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Sensex Trades Marginally Lower; Yes Bank & Sun Pharma Top Losers
Tue, 2 Jul 12:30 pm | Monish Vora, TM Team

Share markets in India are presently trading on a negative note amid weak global cues.

Sectoral indices are trading mixed with stocks in the realty sector and healthcare sector witnessing selling pressure while power stocks and telecom stocks are trading in green.

The BSE Sensex is trading down by 107 points (down 0.3%), while the NSE Nifty is trading down by 26 points (down 0.2%). The BSE Mid Cap index is trading down by 0.1%, while the BSE Small Cap index is trading down by 0.2%.

The rupee is currently trading at Rs 68.97 against the US$.

Speaking of Indian share markets, will the upcoming budget change the course of Indian economy? We will wait and watch.

However, amid these macroeconomic uncertainties, co-head of research, Tanushree talks about the Rebirth of India phenomenon and how 3 specific trends are racing ahead even in these gloomy times...

You can read more on these 3 opportunities here: Defence boom, Infrastructure sector reforms and Electric Vehicle Disruption.

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In the news from the banking sector, Yes Bank share price is in focus today after it was reported that a Mumbai-based Radius Developers has defaulted on scheduled interest payments on a Rs 12 billion loan to the private lender.

As per an article in The Economic Times, the company, which has delayed interest payments by 45-60 days, has exposure of about Rs 55 billion to the banking system.

Here's an excerpt from the article:

  • The Radius Developers account is currently in the SMA-2 category and it has delayed interest payments of Rs 300 million. Requisite provisions are made on the account if they don't pay before the 90-day period.

    A Radius Group spokesperson told that the company will be paying the interest component of Rs 300 million to Yes Bank by July 5.

The Radius Group project that Yes Bank had funded is located in Chembur. The development has been delayed by about four years due to want of environmental clearances.

Reportedly, the developer had got into an agreement with a prominent NBFC last year to sell a part of the project at a lower rate for Rs 36 billion. But just after the IL&FS crisis squeezed the flow of funds to NBFCs, the non-bank lender called-off the deal putting the developer in lurch.

Yes Bank share price is presently trading down by 6.7%.

Moving on, Cox & Kings share price is witnessing selling pressure today after the travel-services company defaulted Rs 500 million in repayment commitments toward outstanding commercial papers (CP), citing a temporary mismatch in cash flows.

In a regulatory filing on Monday, the company said "the working capital situation at Cox & Kings (was) stretched in the past few months and was further affected due to its inability to replace the short-term loans with long-term loans/regular working capital lines".

Shares of the company were locked in the 5% lower circuit to trade at an all-time low of Rs 32.95 on back of the above news. There were pending sell orders for 3.9 million shares of Cox & Kings on the BSE.

The company also added that it is taking all the required measures to resolve the temporary cashflow mismatch.

Reports also state that the company is evaluating each business and identifying ways to improve operational performance. It plans to reach out to lenders, seeking revision in loan repayment terms.

Earlier last week, rating companies cut the company's creditworthiness to 'D' or default. Several acquisitions in the past years have also stretched the company's balance sheet.

It is interesting to note that the stock of Cox & Kings has been a falling knife in the last few years. The stock is down more than 80% in the last 5 years.

Whereas, the stock that we recommended in Smart Money Secrets has been a consistent performer.

Just have a look at the chart below.

Divergence in Stock Performance

Divergence in Stock Performance

As Sarvajeet Bodas writes in a recent edition of The 5 Minute WrapUp...

  • No wonder, Cox & Kings share price has lost 87% since 2018 and fallen 78% since the beginning of this year.

    Sure, the travel & tourism industry has a great runway for growth ahead.

    India is likely to become the third-largest tourism economy in the next 10 years. Not to mention, all the key triggers are in place for this industry to take off.

    Rising disposable incomes. A rapidly expanding the middle class. Urbanisation. Easy access to technology. The expansion of budget airlines.

    However, to ride this industry tailwinds, your side-car investing journey has to be in the company with a strong track record, ethical management and strong financials.

In Smart Money Secrets, we prefer companies which are run by excellent management, showing prudent capital allocation, businesses which have scalability, and a competitive advantage.

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!

Read the latest Market Commentary

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Aug 19, 2019 09:01 AM