Rising Crude Oil Prices, Yes Bank's QIP, and Top Stocks in Action Today

Mon, 19 Aug Pre-Open

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On Friday, Indian share markets traded on a volatile note throughout the day and ended their trading session marginally higher.

The BSE Sensex closed higher by 39 points to end the day at 37,350. Yes Bank and Power Grid were among the top gainers.

While the broader NSE Nifty ended up by 18 points to end at 11,048.

Among BSE sectoral indices, automobile stocks gained the most by 1.1%, followed by power stocks and telecom stocks.

Top Stocks in Action Today

Voltas share price will be in focus today as its joint venture company, Voltbek Home Appliances (Voltbek) has launched India's first 5 Star rated washing machines.

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

Cox & Kings share price will also be in focus as the company has defaulted on commercial papers worth Rs 1.5 billion.

Meanwhile, Dewan Housing Finance Corporation (DHFL) has defaulted on an interest payment worth Rs 44.8 million on non-convertible debenture (NCD). The gross principal amount on which the default has taken place is Rs 450 million.

Market participants will also track Bajaj Auto share price. Reportedly, the company eyeing a 25% market share by the end of current fiscal year. The company closed FY2019 with a market share of 18.7% having notched 28.7% growth.

From the Banking Sector...

Yes Bank is planning to raise an additional US$ 600 million from large investors to bolster its capital buffers.

The bank is planning to raise more funds after its qualified institutional placement (QIP) offering that closed on Wednesday was oversubscribed. Yes Bank raised around US$ 270 million in the fundraising.

The private lender said that five investors bought more than 65.5% of the equity shares offered in its QIP. These are Societe Generale (18.8%), Key Square Master Fund LP (16.2%), BNP Paribas Arbitrage (14.4%), HDFC Trustee Company Limited A/C HDFC Balanced Advantage Fund (10.3%) and Key Square Master Fund II LP (5.9%).

Other investors in the QIP were Government Pension Fund of Norway, British investment firm Ashmore Group and Aditya Birla Sun Life Asset Management Company among others. The share issuance resulted in a 9.96% stake dilution.

The bank had originally planned to raise US$ 1 billion to shore up its capital adequacy ratio required under Basel III norms.

As of the June quarter, the bank's tier I capital adequacy ratio stood at 10.7% as against the regulatory requirement of 8.875%. The bank's common equity tier 1 capital stood at 8%, which is marginally above the regulatory requirement of 7.375%.

Note that the private lender is dealing with a surge in doubtful loans, falling share price and a declining profit. The bank's net profit in the April-June quarter fell to Rs 1.1 billion from Rs 11 billion in the year-ago period.

Crude Oil Prices

Crude oil prices rose more than 2% on Friday following two days of declines, after data showing an increase in retail sales in the United States helped dampen concerns about a recession in the world's biggest economy.

US retail sales rose 0.7% in July as consumers bought a range of goods even as they cut back on motor vehicle purchases, according to data that came a day after a key part of the US Treasury yield curve inverted for the first time since June 2007.

Reports state that gains are likely to be capped after a week of data releases including a surprise drop in industrial output growth in China to a more than 17-year low, along with a fall in exports that sent Germany's economy into reverse in the second quarter.

Brent prices are still up 10% this year amid supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC) and allies such as Russia, a group known as OPEC+. In July, OPEC+ agreed to extend oil output cuts until March 2020 to prop up prices.

Gold Prices

Gold slipped on Friday as investors locked in profits and equities recovered, but fears over a global economic slowdown and a lack of clarity on the US-China trade war kept the metal on track for its third consecutive weekly gain.

On Thursday, US President Donald Trump said he believed China wanted to make a trade deal and that the dispute would be fairly short.

This comes after Beijing vowed to counter the latest tariffs on US$ 300 billion of Chinese goods but called on the United States to meet it halfway on a potential trade deal.

Bullion has risen more than US$ 100 since the beginning of the month amid the heightened trade tensions and a slew of disappointing economic data globally.

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

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