Sensex Ends 65 Points Lower; Telecom and Power Stocks Bleed

Wed, 23 Sep Closing

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Indian share markets traded on a volatile note today and ended marginally lower.

Benchmark indices ended lower for the fifth consecutive session today with Nifty ending below the 11,150-mark.

At the closing bell, the BSE Sensex stood lower by 65 points. Meanwhile, the NSE Nifty ended down by 19 points.

Bharti Infratel was the top loser in NSE. Meanwhile, the top gainers in NSE today include Axis Bank and Coal India.

SGX Nifty was trading at 11,145, down by 14 points, at the time of writing.

Midcap and smallcap stocks also witnessed selling pressure today. The BSE Mid Cap index ended down by 0.3%. The BSE Small Cap index ended down by 0.1%.

On the sectoral front, telecom stocks and power stocks were among the hardest hit.

Asian stock markets ended on a mixed note. As of the most recent closing prices, the Hang Seng was up 0.11% and the Shanghai Composite stood higher by 0.17%. The Nikkei ended down by 0.06%.

The rupee is trading at 73.48 against the US$.

Gold prices are trading down by 0.8% at Rs 49,948 per 10 grams.

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Moving on to stock specific news...

Hindustan Zinc Ltd (HZL) was among the top buzzing stocks today.

Hindustan Zinc share price witnessed huge buying interest today after the company said its board-constituted panel has approved plan to raise up to Rs 40 billion through non-convertible debentures.

HDFC Bank share price was also in focus today as the lender has put out its own set of terms and conditions/ eligibility rules/ loan restructuring process on its website.

As per the FAQs for further loan restructuring (after end of RBI mandated moratorium) released by the bank on its website, individuals are eligible to apply for loan restructuring irrespective of whether they have opted for six-month moratorium between March 2020 and August 2020 or not.

Further, loan once restructured will be classified as "Restructured" in the credit report of the borrower. The bank may levy a fee on the restructuring of loans. Further, the minimum outstanding balance required to convert the credit card dues/loan is Rs 25,000.

Earlier this month, the Supreme Court had asked the Central government to file a detailed affidavit on a batch of petitions seeking an extension of the moratorium period on repayment of loans and to waive off the interest on the repayment of the loan amount in view of the Covid-19 pandemic.

Note that the RBI, in March, had announced a moratorium on repayment of term loans in order to provide relief to borrowers impacted by the COVID-19 related disruptions. Initially, the moratorium was allowed till May 31 but was later extended till August 31.

We will keep you updated on all the developments form this space. Stay tuned.

Note that, HDFC Bank is one that has always adapted to changing times.

HDFC Bank wanted to transform itself from a leader in the physical banking to a leader in online banking. Since then, HDFC Bank has constantly focused on going digital.

In 2004, only 10% of customer transactions were initiated through internet and mobile. The number has gone up to 92% in 2019.

It is a great example of a company which has taken advantage of its scale and embraced disruption rather than fear it.

These are traits that one should look for in picking stocks. They not only withstand the disruption but also gain from it in the long-run.

In news from the power sector, the Union power ministry has released a draft of the standard bidding guidelines for the privatisation of power distribution companies (discoms).

The Centre has been pushing state-run power discoms to increase private sector participation to achieve higher efficiency. The guidelines are expected to provide a template format for all the states whenever they offer their discoms to private players through competitive bidding.

According to the draft, the highest bidder shall be provided with a clean balance sheet, free of accumulated losses/unserviceable liabilities of the discoms. It also proposed that existing assets of the distribution licensee, other than land, would be transferred to the highest bidder according to rates determined by state power regulators.

Land owned by the existing discoms shall be provided to the new owner on a right to use basis at nominal charges, the document stated. The power ministry said that the provisions enlisted are essentially being presented with an aim of initiating discussions and soliciting inputs from stakeholders on the standard bidding document.

The above development takes place as the government plans to privatise the discoms in Union Territories (UTs) by January 2021.

Efforts are also being made to privatise a number of discoms in states such as Uttar Pradesh, Madhya Pradesh, Jharkhand and Assam to improve their governance. To achieve the target, joint ventures among CPSUs and private players are also being contemplated in the power distribution sector.

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

Moving on to news from the IPO space...

State-owned defence company Mazagon Dock Shipbuilders will launch its initial public offering on September 29. The issue will close on October 1, 2020.

The company is likely to raise around Rs 4-5.5 billion via its maiden public offer, which reduced from earlier issue size of around Rs 7-8 billion.

Mazagon Dock Shipbuilders is a defence public sector undertaking shipyard under the Department of Defence Production (MoD).

The company is engaged in the construction and repair of warships and submarines for the MoD and other vessels for commercial clients. It is India's only shipyard to have built destroyers and conventional submarines for the Indian Navy.

Mazagon Dock IPO was supposed to launch in September 2019 but the plan was shelved due to low demand.

How the above IPO sails through remains to be seen. We will keep you updated on the latest developments from this space. Stay tuned.

Meanwhile, the Rs 22.6-billion public offer of Computer Age Management Services (CAMS) was subscribed 28 times on the last day of the issue today at the time of writing.

The response from non-institutional investors looked strong on last day as their reserved portion was subscribed 83.3 times, while the portion set aside for retail investors witnessed 4.67 times subscription and that of qualified institutional buyers 28.3 times.

The company has fixed price band at Rs 1,229-1,230 per share for its maiden public issue which will remain opened till September 23.

The public issue consists an offer for sale of 1,82,46,600 equity shares by NSE Investments, the subsidiary of National Stock Exchange which has been asked by markets regulator to divest its entire stake in CAMS in the current IPO.

To know more about the company, you can read our note on the IPO here: CAMS IPO: Should You Apply? (requires subscription).

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!

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