June Quarter Results, Developments in the Banking Sector, and Top Buzzing Stocks Today

Thu, 20 Aug Pre-Open

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Indian share markets ended marginally higher yesterday.

The World Bank said that it is likely to project a steeper contraction of India's economy than 3.2% it had forecasted earlier for the current financial year.

At the closing bell yesterday, the BSE Sensex stood higher by 86 points. Meanwhile, the NSE Nifty stood higher by 23 points.

Tech Mahindra and Bharti Airtel were among the top gainers.

The BSE Mid Cap index ended up by 0.6%. The BSE Small Cap index ended up by 1.2%.

Sectoral indices ended on a positive note with stocks in the telecom sector and realty sector witnessing buying interest.

Gold prices witnessed selling pressure yesterday.

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Top Stocks in Focus Today

Zee Entertainment will be among the top buzzing stocks today after the company's profit was nearly wiped out in the pandemic-marred quarter ended June as its advertisement revenue fell.

The broadcaster's net profit slumped 94% year-on-year (YoY). The company had suffered a surprise loss of Rs 7.7 billion in the preceding three months because of an exceptional item. Zee Entertainment's revenue fell 35% over the year-ago period in the three months through June.

Cheap data and smartphone penetration, however, led to a surge in online streaming. Zee, which owns a streaming platform ZEE5, saw higher subscription revenue offset some of the decline in its mainstay business. The company's profitability was also impacted by a fair value loss worth Rs 1.1 billion related to its overseas investments in mutual fund.

Indiabulls Real Estate (IBREL) will also be in focus today as Bengaluru-based realty firm Embassy Group signed an agreement to merge its various housing and commercial projects with the Indiabulls Group company and take control of the merged entity.

Jitendra Virwani along with other promoter entities of NAM Estates (Embassy Promoters) will become the new promoters of IBREL upon completion of merger and Sameer Gehlaut, along with existing IBREL promoter group entities, shall initiate the process of reclassification as required.

Market participants will also track Dr Reddy's Laboratories today as the company announced the launch of Avigan (Favipiravir) 200 mg tablets in India for treatment of patients with mild to moderate Covid-19 disease.

The launch is part of a global licensing agreement with Fujifilm Toyama Chemical that grants Dr Reddy's exclusive rights to manufacture, sell and distribute Avigan tablets in India. Avigan has been approved by the Drugs Controller General of India.

PNB's Claim Over Proceeds of Nirav Modi Asset Sale

The US Bankruptcy court has recognised the claim of Punjab National Bank on proceeds of any asset sold by the American debtors of Nirav Modi entities.

"This is the first time the MCA has recovered money from overseas. It is also the first time the MCA has intervened in a foreign case pertaining to an Indian company and recovered money," said a report by a leading financial daily.

The Ministry of Corporate Affairs (MCA) had filed a petition on February 26, 2018, in the bankruptcy proceedings against Nirav Modi in a US court, and sought to have PNB made a party to the sale of any assets of his entities.

Apart from PNB, other public sector banks (PSBs) were also in limelight yesterday.

Canara Bank, Bank of Maharashtra, Bank of Baroda, and State Bank of India surged between 2-6% in the intra-day trade today.

According to a Reuters report, Prime Minister Narendra Modi's office has asked officials to speed up the process of trimming government stakes in at least four primarily state-owned banks within the current fiscal year.

The four lenders are Punjab & Sind Bank, Bank of Maharashtra, UCO Bank, and IDBI Bank, in which the Indian government owns majority stakes through direct and indirect holdings.

The prime minister's office wrote a letter to finance ministry earlier this month asking it to expedite the process of privatising these lenders in the current financial year, which ends in March 2021.

How all this pans out remains to be seen. Stay tuned for more updates from this space.

Yes Bank Repays Rs 350 Billion to RBI

YES Bank said it has repaid Rs 350 billion to the Reserve Bank of India (RBI) out of the total special liquidity facility (SLF) of Rs 500 billion drawn for interim support.

In its FY20 annual report, the bank's Chairman Sunil Mehta said, "in addition to the Special Liquidity Facility (SLF) of Rs 50,000 crore extended by RBI, the bank has since then received strong customer liquidity inflows. I am pleased to report that the bank has, as of date repaid Rs 35,000 crore of SLF and the balance will be repaid within the timelines set by RBI," he said.

The bank recently raised equity funding of Rs 150 billion through follow-on public offering (FPO).

In another development, Yes Bank divested more than 8% stake worth over Rs 750 million in CG Power and Industrial through open market transactions.

The lender offloaded 51.8 million shares through the BSE and the NSE, as per bulk deal data. At the end of June 2020, Yes Bank had more than 80 million shares or 12.8% stake in CG Power.

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

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