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Sensex Trades Marginally Higher; Tata Motors & SBI Top Gainers
Fri, 4 Jan 12:30 pm | Monish Vora, TM Team

Share markets in India are presently trading on a positive note. Sectoral indices are trading mixed with stocks in the telecom sector and oil & gas sector witnessing maximum buying interest while IT stocks and capital goods stocks are witnessing selling pressure.

The BSE Sensex is trading up by 124 points (up 0.4%), while the NSE Nifty is trading up by 31 points (up 0.3%). The BSE Mid Cap index is trading up by 0.4% and the BSE Small Cap index is trading on a flat note.

The rupee is trading at Rs 69.85 against the US$.

In the news from the automobiles sector, Tata Motors share price is witnessing buying interest today on strong growth in US JLR (Jaguar land rover) sales.

The total JLR US sales rose 24% at 14,079 units against 11,394 units last year.

The total land rover US sales have risen 33% at 10,617 units against 7,980 units last year and the total Jaguar US sales rose 1.4% at 3,462 units against 3,414 units in December 2017.

Tata Motors share price is presently trading up by 2.8%.

To know more about the company, you can access to Tata Motors Q2FY19 result analysis and Tata Motors stock analysis on our website.

Moving on to the news from the aviation space, Jet Airways share price is witnessing selling pressure today on reports that that the cash-strapped airline has proposed lenders to securitize revenue from ticket sales against outstanding debt.

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As per an article in The Economic Times, the debt-laden company, which defaulted on loan repayments last month is also said to have approached the upper division of officials earlier this week in pursuit of a rescue by state-run banks.

Here's an excerpt from the article:

  • Jet chairman Naresh Goyal and the top management of India's second-biggest airline by market share are to meet other creditors, including leasing companies facing delayed payments, early next week. Jet is likely to propose a fresh repayment schedule that involves haircuts.

On Thursday, rating agency ICRA downgraded the airline's loan and debenture ratings.

According to reports, ICRA has revised the long-term rating (assigned to long-term loans and non-convertible debentures) to D from C. The short-term rating has been revised to D from A4.

Last month, Jet was in talks with the SBI for raising Rs 15 billion short-term loan to meet its working capital requirement and some payment obligations.

Reportedly, Jet Airways' strategic partner and Middle-east carrier Etihad, which holds 24% stake in the Indian full-service carrier, is likely to provide guarantee for the loan.

The Naresh Goyal-controlled airline, which has posted three consecutive quarterly losses of over Rs 10 billion each since March, already has as much as Rs 80 billion of debt on its books as on September 30. Rating agency ICRA has already cut the rating on Jet Airways borrowing programmes.

To know more about the company, you can access to Jet Airways' latest result analysis and Jet Airways' 2017-18 Annual Report Analysis on our website.

Domestic airlines have been struggling to make profit because of a rise in operating costs.

The new year began on a positive note for domestic airlines as state oil marketing companies (OMCs) slashed aviation turbine fuel (ATF) prices by 14.7%.

Note that this is the second consecutive drop in jet fuel price and the sharpest cut since November 2008.

The surge in crude oil prices led to the domestic airlines posting a loss of 23.4 billion in the September quarter.

Reports state that in the first half of FY19, the listed airlines together lost around Rs 0.2 billion per day collectively registering a loss of Rs 36.4 billion.

Crude oil prices, however, are on a decline over the last few weeks over concerns of a supply glut.

Oil prices fell after the US showed signs of following Asia into an economic slowdown, although supply cuts by producer club the Organization of Petroleum Exporting Countries (OPEC) kept declines in check.

Reportedly, OPEC oil supply fell by 460,000 barrels per day (bpd) between November and December, to 32.7 million bpd, as top exporter Saudi Arabia made an early start to a supply-limiting accord, while Iran and Libya posted involuntary declines.

Speaking of crude oil, India's crude oil production was lower by 4.2% in September 2018 as compared to last year.

India's Increasing Crude Oil Demand Supply Gap

The worrying factor is this was the lowest production this year.

Here's what Tanushree Banerjee wrote about it in one of the editions of The 5 Minute WrapUp...

  • Comparing domestic production with the crude oil processed by refineries gives an idea of the demand supply gap. Low domestic production as compared to the demand for crude oil places a huge burden on India's import bill.

    Rising crude oil prices could have severe implications. Rising inflation. Rising interest rates. Pressure on the government to cut excise duty, thereby impacting its revenues.

    We have seen some of this play out. With elections around the corner, expect a lot of subsidies on fuel prices. This is bound to worsen India's fiscal deficit further.

It would be interesting to see how this pans out. Meanwhile, we will keep you updated on all the developments from this space.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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