SBI's NPA Accounts, Bajaj Finance's June Quarter Performance, and Buzzing Stocks Today

Thu, 8 Jul Pre-Open

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Indian share markets ended on a positive note yesterday.

Benchmark indices edged higher, bucking the weak trend in global markets, helped by gains in metal and realty stocks.

At the closing bell yesterday, the BSE Sensex stood higher by 194 points (up 0.4%).

Meanwhile, the NSE Nifty closed higher by 61 points (up 0.4%).

Tata Steel and JSW Steel were among the top gainers.

Titan Company and ONGC, on the other hand, were among the top losers.

The BSE Mid Cap index and the BSE Small Cap index ended up by 0.6% and 0.4%, respectively.

Sectoral indices ended on a positive note with stocks in the metal sector, realty sector and capital goods sector witnessing most of the buying interest.

Consumer durables and energy stocks, on the other hand, witnessed selling pressure.

Gold prices for the latest contract on MCX were trading up by 0.4% at Rs 47,879 per 10 grams at the time of closing stock market hours yesterday.

Speaking of the stock markets, India's #1 trader, Vijay Bhambwani, discusses whether the commodity bull run has halted, tired, or reversed, in his latest video for Fast Profits Daily.

Tune in to the video below to find out more:

Top Stocks in Focus Today

Among the buzzing stocks today will be Bajaj Finance.

Bajaj Finance shared headline numbers for the June quarter, which showed muted disbursements and lower customer acquisition.

Bajaj Finance's assets under management (AUM) grew by over 15% year-on-year (YoY) and 4% sequentially despite widespread lockdowns. The AUM stood at Rs 1.59 lakh crore.

Disbursements were slow and fell 17% sequentially with new loans disbursed at Rs 4.6 m, down from Rs 5.5 m in the March 2021 quarter.

Though it was much better than Rs 1.8 m seen during same period last year.

The company's deposit book stood at approximately Rs 280 bn as of June 2021, up 39.6% compared to Rs 200.6 bn in June 2020 quarter.

Its total customer base stood at 50.5 m, a growth of 17% YoY and 3.9% sequentially, with fresh additions of 1.9 m customers in the quarter.

It had added 2.3 m additions in the March quarter of 2021.

Bajaj Finance's capital adequacy stood at 28.6%. It has a liquidity buffer of Rs 109 bn as of 30 June 2021, which is lower than Rs 160 bn in the last quarter.

Tata Motors share price will also be in focus today.

Tata Motors share price slipped over 3% on the BSE yesterday after the company flagged chip supply shortage.

Shortage of semiconductors may see Jaguar Land Rover report 50% lower wholesale volumes by the end of the September 2021 quarter coupled with a negative operating profit margin, Tata Motors warned.

Here's what the company said in an exchange filing,

• Looking ahead, the chip shortage is presently very dynamic and difficult to forecast.
  
  Based on recent input from suppliers, we now expect chip supply shortages in the September 2021 quarter to be greater than in the first quarter, potentially resulting in wholesale volumes about 50% lower than planned, although we are continuing to work to mitigate this.

The broader underlying structural capacity issues will only be resolved as supplier investment in new capacities comes online over the next 12-18 months.

The company expects some level of shortage to continue through to the end of the year and beyond.

Sobha Jumps 9% After Healthy June Quarter Update

Sobha's total sales value for the quarter jumped by 40% year on year (YoY) to Rs 6.8 bn, against Rs 4.9 bn in the same period last year.

The total average price realization per square feet also rose 2% YoY to Rs 7,626 during the quarter from Rs 7,498 in the June 2020 quarter.

The company's total sales volume surged 38% to 895,539 square feet of super built-up area valued at Rs 6.9 bn. The company sold 650,400 square feet in the June 2020 quarter.

The company's Bengaluru sales volume has grown by 37% despite the stringent impact of the Covid-19 second wave. Volumes in cities such as Gurugram, Kochi, Thrissur, Pune and GIFT CITY have also done quite well.

However, other southern cities like Chennai, Coimbatore and Kozhikode underperformed during the period. The company made zero sales in Mysore.

State Bank of India to Auction Two NPA Accounts Next Month

State Bank of India (SBI) will auction two non-performing accounts (NPAs) next month to recover dues of over Rs 3.1 bn, according to a notice by the lender.

The two accounts to be put up for e-auction on August 6 are Bhadreshwar Vidyut Private Limited (BVPL) with a loan outstanding of Rs 2.6 bn and GOL Offshore Limited with Rs 507.5 m dues.

'In terms of the bank's policy on sale on financial assets, in line with the regulatory guidelines, we place these accounts for sale to ARCs/banks/NBFCs/FIs, on the terms and conditions indicated there against,' SBI said in the notice.

The reserve price for the auction of Bhadreshwar Vidyut is set at Rs 1 bn and for GOL Offshore at Rs 510 m.

SBI has asked the interested parties to do the due diligence of these assets with immediate effect, after submitting expressions of interest and executing non-disclosure agreement with the bank.

'We reserve the right not to go ahead with the proposed sale at any stage, without assigning any reason. The decision of the bank in this regard shall be final and binding,' SBI said.

How this pans out remains to be seen. Meanwhile, we will keep you updated on the latest news from this space.

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

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