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Sensex Ends Marginally Higher; Oil & Gas Stocks Witness Buying
Fri, 18 Jan Closing | Monish Vora, TM Team

Share markets in India ended their trading session marginally higher. Sectoral indices ended on a mixed note with stocks in the energy sector trading in the green and stocks from the telecom sector witnessing most of the selling pressure.

At the closing bell, the BSE Sensex stood higher by 13 points (up 0.03%) and the NSE Nifty stood flat. The BSE Mid Cap index ended the day down 0.8%, while the BSE Small Cap index ended the day down by 0.7%.

The rupee was trading at 71.14 against the US$.

Asian stock markets finished on a positive note. As of the most recent closing prices, the Hang Seng was up by 0.5% and the Nikkei 225 was up by 1.3%.

Stocks from the auto sector were trading on a negative note today with Bharat Forge and TVS Motors witnessing most of the selling pressure.

Speaking of the auto sector, note that one out of every three household in India is a buyer of their products. They own some of the cult brands in Indian automobile space.

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They have formidable R&D teams. They have been through several economic cycles over decades. Few have even visited near-bankruptcy in the past and come out successful.

Yet, some of the biggest passenger car, commercial vehicle, and two-wheeler companies in India have seen a huge dent in valuations in recent times. This is evident in the chart below:

Bluechip Auto Are Stocks Way Off Their Valuation Peaks

Tanushree Banerjee, Co-head of Research at Equitymaster believes, this could be the opportunity long term investors were waiting for.

In the news from pharma space, Aurobindo Pharma share price was in focus today as the company said it had acquired seven marketed oncology injectable products from Spectrum Pharmaceuticals for about US$ 300 million.

This includes an upfront cash payment of up to US$ 160 million and up to US$ 140 million in milestones.

In the news from airlines space, Jet Airways share price is in focus today as promoter Naresh Goyal has countered partner Etihad Airways' proposal to increase stake in the airline with an offer to invest Rs 7 billion.

As per the news, he has also proposed to pledge his entire shareholding with lenders while seeking to maintain at least a 25% stake. This is done so to resist pressure to reduce his holding and step aside.

Note that Etihad Airways is seeking a hard bargain, given the imminent risk of the grounding of aircraft by lessors, thereby triggering a rapid cessation of operations.

As per the news, a report suggested that Etihad Airways CEO Tony Douglas has communicated to the lead lender that it will not pay more than Rs 150 a share for infusing funds and sought a complete exit by Naresh Goyal and his family from any management or even advisory role in the Indian carrier.

Etihad has offered to invest in the domestic airline at discounted rate of Rs 150 per share. Along with this, Etihad has also agreed to infuse US$ 35 million from Jet Privilege, where it owns majority shares but after the due diligence is completed.

Etihad Chief Executive Tony Douglas has written to State Bank of India on the restructuring plan for the airline.

As per an article in The Economic Times, Etihad has sought exemptions from the markets regulator from making an open offer and preferential pricing guidelines.

Here's an excerpt from the article:

  • In addition, Etihad is also demanding that Mr. Goyal's future role as "Chairman Emeritus" should be "well defined," stressing that no board seat should be given for Mr. Goyal himself and no rights for him or his family and affiliates to act or represent the airline.

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

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 US$ 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.

Jet's woes have worsened with higher oil prices and intense competition in 2018.

This would be the second time that the West Asian airline has come to the debt-laden carrier's rescue.

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.

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!

Read the latest Market Commentary

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Stock Market Updates

RELIANCE INFRA Surges by 10%; BSE POWER Index Up 0.9% (Today's Market)

Feb 22, 2019 12:40 PM

RELIANCE INFRA share price has surged by 10% and its current market price is Rs 139. The BSE POWER is up by 0.9%. The top gainers in the BSE POWER Index are RELIANCE INFRA (up 9.8%) and SUZLON ENERGY (up 20.3%). The top losers are NHPC LTD (down 0.4%) and TORRENT POWER LTD (down 0.7%).

INOX WIND Surges by 9%; BSE CAPITAL GOODS Index Up 0.1% (Today's Market)

Feb 22, 2019 12:40 PM

INOX WIND share price has surged by 9% and its current market price is Rs 70. The BSE CAPITAL GOODS is up by 0.1%. The top gainers in the BSE CAPITAL GOODS Index are INOX WIND (up 9.2%) and SUZLON ENERGY (up 20.3%). The top losers are L&T (down 0.3%) and HAVELLS IND (down 0.3%).

KIOCL Surges by 5%; BSE METAL Index Up 1.1% (Today's Market)

Feb 22, 2019 12:12 PM

KIOCL share price has surged by 5% and its current market price is Rs 134. The BSE METAL is up by 1.1%. The top gainers in the BSE METAL Index is KIOCL (up 5.3%).

Sensex Opens Flat; Metal & Capital Goods Stocks Lag (Today's Market)

Feb 22, 2019 09:30 am

Indian share markets open flat with Sensex down by 35 points, while the Nifty is trading down by 4 points.

RELIANCE COMMUNICATIONS Surges by 11%; BSE 500 Index Up 0.0% (Today's Market)

Feb 22, 2019 09:44 AM

RELIANCE COMMUNICATIONS share price has surged by 11% and its current market price is Rs 7. The BSE 500 is up by 0.0%. The top gainers in the BSE 500 Index are RELIANCE COMMUNICATIONS (up 10.6%) and RELIANCE NIPPON LIFE ASSET MANAGEMENT LTD (up 10.0%). The top losers are CENTURY TEXTILES and AJANTA PHARMA .

SUZLON ENERGY Surges by 6%; BSE OIL & GAS Index Up 0.6% (Today's Market)

Feb 22, 2019 09:34 AM

SUZLON ENERGY share price has surged by 6% and its current market price is Rs 5. The BSE OIL & GAS is up by 0.6%. The top gainers in the BSE OIL & GAS Index is SUZLON ENERGY (up 5.9%). The top losers are GAIL (down 0.5%) and RELIANCE IND. (down 0.6%).

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