PNB Reports DHFL Fraud, TCS June Quarter Numbers, and Top Buzzing Stocks Today

Mon, 13 Jul Pre-Open

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Indian share markets witnessed selling pressure on Friday, tracking weak global cues as coronavirus cases continue to surge across the world.

Benchmark indices also fell amid concerns of fresh set of lockdowns due to rise in coronavirus cases.

At the closing bell on Friday, the BSE Sensex stood lower by 143 points, down 0.4%.

The NSE Nifty closed down by 45 points, down 0.4%.

The BSE Mid Cap index ended down by 0.8%. The BSE Small Cap index ended down by 0.4%.

Among sectoral indices, banking stocks and finance stocks were among the hardest hit.

Energy stocks on the other hand, witnessed buying interest.

Speaking of the current stock market scenario, have a look at the chart below which shows how the BSE Sensex and the smallcap index have moved over the past one year:

The markets are coming out of the deep fall. An important driver of this rally is the increasing inflow from foreign institutional investors now that the global economies have opened the liquidity tap.

A lot of this money is coming to the mid and smallcap space.

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Top Stocks in Focus Today

Yes Bank will be among the top buzzing stocks today.

This comes as private lender Yes Bank informed the exchanges that the floor price for its Rs 150 billion Further Public Offering (FPO) has been fixed at Rs 12 per equity share and a cap of Rs 13 per share.

The decision was taken at the meeting of the Capital Raising Committee (CRC) of Yes Bank, the lender said in a regulatory filing. The Yes Bank FPO will involve bidding in the lots of 1,000 equity shares and a discount of Rs 1 will be given to eligible employees of the bank bidding in the Employee Reservation Portion.

Shares of insurance companies will also be in focus today as their new business premiums (NBP) contracted by lesser margin on a year-on-year (YoY) basis in June as compared to April and May.

The NBP of life insurance companies contracted 10.46% year-on year (YoY) in June. Life insurers had seen their NBP decline 32.6% and 25.4% in April and May, respectively.

In June, life insurers earned NBP to the tune of Rs 288.7 billion, compared to Rs 322.4 billion in the same period a year ago. NBP is the premium acquired from new policies for a particular year.

Shares of SBI Life Insurance and HDFC Life Insurance Company will be in focus on back of the above news.

PNB Reports Rs 36 Billion DHFL Loans as Fraud

Punjab National Bank (PNB) is among the top buzzing stocks today.

Shares of PNB tumbled on Friday, a day after the lender declared its Rs 36 billion exposure to Dewan Housing Finance (DHFL) as a fraudulent account.

In an exchange filing, the country's third largest public sector bank said the fraud in the non-performing asset account of DHFL "at Large Corporate Branch" in Mumbai was reported to the Reserve Bank of India (RBI).

The bank added that it has already made provisions amounting to Rs 12.5 billion, as per prescribed prudential norms.

This is the fourth scandal Punjab National Bank has reported in three years. PNB was hit by a Rs 11--billion fraud involving billionaire jeweler Nirav Modi in 2018.

Non-banking financial company DHFL is in bankruptcy proceedings.

In November last year, the RBI had sent the troubled mortgage lender DHFL for bankruptcy proceedings, making it the first financial services player to go to the NCLT for a possible debt resolution.

DHFL came in the eye of the storm after a report suggested that the company, through layers of shell companies, allegedly siphoned off Rs 310 billion out of total bank loans of Rs 970 billion.

After alleged violations in the company came to light last year, various agencies, including SFIO, had initiated probe.

Other banks including State Bank of India (SBI) and Union Bank have also reported Dewan Housing Finance's accounts as fraudulent.

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

TCS June Quarter Earnings

In news from the IT sector, Tata Consultancy Services (TCS) flagged off the June quarter earnings season by reporting a profit at Rs 70.1 billion, down 12.9% quarter-on-quarter (QoQ), dented by lockdown-led supply and demand challenges.

The year-on-year (YoY) fall in profit at TCS stood at 13.8%, which was partially impacted by a 67.8% YoY (down 19% QoQ) decline in other income to Rs 4.6 billion.

Consolidated revenue declined 4.1% sequentially to Rs 383.2 billion in the quarter ended June, impacted by all segments, barring banking, financial services and insurance (BFSI).

Revenue, however, increased 0.4% YoY. Dollar revenue declined 7.1% QoQ to US$5,059 million in Q1, while revenue in constant currency terms dropped 6.9% QoQ.

Constant currency revenue growth in Q1FY19 and Q4 FY19 stood at 10.6% and 3%, respectively.

To know more, you can read TCS' Q1FY21 result analysis on our website.

Equity Mutual Fund Inflows Crash in June

Inflows into equity mutual funds crashed in June despite Indian indices surging.

Net investments into equity and equity-linked schemes tumbled 95% over the preceding month to Rs 2.4 billion in June. This was the third straight monthly drop.

Large- and multi-cap schemes saw the first ever outflow in June since April 2019.

Equity multi-cap funds saw a month-on-month outflow of Rs 7.8 billion in June, while investors withdrew Rs 2.1 billion from large-cap schemes.

Net investments in small and midcaps rose at a slower pace.

It would be interesting to see how this trend pans out in July. We will keep you updated on all the news form this space. Stay tuned.

Meanwhile, here's an interesting market data reported by Economic Times recently.

Nearly,1.2 million new demat accounts were opened in the month of March and April during the lockdown.

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

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