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

Mon, 21 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 13 points to end the day at 36,386. While the broader NSE Nifty ended flat.

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%

Jet Airways' Woes Worsen

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.

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