Developments in the NBFC Space, Upcoming IPOs, and Top Stocks in Action Today

Thu, 28 Nov Pre-Open

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On Wednesday, Indian share markets witnessed buying interest throughout the day and ended higher.

The BSE Sensex closed higher by 199 points to end the day at 41,021. Yes Bank and SBI were among the top gainers.

While the broader NSE Nifty ended up by 63 points to end at 12,101.

Among BSE sectoral indices, automobile stocks gained the most, followed by energy stocks and IT stocks.

Top Stocks in Action Today

Coal India share price will be in focus today as the company has reportedly collaborated with the Indian Space Research Organisation (ISRO) to develop a satellite-based system to provide air pollution data online to the company and the government.

Ashok Leyland share price will also be in focus today as the company said it has bagged an order to supply 1,750 buses to Tamil Nadu State Transport Undertakings.

In a filing to exchanges, the flagship company of Hinduja Group said, "this deal comes close on the heels of other orders received from various state transport undertakings recently".

Market participants will also track BASF India share price. Reportedly, the company is planning to double its capacity for polymer dispersions with a new production line at its site in Dahej, Gujarat.

NBFCs in Focus

As per Moody's Investors Service's latest report, the inclusion of Non-banking financial companies (NBFCs) into the Insolvency and Bankruptcy Code (IBC) is credit positive for banks because IBC provides for the orderly resolution of a stressed NBFC company.

According to the report, the close involvement of the Reserve Bank of India (RBI) in the resolution process indicates the importance of the NBFC sector to overall financial stability, including the direct effect of any systemically important NBFC's failure on banks and other credit providers.

It said, "we expect the RBI to selectively approach the IBC to resolve NBFCs with severe liquidity or solvency issues, or to resolve companies whose weak corporate governance is deterring potential buyers."

It also expects banks and the RBI to utilize other debt restructuring options before approaching the IBC.

Recently, the government had empowered RBI to refer stressed NBFCs and housing finance companies (HFCs) having assets worth of at least Rs 5 billion to insolvency courts after notifying Section 227 of the IBC.

Prior to this, the only resolution framework available for stressed NBFCs was liquidation.

Section 227 of IBC empowers the government to notify, in consultation with financial sector regulators, insolvency and liquidation proceedings.

The section specifies that RBI can initiate the bankruptcy process for an NBFC or a housing finance company.

Now, how this pans out going forward remains to be see.

Gold Slips after Trump's Comments

Gold prices edged lower on Wednesday after US President Donald Trump's comment that Washington was close to an interim trade deal with China boosted demand for riskier assets.

On Tuesday, Trump said Washington was in the "final throes" of a deal that would defuse the 16-month tariff dispute with Beijing.Back home in India, prices fell for the seventh consecutive day. Gold futures contracts were today down 0.20% to Rs 37,647 per 10 gram.

With the latest price decline, gold is now down about Rs 2,350 per 10 gram from record highs of Rs 40,000 in early September.

Ujjivan Small Finance Bank's IPO

In latest developments from the IPO space, Ujjivan Small Finance Bank (USFB) said its initial public offer (IPO) to raise up to Rs 7.5 billion will open on December 2.

The price band has been set at Rs 36 to Rs 37 per equity share, and the offer will close for subscription on December 4.

Earlier this month, USFB raised Rs 2.5 billion in a pre-IPO round.

The bank's parent microfinance lender Ujjivan Financial Services went public in 2016 after receiving an in-principle license from the Reserve Bank of India (RBI) to start a small finance bank.

How this IPO sails through remains to be seen. Stay tuned for more updates.

Speaking of IPOs, this one IPO has been the hot topic in the world over. I am talking about the Saudi Aramco IPO.

There's a lot going on this front.

Saudi Aramco's much heralded and oft-delayed initial public offering is going ahead, albeit in a scaled down version of the original plan by Saudi Crown Prince Mohammed bin Salman.

There'll be no grand opening on the London or New York stock exchanges. The sale is restricted to the Saudi bourse and won't even by marketed to most international money managers.

Investors will be able to purchase just 1.5% of the world's most profitable company, about half what was previously considered. Even so, the share sale in early December will come close to, or even surpass, the record for the biggest IPO in history.

So, what does all that mean for crude oil investors and traders? And why is important?

At a time when Saudis are not sharing many details with their wall street investment bankers, Vijay Bhambwani in his latest video, raises a few questions that the mainstream media is not covering, and not even crude oil traders are asking...

Tune in to find out...

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

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