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SGX Nifty Down 68 Points, Yes Bank FPO, Halt in Merger of PSU General Insurers, and Top Buzzing Stocks Today
Fri, 10 Jul Pre-Open | Monish Vora, TM Team

Indian share markets ended on a strong note yesterday.

Sentiment got a boost after Prime Minister Narendra Modi today said that India is already seeing green shoots of economic recovery as Indians have the spirit to achieve what is believed to be impossible.

PM Modi while addressing the India Global Week 2020 today said "Indians have the spirit to achieve what is believed to be impossible. No wonder that in India, we are already seeing green-shoots when it comes to economic recovery."

At the closing bell yesterday, the BSE Sensex stood higher by 408 points (up 1.1%).

The NSE Nifty closed higher by 107 points (up 1%).

The BSE Mid Cap index ended up by 0.1%.

The BSE Small Cap index ended up by 0.5%.

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On the sectoral front, gains were largely seen in the banking sector and finance sector.

Power stocks, on the other hand, witnessed selling pressure.

At 8:20 am today, the SGX Nifty was trading down by 68 points, or 0.63% lower at 10,766 levels. Indian share markets are headed for a negative opening today following the negative trend on SGX Nifty.

Speaking of the current stock market scenario, have a look at the chart below which shows how the BSE Sensex and the smallcap index have moved over the past one year:

The markets are coming out of the deep fall. An important driver of this rally is the increasing inflow from foreign institutional investors now that the global economies have opened the liquidity tap.

In her latest video, Richa Agarwal, editor of our premium smallcap service Hidden Treasure, shares her thoughts on what this could mean for the rebound in smallcaps and how to make the most of it.

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Top Stocks in Focus Today

Nestle India will be among the top buzzing stocks today.

As per an article in a leading financial daily, Nestle India plans to focus on core categories, including milk & nutrition, chocolates & confectionery and coffee & beverages to explore growth and expansion opportunities in these segments.

The company believes that during this time and in the post COVID-19 world, consumers would seek trust, quality, intervention of science and technology, better nutrition and better immunity for the family. These are all areas where Nestle has core competence and strength and will continue to work on the product offerings catering to such needs, the company stated.

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L&T Infotech share price will also be in focus today. Shares of the company hit an all-time high yesterday and were trading higher for the sixth-straight day amid expectation of earnings recovery in the second half of financial year 2020-21.

Earlier this week, the company announced that it has launched LTI Canvas, a modern software engineering platform that addresses critical need of enabling work from anywhere.

The board of directors of the company is scheduled to meet on Wednesday, July 15, to consider the un-audited financial results of the company for the quarter ended June 30, 2020 (Q1FY20).

Market participants will also track Strides Pharma Science share price today as the company said its subsidiary has received approval from the US health regulator to market Butalbital, Acetaminophen, Caffeine, and Codeine Phosphate capsules, used in the treatment of headache.

The company in a statement said that Singapore-based Strides Pharma Global Pte Ltd, a wholly-owned unit of the company, has received approval for the product from the US Food and Drug Administration (USFDA).

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Government Drops Plan to Merge 3 PSU General Insurers

In news from the insurance sector, the government said that the merger of three ailing public sector general insurance companies has been shelved and the focus will be on making them profitable instead.

As per a release by Press Information Bureau (PIB), the process of merger has been ceased so far and instead focus shall be on their solvency and profitable growth, after capital infusion.

The Cabinet also approved capital infusion of Rs 124.5 billion into the three firms - Oriental Insurance Company, National Insurance Company, and United India Insurance Company. This sum includes the Rs 25 billion already infused in February.

Of the Rs 124.5 billion, government will release Rs 34.8 billion immediately and the remaining Rs 64.8 billion will be infused later.

In this year's Budget, the government set aside Rs 69.5 billion for re-capitalisation of the three entities as all three were struggling on the solvency ratio front.

As of the third quarter of 2019-20, National Insurance had a solvency ratio of 1.01, against the regulatory requirement of 1.5.

Oriental had a solvency ratio of 1.54, while United reported a solvency ratio of 0.94, much below the regulatory requirement.

Yes Bank's Rs 150 Billion FPO

Yes Bank share price will be in focus today as the private lender said it has filed a red herring prospectus to raise up to Rs 150 billion through issuance of fresh equity shares in its further public offering (FPO).

The offer will open on July 15, 2020 and close on July 17, 2020.

Earlier this week, Yes Bank had received approval from the capital-raising committee (CRC) of its board of directors to raise funds through the offering.

Yes Bank said the offer size of the FPO is Rs 150 billion, by way of a fresh issue of equity shares, including an employee reservation portion of up to Rs 2 billion.

Earlier, before filing its offer documents with Registrar of Companies (RoC), The bank had revised its financials for the last three years. The bank reported a net loss of Rs 164.2 billion in financial year 2019-20.

It also made additional provisions for the period ending December 2019 of Rs 154.2 billion as several of its corporate clients defaulted on loans.

Meanwhile, the executive committee of State Bank of India's central board, yesterday, gave approval for a maximum investment of up to Rs 17.6 billion in the FPO of Yes Bank, SBI said in a statement.

SBI already holds 48.21% in the private lender after it invested more than Rs 60 billion to rescue it.

On March 13, the government had approved a bailout plan for Yes Bank, under which the bank had received around Rs 100 billion from eight financial institutions, including SBI.

We will keep you updated on all the developments from this space. Stay tuned.

And 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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