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Sensex Slips 150 Points; Yes Bank & IndusInd Bank Top Losers
Tue, 20 Aug 12:30 pm | Monish Vora, TM Team

Share markets in India have erased early morning gains and are presently trading marginally lower.

Barring automobile sector and IT sector, all sectoral indices are trading on a negative note with stocks in the metal sector and realty sector witnessing maximum selling pressure.

The BSE Sensex is trading down by 139 points while the NSE Nifty is trading down by 57 points. The BSE Mid Cap index is trading down by 0.9% and the BSE Small Cap index is trading down by 0.7%.

The rupee is trading at 71.64 against the US$.

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In news from the finance sector, Dewan Housing Finance Corporation (DHFL) on Monday said it has defaulted on its financial repayment obligations worth Rs 15.7 billion with regard to issuance of bonds and commercial papers.

Shares of the company slipped over 7% in early trade today on back of the above news.

In a regulatory filing, the company said that the defaults involve three cases regarding interest payment on non-convertible debentures and commercial papers (CPs).

The non-banking financial company (NBFC) said it has defaulted on Rs 469.2 million towards interest amount on secured NCDs (9.92% and 9.40%) issued through a public issue for multiple tenors of amount involving interest of Rs 3,637.7 million and principal amount of Rs 10,599.1 million. Defaults of Rs 1 billion occurred on CPs.

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Note that the beleaguered NBFC has not been able to fulfil its obligations towards debt repayment in the recent past and there have been several cases of defaults on commercial papers and bonds.

Reports state that the company is estimated to be sitting on a debt-pile of over Rs 900 billion.

Yesterday, stock of the company climbed more than 10% in the afternoon session after lenders agreed on a three-level resolution plan that includes conversion of debt to equity and issuance of nonconvertible debentures.

The restructuring plan being worked out by lenders also includes conversion of some loans into non-convertible debentures, instruments that will be long term in nature and give the company some breathing space on repayments.

Mutual funds that have exposure to the company have also written to the markets regulator, seeking permission to sign an inter-creditor agreement (ICA) with lenders to join the resolution process in keeping with the central bank's June restructuring guidelines.

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DHFL share price is presently trading down by 6%.

Speaking of non-banking financial companies (NBFCs), note that NBFCs were flush with funds from banks, insurance companies, and asset management companies i.e. mutual funds in 2016.

And with these funds and without the necessary restrictions, NBFCs become reckless in deploying the funds.

You can see this clear as day in the chart below...

One Chart that Predicted the NBFC and Mutual Fund Crisis Back in 2016

One Chart that Predicted the NBFC and Mutual Fund Crisis Back in 2016

Here's what Tanushree Banerjee wrote about this in one of the editions of The 5 Minute WrapUp...

  • Let's look back at 2016...

    Banks, mutual funds, and insurance companies were competing with each other to lend to NBFCs.

    And why not?

    Not only were the fast growing NBFCs hungry for funds, they also offered attractive yields.

    The NBFCs took more risk than banks by lending without collaterals. But they charged higher interest rates; which meant their margins remained far higher than that of banks.

    It's no wonder the NBFCs caught everyone's fancy. In fact, between 2013 and 2016, the top NBFCs saw their valuation multiples move up three to eight times.

As per Tanushree, the problem in the NBFC sector is far from over. But she believes the good quality NBFCs, and housing finance companies will continue to flourish and you can make the most of the opportunity by buying the safest NBFCs.

Moving on to news from the IT sector, Wipro has entered into a strategic partnership with the Indian Institute of Science (IISc), India's premier public establishment for research and higher education in science and engineering, to conduct advanced applied research in autonomous systems, robotics and 5G space.

Reportedly, the two organizations have jointly set up the Wipro IISc Research and Innovation Network (WIRIN), a hybrid industry academia collaboration unit, which will drive idea discovery, research and innovation in technology and product design.

Meanwhile, Tech Mahindra's corporate social responsibility (CSR) arm - Tech Mahindra Foundation (TMF) has collaborated with the Loomba Foundation, a United Nations (UN) accredited global charity supporting widows and their children.

The collaboration will facilitate employment-oriented skill training for widows and their children in India with focus on Jammu, Kashmir and Ladakh.

TMF will support the training needs of the students selected by the Loomba Foundation at its state-of-the-art academies in digital technologies and healthcare.

Wipro share price is trading up by 0.8%, while Tech Mahindra share price is trading down by 0.6%.

To know more, you can read Wipro's latest result analysis and Tech Mahindra's latest result analysis on our website.

And 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

ASTRAL POLY TECHNICK Plunges by 16%; BSE CAPITAL GOODS Index Down 0.2% (Today's Market)

Sep 20, 2019 09:23 AM

ASTRAL POLY TECHNICK share price has plunged by 16% and its current market price is Rs 1,164. The BSE CAPITAL GOODS is down by 0.2%. The top gainers in the BSE CAPITAL GOODS Index are DILIP BUILDCON LTD (up 1.2%) and HEG (up 0.7%). The top losers is ASTRAL POLY TECHNICK (down 15.9%)..

ZEE ENTERTAINMENT Plunges by 6%; BSE 500 Index Up 0.1% (Today's Market)

Sep 20, 2019 09:23 AM

ZEE ENTERTAINMENT share price has plunged by 6% and its current market price is Rs 309. The BSE 500 is up by 0.1%. The top gainers in the BSE 500 Index are HEIDELBERG CEMENT (up 5.7%) and TATA COMM. (up 5.0%). The top losers are ZEE ENTERTAINMENT (down 5.6%) and ZYDUS WELLNESS (down 5.8%).

ZYDUS WELLNESS Plunges by 6%; BSE 500 Index Up 0.3% (Today's Market)

Sep 20, 2019 09:19 AM

ZYDUS WELLNESS share price has plunged by 6% and its current market price is Rs 1,766. The BSE 500 is up by 0.3%. The top gainers in the BSE 500 Index are TATA COMM. (up 5.0%) and GUJARAT FLUORO (up 5.0%). The top losers are ZYDUS WELLNESS (down 5.8%) and ENDURANCE TECHNOLOGIES LTD (down 5.0%).

TAKE SOLUTIONS Plunges by 5%; BSE IT Index Up 0.1% (Today's Market)

Sep 20, 2019 09:19 AM

TAKE SOLUTIONS share price has plunged by 5% and its current market price is Rs 123. The BSE IT is up by 0.1%. The top gainers in the BSE IT Index are FIRSTSOURCE SOL. (up 1.6%) and PERSISTENT SYSTEMS (up 1.3%). The top losers is TAKE SOLUTIONS (down 5.3%)..

ISGEC HEAVY ENG. Plunges by 5%; BSE CAPITAL GOODS Index Up 0.5% (Today's Market)

Sep 20, 2019 09:19 AM

ISGEC HEAVY ENG. share price has plunged by 5% and its current market price is Rs 396. The BSE CAPITAL GOODS is up by 0.5%. The top gainers in the BSE CAPITAL GOODS Index are BHARAT ELECTRONICS (up 1.5%) and SUZLON ENERGY (up 1.0%). The top losers is ISGEC HEAVY ENG. (down 5.5%)..

Falling Gold Prices, Global Stock Market Drivers, and Top Cues in Focus Today (Today's Market)

Sep 20, 2019 Pre-Open

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