Sensex Slumps 450 Points; Tata Steel & ONGC Top Losers

Fri, 29 Nov 12:30 pm

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Share markets in India have extended early losses and are presently trading deep in the red. Investors turned cautious ahead of the quarterly gross domestic product data, due later today.

Barring telecom sector and power sector, all sectoral indices are trading on a negative note with stocks in the metal sector and automobile sector witnessing maximum selling pressure.

The BSE Sensex is trading down by 391 points while the NSE Nifty is trading down by 112 points. The BSE Mid Cap index is trading down by 0.2%, while the BSE Small Cap index is trading up by 0.3%.

The rupee is trading at 71.70 against the US$.

In news from the finance sector, shares of Indiabulls Housing Finance rallied over 10% today after the government filed an affidavit in the Delhi High Court saying there are no irregularities in the housing finance company as far as loans given to some of the entities.

The affidavit filed by the ministry of corporate affairs (MCA) stated that "as far as the loans given by IBHF to five companies - DLF, Amricorp, Vatika, ADRG and Chordia reported to be Standard Accounts. Remaining issues/violations reported in the inspection report are under examination and same will be dealt as per law."

Shares of Indiabulls Housing Finance closed 25% higher yesterday on back of the above news. Other Indiabulls Group stocks such as Indiabulls Real Estate, Indiabulls Ventures, and Indiabulls Integrated were also locked in upper circuit.

Buying interest was also seen as foreign portfolio investors (FPIs) bought nearly 1% stake in the company through open market.

Yesterday, Government Pension Fund Global had bought 3.1 million equity shares, representing 0.73% stake, in the housing finance company for Rs 950 million.

Data showed that FPIs purchased these shares at the price of Rs 305.60 per share.

Note that a writ petition filed by an NGO on September 6, alleged that the Indiabulls group misappropriated thousands of crores of rupees through complex transactions.

The petition alleged that the Indiabulls group roundtripped the funds through complex transactions involving entities in the Reliance Anil Ambani Group and the DLF Group and has urged the court to initiate an independent investigation by a special investigation team to inquire into the allegations of financial irregularities by the Indiabulls conglomerate.

The Delhi High court on 27 September issued notices to MCA, IBHF, markets regulator, the Reserve Bank of India (RBI) and other respondents and gave them two weeks to file their replies.

Following the HC order, shares of Indiabulls Housing Finance had crashed 35%.

Indiabulls Housing Finance share price is presently trading up by 6%.

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

Shares of the private lender surged in early deals today as the bank is poised to release details of a fund-raising plan later today.

Yes Bank on Thursday, after market hours informed the exchanges that its board is scheduled to meet on Friday to consider and approve raising of funds by issue of equity, equity linked securities.

Yes Bank aims to raise about US$ 1.2 billion in capital and says it has received offers from bidders including an unnamed North American family office.

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.

Note that Yes Bank's bad loans have risen sharply, with exposures to several troubled NBFCs, real estate firms, and stressed companies.

Yes Bank's core equity capital stands at 8.70%, barely above the regulatory minimum of 8%.

How the above fund-raising plan pans 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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