Global Stock Market Drivers, Key Q4FY19 Results and Aviation Stocks in Focus

Mon, 22 Apr Pre-Open

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Results Corner

Market participants will track Tata Coffee, HDFC Bank, Mahindra Life, Tejas Networks, AU Small Finance Bank among others as they announce their March quarter results today.

SpiceJet and Indigo Gain as Jet Airways Suspend Operations

Aviation stocks will be in focus today, especially after Jet Airways, which plunged 27% on Thursday, on temporarily adjourning its operation due to lack of funds.

The fall in Jet Airways provides strength to SpiceJet and Indigo.

On Wednesday, Jet flew its last scheduled flight from Amritsar to Mumbai, as the debt-ridden company decided to suspend its operations on a temporary basis with no cash to run operations any further.

The development comes after lenders led by State Bank of India decided to reject the plea for emergency funds.

Interestingly, the development brings cheers to SpiceJet and Indigo with SpiceJet announcing the addition of six more Boeing 737-800 NG aircraft on dry lease.

Reportedly, these 6 aircrafts are in addition to the 16 B737s and 5 Q400s that the airline will soon induct.

The total number of planes to be inducted in the immediate future now stands at 27. The airline has applied to the Directorate General of Civil Aviation for a No Objection Certificate (NOC) to import the planes. Subject to regulatory approvals the aircraft would begin joining SpiceJet's fleet in the next ten days, the reports noted.

Global Stock Market Drivers

Stocks extended declines on Thursday after weak European manufacturing data and before a long weekend for many markets. Treasuries rallied, and the yen and dollar strengthened.

Losses were heavier in Asia, where South Korean shares led the decline as issues with a new Samsung Electronics Co. phone weighed on the biggest stock in the main index.

Equity investors appeared to be in a cautious mood. Solid economic data out of China, optimistic signals from the trade talks and a decent start to the earnings season have not been enough to spur risk appetite, particularly after policy concerns sank American healthcare stocks on Wednesday.

From the notable events coming up, earnings season rolls on this week. Reports are due from American Express, Honeywell, Alcoa and Taiwan Semiconductor among others.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

Oil Prices Slip

Oil markets fell on Thursday despite a surprise decline in US inventories, but the price drops were tempered by a smaller-than-expected reduction in gasoline stocks and ongoing OPEC-led supply cuts.

Brent crude futures were at US$71.43 a barrel, down 0.3%, from their last close and further away from Wednesday's five-month high of US$72.27 a barrel.

US West Texas Intermediate (WTI) crude futures were at US$63.62 per barrel, down 0.2%.

Both contracts had traded slightly higher earlier in the day.

From the IPO space...

Shapoorji Pallonji Group's solar power business Sterling and Wilson Solar on Tuesday filed the draft prospectus for its initial public offering (IPO), which will see promoters sell shares worth around Rs 45 billion.

The IPO is a pure offer for sale by company's chairman Khurshed Yazdi Daruvala and Shapoorji Pallonji and Co. Pvt. Ltd. Daruvala holds 33.3%, while Shapoorji Pallonji and Co. holds 65.8% stake. The rest is held by individual members of the promoter group such as Cyrus Mistry.

Reportedly, Shapoorji Pallonji group was planning the IPO to deleverage its balance sheet by selling shares of the solar EPC business to the public.

Sterling and Wilson Solar is among the world's largest solar EPC companies providing pure-play, end-to-end solutions. It commenced operations in 2011 as the solar EPC division of Sterling and Wilson Pvt. Ltd, and was demerged into a separate company in April 2017.

So far this year, four companies have raised Rs 23.5 billion through IPOs, while in 2018, 24 companies raised Rs 309.6 billion through IPOs.

With IPOs hitting the markets again, we at Equitymaster believe a merit-based selection, primarily including valuation, business, and management quality, is the logical way to go about investing in IPOs.

If it means going against the herd, so be it. And going by recent past, this strategy has been proven to be successful more often.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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