US-China Trade Talks; BHEL, Lupin Among Top Stocks to Watch Out for Today

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On Friday, the Indian share markets settled flat amid a rise in automobile and metal stocks. The BSE Sensex ended at 35,871, down 27 points, while the Nifty50 index settled at 10,792, up 2 points.

Shares of Reliance Nippon Life Asset Management surged 20% in intra-day trade, rallying 44% in past two trading sessions on the BSE, after Reliance Capital decided to put its stake in the company up for grabs. The stock settled at Rs 199, up 6.3% on Friday.

Suzlon Energy jumped 31% to end at Rs 5.8 on the BSE. In intra-day deals, the stock had touched a high of Rs 6.2, rallying 68.5% in the past two trading sessions from a level of Rs 3.7 on Wednesday.

Top Stocks in Focus

Dr. Reddy's Lab share price will be in focus today as the US Food and Drug Administration (USFDA) has completed audit at its Formulations Shreveport Plant, Louisiana, USA with one observation.

Meanwhile, Lupin is recalling 43,860 bottles of Moxifloxacin Ophthalmic solution, used to treat bacterial conjunctivitis, in the US market.

Bharat Heavy Electricals (BHEL) achieved yet another milestone by successfully commissioning a 250 MW coal-based thermal power plant (TPP) in Bihar.

NBCC (India) has secured two new orders on PMC basis. The first order is for construction of Residential accommodation for Institute of Liver and Biliary Sciences (ILBS), New Delhi and second order is for construction of office cum training centre for Central Board of Direct Taxes, Saket, New Delhi. The total estimated costs of these projects are approximately Rs 1.7 billion.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

Global Stock Market Drivers

Stocks drifted in Europe along with US equity futures on Friday after a mixed session in Asia as investors awaited results from top-level trade talks between America and China.

The euro nudged higher before a speech on Friday by European Central Bank President Mario Draghi. The dollar was flat.

Meanwhile, Chinese stocks had faltered earlier on investor concerns over slowing domestic growth and on indications that Chinese authorities will resort to a benchmark lending rate cut only as a last resort to boost the economy.

Growth in China's new home prices fell to a nine-month low in January as broader economic weakness increasingly weighs on the property sector and consumer confidence.

Capital Infusion in PSU Banks

Shares of public sector banks rallied up to 20% last week after the government announced plans to infuse Rs 482.4 billion in 12 state-owned banks in a bid to make the banks meet regulatory capital requirements. The total infusion into state-run lenders is now almost Rs 1 trillion, so far, this fiscal.

The move is part of the government's proposed Rs 1.1-trillion infusion into capital-starved PSBs in FY19 against Rs 881.4 billion a year before.

The entire infusion will be through recapitalisation bonds. It is expected to help PNB, Union Bank, Andhra Bank and Syndicate Bank avoid falling into the prompt corrective action (PCA) framework, apart from bolstering the capital base of various PSBs to facilitate greater lending to sensitive sectors like MSMEs and agriculture ahead of polls.

Similarly, higher capital could enable PCA banks such as Allahabad Bank and Corporation Bank to get out of the corrective regime. Allahabad Bank's net non-performing asset (NPA) stood at 7.7% and Corporation Bank's touched 11.5% as of December 2018.

But with the large infusion, the ratio could be improved to 6% (net NPA above 6% is one of the triggers for PCA action) or below, the reports noted.

In December 2018, the government had announced that it would provide an additional Rs 410-billion capital to PSBs this fiscal, over and above the budgeted Rs 650 billion.

However, despite the infusion of around Rs 2.5 trillion since 2014-15, the share of state-run banks in the market capitalisation of all banks has dropped sharply in the current NDA regime from around 42% in 2014 to just around 26% now.

Of course, without the government support, many of the bad-loan-hit banks would have fallen short of meeting their regulatory capital requirement. However, this has intensified calls for privatising weak PSBs and not just getting LIC to bail out some of them (LIC recently completely acquisition of 51% stake in IDBI Bank, saving the government the need to further capitalise the debt-laden lender this fiscal).

The finance ministry believes that the worst is over for the state-run banks and the recent improvement in their performance will be further bolstered by the infusion.

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

Oil Prices

Oil prices fell on Friday after the United States reported its crude output hit a record 12 million barrels per day (bpd), undermining efforts by Middle East-dominated producer club OPEC to withhold supply and tighten global markets.

International Brent crude futures were at US$66.9 per barrel, down 0.3% from their last close.

US West Texas Intermediate (WTI) crude oil futures were at US$56.8 per barrel, down 0.2% from their last settlement.

US crude oil production reached 12 million bpd for the first-time last week, the Energy Information Administration (EIA) said on Thursday in a weekly report.

That means US crude output has soared by almost 2.5 million bpd since the start of 2018, and by a whopping 5 million bpd since 2013. America is the only country to ever reach 12 million bpd of production.

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