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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

Sensex Ends 152 Points Lower; Energy and IT Stocks Witness Selling (Today's Market)

Feb 20, 2020 Closing

The BSE Sensex ended the day down by 152 points, while the NSE Nifty stood down by 45 points.

ADANI TRANSMISSION Surges by 5%; BSE POWER Index Up 0.6% (Today's Market)

Feb 20, 2020 03:33 PM

ADANI TRANSMISSION share price has surged by 5% and its current market price is Rs 332. The BSE POWER is up by 0.6%. The top gainers in the BSE POWER Index are ADANI TRANSMISSION (up 5.3%) and SUZLON ENERGY (up 9.7%). The top losers are NTPC (down 0.3%) and THERMAX (down 0.6%).

PARAG MILK FOODS LTD Plunges by 5%; BSE 500 Index Down 0.1% (Today's Market)

Feb 20, 2020 03:28 PM

PARAG MILK FOODS LTD share price has plunged by 5% and its current market price is Rs 115. The BSE 500 is down by 0.1%. The top gainers in the BSE 500 Index are INDIABULLS HOU. FIN. (up 10.3%) and AJANTA PHARMA (up 10.2%). The top losers are PARAG MILK FOODS LTD (down 5.0%) and FORBES & CO. LTD. (down 6.3%).

AJANTA PHARMA Surges by 13%; BSE HEALTHCARE Index Up 0.3% (Today's Market)

Feb 20, 2020 03:24 PM

AJANTA PHARMA share price has surged by 13% and its current market price is Rs 1,485. The BSE HEALTHCARE is up by 0.3%. The top gainers in the BSE HEALTHCARE Index is AJANTA PHARMA (up 12.9%). The top losers are TORRENT PHARMA (down 0.2%) and SYNGENE INTERNATIONAL (down 0.2%).

HERITAGE FOOD Plunges by 5%; BSE 500 Index Down 0.2% (Today's Market)

Feb 20, 2020 03:08 PM

HERITAGE FOOD share price has plunged by 5% and its current market price is Rs 408. The BSE 500 is down by 0.2%. The top gainers in the BSE 500 Index are INDIABULLS HOU. FIN. (up 11.5%) and JAIPRAKASH ASSO. (up 9.8%). The top losers are HERITAGE FOOD (down 5.1%) and FORBES & CO. LTD. (down 6.4%).

TRIDENT Surges by 10%; BSE 500 Index Up 0.2% (Today's Market)

Feb 20, 2020 02:40 PM

TRIDENT share price has surged by 10% and its current market price is Rs 6. The BSE 500 is up by 0.2%. The top gainers in the BSE 500 Index are TRIDENT (up 10.0%) and INDIABULLS HOU. FIN. (up 13.3%). The top losers are BAYER CROPSCIENCE and GAIL .

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