One-Time Loan Restructuring by RBI, Companies Lined for Delisting, and Buzzing Stocks in Focus Today

Mon, 29 Jun Pre-Open

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Indian share markets witnessed positive trading activity on Friday and ended higher, lifted by IT stocks.

IT stocks rallied after Accenture came out with better-than-expected quarterly numbers. The company reported an adjusted third-quarter profit of US$ 1.90 a share, which beat the US$ 1.85 average estimate of 22 analysts surveyed by Bloomberg.

Reacting to the above news, most of the IT stocks rallied and the BSE IT Index surged over 5% intraday on Friday.

At the closing bell on Friday, the BSE Sensex stood higher by 329 points (up 0.9%).

The NSE Nifty closed higher by 94 points (up 0.9%).

Gains were largely seen in the IT sector and oil & gas sector.

FMCG stocks, on the other hand, witnessed selling pressure.

The BSE Mid Cap index ended up by 0.3%, while the BSE Small Cap index ended up by 0.2%.

Speaking of the current stock market scenario, note that the coronavirus impact has shaken markets worldwide.

For the BSE Sensex, FY20 was the second worst year post FY08, the year of the global financial crisis.

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Top Stocks in Focus Today

Hindustan Unilever share price will be in focus today as the company informed that it would stop using the word 'Fair' in its 'Fair & Lovely' skin cream, in a move that comes after years of protests that it promotes prejudice over skin colour.

The new name is awaiting regulatory approvals and will be adopted in the next few months.

First introduced in India decades ago, Fair & Lovely became a bestselling product, racking up sales of about Rs 40 billion last year as it tapped into the perspective that equated fairness with beauty.

Piramal Enterprises will be among the top buzzing stocks today.

This comes as the Carlyle Group has emerged as the frontrunner to buy a significant stake in the Piramal Group's pharma businesses for close to Rs 35 billion.

Reportedly, American private equity giants TPG Capital and KKR & Co. Inc. too were in the fray, looking to invest Rs 35-40 billion for acquiring a 20% stake in Piramal Group's proposed pharmaceutical entity that would combine the group's pharma businesses.

Shares of Aarti Drugs will also be in focus today. The stock of the company witnessed huge buying interest on Friday last week and hit a new all-time high of Rs 1,299.50, on expectation of good growth from its Active Pharmaceutical Ingredient and formulation business.

In the past three months, stock of the company has zoomed about 160%.

Promoters on a Delisting Spree

A wave of voluntary delisting proposals in India's US$ 1.8-trillion stock market is stoking bets on which entity will be the next to go private.

In the last two months, the majority owners of Vedanta, Adani Power, and Hexaware Technologies have proposed buying out all publicly traded shares amid the coronavirus-induced sell-off in stocks.

It was also reported last month that Diageo is exploring options to delist United Spirits.

Enthusiasm to invest in shares of public companies that can go private matches a trend seen in Singapore in recent years.

According to the data from DBS Bank, the premium for privatizations and takeovers in the city-state averaged about 15% between 2017 and July 2019.

The strategy was earlier seen in India after the global financial crisis, and, in 2009, at least one local fund manager opened a fund to buy shares in companies seen to have a high likelihood of delisting.

We will keep you updated on the latest developments from this space. Stay tuned.

RBI May Allow One-Time Loan Restructuring to Companies

Finance Minister Nirmala Sitharaman last week said the government is discussing with the Reserve Bank of India (RBI) for loan restructuring of companies which are stressed owing to the Covid-19 pandemic.

Speaking at a webinar organized by the Chennai International Centre (CIC), Sitharaman said that discussions are on with the RBI on the matter of one-time restructuring of loans.

She also said that discussions are on with the RBI and the banks as to why the interest rate reductions are not passed on to the customers.

According to her, the reasons for banks not fully passing on the benefit of interest rate reductions are not convincing.

Sitharaman said the government will also consider providing an emergency line of credit to individual owners of businesses while a decision on the suggestion to offer collateral free credit based on pending Goods and Services Tax (GST) bills will be deliberated upon.

She also urged the Indian industries to introspect on how businesses are run and on how the 'Aatmanirbhar Bharat' mission could be realized to its full potential.

Pointing out the active pharmaceutical ingredients (APIs) for example, Sitharaman said that India is a big market and they should be manufactured in the country without depending on one or two countries.

We will keep you updated on all the upcoming news from this space. Stay tuned.

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

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