Yes Bank's Fundraising Plan, Falling Crude Oil Prices, and Top Stocks in Action Today

Thu, 12 Dec Pre-Open

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On Wednesday, Indian share markets traded on a volatile note throughout the day and ended higher.

The BSE Sensex closed higher by 173 points to end the day at 40,413. NTPC and ONGC were among the top gainers.

While the broader NSE Nifty ended up by 53 points to end at 11,910.

Among BSE sectoral indices, power stocks gained the most, followed by IT stocks and realty stocks.

Top Stocks in Action Today

Adani Transmission share price will be in focus today as its subsidiary - Adani Electricity Mumbai (AEML) and a subsidiary of Qatar Investment Authority (QIA) - Qatar Holding LLC, have signed definitive agreements for the sale of 25.1% stake in AEML and for shareholder subordinated debt in AEML.

The total QIA investment in AEML will be approximately Rs 32 billion.

Dish TV share price will also be in focus today as the company's promoters, Bharti Airtel and private equity firm Warburg Pincus have reportedly agreed to merge direct-to-home (DTH) operations of Airtel and Dish. As per the deal, DTH business of Dish TV India will be hived off and merged in Bharti Telemedia, which houses Airtel Digital TV.

Market participants will also track Trident share price as the company has reported 12,457 metric tons production of paper in November 2019.

ADB Trims India's GDP Forecast

The Asian Development Bank (ADB) on Wednesday slashed India's GDP growth to 5.1% for FY19, down from 6.5%.

The bank has also cut its FY20 forecast to 6.5%, down from 7.2%, according to a supplement in its Asian Development Outlook 2019 Update.

The downward revision comes on the back of risk aversion and a credit crunch in the Indian economy resulting from the IL&FS crisis in August 2018.

The report also cites slumping consumption due to slow job growth and rural distress aggravated by a poor harvest as some other factors weighing down on the Indian economy.

Yes Bank Delays Funding Plan

Shares of Yes Bank fell over 17% yesterday after its board further delayed decision on new investors.

The private lender said it is considering US$ 500 million investment offer from London-based Citax Holdings and Citax Investment Group.

A final decision on the investment, which is proposed to be made through a preferential allotment, will be taken at the bank's next board meeting.

Yes Bank had said on 29 November after a board meeting that several investors had shown interest in buying its shares worth a total US$ 2 billion through a preferential allotment.

The potential investors included the family office of Canada-based Erwin Singh Braich and Hong Kong-based SPGP Holdings (as part of the US$ 1.2 billion binding offer) as well as the US$ 500 million offer from Citax Holdings, through non-binding agreements.

None of the potential investments have materialized so far.

The disclosure of the potential investors' list sparked a sell-off in Yes Bank shares. The fall came on the back of research reports by brokerages, which questioned the credibility of the potential investors.

Yes Bank has been desperately seeking capital to stay compliant with the Reserve Bank of India's (RBI) norms as well as buffer its losses against bad loans and remain afloat.

Also, Yes Bank had said several other investors including billionaire investor Rakesh Jhunjhunwala's wife Rekha Jhunjhunwala's family office were in talks to invest at least US$ 25 million.

Yes Bank has been struggling to find a suitable investor to bail it out and has therefore extended the binding term sheet till 31 December.

Now, how this pans out going forward remains to be seen. Meanwhile, we will keep you updated on developments from this space.

From the Commodity Space...

Oil prices fell on Wednesday after industry data showed an unexpected build in US crude inventories and as investors waited for news on whether a fresh round of US tariffs on Chinese goods would take effect on Sunday.

US crude stocks clocked a surprise rise in the most recent week while gasoline and distillate inventories also rose.

Crude inventories rose by 1.4 million barrels in the week to December 6 to 447 million, while analysts were expecting a fall of 2.8 million barrels.

On the supply side, the United States is on track to become a net exporter of crude and fuel for the first time on record on an annual basis in 2020, due to a production surge that has dramatically reduced its dependence on foreign oil.

Speaking of crude oil, the Organization of Petroleum Exporting Countries (OPEC) and Russia last week agreed to cuts in oil production.

In the video below, Vijay Bhambwani shares interesting insights into this space. He talks about what to expect going forward.

Tune in to find out more...

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