Sensex Ends Day in Red, Global Markets Rise, and Top Stocks in Action

Tue, 23 Oct Pre-Open

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On Monday, share markets in India opened on a positive note and ended the day in red after a volatile day of trading.

The BSE Sensex closed lower by 181 points to end the day at 34,134. While the broader NSE Nifty ended the lower by 58 points to end at 10,245.

Among BSE sectoral indices, energy stocks fell the most by 2.4%, followed by consumer durables stocks at 1.3%. IndusInd Bank and Yes Bank were among the top losers.

Top Stocks in Action Today

Jet Airways share price is likely to be in focus after reports stated that the firm is trimming its workforce and operations further as it struggles through its financial crisis.

As per a leading financial daily, at least 15 people at manager or general manager level in departments such as engineering, security and sales have been asked to leave in October. It is also reported that the airline has grounded eight of its planes at the Mumbai and Chennai airports.

Unichem Labs share price is among the stocks to watch today as the company received an establishment inspection report (EIR) from the US Food and Drug Administration (USFDA).

The company received the establishment inspection report (EIR) for its for its formulation facility in Pithampur and Roha indicating a closure of inspection.

IL&FS's Boards Takes First Step Towards Turnaround

The newly-reconstituted board of directors of Infrastructure Leasing and Financial Services (IL&FS) has appointed two financial and transaction advisors (FTAs), as well as a restructuring advisor, for developing and executing a resolution plan for the crisis-hit non-banking financial company.

The board has appointed Arpwood Capital and JM Financial Consultants as FTAs to the IL&FS group, after evaluating proposals from several investment banks and advisory firms.

Alvarez & Marsal has been appointed by the board as the restructuring advisor for the group. The professional services firm, which specialises in turnaround management, was also an advisor to the old board of IL&FS, which was superseded on October 1 after the Ministry of Corporate Affairs moved the National Company Law Tribunal (NCLT) to take over the beleaguered company.

The trouble began when the company defaulted on Rs 12 billion worth of loans to the Small Industries Development Bank of India in August and September and later spiralled into further defaults, including Rs 1.72 billion on inter-corporate deposits, Rs 145.7 million in letters of credit and Rs 1 billion on repayment of principal and interest for a loan facility in October, so far.

A proposed rights issue for IL&FS, decided by the previous board, to raise Rs 45 billion devolved last Friday, creating further uncertainty for the company as it needs around Rs 35 billion in liquidity support. The issue was open from October 5 to October 19.

It must be noted that IL&FS has missed payment on more than five of its obligations since August 2018. It has total debt of US$ 12.6 billion, of which 61% is in the form of loans from banks and other financial systems.

According to Moody's Investor Services, IL&FS's outstanding debentures and commercial paper accounted for 1% and 2%, respectively, of India's domestic corporate debt market as of 31 March 2018. Its bank loans made up about 0.5% to 0.7% of banking system loans.

There are concerns that the defaults by IL&FS could cause a contagion in the Indian financial sector.

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