Sensex Ends Day in Green, Bandhan Bank Merger, and Top Stocks in Action

Tue, 8 Jan Pre-Open

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On Monday, share markets in India opened on a positive note and ended the day in green after an optimistic day of trading.

The BSE Sensex closed higher by 155 points to end the day at 35,850. While the broader NSE Nifty ended the up by 49 points to end at 10,777.

Among BSE sectoral indices, realty stocks rose the most by 1.5%, followed by telecom stocks at 1.2%. Axis Bank and Tata Motors were among the top gainers.

Top Stocks in Action Today

Bharat Heavy Electricals Limited (BHEL) share price is likely to be in focus today after the state run company commissioned an 800 MW thermal power unit within a record time of 46 months for Kothagudem Thermal Power Station of Telangana State Power Generation Corporation.

Bharat Forge share price is likely to be in focus today after the domestic automobile companies reported disappointing sales numbers during the month of December 2018 because of adverse macroeconomic conditions.

The company has recently received the first export order for its aluminum light weighting business and the company's oil & gas segment is at its all-time high.

Bandhan Bank and Gruh Finance share price are likely to be in focus today after reports that the bank and HDFC-controlled Gruh Finance, an affordable home loans subsidiary, are set to unveil a $12-billion share-swap merger.

The merger would result in Bandhan founder Chandra Shekhar Ghosh bringing down his promoter holding to just above 60%

IL&FS Woes Worsen

As per an article in a leading financial daily, IL&FS Transportation Networks, a group company of the troubled IL&FS group, defaulted on dividend payment of Rs 71.2 million due on redemption of cumulative non-convertible redeemable preference shares.

Reportedly, the dividend of Rs 71.2 million was due for the period between 1 April 2017 to 23 December 2018 and was not paid due to insufficient funds.

Note that, IL&FS and its subsidiaries have defaulted on many debt instruments in the past few months due to insufficient funds.

The group's total debt stood at over Rs 940 billion as of October 2018.

Speaking of the IL&FS crisis, Tanushree Banerjee, co-head of Research at Equitymaster, rightly pointed out in The 5 Minute WrapUp, that rating agencies were late to ring the alarm bells this time as well.

Here's what Tanushree wrote:

• "Now, no doubt, rating agency ICRA kept upholding IL&FS' AAA rating until August 2018. But the rating documents over the years, that lay down financial numbers, clearly showed a risky trend.
  
  Even as IL&FS Financial Services' debt to equity ratio shot up over the past six years, the ratio of NPA to networth kept ballooning. And as I have written earlier for PSU banks, the NPA to networth ratio is something I stay extremely wary of.
  
  For IL&FS Financial Services, the NPA to networth ratio rang alarm bells by 2016 itself."

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