Indian Indices Witness Selling Pressure, Q2FY20 Results, and Top Cues in Focus Today

Thu, 14 Nov Pre-Open

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Indian share markets closed on a negative note yesterday amid weak global cues and disappointing domestic factory output data.

The trade war between the world's two biggest economies diminished investor sentiments as uncertainty still remained over whether the United States and China could end their damaging trade war.

At the closing bell yesterday, the BSE Sensex stood lower by 229 points (down 0.6%) and the NSE Nifty closed down by 73 points (down 0.6%).

The BSE Mid Cap index ended the day down by 0.8%, while the BSE Small Cap index ended the day down by 1.1%.

Sectoral indices ended on a mixed note with stocks in the metal sector, banking sector and realty sector leading the losses, while energy stocks and IT stocks witnessed buying interest.

September Quarter Results

From the media sector, Sun TV's higher operational expenses dragged the company's consolidated profit before tax (PBT) 26% lower at Rs 4 billion in the September quarter (Q2FY20).

The company's operational revenue went up 6% at Rs 8.3 billion, while total expenses jumped 66% to Rs 5 billion over the corresponding quarter of the previous year.

Additionally, the company's advertisement revenue came in at Rs 3.4 billion, down 1.5% year-on-year (YoY), impacted by a weak economic environment.

EBITDA (earnings before interest, tax, depreciation and amortization) declined 15% at Rs 4.7 billion on YoY basis.

On a consolidated basis, net profit remained flat YoY at Rs 3.7 billion due to lower tax provisioning.

In other news, Britannia posted a PBT of Rs 5 billion for Q2FY20.

The company's net profit grew 33% to Rs 4 billion on a YoY basis on account of re-measurement of deferred tax in accordance with lower corporate tax rate. It reported a consolidated revenue growth of 7% for the quarter at Rs 31.2 billion on YoY basis.

Infosys Receives Second Whistleblower Letter

Infosys share price will be in focus today as the company has received a second whistleblower complaint accusing chief executive Salil Parekh of misdemeanors. This comes days after a similar letter prompted the company's board to institute an independent probe.

In a letter to Infosys chairman and co-founder Nandan Nilekani, the whistleblower said, "though it is a year and eight months since Parekh joined the company, he operates from Mumbai in violation of the condition that the CEO has to be based in Bengaluru. What is stopping the board to insist on his movement to Bengaluru."

As an employee and a shareholder, the whistleblower said it was his duty to bring to the notice of the chairman and the board a few facts that were eroding the value systems of the company.

The whistleblower added that he was unable to disclose his identity fearing retaliation for the disclosures he was making against Parekh.

Note that when the first letter became public last month on 22nd October, shares of Infosys plunged about 16%.

Reports state that the second letter may not be new, and it could be the one of the "undated letters" that Infosys had referred to earlier.

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

More Stake Buyers for Yes Bank

In the news from the banking sector, Yes Bank will be in focus today as Sunil Munjal, chairman of Hero Corporate Services Ltd, and Hemendra Kothari, veteran investment banker and founder of DSP Group, have held separate talks with the cash-starved private sector lender to purchase stakes of 5-10% each.

As per a leading financial daily, the two businessmen have expressed their intention to invest following discussions over the past fortnight. If both investments proceed, the bank could receive a total sum of up to Rs 35 billion.

Besides Munjal and Kothari, US-based private equity giant Carlyle Group has also evinced interest to invest up to US$ 400 million in Yes Bank through a fresh equity issuance.

RBI approval is mandatory for any stake purchase of 5% or more in a bank.

Note that Yes Bank is in need of money to stay compliant with RBI's capital adequacy norms and create enough buffers to provision against bad loans in the coming quarters.

As of the September quarter, Yes Bank's tier I capital adequacy ratio stood at 11.5% against the regulatory requirement of 8.875%.

Its common equity tier 1 capital stood at 8.7%, marginally above the regulatory requirement of 7.375%.

The bank has met at least half-a-dozen large private equity firms and about a dozen foreign family offices since August.

The stock of the lender witnessed selling pressure yesterday as market participants resorted to profit booking after strong rally seen for the stock in the last few sessions. The stock saw surge in buying last week after the private lender said that it had received offers worth US$ 3 billion to raise funds.

How the above investment talks advance remains to be seen. Meanwhile, we will keep you updated on all the developments from this space.

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

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