Sensex Trades Marginally Higher; ICICI Bank & Tata Steel Top Gainers

Thu, 28 Nov 12:30 pm

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Share markets in India are presently trading on a positive note. Benchmark indices edged higher in early trade today with the BSE Sensex and NSE Nifty hitting fresh record highs.

Sectoral indices are trading mixed with stocks in the automobile sector and FMCG sector witnessing selling pressure, while telecom stocks and metal stocks are witnessing buying interest.

The BSE Sensex is trading up by 82 points while the NSE Nifty is trading up by 29 points. The BSE Mid Cap index is trading up by 0.6%, while the BSE Small Cap index is trading up by 0.3%.

The rupee is trading at 71.52 against the US$.

Note that, hopes of an economic recovery over next few quarters on the back of various measures announced by the government, including corporate tax rate cut has pushed Indian markets to new highs.

Foreign portfolio investors (FPIs) also turned net buyers of Indian equities after being net sellers in July and August.

As the Indian stock markets touch new record highs, Tanushree Banerjee talks about the trends and stocks that have huge profit potential.

One of the trends she talks about is the privatisation of PSUs. She talks about the huge potential of this sector and the stocks that could be the big winners!

Tune in...

In the news from the telecom sector, Bharti Airtel has appealed to the Supreme Court to allow the telco and the government to agree on quantum of adjusted gross revenue (AGR)-based dues that need to be paid and the timeline for payments.

As per an article in The Economic Times, the Sunil Mittal led company is trying to find a legal opening to discuss options with the government that may help soften the financial blow on mobile phone companies.

In a letter to telecom minister Ravi Shankar Prasad, Airtel appealed that it wants interest to be levied only from the date of the AGR judgment and a 16-year payment period for all the dues after a moratorium of two years.

The company filed an application in the court earlier this week to seek modifications of the court's order on AGRs. The company also filed a limited review plea in SC last Friday seeking reconsideration of interest, penalties and interest on penalties that make up about 75% of AGR dues.

Airtel's AGR dues are over Rs 355 billion in license fees, spectrum usage charges, interest and penalties. The government said that figures may rise because the ministry is still updating its numbers.

Note that the company posted a loss of over Rs 230 billion in September quarter (Q2FY20) after provisioning for the AGR dues.

The company said that its ability to continue is in doubt if it doesn't get any relief on the dues and the timelines. The apex court had set a three-month deadline for payment.

Bharti Airtel share price is presently trading up by 0.3%.

Moving on to news from the banking sector, Yes Bank share price is in focus today.

Yesterday, the private lender announced that its board will meet on Friday to consider raising of funds.

Yes Bank in a regulatory filing said that, "a meeting of the board of directors of YES Bank will be held on Friday, November 29, 2019 to discuss and consider raising of funds by issue of equity/ equity linked securities through permissible modes".

Last month, the private lender had informed the exchanges that it has received a binding offer from a global investor for an investment of US$ 1.2 billion in the bank through fresh issuance of equity shares.

Yes Bank publicly disclosed that the binding offer is valid until 30 November 2019.

Rating agency ICRA said it will downgrade the ratings if there is no progress on the capital raise proposed by the bank. Further, in a scenario of capital raise, the bank will have to reduce its share of stressed assets, given the sizeable quantum of stressed assets.

In other news, RBL Bank share price is also in focus today. Shares of the company rose 2% intraday today after the company said its board is going to consider fundraising on November 30.

A meeting of the board of directors of the bank is proposed to be held on November 30 to consider and if thought fit to approve raising of funds by way of issue of equity shares of the bank on a preferential basis.

How the above fund-raising plans pan out remains to be seen. Meanwhile, we will keep you updated on the latest developments from this space.

Speaking of the banking sector, it is interesting to note that public sector banks (PSBs) have struggled due to rising NPAs.

NBFCs have struggled after the IL&FS crisis and are wary to lend.

There has been a silver lining in this mess. i.e. the increased market share of private sector banks. This is evident in the chart below:

India's Credit Shift Megatrend

Since 2014, private banks have consistently gained market share mainly at the expense of PSU banks.

With PSU banks still struggling to get out of their NPA mess, this trend is set to continue.

One such good quality private bank makes it to Tanushree's top 7 stocks to buy list.

These 7 stocks will be a part of many such megatrends that will play out over the next decade in India.

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