest report said that gross revenue of telecom operators fell 7.1% to Rs 2,374.2 billion in 2018 from Rs 2,556.6 billion in 2017.

Further, the license fee and spectrum charges that the government collects from them slipped 10.3% and 17.7%, respectively, during the year.

As per the regulatory body, the adjusted gross revenue (AGR) earned by companies from sale of telecom services also decreased over 10% to Rs 1,444.5 billion during 2018 from Rs 1,608.1 billion in 2017.

Besides, the report noted that spectrum usage charges (SUC) was 17.7% lower at Rs 41.9 billion in 2018.

TRAI further showed that access services contributed 71.2% of the total AGR of telecom services.

We will keep you updated on how these numbers move in the coming months. Stay tuned.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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