June Quarter Results, Huge Selling by FPIs, and Top Cues in Focus Today

Tue, 30 Jul Pre-Open

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India share markets ended their day on a negative note yesterday.

At the closing bell yesterday, the BSE Sensex stood lower by 196 points (down 0.5%) and the NSE Nifty closed down by 92 points (down 0.8%).

The BSE Mid Cap index ended the day down 0.7%, while the BSE Small Cap index ended the day down 1%.

Sectoral indices ended on a negative note with stocks in the auto sector, telecom sector, and metal sector witnessing most of the selling pressure.

Top Stocks in Focus Today

Shares of automobile companies will be in focus today on reports state that the government has proposed an increase in vehicle registration fees. The Road Transport and Highways Ministry has proposed in a draft policy that buyers would not have to pay registration fees for new vehicles if they present a scrapping certificate.

Stocks from the automobile sector witnessed sharp selling pressure yesterday with Maruti Suzuki share price, Hero MotoCorp share price, Bajaj Auto share price, and Ashok Leyland share price, hitting their respective 52-week lows on weak demand and regulatory headwinds.

Last week on Friday, the government proposed amendments to Motor vehicle norms to allow scrapping of vehicles older than 15 years in a bid to spur adoption of electrical vehicles.

In a draft notification, the government proposed renewal of fitness certificates for vehicles older than 15 years every six months instead of the current timeframe of one year.

Market participants will be tracking Castrol India share price, DLF share price, and Tata Sponge share price as these companies announced their June quarter (Q1FY20) yesterday.

You can read our recently released Q1FY20 results here: Force Motors, Maruti Suzuki, Vedanta, Tata Motors.

FPIs Sell Rs 143.8 Billion Worth of Equities in July

In the news from the macroeconomic space, reversing their five-month buying trend, overseas investors have pressed the exit button in July and pulled out a net Rs 37.6 billion from the Indian capital markets. The sell-off is because multiple headwinds, including the super-rich tax announced in Budget 2019-20.

As per the latest depositories data, foreign portfolio investors (FPIs) pulled out a net sum of Rs 143.8 billion from equities during July 1-26, but invested Rs 106.2 billion in the debt segment, taking the total net outflow to Rs 37.6 billion.

Prior to this, FPIs infused a net Rs 103.8 billion in June, Rs 90.3 billion in May, Rs 160.9 billion in April, Rs 459.8 billion in March and Rs 111.8 billion in February into the Indian capital markets (both equity and debt).

In addition, sub-par monsoon in key areas, lackluster earnings season, slowing domestic growth and weak rupee added to the concerns of FPIs, the reports noted.

On the other hand, inflow in debt markets was witnessed amidst re-emergence of growth concerns globally, due to which central banks around the world softened their monetary policy stance.

The recent fall shows the impact of foreign investors (FPI) on the Indian share market.

June Quarter Results

ICICI Bank reported a standalone net profit of Rs 19.1 billion during the quarter ended June 2019.

The private lender had posted a loss of Rs 1.2 billion during the corresponding quarter last fiscal, and a profit of Rs 9.7 billion during the March quarter of last fiscal.

In consolidated terms, the profit after tax was Rs 25.1 billion in Q1FY20, as compared to Rs 5 million in Q1 FY19.

The ICICI Bank registered net interest income (NII) of Rs 77.4 billion during the June quarter of FY20, amounting to a year-on-year increase of 27% from Rs 61 billion.

The net interest margin was 3.6% in Q1-2020 compared to 3.2% in Q1-2019 and 3.7% in Q4-2019. The impact of interest on income tax refund and interest collection from NPLs on net interest margin was about 17 basis points in Q1-2020 compared to about 25 basis points in Q4-2019.

The non-interest income of ICICI Bank, excluding treasury income, was Rs 32.5 billion in Q1 FY20, as compared to Rs 30.9 billion in Q1 FY19. Meanwhile, provisions and contingencies slipped down to Rs 34.9 billion during the quarter under review, as compared to Rs 59.7 billion during the corresponding quarter last year.

The ICICI Bank also improved its asset quality during the June quarter of FY20. The net NPA decreased by 51% to Rs 118.6 billion as on June 2019, from Rs 241.7 billion the same quarter last fiscal.

The net NPA ratio also slipped down to 1.8% during the quarter ended June 2019, in comparison to 4.2% the same quarter last year. The gross additions to NPA were Rs 27.8 billion in Q1 FY20, as opposed to Rs 40.4 billion in Q1 FY19.

Total deposits increased by 21% year-on-year to Rs 6,607.3 billion in June 2019.

From the pharma space, Alembic Pharma posted a 36.7% year-on-year (YoY) rise in its consolidated net profit for the quarter ended June.

The above performance was driven by robust sales in the US markets.

Net sales were up 10% at Rs 9.4 billion during the quarter.

Pranav Amin, Managing Director of the company said that it was a good quarter for the company backed by exceptional growth in the US market.

Subramanian Swamy Accuses Indiabulls Housing Finance

From the finance sector, BJP leader Subramanian Swamy has sent a letter to PM Modi, accusing Indiabulls Housing Finance of Rs 1 lakh crore fraud.

As per the letter circulating on twitter, Swami accused that the company is heading for a financial collapse and bankruptcy, resulting in large corruption issues in the real estate, banking, stock markets and loss of more than Rs 1 lakh crore of public and of National Housing Bank (NHB).

The letter alleged that Indiabulls created more than 100 shell firms and took loans from NHB. It then re-allotted or siphoned it off to many real estate firms in Maharashtra, Delhi, Gurugram, Bangalore and Chennai in the range of Rs 300 million to Rs 10 billion.

The letter suggested that the company accepted these amounts back as investments from the friendly real estate firms.

Indiabulls acknowledged Swamy's letter being circulating in the social media that alleged embezzlement from NHB. The company told stock exchanges that loans outstanding as on date from NHB to Indiabulls Housing was nil.

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