Indian Share Markets Erase Early Gains; IndusInd Bank & Divi's Lab Plunge Over 8%

Mon, 8 Nov 10:30 am

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Asian stock markets are trading on a mixed note today as investors keep watch on how price pressures impact monetary policy and the pace of economic recovery.

The Hang Seng is trading down by 0.6%, while the Shanghai Composite is trading up by 0.1%. The Nikkei is trading down by 0.3%.

In US stock markets, Wall Street indices climbed to fresh highs on Friday and posted weekly gains after Labour Department data showed job growth rebounded in October following a summer slowdown.

The rally came after the October jobs report came in better than economists had expected. US payrolls added 5.3 lakh jobs last month.

Sentiment also got a boost after Pfizer announced clinical trial results of a pill to treat Covid that cuts the risk of hospitalisation or death by 89% among vulnerable adults.

The Dow Jones Industrial Average rose 204 points or 0.6%, while the S&P 500 gained 18 points or 0.4% and the Nasdaq Composite added 31 points or 0.2%.

Back home, Indian share markets opened on a positive note today. However, markets turned volatile and erased early gains.

Currently, the BSE Sensex is trading down by 228 points. Meanwhile, the NSE Nifty is trading lower by 41 points.

UltraTech Cement and Titan are among the top gainers today. IndusInd Bank, on the other hand, is among the top losers today.

The BSE Mid Cap index and the BSE Small Cap index are trading up by 0.5% and 0.1%, respectively.

Sectoral indices are trading mixed with stocks in the oil & gas sector and capital goods sector witnessing buying interest.

Banking stocks and healthcare stocks, on the other hand, are trading in red.

Shares of PVR and L&T hit their 52-week highs today.

The rupee is trading at 74.24 against the US$.

Gold prices are trading up by 0.3% at Rs 48,126 per 10 grams.

Meanwhile, silver prices are trading up by 0.8% at Rs 64,816 per kg.

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In news from the banking sector, IndusInd Bank is among the top buzzing stocks today.

Terming whistleblower allegations on loan evergreening as inaccurate and baseless, IndusInd Bank on Saturday admitted having disbursed 84,000 loans without customer consent in May owing to a technical glitch.

Lending without the consent was reported by the field staff in two days, and the glitch was also rectified expeditiously, the private sector lender said in a clarification.

On Friday, there was a media report about anonymous whistleblowers writing to the bank management and the RBI about BFIL, the microlending-focused subsidiary of the bank, allegedly resorting to evergreening of loans, wherein existing borrowers unable to pay dues were given new loans to present the books as clean.

As per the report, communication from the whistleblowers to the bank's chief executive Sumant Kathpalia, independent directors and RBI officials had happened between 17 October and 24 October.

Additionally, there was also an outsider who had written to RBI on 14 October.

In a statement, the private lender said,

• The bank strongly denies the allegations of 'evergreening'. All the loans originated and managed by BFIL, including during the COVID period which saw the first and second waves ravaging the countryside, are fully compliant with the regulatory guidelines.

At the end of September, 26,073 of these 84,000 clients were active with the loan outstanding at Rs 340 m, which is 0.12% of the September-end portfolio, the bank said.

IndusInd Bank added that it carries necessary provisions against the loans. It also said that the standard operating procedure has since been revised to make biometric authorization compulsory, and that in October 2021, nearly 100% of the loan disbursements were in the bank accounts of the customer.

IndusInd Bank share price is currently trading down by 10%.

Moving on to news from the automobile sector, Tata Motors-owned Jaguar Land Rover (JLR) expects the semiconductor shortage situation to gradually start recovering in the remaining part of the current financial year.

While the supply of semiconductors remains constrained, the company will continue to take mitigating actions, including prioritising the production of higher-margin vehicles and closely managing costs to reduce its break-even point.

In a statement, the company said,

• Furthermore, Jaguar Land Rover is taking measures to increase the future visibility and control over semiconductor supply for its vehicles, working closely with semiconductor and tier 1 suppliers.

JLR noted that the global economic recovery from Covid-19 continues but outbreaks in a number of regions, more recently in Southeast Asia, have impacted the supply base.

The automaker noted that the passenger car industry volumes continue to be constrained in most markets as a result of the continuing supply shortage of semiconductors.

However, the strong demand continues for its products with record orders in excess of 1,25,000 units, which should support a strong recovery for when production and supply of vehicles recovers.

In terms of new products, the sales of the new Range Rover, which was revealed in October, are expected to start in the fourth quarter of fiscal 2022, JLR said.

Tata Motors share price is currently trading up by 1.2%.

Speaking of Tata Motors, have a look at the chart below to see how the company's stock has performed in the past one year.

Over the last 30 days, shares of the company are up 46 while in the last one year, they have gained 267%.

To know more, check out Tata Motors' 2020-21 annual report analysis.

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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