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Morning Call Morning Call 22 August 2019 Indices Close Previous Chg.% Markets extend declines for second day SENSEX 37,060.4 37,328.0 -0.72% NIFTY 10,918.7 11,017.0 -0.89% Indian shares fell notably on Wednesday amid mixed global cues NIFTY 500 8,864.5 8,957.4 -1.04% and in the absence of any stimulus package from the Modi NIFTY MID 100 15,481.9 15,728.3 -1.57% government to arrest economic slowdown. Rising oil prices also dented sentiment. TTM CY19E CY20E The benchmark S&P BSE Sensex ended the session down 267.64 Nifty EPS 472 618 709 Nifty PE 23 18 15 points, or 0.72%, at 37,060.37, with financial and metal stocks pacing the declines. The broader NSE Nifty index dropped 98.30 Market depth Advance Decline T/O(bn) points, or 0.89%, to finish at 10,918.70. Shares of Tata Motors NSE 450 1396 281 plunged as much as 9.6% amid global recession fears after BSE 627 1849 20 China's Geely Automobile Holdings posted a 40% slump in first- Spot Currency Close Previous Chg.% half profit and forecast an uncertain outlook for vehicle demand USD/INR 71.55 71.71 0.22% for the rest of the year. EURO/INR 79.45 79.45 0.01% Indiabulls Housing Finance plunged 9% to extend declines for JPY/INR 0.67 0.68 0.60% GBP/INR 86.82 86.58 -0.27% the fifth straight session after global rating agency Moody's G-Sec 10yr 6.57 6.59 0.29% downgraded its long-term corporate family rating. Yes Bank, which owns 12.79% stake in CG Power and Industrial Solutions, ` Net Invest 21 Aug MTD CYTD gave up 8.6%. FII’s (USD mn) -110.1 -18900.7 -15399.1 DII’s (USD mn) 50.6 48678.5 56517.9 Industry Buzz Nifty Gainers Chg.% Nifty Losers Chg.% The government is planning to boost domestic production of HEROMOTOCO 1.64 TATAMOTORS -9.57 chemicals and petrochemicals to cut down imports and make MARUTI 0.97 IBULHSGFIN -8.94 India a manufacturing hub for the sector, a top ministry official . INFY 0.82 YESBANK -8.64 TECHM 0.72 GRASIM -4.69 said on August 21. Net imports of chemicals and petrochemicals EICHERMOT 0.53 TATASTEEL -4.54 touched a whopping INR 1.21 lakh crore annually in 2018-19, the official added. Addressing an event organised by the Indian FII Derivatives Buy (bn) Sell (bn) Net (bn) Chamber of Commerce (ICC), chemicals and petrochemicals INDEX FUT 34 35 -1 IND.OPTIONS 2,699 2,708 -9 secretary P Raghavendra Rao said there is a need to increase the STOCK FUT 124 127 -3 capacity utilisation in this industry from the current level of 75- ST. OPTIONS 53 54 -1 80 per cent and cut unnecessary imports. In a joint report, ICC and FutureStation Advisors said that total production of chemicals and petrochemicals stood at 478.82 lakh tonne during 2017-18. India is the sixth largest producer in the world. As per the notification issued on August 21, the Reserve Bank of India (RBI) has permitted the processing of e-mandates on cards for recurring merchant payments from September 1, 2019. This means that the customer need not go through the two-factor authentication process every time a similar transaction is carried out with the same merchant. The two- factor authentication involves a customer-generated password and a one-time-password provided by the issuer to complete a transaction. But now the customer can combine this process with the e-mandate and allow automatic processing of such transactions. The Securities and Exchange Board of India (SEBI) is currently not in favour of minimum public shareholding for listed companies being hiked to 35% from the current 25% and has communicated its view to the Finance Ministry. A higher public shareholding, or “float”, has the potential to create more liquidity in shares. As well, the decision would allow the government to sell another 10% in state-owned companies, leading to a potential windfall. Corporate Buzz LIC Housing Finance: Fidelity Management to sell stake in the company, the book size at $200 million. HPCL: Chief Financial Officer R Kesavan said that the company will fund INR 32,000 crore of its capital expenditure plan via debt and the debt ratio is expected to be below 2:1 at the peak of capex. He also stated that the state refiner plans to spend INR 74,200 crore on capex for the next five years. Coffee Day Enterprises clarifies: Reports of ITC considering buying a stake in the company are incorrect. NMDC: Company cut iron ore lump, fines prices by INR 200 per tonne from August 20. Redington India: ICICI Prudential Life sold 2.05% stake in the company on August 20. Kansai Nerolac Paints (KNPL): Business Transfer Agreement has been entered into by and between Nerofix Private Limited (incorporated in terms of the joint venture agreement, paid-up equity share capital of which is held by KNPL and Polygel in the ratio of 60:40), Polygel, Promoters of Polygel and KNPL. Infosys: Company expanded strategic partnership with Google Cloud to help clients accelerate their digital transformation with Cloud. BHEL: India Ratings & Research has affirmed the company's long-term issuer rating at 'AA+'. However, the outlook has been revised from 'Stable' to 'Negative'. Aspira Pathlab & Diagnostics: Company approved the issue and allotment of up to 38 lakh equity shares at an issue price INR 26 per share to strategic investors not forming part of promoter or promoter group, on a preferential basis. NCL Industries: CRISIL reaffirmed long term and short term credit rating. NTPC: Government accepted company’s request for surrendering coal block in Odisha. The mine was allotted for developing 1,320 MW Bilhaur thermal power plant at Uttar Pradesh, the company said in a statement adding, it’s now is being developed as a solar plant. Moreover, it has signed a power purchase agreement with the state government. LIC Housing Finance: An undisclosed institutional shareholder of the company has sought to raise between $200-$211 million through an offering of about 3.37 crore shares. The offering will be at priced between INR 425.15-449.50 per share, the terms show. Future Enterprises clarified that post the investigation Directorate of Revenue Intelligence has issued show cause notice in the matter. The company said that it is confident of no violation of any regulations for imports of garments under South Asian Free Trade Area Rules. Redington India: ICICI Prudential Life Insurance decreased stake from 7.4% to 5.3% in the company. MSTC: Uttar Pradesh government has extended the agreement with for e-tendering cum e-auction of minor minerals blocks (sand and morrum) and insipu rocks blocks for another one year. Signed two selling agency agreements with Chhattisgarh State Power Generation and Jindal Power, with a combined projected volume of business estimated to be INR 115 crore. JMT Auto Q1: Consolidated loss at INR 0.85 crore against loss at INR 9.2 crore; revenue falls to INR 121.55 crore versus INR 141.2 crore YoY. Global Commentary After showing an early move to the upside, stocks remained firmly positive throughout the trading session on Wednesday. With the upward move on the day, the major averages more than offset the pullback seen in the previous session. The major averages pulled back off their highs of the session but held on to strong gains. The Dow jumped 240.29 points or 0.9% to 26,202.73, the Nasdaq advanced 71.65 points or 0.9% to 8,020.21 and the S&P 500 climbed 23.92 points or 0.8% to 2,924.43. Asian stocks ended mixed on Wednesday as trade worries resurfaced and investors awaited cues from Federal Reserve Chairman Jerome Powell's speech at the Jackson Hole symposium on Friday and the Group of Seven (G7) summit to be held in southwestern France this weekend. The benchmark Shanghai Composite Index ended marginally higher at 2,880.33, while Hong Kong's Hang Seng Index edged up 0.2% to 26,270.04. Japanese shares fell slightly as trade tensions resurfaced and political uncertainty in Italy and Britain added to concerns over the state of the global economy. The Nikkei 225 Index ended down 58.65 points, or 0.3%, at 20,618.57, while the broader Topix closed 0.6% lower at 1,497.51. European stock markets closed in the green on Wednesday, recovering from yesterday’s losses, on hopes that Italy will postpone early elections and boosted by company merger news. On Wednesday, the Italian center-left Democratic Party said it was ready to hold talks with the anti-establishment 5-Star Movement, rising expectations of a new coalition. Autos shares were among the best performers, after Il Sole 24 Ore newspaper reported that merger talks between Fiat Chrysler and Renault are back on the table. The DAX 30 gained 152 points, or 1.3% to 11,803; the FTSE 100 surged 79 points, or 1.1% to 7,204, boosted by a weaker pound on little hopes of a Brexit deal agreement with the EU, ahead of the meetings between the UK PM Johnson with German Chancellor Angela Merkel on Wednesday and with French President Emmanuel Macron on Thursday; the FTSE MIB added 362 points, or 1.8% to 20,847; the CAC 40 rose 91 points, or 1.7% to 5,436; and the IBEX 35 went up 83 points, or 1% to 8,702.
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