Indian Indices Extend Gains; Eicher Motors Jumps 10%

Mon, 24 Aug 12:30 pm

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Extending last week's gains, Indian share markets are presently trading on a bullish note tracking positive global cues.

Benchmark indices edged higher today following the trend in global peers as major countries planned to authorize vaccines and treatment for Covid-19, which lifted hopes of a better recovery.

The USFDA allowed using blood plasma of recovered patients as "emergency use authorization", while reports also said the Trump administration is considering by-passing normal US regulatory standards to fast-track an experimental coronavirus vaccine from the UK for use in America.

Meanwhile, China also allowed locally produced vaccines to be used in emergency situations.

The BSE Sensex is trading up by 251 points, up 0.6%, at 38,650 levels.

Meanwhile, the NSE Nifty is trading up by 70 points.

Kotak Mahindra Bank and HDFC Bank are among the top gainers today.

The BSE Mid Cap index is trading up by 0.5%.

The BSE Small Cap index is trading up by 1.5%.

On the sectoral front, gains are largely seen in the banking sector and finance sector.

The rupee is currently trading at 74.83 against the US$.

Gold prices are currently trading down by 0.5% at Rs 51,760.

Speaking of the current stock market scenario, note that after over 2 years of lag, the smallcap index is beating Sensex in the post Covid rebound.

As per Richa Agarwal, lead smallcap analyst at Equitymaster, the next few days would be crucial for making big gains in smallcap stocks.

But while it is time to act, you must tread with caution. Post Covid, Richa expects a lot of clean up in the smallcap space, with only a few quality stocks emerging as winners.

In news from the automobile sector, Eicher Motors is among the top buzzing stocks today.

Shares of the company surged 10% today after the stock turned ex-date for stock split in the ratio 1:10. The company has fixed August 25, 2020 as record date for the stock split.

On May 25, the company announced its stock split plan to make the stock more affordable for the small retail investors and increase liquidity.

On June 12, the company's board approved the stock split in the ratio of 1:10 i.e. sub-division of equity shares of the company from the existing one equity share of face value of Rs 10 each into ten equity shares of face value of Rs 1 each.

The company which manufactures the iconic Royal Enfield brand of motorcycles reported a loss of Rs 550 million in the June quarter of FY21 (Q1FY21). It had posted a profit of Rs 4.5 billion in the corresponding quarter last year.

The company's revenue from operations in the quarter declined to Rs 8.2 billion.

In a post earnings call, top officials of Royal Enfield (RE) said that despite the rapid recovery in demand seen across all the key markets of the company, the Covid-19 pandemic-induced lockdowns have been impacting production.

Eicher Motors share price is presently trading up by 6.7%.

Moving on to news from the telecom sector, Vodafone Idea has told its lenders that despite financial constraints, it will pay accrued interest on due loans after availing the six month moratorium set to end on August 31.

Reports state that the troubled telco could clear interest dues about Rs 5 billion in the December quarter.

The Reserve bank of India (RBI) allowed a six-month breather on paying loans starting March, to beat stress from the pandemic.

This month onwards, the central bank also allowed banks to restructure stressed loads, if deemed fit.

According to a senior telecom executive aware of the development, Vodafone Idea will not go for loan restructuring because its future hinges on Supreme Court AGR verdict.

Lenders are worried because two telcos - Reliance Communication and Aircel have already gone bust and if Vodafone Idea goes under, it will be a big blow to many national and private banks.

State Bank of India (SBI) has the largest exposure at Rs 112 billion. Private lenders IndusInd Bank and ICICI Bank are other major lenders.

Among PSBs, Punjab National Bank has the highest exposure to the telco at Rs 10 billion.

Note that the operator has also been clearing other dues. It paid Rs 12 billion to the telecom department towards license fee and spectrum usage charge (SUC) for the April-June period.

Reports state that the operator is banking on more refunds from the Income Tax Department, which may help ease liquidity concerns. Last month, the SC ordered the tax department to refund Rs 8.3 billion to the company.

Vodafone Idea has said it can monetise its 11.15% stake in Indus Towers after its merger with Bharti Infratel, sell its optic fibre and data centres to raise funds.

How all this pans out remains to be seen. Meanwhile, we will keep you updated on the latest developments from this space.

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

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