Sensex Opens Higher; Metal and Telecom Stocks Lead

Mon, 4 Nov 09:30 am

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Asian share markets are higher today as Chinese and Hong Kong shares show gains. The Shanghai Composite is up 0.8% while the Hang Seng is up 1.4%. The Nikkei 225 is trading down by 0.3%. US stocks rallied to close out the trading week on Friday as the S&P 500 set a closing record for the third time in five days after an upbeat US jobs report and data on Chinese manufacturing eased concerns about slowing global growth.

Back home, India share markets opened higher. The BSE Sensex is trading up by 179 points while the NSE Nifty is trading up by 53 points. The BSE Mid Cap index and BSE Small Cap index opened up by 0.4% and 0.5% respectively.

Except automobiles stocks and IT stocks, all sectoral indices have opened the day in green with metal stocks and telecom stocks witnessing maximum buying interest.

The rupee is currently trading at 70.76 against the US$.

In the news from the banking sector. Yes Bank posted a loss of Rs 6 billion during the July-September period, dented by higher provisions and one-time deferred tax assets adjustment with sharp increase in non-performing assets.

Lower other income, pre-provision operating profit (PPoP) and net interest income (NII) also hit earnings.

The bank had reported profit at Rs 9.6 billion in year-ago period and Rs 1.1 billion in the June-ended quarter.

Asset quality deteriorated further with gross non-performing assets (NPA), as a percentage of gross advances, falling 238 bps sequentially to 7.4% while net NPAs, as a percentage of net advances, increased 144 bps QoQ to 4.4%.

The bank continued to see high loan slippages (Rs 59.5 billion) into NPA with 60% being from BB and below book and 40% from outside the identified stressed BB and below book, which was a key negative.

On October 31, the day before announcing its Q2 result, the lender said it received US$1.2 billion binding offer from a global investor.

Yes bank share price opened the day down by 5.5%.

Speaking of Yes Bank, Ankit Shah shares an interesting observation in the private sector bank's shareholding pattern over the last one year.

Here's what he wrote about it in a recent edition of The 5 Minute WrapUp...

• What I found made me nervous and worried - individual investors have been the worst hit by the Yes Bank share price crash.
  
  The chart shows the number of shares held by individual shareholders holding nominal share capital up to Rs 1 lakh.

Yes Bank Crash: Who's Been the Worst Hit?

As you can see, the total shares held by individual shareholders holding nominal share capital up to Rs 1 lakh increased from 14.5 crore shares at the end of June 2018 to 43.4 crore at the end of June 2019. That's a drastic 200% jump in just one year.

Even the total number of individual shareholders that held Yes Bank shares increased by 195% from 3.76 lakh at the end of June 2018 to 11.08 lakh at the end of June 2019.

The key takeaway here for all individual investors is to not confuse the cheapness in share price for cheapness in valuations. Do not blindly buy shares of battered stocks expecting them to rebound to their earlier levels.

Moving on to the news from the pharma sector. As per an article in a leading financial daily, the USFDA has issued an Establishment Inspection Report (EIR) for Alkem Laboratories' manufacturing facility located at Daman.

The facility was inspected from 26 August 2019 to 30 August 2019.

In response to the Form 483 issued by the USFDA containing two observations, the company had submitted a detailed corrective and preventive action (CAPA) plan to the regulator within the stipulated timelines.

The inspection has now been closed by the USFDA.

Further, the inspection conducted at the company's manufacturing facility located at Baddi, India from 19 August 2019 to 21 August 2019 where no Form 483 was received, an Establishment Inspection Report (EIR) has been received for the said facility located at Baddi, India and the inspection has now been closed by the USFDA.

Alkem Laboratories share price opened down by 0.2%.

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