Of Oil Prices Hitting New Highs; Jet Airways' Bailout Plan, and Top Stocks in Action Today

Mon, 18 Feb Pre-Open

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On Friday, share markets in India traded on a negative note throughout the day and ended marginally lower after a volatile day of trading.

The BSE Sensex closed lower by 67 points to end the day at 35,809. Sun Pharma and Tata Steel were among the top losers.

While the broader NSE Nifty ended down by 22 points to end at 10,724.

Among BSE sectoral indices, metal stocks fell the most by 2.3%, followed by healthcare stocks and auto stocks.

Top Stocks in Action Today

HCL Technologies share price will be in focus today as the company has collaborated with IBM, designed to help advance the hybrid cloud journeys of organizations worldwide.

The company's new re-platforming and refactoring services will enable enterprises to build and migrate applications to IBM Cloud Private from within the company's HCL Cloud Native Labs. The services will be orchestrated and available from HCL's Cloud Native Labs in London, New York, and Noida, later this year.

To know more about the company, you can read HCL Technologies latest result analysis on our website.

Alembic pharma share price will be in focus today as the company has received approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) Moxifloxacin Ophthalmic Solution USP, 0.5%.

The approved ANDA is therapeutically equivalent to the reference listed drug product (RLD) Vigamox Ophthalmic Solution USP, 0.5%, of Novartis Pharmaceuticals Corporation.

Market participants will also track Tata Power company share price.

Tata Power Company's wholly-owned subsidiary - Tata Power Solar has launched a complete residential rooftop solution in Hyderabad. The residential rooftop solutions are expected to save up to Rs 50,000 annually for 25 years.

Results Corner

Nestle share price has reported 9.6% rise in its net profit at Rs 3.4 billion for the quarter under review as compared to Rs 3.1 billion for the same quarter in the previous year.

Total income of the company increased by 12.1% at Rs 29.7 billion for December quarter as compared Rs 26.5 billion for the corresponding quarter previous year.

Videocon Industries share price has reported a net loss of Rs 10.2 billion for the quarter against net loss of Rs 12.7 billion for the same quarter in the previous year.

Total income of the company decreased by 74.1% at Rs 2.2 billion for Q3FY19 as compared Rs 8.6 billion for the corresponding quarter previous year.

United Breweries share price has reported around 2-fold jump in its net profit at Rs 1.1 billion for the quarter under review as compared to Rs 0.5 billion for the same quarter in the previous year.

GMR Infra share price has reported a net profit of Rs 7.8 billion for the quarter against net loss of Rs 5.7 billion for the same quarter in the previous year.

You can read our recently released Q3FY19 results of other companies here: Infosys, TCS, Trident, HDFC bank, Maruti Suzuki, Tata Motors, Tata Steel, Aurobindo Pharma, MRF, Bata India, Coal India, Eicher Motors, Motherson Sumi.

Oil Prices

Oil prices rallied on Friday amid US sanctions against Venezuela and Iran and supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC).

Brent crude futures recorded fresh 2019 highs on back of the above news. Brent pushed above $65 per barrel for the first time in 2019.

Reportedly, OPEC and some non-affiliated suppliers including Russia are withholding supply to tighten the market and prop up prices.

The producer group known as OPEC+ has agreed to cut crude output by 1.2 million barrels per day (bpd). Top exporter Saudi Arabia said it would cut even more in March than the deal called for.

Russia has also cut its oil production by 80,000-90,000 barrels per day from its level in October.

Also at the radar are hopes expressed by US and Chinese officials that a new round of talks, which began in Beijing on Monday, would bring them closer to easing their months-long trade war.

From the Aviation Space...

In a move to bail out India's second largest domestic airline, lenders led by State Bank of India (SBI) will become the largest shareholders in Jet Airways.

As per an article in a leading financial daily, the debt laden company made the disclosure on Thursday after its board approved a draft resolution plan comprising conversion of lenders' debt into 114 million equity shares at an aggregate consideration of Rs 1, issue of fresh interim loan to the airline and changes in governance structure and board composition.

According to reports, Naresh Goyal's stake would be diluted to around 22% from the current 51%. Etihad will retain its shareholding at the current level of 22%.

National Investment and Infrastructure Fund (NIIF) will funnel Rs 15 billion into Jet Airways for a 20% stake.

The draft plan estimates a funding gap of Rs 85 billion (including aircraft loan repayment of Rs 17 billion) which would be met through equity infusion, debt restructuring, sale and lease back of planes, among others.

Jet Airways also reported its December ended quarterly results on Thursday. The airline reported a net loss of Rs 5.9 billion in the December-ended quarter, compared with a Rs 1.7 billion profit in the same quarter last year.

Revenues rose by 1% and stood at Rs 61.5 billion. Operating profit declined by 54% to Rs 4.6 billion.

The Mumbai-based carrier is a facing a severe cash crunch that has put the airline, that employs over 23,000 people, on the verge of a shutdown.

It will be interesting to see how this pans out. Meanwhile, we will keep you updated on the latest news from this space.

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