Sensex Trades Lower; L&T, IndusInd Bank Top Losers

Mon, 14 Jan 12:30 pm

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Share markets in India are presently trading on a negative note. Barring healthcare sector and IT sector, all sectoral indices are trading in red with stocks in the capital goods sector, power sector and metal sector witnessing maximum selling pressure.

The BSE Sensex is trading down by 253 points (down 0.7%), while the NSE Nifty is trading down by 87 points (down 0.8%). The BSE Mid Cap index is trading down by 0.7% and the BSE Small Cap index is trading down by 0.5%.

The rupee is trading at Rs 70.82 against the US$.

In the latest development from the results corner, Shares of Avenue Supermarts, which owns and operates D-Mart supermarket chain, fell 9% in early trade after it reported a disappointing set of numbers for the quarter ended December 31, 2018.

The company has posted 2.1% year-on-year growth in net profit at Rs 2.6 billion. It had a profit of Rs 2.5 billion in the same quarter last fiscal.

The net profit growth during the quarter under review was slowest in eight quarters.

In another news, Infosys on Friday reported 29.6% drop in consolidated net profit at Rs 36.1 billion for December quarter.

The IT firm had posted Rs 51.3 billion profit in the corresponding quarter last year.

Net sales for the quarter jumped 20.3% YoY to Rs 214 billion. On a sequential basis, sales grew 3.8% in rupee terms. Sales were up 2.7% QoQ in constant currency terms.

Further, the company revised its FY19 revenue guidance in constant currency (CC) terms to 8.5-9%. The guidance for operating margin (OPM) is retained at 22-24%.

Consolidated attrition declined to 19.9% in Q3FY19 over 22.2% in the previous quarter.

The company also announced a share buyback under open market route of Rs 82.6 billion at a maximum price of Rs 800 per share. It also announced a special dividend of Rs 4 per share.

To know more about the company, you can read Infosys Q3FY19 result analysis and Infosys 2017-18 Annual Report analysis on our website.

Moving on to the news from the banking space, Yes bank share price is witnessing buying interest today as the bank appointed Brahm Dutt as its non-executive chairman.

Dutt has been on the board of the bank since July 2013 as an independent director and has contributed to almost all the sub-committees of the board over the past 5 years and a half.

Reportedly, Rajesh Sud, former MD and CEO of Max Life Insurance, and current Yes Bank Executive Director Rajat Monga were shortlisted to succeed long-serving MD Rana Kapoor.

In another news, the bank has also inked a pact with Kia Motors for finance and banking solutions.

As per an article in The Economic Times, the bank will be able to provide end-to-end financial solutions to Kia motors India.

Here's an excerpt from the article:

• According to the memorandum of understanding (MoU) inked between both the companies, Yes Bank will offer financing and banking solutions to Kia car dealers with products such as term loans, cash credit and inventory funding.

Note that the stock of the company plunged to its lowest levels in over two years in November. Losses were seen after credit rating agencies ICRA and CARE ratings downgraded the bank's debt instruments.

ICRA downgraded domestic long-term ratings of the bank's senior debt instruments to 'ICRA AA' from 'ICRA AA+' and its subordinate debt instruments to 'ICRA AA-' from 'ICRA AA'.

Meanwhile, CARE Ratings cut domestic ratings of Yes Bank's senior debt instruments to 'CARE AA+' from 'CARE AAA' and subordinate debt instruments to 'CARE AA' from 'CARE AA+'.

Yes bank share price is presently trading up by 4%.

To know more about the company, you can access to Yes bank Q2FY19 result analysis and Yes bank Stock Analysis on our website.

Speaking of banking sector, credit growth for banks is back to its 5-year high. Have a look at the chart below:

Credit Growth Back to 5 Year High

The credit growth that banks in India posted in December quarter of 2018, at 15.1% YoY, is not just very healthy. It's nearly 2 times GDP growth. But it also back to the five-year high.

Strong credit disbursal is clearly a sign of many things to come. Higher consumption demand, better capacity utilization, more capex and higher profits.

It would be interesting to see how this trend follows in 2019. Meanwhile, we will keep you updated on all the developments from this space.

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