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Indian Indices Witness Selling, HDFC Q1FY20 Results, and Top Cues in Focus Today
Tue, 23 Jul Pre-Open | Monish Vora, TM Team

India share markets ended their day deep in the red yesterday.

At the closing bell yesterday, the BSE Sensex stood lower by 305 points (down 0.8%) and the NSE Nifty closed down by 82 points (down 0.7%).

The BSE Mid Cap index ended the day down 0.6%, while the BSE Small Cap index ended the day down 1.2%.

Sectoral indices ended on a negative note with stocks in the finance sector and FMCG sector witnessing most of the selling pressure.

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Top Stocks in Focus Today

In news from the auto ancillaries sector, shares of Amara Raja Batteries will be in focus today as the company posted robust numbers for the quarter ended June 2019.

The company's standalone net profit jumped 24.7% to Rs 1,409 million versus Rs 1,130 million, while revenues rose 2% at Rs 18,149 million versus Rs 17,787 million.

Earnings before interest, tax, depreciation and amortization (EBITDA) jumped 26.6% at Rs 2,791 million, while margin was up 300 bps at 15.4%.

To know more about the company, you can read Amara Raja's latest result analysis on our website.

From the pharma sector, Cipla share price will be in focus today as the USFDA conducted a routine cGMP inspection at Cipla's API manufacturing facility in Virgonangar, Bengaluru, from July 15 to 19.

The inspection ended with 7 observations, none of which were a repeat or related to data integrity, the reports noted. The company will respond to the agency within the stipulated timeline.

HDFC Bank Q1FY20 Results

From the banking space, HDFC Bank share price will be in focus today as the bank reported moderate weakness in Q1FY20 asset quality numbers and slowdown in retail loan growth.

The private sector lender registered a 21% year-on-year (YoY) increase in profits and 23% YoY rise in net interest income with loan growth at 17% for the quarter ended June 2019.

The moderation in loan growth came due to a consistent slowdown in retail book and auto segment.

However, on the asset quality front, gross non-performing assets and net non-performing assets increased 4 basis points (bps) each sequentially to 1.4% and 0.43%, respectively.

Credit cost crossed 1% for first time for the bank due to elevated slippage ratio which stood at 2.04% in June quarter against 1.75% in Q4FY19.

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Provisions for bad loans also increased significantly by 38.3% sequentially and 60.4% YoY to Rs 26.1 billion in the June quarter due to unsecured book and NBFC accounts.

Apart from the results, the bank has revised its fixed deposit interest rates on select maturities with effect from Monday, July 22.

It has revised the interest rate applicable to maturity periods such as 30-45 days, 46-60 days and one year. The bank is offering an interest rate of 5.5% to general public and 6% to senior citizens on fixed deposits of 30-45 days.

Previously, the private lender paid interest rates of 5.75% and 6.25% to the general public and senior citizens respectively.

Forex Reserves Decline

In the news from the macroeconomic space, after touching record highs, the foreign exchange reserves declined by US$ 1.1 billion to US$ 428.8 billion in the week to July 12, the first fall after four consecutive weeks of gains. This came on the back of a fall in foreign currency assets.

In the previous reporting week, the reserves had surged by US$ 2.2 billion to scale a new life-time high of US$ 429.9 billion.

In the reporting week, foreign currency assets, which are a major component of the overall reserves, slipped by US$ 1.1 billion to USD 399.7 billion, the central bank said Friday.

Expressed in dollar terms, foreign currency assets include the effect of appreciation/depreciation of non-US units like the euro, pound and yen held in the reserves.

Special drawing rights with the International Monetary Fund fell by US$ 1.2 million to US$ 1.5 billion. The country's reserve position with the fund also declined by US$ 1.5 million to US$ 3.3 billion.

Cox & Kings Saga Continues...

Cox & Kings share price will be in focus today as Brickworks revised rating of NCDS.

As per the news, Brickworks revised its rating of NCDs worth Rs 500 million to BWR D from BWR C. The stock of the travel company traded at its record low yesterday. As of Friday's closing price, the stock has fallen 89% this year.

Last week, the company defaulted on commercial papers worth Rs 450 million and interest payment on NCDs. This was the fourth default by the company in last one month.

Lenders have turned cautious after Cox & Kings defaulted on commercial paper of Rs 2 billion in the last few days and are looking at ways to address the tour operator's debt issues.

The company has a total debt of Rs 32.4 billion at the end of FY19 which includes short and long-term loans.

The defaults have stumped lenders and stock market as the company had reported of a comfortable liquidity position.

CARE ratings also downgraded the tour operator's rating to 'default' grade, as it grappled with a cash crunch to service its debt and other obligations.

According to a recent note by CARE Ratings, Cox & Kings had reported cash and bank balances of Rs 17.3 billion in June. Of this, it told CARE, that there was about Rs 13 billion, which could be used for debt repayment at any point of time.

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.

Speaking of the travel and tourism industry in India, here's what Sarvajeet Bodas wrote 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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Stock Market Updates

BHEL Surges by 10%; BSE CAPITAL GOODS Index Up 0.5% (Today's Market)

Oct 18, 2019 09:22 AM

BHEL share price has surged by 10% and its current market price is Rs 49. The BSE CAPITAL GOODS is up by 0.5%. The top gainers in the BSE CAPITAL GOODS Index is BHEL (up 10.0%). The top losers are HONEYWELL AUTOMATION (down 0.1%) and ELGI EQUIPMENTS (down 0.1%).

WHIRLPOOL OF INDIA at All Time High; BSE CONSUMER DURABLES Index Up 0.5% (Today's Market)

Oct 18, 2019 09:22 AM

WHIRLPOOL OF INDIA share price has hit an all time high at Rs 2,202 (up 1.1%). The BSE CONSUMER DURABLES Index is up by 0.5%. Among the top gainers in the BSE CONSUMER DURABLES Index today are WHIRLPOOL OF INDIA (up 1.1%) and TTK PRESTIGE (up 0.6%). The top losers include BAJAJ ELECTRICALS (down 0.4%) and SYMPHONY (down 1.2%).

BLUE STAR at All Time High; BSE CAPITAL GOODS Index Up 0.5% (Today's Market)

Oct 18, 2019 09:22 AM

BLUE STAR share price has hit an all time high at Rs 849 (up 2.1%). The BSE CAPITAL GOODS Index is up by 0.5%. Among the top gainers in the BSE CAPITAL GOODS Index today are BLUE STAR (up 2.1%) and SCHAEFFLER INDIA LTD (up 0.1%). The top losers include HONEYWELL AUTOMATION (down 0.1%) and ELGI EQUIPMENTS (down 0.1%).

WHIRLPOOL OF INDIA at 52 Week High; BSE 500 Index Down 0.1 % (Today's Market)

Oct 18, 2019 09:22 AM

WHIRLPOOL OF INDIA share price has hit a 52-week high. It is presently trading at Rs 2,202. BSE 500 Index is down by 0.1% at 14,930. Within the BSE 500, WHIRLPOOL OF INDIA (up 1.1%) and BHEL (up 10.0%) are among the top gainers, while top losers are DISH TV and 3M INDIA.

3M INDIA Surges by 11%; BSE 500 Index Down 0.1% (Today's Market)

Oct 18, 2019 09:20 AM

3M INDIA share price has surged by 11% and its current market price is Rs 23,291. The BSE 500 is down by 0.1%. The top gainers in the BSE 500 Index is 3M INDIA (up 11.1%). The top losers are GODREJ PROPERTIES and NESTLE .

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