Sensex Trades 350 Points Higher; Yes Bank & Infosys Top Gainers

Tue, 15 Jan 12:30 pm

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Share markets in India are presently trading on a positive note. Barring telecom sector, all sectoral indices are trading in green with stocks in the IT sector, realty sector and power sector witnessing maximum buying interest.

The BSE Sensex is trading up by 350 points (up 1%), while the NSE Nifty is trading up by 109 points (up 1.1%). The BSE Mid Cap index and the BSE Small Cap index are trading up by 0.6%.

The rupee is trading at 71.03 against the US$.

In the news from the airlines space, Jet Airways share price is witnessing buying interest today on reports that lenders are preparing to buy substantial stake and restructure the debt of the cash-strapped airline as a forensic audit has not shown any adverse findings.

Last month, State Bank of India (SBI), which leads the consortium of lenders, had appointed a consulting firm to carry out a forensic audit of the airline's accounts following complaints of fund diversion.

According to reports, banks have now initiated steps for a resolution of the stressed asset in accordance with the Reserve Bank of India (RBI) norms.

Shares of the company rallied around 18% in yesterday's trade on reports that the company is close to finalizing a resolution plan.

Reportedly, promoter Naresh Goyal is likely to step down from the board giving up majority control and his stake in the airline may be down to 20-25% with voting rights capped at 10% after the restructuring.

Naresh Goyal's son Nivaan is likely to have board role, and a meet is scheduled on January 16 to finalize the deal.

As per an article in a leading financial daily, after the implementation of the resolution plan, banks may increase equity as a part of the restructuring plan. Etihad may infuse capital that could trigger an open offer.

Last Friday, reports stated that the Tata-Jet Airways deal is back on the table.

The cash-strapped airline which had its credit rating cut to default this month is weighing a resumption of stake sale talks with Tata Group as the carrier is poised to run out of cash.

The creditors are open to lending $500 million to Jet Airways if Goyal and Etihad inject a similar amount into the company. A decision will be made once a forensic examination being conducted into the airline's book is completed.

To know more about the company, you can access to Jet Airways' latest result analysis and Jet Airways' 2017-18 Annual Report Analysis on our website.

Moving on to the news from the banking space, Yes bank share price is in focus today amid reports that Deutsche Bank's India CEO, Ravneet Singh Gill is the frontrunner for the CEO's post.

Shares of the company climbed 5% on back of the above news.

Gill has spent his 32-year banking career at the German lender and taking over as India chief executive in July 2012.

Gill has handled capital markets, treasury, structured finance, foreign exchange, transaction banking, risk management and private banking.

As per an article in The Economic Times, two names went to the RBI and Gill, by being an outsider along with his experience as CEO of a bank is the frontrunner.

Here's an excerpt from the article:

• With Gill and Monga in the fray, the bank board thinks they have two strong candidates. Monga has been with the bank almost since inception and is ready to take over from tomorrow. Gill has been Deutsche India CEO since 2012 and has been granted an all-clear by RBI just in July 2018. His experience and pedigree cannot be ignored.

Yesterday, the bank appointed Brahm Dutt as its non-executive chairman. Dutt has been on the board of the bank since July 2013 as an independent director and has contributed to almost all the sub-committees of the board over the past 5 years and a half.

To know more about the company, you can access to Yes bank Q2FY19 result analysis and Yes bank Stock Analysis on our website.

Speaking of corporate banks, Sarvajeet offers an interesting observation on a corporate bank stock.

Here's what he wrote in one of the recent editions of The 5 Minute WrapUp...

• Corporate banks have underperformed retail-focused banks in the last five years. The chart below shows the annualised returns of the last five years.
  
  

  Corporate Banks Underperforming Retail-focused Banks

  

  Retail-focused banks such as HDFC Bank and Kotak Mahindra bank performed significantly better compared to corporate banks. One of the important reasons for this outperformance is stable asset quality. They could maintain gross NPAs below 1% in the previous five years.
  
  Whereas corporate focused banks such as ICICI Bank, Axis Bank, and SBI are facing serious asset quality issues. Not to mention, some of these banks had management issues as well. No wonder these banks not only underperformed retail-focused banks, but also the BSE Bank index as well.
  
  But as I mentioned earlier, the worst is behind them.
  
  We recommended a corporate bank in Smart Money Secrets.
  
  Its aggressive clean-up of its corporate loan book, hiring the right people at the top, adoption of digital technology, and using algorithms in its core operations, bodes well for the bank and its stock. Smart Money Subscribers can access the report here.

If you do not have access to Smart Money Secrets, you can sign up 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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