Indian Indices Trade on a Volatile Note; Sun Pharma, Infosys Among Top Losers

Tue, 5 Nov 12:30 pm

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Share markets in India are presently trading on a volatile note. Sectoral indices are trading mixed with stocks in the consumer durables sector and IT sector witnessing selling pressure, while telecom stocks and metal stocks are witnessing buying interest.

The BSE Sensex is trading down by 113 points (down 0.3%), while the NSE Nifty is trading down by 44 points (down 0.4%). The BSE Mid Cap index is trading down by 0.6%, while the BSE Small Cap index is trading down by 0.3%.

The rupee is currently trading at Rs 70.72 against the US$.

Amid the volatility witnessed in stock markets lately, Tanushree Banerjee, in the video below, talks about the Rebirth of India phenomenon and how 3 specific trends are racing ahead even in these gloomy times.

Tune in to find out more...

In news from the banking sector, shares of Yes Bank surged 9% in early trade today after ace investor Rakesh Jhunjhunwala bought a 0.5% stake in the private sector lender for Rs 870 million on Monday.

Data available on the exchanges showed that Jhunjhunwala bought 12.9 million shares of the lender at a price of Rs 67.1 apiece.

Note that the investment in Yes Bank by Jhunjhunwala comes after the lender announced last week that it has received offers of US$ 3 billion from potential investors.

On Friday evening, Yes Bank chief executive Ravneet Gill said that the bank has non-binding offers from two domestic mutual funds, six global private equity firms, two Indian financial investors and two Indian family offices.

While the two domestic MFs and global PE firms have made an offer of US$ 1.5 billion, the offer from four Indian investors is about US$ 350 million.

Gill added that the bank hopes to close the fund-raising before December.

Last week, the private lender also reported a net loss of Rs 6 billion for the September quarter primarily owing to a one-time deferred-tax asset (DTA) adjustment of Rs 7.1 billion. The bank had posted a net profit of Rs 9.6 billion in the same period last year.

The bank's 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%.

To know more, you can read Yes Bank's latest result analysis on our website.

Yes Bank share price is presently trading up by 3.2%.

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 news from the finance sector, Bajaj Finance share price is witnessing buying interest today after a report said that the consumer lending company's QIP received a huge subscription from investors.

According to reports, the company's qualified institutional placement (QIP) issue, launched on November 4, was subscribed five times.

On November 4, a special committee of the board approved raising of capital through a QIP for an aggregate amount not exceeding Rs 85 billion by issue of equity shares and/or eligible securities.

In a BSE filing, the company said, "the relevant date for the purpose of the issue is November 4, 2019 and accordingly the floor price in respect of the aforesaid issue, based on the pricing formula is Rs 4,019.78 per equity share."

The meeting of special committee is to be held on November 7 to approve the issue price, including a discount, if any thereto, for the equity shares to be allotted to qualified institutional buyers, pursuant to the issue.

In other news, shares of Credit Access Grameen rallied as much as 7% intraday to hit a record-high of Rs 715 per share after it was reported that the company is planning to raise funds from a Netherland-based finance company.

The microfinance institution informed exchanges that the executive, borrowings and investment Committee in a meeting today finalized the terms of issue of unlisted, unrated, senior secured, redeemable, transferable non-convertible debentures of Rs 1 million each to Nederlandse Financierings on preferential basis.

The company will raise Rs 2.1 billion from Nederlandse Financierings.

Credit Access Grameen share price is presently trading up by 4.5%.

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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Indian Share Market Update: Top Gainers and Losers