Sensex Touches Record High, Rising Domestic Air Passenger Traffic, and Top Cues in Focus Today

Thu, 21 Nov Pre-Open

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Indian share markets ended their day on a positive note during closing hours yesterday.

During the trading session yesterday, the BSE Sensex rallied more than 300 points to hit a fresh record high of 40,816, while the NSE Nifty broke above its crucial resistance level of 12,000.

At the closing bell yesterday, the BSE Sensex stood higher by 181 points (up 0.5%) and the NSE Nifty closed higher by 59 points (up 0.5%).

The BSE Mid Cap index ended up by 0.3%, while the BSE Small Cap index ended the day up by 0.1%.

On the sectoral front, gains were seen in the healthcare sector and energy sector. Realty sector and consumer durables sector, on the other hand, witnessed selling.

Speaking of stocks markets in India, current volatile markets and some recent economic numbers have confused investors.

Tanushree Banerjee decodes a few economic myths and reveals three big trends of Rebirth of India in the video below.

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Top Stocks in Focus Today

From the realty sector, DB Realty share price will be in focus today as Prestige Group has picked up 29% stake in commercial development of a DB Realty project.

The commercial property in Mumbai's Bandra locality has a development potential of over 7 lakh sq ft and is valued at about Rs 21 billion, the reports stated.

The joint venture entity will develop a mixed-use project with total 200 hotel rooms, while the rest will be office space.

From the power sector, Kalpataru Power Transmission share price will also be in focus today as the company has exited one of its subsidiaries.

In a filing, Kalpataru Power Transmission said it had completed the sale of its entire stake in Kalpataru Satpura Transco on November 20 after obtaining the regulatory and other approvals.

Consequently, Kalpataru Satpura Transco Private Limited ceases to be the subsidiary of the company from November 20.

The company has entered into definitive agreements to sell its stake in three subsidiaries to CLP India Private Limited, subject to receipt of relevant approvals and completion of conditions precedent.

Domestic Air Passenger Traffic Increases in October

In the news from the airlines sector, as per the latest data released by the Directorate General of Civil Aviation (DGCA), the domestic air passenger traffic increased by 4% to 12.3 million in October 2019 as compared to 11.8 million in the same month of last year.

In September this year, the domestic passenger growth was just 1.2% as compared to the same month last year.

The passenger load factor in the month of October has shown increasing trend compared to previous months primarily due to the onset of tourist season.

According to data, the passenger load factor of all major airlines, Air India, SpiceJet, GoAir, IndiGo, AirAsia and Vistara declined in October as compared to September this year.

The passenger load factor measures the seat capacity utilisation of the airline.

IndiGo maintained its lead position with 47.4% share of the domestic passenger market in October.

SpiceJet's market share increased from 14.7% in September to 16.3% in October, giving it the number two spot. The market share of Air India, GoAir, AirAsia and Vistara was 12.6%, 11.2%, 6.5% and 5.4% respectively in October.

NPA Divergence at YES Bank...

Yes Bank reported a lower net profit of Rs 10.8 billion for the financial year 2018-19 against Rs 17.2 billion announced earlier due to higher non-performing assets (NPAs) assessed by the Reserve Bank of India (RBI).

The divergence in net NPAs of the bank - the difference in bad loans reported by the bank and the assessment done by the RBI - stood at Rs 22.9 billion for 2018-19.

The lender in a statement said the adjusted (notional) net profit after tax for the year ended March 31, 2019 after taking into account the divergence in provisioning was at Rs 10.8 billion.

The divergence in provisioning was at Rs 9.7 billion.

Note that the Indian stock market regulator has put in place tighter disclosure norms, directing all listed banks to disclose any divergence in bad loan provisioning within 24 hours of receiving RBI's risk assessment report, rather than waiting to publish the details in their annual financial statements.

In another development, Yes Bank yesterday informed the exchanges that Rana Kapoor and promoter entities Yes Capital and Morgan Credits sold their remaining 0.8% stake in bank.

In September, the promoter entities had sold a combined 2.75% in YES Bank through the open market process.

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.

We will keep you updated on all the developments from this space.

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