Developments in the Banking Sector, Global Stocks Market Drivers, and Top Stocks in Focus Today

Wed, 9 Oct Pre-Open

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On Monday, Indian share markets witnessed most of the selling pressure during closing hours and ended lower.

The BSE Sensex closed lower by 141 points to end the day at 37,532. Tata Steel and ONGC were among the top losers.

While the broader NSE Nifty ended down by 48 points to end at 11,126.

Among BSE sectoral indices, healthcare stocks fell the most, followed by oil & gas stocks and capital goods stocks.

Top Stocks in Action Today

From the pharma sector, Dr. Reddy's Lab share price will be in focus today as the company has received Establishment Inspection Report (EIR) from US Food and Drug Administration (USFDA) for its API manufacturing plant 2 at Bollaram in the state of Hyderabad.

Meanwhile, Indoco Remedies has received final approval for its Abbreviated New Drug Application (ANDA) for Rasagiline 0.5 mg and 1 mg tablets from the USFDA.

BEML share price will also be in focus today as the company has bagged orders from Delhi Metro Rail Corporation (DMRC) for 'RS15' - design, manufacture, supply, testing and commissioning of 80 Nos. broad gauge intermediate cars valuing Rs 7.3 billion approximately.

Market participants will also track Vodafone Idea share price. Reportedly, the company has partnered with Kia Motors in India for supporting connected car services in the auto maker's SUV, Seltos.

Under the partnership, Vodafone Idea will provide to Kia Motors its business services' internet of things (IoT) solutions offering an array of services, including navigation that reflects real-time traffic.

Yes Bank to Raise US$ 1 Billion

In news from the banking sector, Yes Bank is looking at raising US$ 1-1.2 billion by December through a fully underwritten rights issue. According to an investment banker, the bank has received an interest from both global private equity players and Indian family offices.

The private lender is in talks with three private equity (PE) players - TPG, The Carlyle Group and Farallon Capital for a stake sale.

As per an article in a leading financial daily, the talks have advanced substantially in the past few days and they could result in one or more private equity firms taking a significant stake in the bank, providing the growth capital the lender needs to compete at the top tier of Indian banking.

In a recent conference call, Chief Executive Ravneet Gill said Yes Bank's operating metrics and performance are 'absolutely sound' and the lender has enough liquidity.

Gill said the new investor will be either a strategic partner like a tech company, or a financial investor or a deep-pocketed family office.

Yes Bank is also in talks with three top technology companies, including Microsoft, to induct one of them as a strategic shareholder as part of the bank's strategy to get fresh capital infusion.

Reports state that if the talks are productive, the private lender could sell as much as 15% through a fresh issuance. The stake sale may fetch the bank around Rs 20 billion.

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

From the Commodity Space...

Oil prices were up on Monday, buoyed by hopes of progress in US-China trade talks and supported by challenges to supply facing major exporters.

US and Chinese officials are scheduled to meet in Washington on October 10-11 in a fresh effort to work out a deal.

On the supply side, deadly anti-government unrest has gripped Iraq, the second-largest producer among the Organization of the Petroleum Exporting Countries (OPEC).

Despite Monday's gains, Brent is still down more than 20% from the 2019 peak of US$ 75.60 a barrel recorded in April.

To know more about crude oil and the recent developments in this space, you can read Vijay Bhambwani's article here: Message of the Markets - What is Crude Oil Indicating?

Global Stock Market Drivers

European shares dipped on Monday as a fall in German industrial orders data underscored concerns about a looming recession in Europe's largest economy.

Asian stocks rallied in the slipstream of gains on Wall Street, with MSCI's broadest index of Asia-Pacific Shares outside Japan rising 0.1%.

Japan's Nikkei opened higher but reversed course and fell 0.2%.

As per the economic schedule released by Vijay Bhambwani, here are the important events due later this week:

• USA - Crude Oil Inventory
• UK - GDP and Manufacturing Production
• Germany - Trade Balance, Exports & Imports

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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