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Yes Bank's Fundraising Plan, Falling Crude Oil Prices, and Top Stocks in Action Today
Thu, 12 Dec Pre-Open | Monish Vora, TM Team

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.

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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...

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!

Read the latest Market Commentary

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Stock Market Updates

GRANULES INDIA at 52 Week High; BSE 500 Index Down 0.3 % (Today's Market)

Feb 18, 2020 03:34 PM

GRANULES INDIA share price has hit a 52-week high. It is presently trading at Rs 180. BSE 500 Index is down by 0.3% at 15,684. Within the BSE 500, GRANULES INDIA (up 2.3%) and TV18 BROADCAST (up 14.9%) are among the top gainers, while top losers are BHARTI INFRATEL and VODAFONE IDEA.

CARE RATING Plunges by 5%; BSE 500 Index Down 0.3% (Today's Market)

Feb 18, 2020 03:32 PM

CARE RATING share price has plunged by 5% and its current market price is Rs 515. The BSE 500 is down by 0.3%. The top gainers in the BSE 500 Index are TV18 BROADCAST (up 14.9%) and JAIPRAKASH ASSO. (up 9.9%). The top losers are CARE RATING (down 5.2%) and TORRENT POWER LTD (down 5.9%).

BEML LTD. Plunges by 5%; BSE CAPITAL GOODS Index Up 0.3% (Today's Market)

Feb 18, 2020 03:30 PM

BEML LTD. share price has plunged by 5% and its current market price is Rs 915. The BSE CAPITAL GOODS is up by 0.3%. The top gainers in the BSE CAPITAL GOODS Index are BHARAT ELECTRONICS (up 3.0%) and SCHAEFFLER INDIA LTD (up 2.9%). The top losers are BEML LTD. (down 5.1%) and SADBHAV ENGINEERING (down 7.9%).

ESCORTS LIMITED at 52 Week High; BSE 500 Index Down 0.4 % (Today's Market)

Feb 18, 2020 03:28 PM

ESCORTS LIMITED share price has hit a 52-week high. It is presently trading at Rs 896. BSE 500 Index is down by 0.4% at 15,684. Within the BSE 500, ESCORTS LIMITED (up 1.1%) and TV18 BROADCAST (up 14.5%) are among the top gainers, while top losers are VODAFONE IDEA and BHARTI INFRATEL.

ABBOTT INDIA Surges by 5%; BSE HEALTHCARE Index Down 0.0% (Today's Market)

Feb 18, 2020 03:18 PM

ABBOTT INDIA share price has surged by 5% and its current market price is Rs 15,441. The BSE HEALTHCARE is down by 0.0%. The top gainers in the BSE HEALTHCARE Index is ABBOTT INDIA (up 5.1%). The top losers are THYROCARE TECHNOLOGIES (down 0.5%) and BLISS GVS PHARMA (down 0.5%).

Sensex Slips 400 Points; IndusInd Bank & Tata Steel Top Losers (Today's Market)

Feb 18, 2020 12:30 pm

The BSE Sensex is trading down by 396 points, while the NSE Nifty is trading down by 122 points.

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