HDFC has been gradually paring stake in Gruh to meet RBI conditions for Bandhan Bank merger

Shares of Gruh Finance jumped nearly 8 percent in early trade on August 30 after media reports suggested that HDFC is planning to sell 9.2 percent stake in Gruh Finance

The Economic Times, quoting sources, reported that "HDFC will raise Rs 1,678 crore by selling 9.2 percent in Gruh Finance and the sale of 67.4 million shares is expected to happen at a floor price of Rs 243 to Rs 249 per share in the open market on August 30."

HDFC has been gradually paring stake in Gruh to meet RBI conditions for Bandhan Bank merger. The housing finance company has sold over 10 percent in Gruh Finance.

The RBI had in March granted its approval for the proposed scheme of amalgamation between Gruh Finance and Bandhan Bank.

shares of Gruh were quoting at Rs 262.30, up 5.11 percent while HDFC was up 0.43 percent at Rs 2,137.60 on BSE.

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Glenmark’s current portfolio consists of 160 products authorized for distribution in the US marketplace and 55 ANDA’s pending approval with the US FDA

Shares of Glenmark Pharma rose nearly 2 percent in the early trade on August 30 after the company received an approval from the USFDA.

Glenmark Pharmaceuticals, USA has been granted final approval by the United States Food & Drug Administration (USFDA) for Pimecrolimus Cream, 1%, a generic version of Elidel 1 Cream, 1%, of Bausch Health US, LLC, company said in a press release.

According to IQVIATM sales data for the 12 month period ending July 2019, the Elidel Cream, 1% market achieved annual sales of approximately $198.8 million.

Glenmark’s current portfolio consists of 160 products authorized for distribution in the US marketplace and 55 ANDA’s pending approval with the USFDA.

In addition to these internal filings, Glenmark continues to identify and explore external development partnerships to supplement and accelerate the growth of its existing pipeline and portfolio, the company added.

Glenmark Pharma was quoting at Rs 384.45, up to Rs 0.95, or 0.25 percent on the BSE.

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Media reports suggested that the company, along with Reliance Jio and Bharti Airtel, may not bid for 5G spectrum

Shares of Vodafone Idea tumbled 6 percent intraday on August 28. The scrip has been trading in the red from the past two sessions.

Shares of the telecom major have been performing poorly since it came into existence after the merger of Vodafone India and Idea Cellular in 2018. Year-to-date, the stock had lost about 77 percent of its market value on the BSE.

As per the quarterly revenue data from the Telecom Regulatory Authority of India (Trai) compiled by SBICAP Securities, the company posted a sequential decline in revenues in June quarter, while competitors Bharti Airtel and Reliance Jio Infocomm reported notable expansions, daily Mint reported.

Based on adjusted gross revenues, including receipts from long-distance services, Vodafone Idea’s market share dropped from 32.1 percent in the quarter ended March 2019 to 27.8 percent in the last quarter. Two years ago, the combined market share of Vodafone India and Idea Cellular stood at 42.5 percent, the report added.

As per a report by brokerage Kotak Institutional Equities, Vodafone Idea’s debt and deferred spectrum repayment schedules, basis the company’s FY2019 annual report, suggests a need for another round of equity infusion as early as 2Q/3QFY21E unless there is a quick and steep recovery in ARPU or fibre sale closes and fetches upwards of Rs 10,000 crore or some of the debt due for repayment is refinanced or capex credit increases by a sum materially higher than the Rs 6,000 crore.

Meanwhile, media reports suggested that the company, along with Reliance Jio and Bharti Airtel, may not bid for 5G spectrum, citing high cost and limited availability of the airwaves.

shares of Vodafone Idea traded 3.40 percent down at Rs 5.12 on BSE.

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Global brokerage HSBC upgraded stock to buyShares of Bharat Heavy Electricals (BHEL) rallied 10 percent intraday on August 27 after it won orders worth Rs 2,500 crore

"Valued at around Rs 2,500 crore, the orders have been placed on BHEL by NTPC," the company said, adding the orders involve supply and installation of flue gas desulphurization (FGD) systems for 13 coal-based units at 2,600 MW Korba STPS Stage I, II & Ill in Chhattisgarh and 2,100 MW Ramagundam STPS Stage I & II in Telangana.

The stock was quoting at Rs 54.65, up to Rs 4.70, or 9.41 percent on the BSE at 1005 hours IST.

Global brokerage HSBC upgraded stock to buy. It sees near-term weakness in business fundamentals of state-owned power equipment maker BHEL, but it upgraded the stock to buy due to steep correction, and balance sheet strength and long-term growth potential.

However, the global brokerage house slashed price target to Rs 60 from Rs 62 per share after lowering earnings estimate by 1-5 percent on lowered order inflow expectations.

"Downside risks include a continued increase in receivables & lower margins," it said.

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Till August 23 close, the BSE Metal index was down 28.33 percent year-to-date against the rise of 1.75 percent in the benchmark Sensex

Most metal stocks tumbled on August 26, causing their sectoral index on BSE to suffer a loss of almost 5 percent.

The metal pack witnessed a fresh wave of selling after the China-US trade war escalated, weighing further on global growth.

On August 23, the US President Donald Trump announced an additional duty on ~$550 billion of targeted Chinese goods, hours after China unveiled retaliatory tariffs on $75 billion worth of the US goods, Reuters reported.

Back home, the poor health of the auto sector has weighed on the metal stocks as the auto sector is a major consumer of metals such as steel and aluminium.

"If fewer cars are manufactured, the demand of metal takes a hit," said Sameer Kalra, Founder of Target Investing.

Auto manufacturing has taken a hit due to a slump in demand in the light of liquidity squeeze in the NBFCs and banks.

Besides, high leverages of metal players have also dented the growth prospects of these companies.

"Metal companies have high leverage so the cash flow is also getting hurt," Kalra added.

Around 1025 hours, the BSE Metal index was 4.07 percent down at 8,140, with all components in the red.

Tata Steel was down over 5 percent at that time, followed by JSW Steel (down 5 percent), Vedanta (down 4 percent), Hindalco (down 3.78 percent) and SAIL (down 3.51 percent).

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Measures such as removal of surcharge on foreign portfolio investors (FPI) and removal of CSR violation as the criminal offence will cheer market participants

Finance Minister Nirmala Sitharaman on August 23 unveiled a slew of measure to boost growth, increase liquidity, and revive consumer and investor sentiment in the Indian economy.

The announcement couldn’t have come at a better time as the Indian businesses have reported a muted earnings in June quarter. Coupled with a trade war that could lead to the global recession and corporate governance issues, it has dented sentiment.

Measures such as removal of surcharge on foreign portfolio investors (FPI) and removal of CSR violation as the criminal offence will cheer market participants.

The surprise was the recapitalisation of banks that was not expected at this point in time. "We rather expected sector-specific measures, which would have been related to automotive, consumer space or so. PSBs like SBI, BOB and PNB may see some incremental improvement in their net-interest margins," said Mustafa Nadeem, CEO at Epic Research.

The Rs 70,000 crore recap of PSU banks announced in the Budget is being advanced, although the timeline is not disclosed. The nudge to PSU banks to link home, SME and vehicle loans to repo could help credit growth, but dampen margins unless banks cut deposit rates.

Banking names are trading mixed with Nifty Bank trading flat to negative. Bank of Baroda, Punjab National Bank, RBL Bank and State Bank of India have gained. The top losers include IndusInd Bank, YES Bank and Federal Bank.

The PSU Bank index jumped close to 2 percent led by gains from Central Bank of India, Bank of India, Bank of Baroda, Indian Bank, Oriental Bank of Commerce and Union Bank of India.

Technical Analyst Mitessh Thakkar of mitesshthakkar.com has a sell recommendation on Kotak Mahindra Bank with a stop loss of Rs 1,511 for a target of Rs 1,450.

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Auto stocks were trading mixed in morning trade on August 26, after the Finance Minister Nirmala Sitharaman on August 23 announced a slew of measures to improve investor sentiment and help auto, NBFC and PSB sectors

Around 0930 hours, the BSE Auto index was 0.28 percent up at 15,772 with shares of Ashok Leyland (up 5.73 percent), Mahindra & Mahindra (up 2.64 percent), Bosch (up 1.35 percent), Exide Industries (up 1.24 percent) and Eicher Motors (up 0.87 percent) among the top gainers.

However, Motherson Sumi Systems (down 1.38 percent), Hero MotoCorp (down 1.22 percent), Maruti Suzuki (down 0.60 percent), Bajaj Auto (down 0.57 percent) and TVS Motor (down 0.19 percent) were in the red in the index.

Giving respite to the auto sector, the Finance Minister on August 23 deferred the revision of one-time registration fees till June 2020, which, analysts say, may have a significant impact on short-term demand.

Besides, the rate of depreciation for all vehicles was raised by up to 30 percent for vehicles purchased up to March 2020, which is also expected to give a boost to the CV and PV players.

Global brokerage Macquarie believes the steps will have a small positive impact on the near-term demand and the steps to improve liquidity and lower auto loan rates will benefit all segments.

"Higher depreciation rate and replacement of old vehicles by the government departments will benefit CV and PV," said the brokerage.

However, the two-wheelers will be disappointed by the steps, the brokerage added.

The market benchmarks Sensex and Nifty were in the green however both the key indices pared gains due to weak global sentiment.

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The 2.0-litre diesel engine (320d) produces an output of 190bhp and a maximum torque of 400Nm, accelerating the car from 0-100kph in 6.8 seconds

The 3 Series is one of BMW India’s best-selling cars, and the seventh-generation model launched this week is armed with tech gadgetry like smartphone entry, auto-reverse and an in-car assistant that learns drivers’ routine and driving style.

But what truly defines the 3 Series is not gadgetry; it’s the design and driving dynamics.

First, the design: The new 3 Series is marginally bigger than its predecessor. The bodywork has precisely drawn lines. At the front, the large BMW kidney grille—thankfully, it’s not as huge or as disproportionate as in the X7 or the new 7 Series—and the headlights leading off it are dominant themes. It has a longer wheelbase and shorter overhangs compared to the sixth-generation model. The rear has a sporty look thanks to the distinctive spoiler, slim L-shaped taillights with LED, and two large tailpipes. The company says optimised aerodynamics have reduced the car’s drag coefficient to 0.23 (the lower the drag coefficient, the more streamlined a vehicle is).

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Etihad Airways, a strategic partner of Jet Airways, also backed out of the resolution process earlier this month stating “there remained very significant issues relating to Jet's liabilities

The resolution professional (RP) for Jet Airways has received a fresh expression of interest (EoI) from a “known foreign entity”, two people with knowledge of the matter told FE. The committee of creditors (CoC) for Jet Airways will meet on August 26 to consider the proposal, which came in this week. The CoC will also try to resolve the dispute over Siroya Centre, Jet’s headquarters till recently, sources said.

“A fresh EoI was received this week which looks promising. Since it came after the deadline had ended on August 10, it will be taken up for the CoC’s consideration on Monday. Of the three EoIs that were submitted before the deadline, Volcan Investments has officially withdrawn its EoI this week and Avantulo group was not provisionally shortlisted,” one of the persons mentioned above said.

Volcan Investments is the family-owned trust of Anil Agarwal, the founder and executive chairman of Vedanta Resources.

Etihad Airways, a strategic partner of Jet Airways, also backed out of the resolution process earlier this month stating “there remained very significant issues relating to Jet’s liabilities.” Before the August 10 deadline, two other parties — Panama-based Avantulo Group and a Russian entity, Treasury RA Creator — had submitted EoIs.

The CoC will also take up the settlement proposal put forth by the legal counsel for Luckystar, the owner of Siroya Centre, over the disputed premises. Luckystar had approached the tribunal last month seeking to repossess Siroya Centre, the six-storey building which was the headquarters of Jet Airways; the lease expired on June 7. The legal counsel for Luckystar has since put forth a settlement proposal, which, if agreed upon by the CoC, will lead to Jet Airways vacating the premises.

Additionally, the CoC will take up the settlement proposal put forth by HDFC regarding the dispute on keeping Godrej BKC out of Jet’s resolution proceedings. The National Company Law Tribunal (NCLT) will hear both matters on August 28.

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Investors should have been overjoyed when Future Retail Ltd finally announced its deal with Amazon. For many months now, news reports were abuzz about the company’s deal with the American e-commerce behemoth

Yet, when Future Retail said that Amazon will buy 49% in Future Coupons Ltd, which holds Future Retail warrants amounting to about 7.3% stake on conversion, the Future Retail stock declined by 4.6% on the National Stock Exchange.

This is when, according to news reports and analysts, the transaction is said to have taken place at a significant premium to the warrant issue price of ₹505. Future Retail’s press release offers no insight on the deal value.

“We arrive at an implied acquisition price of ₹773, a 53.2% premium to the warrant conversion price," said analysts from Edelweiss Securities Ltd in a report on 23 August.

This assumes that the balance ₹1,500 crore needed from Future Coupons to buy the warrants is the same amount that Amazon would have invested as part of the current deal. Note that the warrants were issued to Future Coupons at ₹2,000 crore, out of which it has already invested ₹500 crore.

If the deal with Amazon has been clocked at a premium then what can possibly explain the stock price reaction? According to Himanshu Nayyar, analyst, Systematix Shares and Stocks (India) Ltd, even as the deal is positive, the quantum of the stake at 3.6% in Future Retail is low. “We were looking at Amazon buying a 10% stake in Future Retail. A higher stake would have perhaps assured more commitment from Amazon," added Nayyar.

Still, Amazon has a call option where it can acquire all or part of the promoters' shareholding in Future Retail between 3-10 years, “in certain circumstances, subject to applicable law."

“We perceive Future Retail’s pact with Amazon as a prudent move in the current retail ecosystem. Risk, however, emanates from regulatory changes which may derail deal contours as well as Reliance Retail’s aggression," point out Edelweiss analysts.

Vishnu Vardhan Reddy, senior research analyst at Euromonitor International, “The development will help Amazon in giving a boost to its online grocery retail segment, which has been its focus recently."

The packaged food & drinks online retail segment is expected to be one of the fastest-growing segments in India and is expected to grow 40% CAGR in 2018-23, as per Euromonitor International.

“Since perishable items are at stake, Future Retail’s stores will help Amazon speed up its delivery timings to the consumer," added Reddy. On the other hand, Future Group can tap into Amazon’s online expertise with this deal.

As such, the deal reinforces Amazon’s confidence in the vast potential of the Indian retail market.

Including Friday’s fall, Future Retail shares have declined by 13% so far this financial year. Notwithstanding the benefits from the Amazon deal, the consumption slowdown in the economy should keep valuations in check from a near-term perspective.

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Lenders to DHFL may take over the troubled housing finance company as a temporary measure if the consortium fails to find new investors

Shares of Dewan Housing Finance Corporation (DHFL) fell over 8 percent intraday on August 22 amid reports that lenders of the troubled NBFC are eyeing a 51 percent stake in the company by converting a part of debt into equity.

Lenders to DHFL may take over the troubled housing finance company (HFC) as a temporary measure if the consortium fails to find new investors. However, the resolution plan would also require the approval of all regulators in order to materialize.

The scrip has been under pressure lately. On August 19, the company reported a financial repayment default worth Rs 1,571 crore regarding the issuance of bonds and commercial papers.

Reacting to the news, the stock has been trading in the red for two straight sessions.

DHFL owes Rs 80,000 crore to banks, mutual funds, insurers and pension funds. As per norms laid down by the banking regulator, lenders are required to sign an Inter-creditor Agreement (ICA) to finalize a resolution process. But the involvement of entities other than banks, in this case, has complicated the process.

Meanwhile, Wadhawan Global Capital (WGC), the parent of cash-strapped Dewan Housing Finance Corp. Ltd (DHFL), is selling its loan distribution business Andromeda Sales and Distribution Pvt. Ltd to London-based metal trading firm, Metdist Group of companies for close to Rs 150 crore, Mint reported, citing sources.

The sale of Andromeda is part of WGC’s attempts to raise capital to meet debt obligations at the group’s flagship company DHFL.

DHFL was quoting Rs 42.35, down 7.13 percent on the BSE.

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Dr Lal PathLabs Ltd, Thyrocare Technologies Ltd and Metropolis Healthcare Ltd have had a busy June quarter, clocking double-digit revenue growth

All three expect to keep up the growth momentum, benefiting from easing competition and network expansions.

Price hikes and an increase in volumes improved revenue growth at Thyrocare. Lal PathLabs’ growth accelerated, thanks largely to its capacity expansion and market reach.

Competition for the big three has contracted considerably. Lal PathLabs says competition has stabilized in the last two years. This should be able to sustain growth.

In fact, Thyrocare expects to keep up the growth momentum for the rest of the fiscal year. “Management spoke of a sharper focus on its b2b (business to business) business, with greater incentives and more revenue per franchisee as it focuses on eliminating layers of middlemen and channelising the benefits of rationalised prices to end-consumers," Prabhudas Lilladher Pvt. Ltd. said in a note.

Formalization and economies of scale are helping companies in the regulated (or formal) sector, says Lal PathLabs. “Management highlighted that the diagnostic sector will continue to grow in double digits due to the need for deeper penetration and the shift from the non-regulated to the formal sector," Edelweiss Securities Ltd said in a note on Lal PathLabs. The company’s push to expand beyond the National Capital Region is expected to be the key growth driver.

Similarly, Metropolis is expanding its service network. “We expect Metropolis’ consolidated revenues to grow at 17% CAGR over FY2019-22E driven primarily by 20% growth in individual patient (business to consumer or b2c) revenues," Kotak Institutional Equities said in a note

The commentary should please investors in an otherwise gloomy corporate earnings season, while the stocks mirror the optimism. Lal PathLabs and Thyrocare are trading at about 28 and 21 times FY21 earnings estimates, respectively, while Metropolis’ price-earnings ratio is at 30 times FY21 earnings estimates.

Thyrocare’s great dependence on the B2B segment, which restricts consumer interface, is seen to be a severe handicap. However, with competition easing and the company tightening its grip on the B2B segment, some see scope for a reduction in the valuation discount.

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It has touched a 52-week low of Rs 49

Shares of Mangalore Refinery and Petrochemicals (MRPL) declined 3 percent intraday on August 20 after the company closed its Phase-III process units of the refinery due to intensified monsoon.

It has touched its 52-week low of Rs 49.

The company in its press release said that the refinery has been affected by a minor landslide as an aftermath of the intensified monsoon in Dakshina Kannada District, hence as a precautionary measure, we have structured shutdown of the Phase-III process units of the refinery to access the condition of the facilities in the vicinity and for immediate stabilisation.

Mangalore Refinery and Petrochemicals were quoting at Rs 49.25, down Rs 1.50, or 2.96 percent on the BSE.

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Shares of Mahanagar Gas rallied nearly 12 percent intraday on August 20 after a foreign promoter offloaded its entire stake in the company

British Gas sold 98 lakh shares in the natural gas distribution company through block deals on the National Stock Exchange.

BG Asia Pacific Holdings Pte Limited, a wholly=owned subsidiary of Shell, held 10 percent stake (representing 98,77,780 shares) in the company, as per June shareholding pattern available on exchanges.

The stocks traded with volumes of 3,75,145 shares, compared to its five-day average of 72,457 shares on the NSE and on the BSE, it traded volumes of 52,56,774 shares, compared to its five-day average of 12,33,989 shares.

In April this year, BG Asia had reduced its stake in Mahanagar Gas from 32.5 percent to 24 percent. State-owned entity GAIL India, the Indian promoter, held 32.50 percent stake in the company.

"This could be a good opportunity to accumulate the stock as valuations are attractive in the context of 6 percent free cash flow yield and 10 percent FY19-22 earnings CAGR," said Jefferies, which expects margins to expand to Rs 9/scm in FY20-22 from Rs 8.20/scm in FY19.

The brokerage has maintained buy call on the stock.

Mahanagar Gas reported 33 percent year-on-year growth in June quarter net profit at Rs 170.24 crore and its revenue grew 23 percent to Rs 831.2 crore compared to year-ago.

While reiterating buy call on the stock after earnings, Prabhudas Lilladher said strong Q1 was led by margin expansion, but high base effect and 12 percent decline in CNG volumes to state buses due to scrappage of old buses impacted volume.

The brokerage maintained its earnings estimate for FY20/21E. "MGL remains a play on increased gas penetration from rising vehicle and PNG penetration. We continue to like MGL's business given their dominating share in the growing markets of Mumbai and suburbs," it said.

For Q1, CNG and PNG volumes were at 270mscm (up 2 percent YoY) and 73mscm (up 7 percent YoY), respectively. High base effect (CNG and PNG growth of 12.6 percent and 10.1 percent) also dimmed Q1 volume traction.

"Going forward, CNG volume is likely to remain healthy on the back addition of new three-wheelers along with geographical expansion to Raigad and Karjat. Also, the government's push for PNG's domestic connections will support volumes," Prabhudas Lilladher said.

The stock was quoting at Rs 848.90, up to Rs 61.90, or 7.87 percent amid high volumes on the BSE at 1013 hours IST.

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India's largest lender, the State Bank of India, on Sunday said that it is extending the repayment period for stressed automobile dealers by 15-30 days to help them out of current inventory builds-ups due to the slowdown in the sector and in the economy

"Normally, the repayment period is 60 days. So we extend it for 75 days for some dealers and to 90 days for a few others. We are talking to each dealer. We also had meetings with the Federation of Auto Dealers. We are actively engaged with all of them. 

"On a case to case basis, whichever dealer has faced any problem on account of excess inventories, we have been working out solutions for all of them," SBI's Managing Director, Retail & Digital Banking, P.K. Gupta said.

He also said the current slowdown would not create NPAs. 

The auto sector is the worst-hit sector in the current slowdown and apart from huge inventory build-up, the companies are resorting to production shutdowns to cope up with poor sales. 

"SBI is looking at extending the credit period for those auto dealers faced with inventory build-up due to poor demand. Our main focus is making available funds at cheaper cost for those retail customers keen on buying cars. We also fund the dealers when they buy cars from the manufacturer. However, for the aspect of the revival of demand, only the government can step in," Gupta said.

The bank has an exposure of Rs 11,500 crore to auto dealers.

Gupta said that at the moment, some automobile dealers are facing difficulty in repaying existing loans as per schedule. He was, however, hopeful that the festive season will boost auto sales.

"Our discussions with dealers' associations suggest that the festive season is going to start soon and then they will be able to clear most of the inventory and most of the accounts may not turn into NPAs. But it will all depend on what kind of demand revival takes place," he said.

The SBI on Sunday said in a statement that it conducted sessions with officials starting from the branch level to chalk out a roadmap for reviving credit. The rush for conducting these meetings is a result of a push from the Central government asking banks to come up with suggestions on the future of the industry.

It said the bank is trying to ensure availability of credit to car buyers, and low-interest rates and the current slowdown in the country's auto sector may not create non-performing assets for the banking sector. 

"I think it will be difficult to say at this point in time (whether there will be NPAs in the auto sector). We have seen some cases of dealers having an excess inventory, and we have been working out solutions for them," Gupta said.

Auto sales in July this year fell to a 20-year low, and at the current monthly average sales, total projected annual sales of passenger vehicles for 2019-20 may drop to yearly sales levels seen in 2014-15 and 2015-16.

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Damani sold 40 lakh shares of Avenue at Rs 1,404.10 per share, as per bulk deals data available on the BSE on August 9

Avenue Supermarts, the operator of D-Mart retail chain August 9 said Founder Radhakishan Shivkishan Damani has completed the sale of 0.998 percent stake in the open market to adhere to minimum public shareholding norms.

The stock closed at Rs 1,452.85, up to Rs 22.55, or 1.58 percent on the BSE on Friday.

"Promoter, Radhakishan Shivkishan Damani, has completed the sale of 62.3 lakh equity shares of the company (constituting 0.998 percent of the paid-up equity share capital), on August 9, in compliance with the requirements of SEBI regulations in the process of achieving minimum public shareholding," the company said in its BSE filing.

As per the minimum public shareholding rule, every company has to have at least 25 percent public shareholding.

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The Sensex was up 636.86 points at 37,327.36, and the Nifty was up 177 points at 11,032.50

After remained volatile in the first half on August 8, the bulls took the charge in the second half and help Nifty to close above 11,000 after media reports suggested that the government is likely to roll-back recently impose a higher tax on foreign portfolio investors (FPIs).

At close, the Sensex was up 636.86 points at 37,327.36, and the Nifty was up 177 points at 11,032.50. About 1379 shares have advanced, 1020 shares declined, and 149 shares are unchanged. 

HCL Technologies, Tata Motors, JSW Steel, Reliance Industries and M&M were among major gainers on the indices, while losers were Tata Steel, Cipla, UltraTech Cement, Indiabulls Housing and IndusInd Bank.

All the sectoral indices ended higher led by the IT, auto, bank energy, FMCG, metal, pharma and infra.

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Indian shares rose marginally on Thursday, tracking gains in broader Asia, after the Reserve Bank of India's (RBI) cut interest rates by an unconventional 35 basis points, highlighting its concerns of a slowing domestic economic growth

The broader Nifty was up 0.1% at 10,866.75 as of 0407 GMT, while the benchmark BSE Sensex rose 0.11% at 36,741.69.

Asian shares rallied after China limited the fall in the yuan. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.8%.

The RBI repo rate cut to 5.4% on Wednesday also seemed to bring some cheer to investor sentiment in the local markets, which is grappling a slowdown in consumption and a credit squeeze among shadow banks.

"The expected rate cut has happened and there are signs that the regulator is clearing the NBFC  mess," said Anand James, chief market strategist at Geojit Financial Services.

"We are coming off global challenges and there are signs of things changing."

IT and auto stocks led gains among sectors.

The Nifty IT index was up about 1%, tracking the stronger dollar, after China's move to set its official yuan midpoint below the key seven to the dollar threshold for the first time since the global financial crisis.

The Nifty auto index was up 0.73% after industry executives met with government officials and sought tax cuts and easier access to funds to revive the ailing sector, which contributes 7% to the country's GDP.

Hero Motocorp rose as much as 5% to 2,629 rupees a share in early trading, its highest in more than five weeks, boosting the index the most.

HCL Technologies shares were also up 3.6%, after the IT services company guided to a constant currency revenue growth of between 14% and 16% for this financial year.

Among losers, Cipla fell 2.8% after the generic drugmaker reported a quarterly profit that missed estimates.

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Bondholders of troubled shadow lender Dewan Housing Finance Ltd (DHFL) have been given a three-week deadline to decide if they are on board with a rescue plan being evaluated by banks, according to a letter sent by a custodian of DHFL bonds, seen by Reuters

The banks have signed an inter-creditor agreement (ICA) to come up with a plan to restructure nearly 1 trillion rupees ($14 billion) of DHFL's debt.

Now, the bondholders have to communicate by letter by Aug. 26 if they are willing to be part of the ICA.

That turns up the heat on India's mutual funds, which hold DHFL paper and are scrambling for approval from the market regulator to join the ICA.

While insurers and pension funds have clarity from their regulators and are likely to be on-board with the ICA, mutual funds are yet to get a green light from the Securities And Exchange Board Of India (SEBI), industry sources said

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Even before Hero MotoCorp Ltd announced its June quarter (Q1 FY20) results, the stock tanked 6.1% to ₹2,258.80, close to its 52-week low on the National Stock Exchange. As expected, the results were weak, in line with the 12.5% year-on-year drop in sales volume, announced earlier this month

Margin pressures along with the 9% drop in net sales led to a steep 16% fall in Ebitda to ₹1,158 crore. Ebitda stands for earnings before interest, tax, depreciation and amortization.

Two-wheeler demand has borne the brunt of the economic slowdown and cost pressures due to regulatory changes. According to Pradesh Jain, executive vice president at Yes Securities Ltd, “Increase in cost of ownership is likely to delay demand recovery. From the time insurance was hiked for vehicles till BS-VI emission norms come into force, the cost of owning a two-wheeler will increase substantially, which is bound to hurt demand."

This is what has taken the Hero MotoCorp stock downhill. On the back of falling sales and profit margins, consensus earnings per share estimate on the Street have fallen from ₹227 for FY21 to ₹181 in the past year. So, the 30% drop in share price over the period is not surprising.

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