Sensex Trades Flat; Sun Pharma & Tata Motors Top Gainers

Tue, 29 Jan 12:30 pm

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Share markets in India are presently trading on a flat note. Sectoral indices are trading mixed with stocks in the telecom sector, metal sector and healthcare sector witnessing buying interest while energy stocks and IT stocks are witnessing selling pressure.

The BSE Sensex is trading down by 37 points (down 0.1%), while the NSE Nifty is trading down by 10 points. The BSE Mid Cap index is trading up by 0.4% and the BSE Small Cap index is trading up by 0.1.

The rupee is trading at Rs 71.08 against the US$.

Market participants are tracking HDFC, Axis bank, Bajaj Finance, HCL Technologies as they announce their December quarter results today.

You can also read our recently released Q3FY19 results: Reliance Industries, Federal Bank, Infosys, TCS, Trident, HDFC bank, Maruti Suzuki, DHFL, Gruh Finance.

In the news from the aviation space, Jet airways share price is witnessing buying interest today amid reports that the airline is seeking shareholders' nod to convert its debt into equity, appoint bank nominees on the board and increase the authorized share capital of the company to enable the issue of fresh preference shares.

The move comes as the airline's founder-chairman Naresh Goyal is negotiating a debt restructuring and fundraising plan.

According to reports, a proposal to bring down Goyal's stake to less than 20% from 51% was being discussed.

The airline has proposed to raise authorized share capital to Rs 22 billion. This would comprise Rs 6.8 billion of equity capital and Rs 15.2 billion of preference share capital.

The airline has a debt of over Rs 82 billion and a consortium of banks led by State Bank of India is working on a resolution plan after it defaulted on its principal and interest payments for the December-end quarter.

Last month, Jet had said it was working on a comprehensive resolution plan, including options on the debt-equity mix, equity infusion by various stakeholders and consequent change in the composition of the board.

Last week, Jet Airways had reported the Passenger Load Factor of 87.0% during the month of December 2018 against the PLF of 82.1% during the month of November 2018.

As per an article in a leading financial daily, Naresh Goyal, promoter of the debt-laden carrier Jet Airways, has agreed to step down from the restructured airline's board if Etihad Airways pays the 'right price' for increasing its stake in the airline.

According to the newspaper report, Etihad's offer price of Rs 150 per share is not in accordance with the markets regulator takeover guidelines.

The markets regulator has laid out norms for a takeover, which state that the open offer price must be the highest of the prices decided by four parameters.

The negotiated price between the buyer and the promoter, the average price of shares in the year before the takeover was announced, the highest price that the buyer paid in the 26 weeks before the takeover announcement and the average price of the 60 trading days before the takeover is announced.

Jet's woes have worsened with higher oil prices and intense competition in 2018.

This would be the second time that the West Asian airline has come to the debt-laden carrier's rescue.

Moving on to the news from the steel sector, Tata Steel share price is in focus today as TS Global Holdings (TSGH), a wholly-owned subsidiary of the company, has signed definitive agreements with the state-owned HBIS Group of China to divest majority stake in its South East Asia business in a $327-million deal.

Tata Steel share price is presently trading up by 1%.

Speaking of interesting development in the steel sector, did you know In the last 6 years, India has been the world's fastest growing steel producer, among the top 10.

Have a look at the chart below which shows India's steel production growing at the fastest rate:

India's Steel Production Growing at the Fastest Rate

The above data validates Tanushree's optimism about India's future.

And as we wrote in today's edition of The 5 Minute WrapUp...

• Over the last 6-year period, India's steel production grew at a CAGR of 6%. Countries such as Germany and Japan registered negative growth. Growth has been flat in USA, South Korea, Russia, and Brazil.
  
  China, the world leading steel producer, which saw double-digit growth over 2001-2010, grew marginally by 4% CAGR in the last six years.
  
  Importantly, India's production growth is due to strong domestic demand. Particularly, on the back of strong infrastructure development and housing demand, especially affordable housing.
  
  No wonder India has surged past Japan and USA to become the second largest steel producer in the world.

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Indian Share Market Update: Top Gainers and Losers