Indian Indices Trade Marginally Higher; FMCG Stocks Advance

Thu, 17 Oct 12:30 pm

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Share markets in India are presently trading on a positive note. The BSE Sensex is trading up by 76 points while the NSE Nifty is trading up by 12 points.

The BSE Mid Cap index is trading up by 0.6%, while the BSE Small Cap index is trading up by 0.3%.

Sectoral indices are trading mixed with stocks in the telecom sector and metal sector witnessing selling pressure, while FMCG stocks and finance stocks are witnessing buying interest.

The rupee is currently trading at 71.40 against the US$.

Market participants are tracking Force Motors share price, Mastek share price, and PVR share price as these companies are set to announce their September quarter (Q2FY20) results later today.

You can also read our recently released Q2FY20 results: Infosys, TCS, IndusInd Bank, Bajaj Consumer Care, Wipro, ACC, HUL.

In news from the engineering sector, Bharat Electronics has inked a memorandum of understanding (MoU) with Tamil Nadu Industrial Explosives, a Tamil Nadu government undertaking, for co-operation in the explosives segment.

Reports state that the company is investing for the upgradation of existing facilities and the addition of new facilities. They also aim to set up a centre of excellence for ammunition related technologies for both defence and aerospace requirements.

Meanwhile, Bharat Heavy Electricals (BHEL) has inaugurated metal-cutting gas plant of 1900 kg capacity at Bhopal Unit.

This plant, installed at the Gas & Power plant division in the unit, is the first industrial set-up for metal cutting in this capacity range.

Bharat Electronic share price and BHEL share price are presently trading up by 0.8% and 1%, respectively.

Moving on to news from the realty sector, promoters of real estate group HDIL have requested the Reserve Bank of India (RBI) and investigating agencies to sell off their assets to pay off Punjab & Maharashtra Co-operative (PMC) Bank's dues.

As per an article in a leading financial daily, Rakesh Wadhawan and Sarang Wadhawan, who are the prime accused in the PMC Bank scam, have requested to sell assets which include a yacht, a Rolls Royce and an aircraft.

In a letter to the Enforcement Directorate, the Union finance ministry and the RBI, the Wadhawans requested that they be allowed to sell off 18 of their attached assets.

They also denied allegations of fraud and money laundering and asked the agencies to "immediately take steps to sell assets at a fair value" and start repaying the loans.

According to the Mumbai Police's Economic Offences Wing (EOW), the scam at the Punjab & Maharashtra Co-operative Bank is worth Rs 43.6 billion.

The assets listed in the letter include ultra-luxury cars such as a Rolls Royce Phantom, Bentley Continental, a BMW 730 LD, as well as a humble Ambassador, owned by Rakesh Wadhawan.

It also lists assets owned by Sarang, Rakesh's son, including a Falcon 2000 Aircraft, Audi AG, a FerrttiYacht 881, two electric cars, three Quad Bikes (ATV) and speed boat.

On October 3, Rakesh and Sarang were arrested by the EOW for their alleged involvement in the scam.

Reportedly, over 70% of the bank's advances went to HDIL group, which led to a huge crisis when the group defaulted on repayment.

Note that the recent Punjab and Maharashtra bank fiasco has put small savers in the limelight yet again.

These banks have poor lending practices. Depositors have had to pay the price time and again.

In the short run, this has an adverse effect on microfinance lending as well. Micro finance institutions (MFIs) are skeptical about lending to even genuine borrowers in an uncertain environment.

But this is actually a blessing in disguise for MFIs with strong business practices.

After all, last mile connectivity in lending is still a huge opportunity.

Huge Opportunity in Last Mile Lending in India

Here's what Tanushree Banerjee wrote about this in a recent edition of The 5 Minute WrapUp...

• The average ticket size of a microfinance borrower in India is around Rs 38,000 which is much lower than the global average (Rs 65,000).
  
  The sector itself has grown at an average annual rate of 27% for the last 4 years.
  
  Still states like Uttar Pradesh, Bihar, and Madhya Pradesh with a large rural population are highly under-penetrated even today.

A private bank that is part of Tanushree's 7 stocks to buy list has already taken a step in this direction.

It will be a big beneficiary when the microfinance boom plays out in India.

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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