June WPI Inflation Data, IPO Buzz, and Top Stocks in Action Today

Wed, 15 Jul Pre-Open

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On Tuesday, Indian share markets fell sharply, led by weak Asian equities as worries of new lockdowns to stem surging coronavirus cases kept investors cautious worldwide.

Pune and Bengaluru are among the big cities going under lockdown, while many areas in states like Bihar and UP are also under curfew.

Further, weak inflation data and negative cues from global markets amid escalating US-China tension dampened investor sentiment.

The United States on Monday rejected China's disputed claims to offshore resources in most of the South China Sea, a move that Beijing criticized as inciting tensions in the region and highlighted an increasingly testy relationship.

At the closing bell on Tuesday, the BSE Sensex stood lower by 661 points (down 1.8%). Meanwhile, the NSE Nifty closed down by 195 points (down 1.8%).

The BSE Mid Cap index and the BSE Small Cap index ended the day down by 1% and 0.9%, respectively.

Banking stocks and finance stocks were among the hardest hit. HDFC Bank, Axis Bank and IndusInd Bank came under selling pressure today.

Top Stocks in Focus Today

Housing Development Finance Corporation (HDFC) will be among the top buzzing stocks today.

HDFC in a regulatory informed that it is considering to raise up to Rs 450 billion by issuing debt securities, and will seek approval of shareholders in its upcoming AGM later this month.

The company also said the board of directors of HDFC will meet on July 30 to announce the quarterly results for the first quarter ended June of the current fiscal. The 43rd annual general meeting (AGM) of the corporation is scheduled to be held later on the same day.

Coal India share price will also be in focus today as the company's dues from state-owned power generation companies have risen to Rs 220 billion amid muted demand and high production. The outstanding amount was around Rs 120 billion in January.

Market participants will also track 5Paisa Capital share price. The company posted a net profit of Rs 37.4 million in June quarter (Q1FY20), against net loss of Rs 5.5 million in the year-ago quarter.

The company has reported quarterly profits for the first time since the launch of 5Paisa in March 2016. The management said the company saw highest quarterly acquisition of over 1.6 lakh customers.

WPI Inflation Contracts for Third Consecutive Month

In news from the macroeconomic space, wholesale price index (WPI) declined for the third month in a row at 1.81% in June, but the rate of contraction fell from a 4.5-year high of 3.21% in the previous month.

The contraction happened despite some increase in inflation rate in food items, particularly in tomatoes, potatoes and the processed products.

The government had not released the figures for April, citing inability to capture prices in some segments amid a nationwide lockdown to contain the coronavirus.

However, in the light of improved response rates from the selected sources, the government came out with data for April too which showed that the deflation rate stood at 1.57 points in the month.

Food inflation in WPI rose to 2.04% in June from 1.13% due to disruptions caused by rains. Manufactured food items showed elevated inflation rate at 5.05% compared to 4.46%.

Even though the price pressure in retail food prices were much more, the inflation rate declined in June at 7.87% in June from 9.20% in the previous month.

The remaining part of items, comprising around 75% of the index, continued to show deflation.

The fuel and power category witnessed deflation at 13.60% in June. Most items in the category such as petrol, diesel, liquefied petroleum gas (LPG) showed a fall in prices even though the rate is less than May's.

Yes Bank Planning to Segregate Bad Assets

As per an article in a leading financial daily, Yes Bank is considering segregating its bad assets into a separate entity as it aims to lower the stress on balance sheet.

The company stated that the proposed organisation will be professionally run, where there will be investors. This is subject to regulatory approvals.

The bank has already created a separate vertical internally with more than 100 staffers to solely work on resolution and recovery of stressed accounts.

If the banking regulator gives approval to the proposed "bad bank" entity, any upside will be shared by the lender and investors.

Yes Bank's gross non-performing assets stood at 16.8% as of March 2020. The corporate loans constituted 96.5% of the gross bad loans. Its provision coverage ratio stood at 74% and net NPA ratio stood at 5.03% as of March.

The bank's special mention accounts-1 loan book, loans overdue by 30 to 60 days, stood Rs 107.8 billion and SMA-2, loans overdue by 60 to 90 days, at Rs 3.2 billion.

Note that, In March, a clutch of eight lenders, led by State Bank of India had infused over Rs 100 billion into Yes Bank, as part of a rescue deal approved by the Reserve Bank of India.

This plan was stitched together after the bank was put under a moratorium and its board superseded. Still, the private lender is in need of a capital infusion.

June Passenger Vehicle Sales

Passenger vehicle sales in India declined by 49.59% in June to 1,05,617 units as against 2,09,522 units in the same month last year as the sector looks to recover from the coronavirus pandemic-induced lockdown, auto industry body SIAM on Tuesday said.

According to the latest data by the Society of Indian Automobile Manufacturers (SIAM), two-wheeler sales were also down 38.56% at 10,13,431 units as compared to 16,49,475 units in the same month last year.

Motorcycle sales were at 7,02,970 units as against 10,84,596 units in June 2019, down 35.19%.

Scooter sales were also down 47.37% at 2,69,811 units as against 5,12,626 units in the same month last year.

Barbeque Nation Hospitality IPO

In latest developments from the IPO space, casual dining chain Barbeque Nation Hospitality has received markets regulator's approval to raise about Rs 10-12 billion through an initial public offering (IPO).

The IPO comprises a fresh issue of shares worth Rs 2.8 billion and an offer-for-sale of up to 98,22,947 equity shares, according to the draft papers filed with the regulator.

The company may consider a pre-IPO placement to the tune of Rs 1.5 billion.

Barbeque Nation Hospitality, which had filed its draft papers with markets regulator in February, obtained "observations" from the regulator on July 7.

Proceeds of the issue will be utilized to repay an outstanding borrowing of Rs 2.1 billion in part or full and for general corporate purposes.

The promoters hold 60.24%, CX Partners own 33.79% and Rakesh Jhunjhunwala's investment firm Alchemy Capital holds 2.05% stake in the company.

In 2017, the company had filed IPO papers seeking to raise Rs 7 billion. However, the regulator kept the processing of the company's proposed IPO in abeyance "pending regulatory action for past violations" and finally approved the IPO plan in January 2018.

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