Indian Indices Turn Volatile; Realty & IT Stocks Gain

Wed, 20 Mar 12:30 pm

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Share markets in India are presently trading on a flat note. Sectoral indices are trading mixed with stocks in the realty sector and IT sector witnessing buying interest while oil & gas stocks and automobile stock are witnessing selling pressure.

The BSE Sensex is trading up by 7 points while the NSE Nifty is trading down by 13 points. The BSE Mid Cap index is trading down by 0.2% while the BSE Small Cap index is trading down by 0.1%.

The rupee is trading at Rs 68.87 against the US$.

In the news from the realty sector, DLF share price is in focus today after the company announced its second joint venture with global realty investment, development and management firm Hines.

India's largest real estate developer will work on a project with total value of 70 billion.

DLF Home Developers (DHDL), a wholly owned subsidiary of DLF, and Green Horizon Trustee, an affiliate of Hines, have entered into a joint venture (JV) to develop a high-end commercial project in Gurugram.

The total investment by the JV partners in this project is about 19 billion. Hines will initially own 33% equity in the joint venture with an option to increase its stake to up to 49%.

The realty major also plans to raise an estimated Rs 30 billion through sale of equity shares to qualified institutional investors.

With plans of being a debt-free company, DLF had earlier announced plans to issue up to 173 million shares, through qualified institutional placement (QIP) to raise funds and pre-pay loans. DLF is planning to complete the QIP by June this year.

DLF share price is presently trading up by 2.1%.

To know more about the company, you can read DLF's latest result analysis and DLF's annual report analysis on our website.

Moving on to the news from the aviation space, SpiceJet share price is witnessing buying interest today on reports that the company is now a member of global airlines' grouping International Air Transport Association (IATA).

With this SpiceJet is the first Indian budget carrier to join the IATA, which has over 290 airlines as members.

With the membership, SpiceJet will be allowed to grow its collaborations and explore tie-ups with international member airlines of IATA.

Buying is also seen on news that lessors of Jet Airways are offering 50 of its Boeing aircrafts to SpiceJet. Reports state that at least 50 aircraft are on offer under dry lease terms from Jet's lessors. These lessors have been able to get their aircraft grounded as dues were not paid to them.

In another news, Jet Airways share price is witnessing selling pressure today after its partner Etihad expressed its desire to exit the company.

Etihad has formally asked State Bank of India (SBI) to purchase its stake in the airline. The Abu Dhabi-based company conveyed to SBI its decision to exit Jet in a meeting on Monday.

Reports also state that Etihad wants SBI to buy out its stake and take over its liabilities in the form of a guarantee for Jet's loan from HSBC Dubai.

The National Aviator's Guild - the body representing Jet's domestic pilots on Tuesday threatened to stop flying from April 1 if the resolution plan is delayed and salary dues are not cleared by the end of March. The body represents around 1,000 pilots of the airline.

Shares of the company fell around 7% on back of the above news.

According to an Economic Times report, the government is looking to explore all options for the debt-laden airline before initiating insolvency proceedings under the Insolvency and Bankruptcy Code (IBC).

The National Investment and Infrastructure Fund (NIIF) has agreed to pump in up to Rs 19 billion.

Here's an excerpt from the article:

• Let banks explore all possible options. Under the inter-creditor agreement (ICA) they have more room for seeking resolutions as compared with the restricted format under IBC.
  
  Besides (air) routes and slots, there are not many tangible assets that may lead to a substantial price discovery if a resolution is sought under the bankruptcy code.

The Insolvency and Bankruptcy Code (IBC) has been a success story and the government has maintained arm's length distance from the process being forward.

Speaking of bad loans and PCA, one should note that there are faster recoveries happening since the Insolvency and Bankruptcy Code (IBC).

If we consider two successful closures, i.e. Bhushan Steel and Electrosteel, the lenders have already recovered close to Rs 421 billion.

Faster Recoveries Under the IBC

The government expects close to Rs 1.8 trillion through the IBC. Similarly, banks expect to write back more than Rs 1 trillion from the resolution of the 'Dirty Dozen' constituting 12 big NPA accounts referred to IBC by the RBI.

This is what the RBI said in its report on trend and progress in the banking industry:

• Banks can take advantage of the IBC to clean up their balance sheets and improve performance on a sustained basis to remain competitive. Instead of waiting for regulatory directions, banks can file for insolvency proceedings on their own to realise promptly the best value for their assets.

The IBC is positive for the long-term health of the banking system and it is evolving with time.

More importantly, lending in the next credit cycle will be more disciplined as a result of the above developments.

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!

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