Indian Indices Continue Downtrend, DHFL in Focus and Other Top Stocks in Action Today

Tue, 19 Feb Pre-Open

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On Monday, share markets in India opened on a negative note and ended the day in red after a volatile day of trading.

The BSE Sensex closed lower by 310 points to end the day at 35,498. While the broader NSE Nifty ended the day down by 83 points to end at 10,641.

Among BSE sectoral indices, FMCG stocks fell the most by 1.4%, followed by energy stocks at 1.3%. TCS and Yes Bank. were among the top losers.

Top Stocks in Action Today

Dr Reddy's share price is likely to be in focus as the pharma major received inspection closure report for its Duvvada facility in Andhra Pradesh from the US health regulator.

The company also received a written communication from the United States Food and Drug Administration (USFDA) about the issuance of establishment inspection report (EIR) for FTO VII, the formulations manufacturing facility at Duvvada, Visakhapatnam.

Dish TV share price will be in focus today as Telecom Regulatory Authority of India's (TRAI's) new rules for cable and DTH operators will reduce NCF burden on subscribers.

Shares of the company gained around 13% in early trade yesterday on back of the above news. The stock of the country's largest direct-to-home (DTH) company was trading at a one-month high. Dish TV has zoomed 93% from its January 28, 2019 low of Rs 19.25.

Last month, shares of the company had touched 10-year lows driven by promoters' pledge and media reports that suggested a link which emerged between Essel Group and a company being probed for suspected demonetization deposits.

DHFL in Focus

Dewan Housing Finance Corp Ltd share price is in focus today. The stock of the company witnessed buying interest on stake sale reports.

As per an article in The Economic Times, Baring Pvt Equity, Bain Capital, and Hero Fincorp are in talks to buy a stake in the debt-laden housing finance company.

The article also reported that the company's promoters are also looking to sell a 10% stake through various ways, including an open offer.

Last week, the company's Chief Executive Harshil Mehta has resigned. However, the company said in its regulatory filing that Harshil Mehta would continue to be associated with the company and shall hold the designation of Executive President - Retail Business with effect from February 14, 2019.

Besides, the board has recommended appointment of Sunjoy Joshi as an Independent Director and Srinath Sridharan as a Non-Executive Director.

Note that the stock of the company has been witnessing sharp selling pressure lately after Cobrapost said that DHFL diverted funds to shell companies to buy assets, and that firms linked to DHFL's controlling shareholders - the Wadhawan group made political donations beyond mandated levels.

DHFL is also facing questions about its financial health after the IL&FS default pushed up the cost of funds for the mortgage lender and made borrowing difficult.

Rating company Care ratings today downgraded ratings on the company's debt worth over Rs 1.2 lakh crore issued by DHFL.

As per an article in The Economic Times, the company revised the rating grade of AAA to AA+ for nonconvertible debentures and long-term bank loans. Commercial papers, short-term debt securities rated as A1+ have been put under credit watch.

The company has decided to divest its stake in Aadhar Housing Finance to Blackstone.

Private equity major Blackstone agreed to buy nearly 80% of affordable homes-focused Aadhar Housing Finance from the financially stretched Wadhawan group.

The group's holding company Wadhawan Global Capital (WGC) will be selling its 70% stake in the company, while DHFL will also be exiting its investment, which is reported to be around 9%.

Besides, with DHFL group companies' debt mess coming under lens, global brokerage Credit Suisse warned that it could trigger a second wave of risk aversion in India's debt mutual fund industry.

A report from the global brokerage stated that DHFL is among the largest borrowers from mutual funds and the aggregate exposure of debt mutual funds to the home financier's securities is Rs 85 billion.

This amounts to about 0.7% of debt mutual funds' assets under management (AUM) as of December 2018.

Furthermore, the exposure for some fund houses is larger, at 2-10% of total debt AUM, with some schemes having up to 30% of their AUM invested in Dewan securities.

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