Sensex Trades Marginally Lower; Coal India and Bharti Airtel Top Losers

Thu, 14 Feb 12:30 pm

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Share markets in India are presently trading on a negative note. Sectoral indices are trading mixed with stocks in the oil & gas sector, metal sector and telecom sector witnessing maximum selling pressure while banking stocks and auto stocks are witnessing buying interest.

The BSE Sensex is trading down by 94 points (down 0.3%), while the NSE Nifty is trading down by 39 points (down 0.4%). The BSE Mid Cap index is trading down by 0.2% and the BSE Small Cap index is trading down by 0.3%.

The rupee is trading at Rs 70.93 against the US$.

Market participants are tracking Ashok Leyland share price, ONGC share price, Jet Airways share price, Voltas share price, and GSK Pharma share price today as these are among companies which are scheduled to report their quarterly earnings today.

You can also read our recently released Q3FY19 results of other companies here: Reliance Industries, Infosys, TCS, Trident, HDFC bank, Maruti Suzuki, Tata Motors, Tata Steel, Aurobindo Pharma, MRF, Gillette, Bata India, Coal India, Indian Hotels.

In the news from the aviation space, Jet Airways share price is witnessing selling pressure today ahead of its December quarter earnings.

Reportedly, a resolution plan for the debt-laden Jet Airways has been delayed over issues linked to due diligence in fresh equity investments, promoters' interests, lenders' perspective, regulatory hurdles and government concerns.

A board meeting, which was scheduled for today, was expected to take up the proposed deal between Naresh Goyal-promoted Jet, foreign partner Etihad and lenders led by State Bank of India (SBI), but now it is learnt that no decision is likely so soon.

The domestic airline in the September quarter reported a net loss of around Rs 13 billion against a net profit of Rs 0.5 billion a year ago.

Jet Airways share price is presently trading down by 2%.

Moving on to the news from the banking sector, Yes bank share price is witnessing buying interest today after the bank received "no observation on divergence" in the bank's asset classification and provisioning in the RBI's Risk Assessment Report for FY2018.

Shares of Yes bank recorded its sharpest intra-day rally since its listing on back of the above news.

As per an article in The Economic Times, against the Rs 7.5 billion of gross NPAs reported by the lender as on March 31, 2016, the RBI assessment showed the tally at Rs 49.3 billion, leading to a divergence of Rs 41.8 billion.

Here's an excerpt from the article:

• 'The Reserve Bank of India (RBI) has cleared Yes Bank of any disparity in reporting bad loans, known as divergence in market parlance'.
  
  'The report observes NIL divergences in the bank's asset classification and provisioning from the RBI norms'.

Reportedly, the divergence increased to Rs 63.4 billion in FY17 which was the main reason former CEO Rana Kapoor's tenure was reduced last year by the central bank.

Note that the stock of the company plunged to its lowest levels in over two years in November. Losses were seen after credit rating agencies ICRA and CARE ratings downgraded the bank's debt instruments.

ICRA downgraded domestic long-term ratings of the bank's senior debt instruments to 'ICRA AA' from 'ICRA AA+' and its subordinate debt instruments to 'ICRA AA-' from 'ICRA AA'.

Meanwhile, CARE Ratings cut domestic ratings of Yes Bank's senior debt instruments to 'CARE AA+' from 'CARE AAA' and subordinate debt instruments to 'CARE AA' from 'CARE AA+'.

Yes bank share price is presently trading up by 23%.

To know more about the company, you can read Yes bank's latest result analysis on our website.

Speaking of banking sector, the Scheduled commercial banks (SCBs) credit growth moderated slightly to 14.5% YoY to Rs 943 billion as on 01 February 2019, compared with 14.6% growth a fortnight ago.

The credit growth has improved from 10.8% at end February 2018. Deposits rose 9.6% as on 01 February 2019.

The overall credit-deposit ratio eased to 77.8% as on 01 February 2019 from 77.9% a fortnight ago, while jumped from 74.9% in February 2018 with the faster growth in loans.

The investment-deposit ratio declined to 27.7% as on 01 February 2019, which is much higher above the Statutory Liquidity Ratio of 19.5%.

Also, note that the credit growth for banks is back to its 5-year high. Have a look at the chart below:

Credit Growth Back to 5 Year High

The credit growth that banks in India posted in December quarter of 2018, at 15.1% YoY, is not just very healthy. It's nearly 2 times GDP growth. But it also back to the five-year high.

Strong credit disbursal is clearly a sign of many things to come. Higher consumption demand, better capacity utilization, more capex and higher profits.

It would be interesting to see how this trend follows in 2019. 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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