Indian shares slipped on Thursday, led by declines in financials and metals, as fears of an impending global recession and worsening Sino-U.S. trade relations marred investor sentiment

The broader NSE Nifty fell 0.46% to 10,994.55 as of 0354 GMT, while the benchmark BSE Sensex inched down 0.44% to 37,293.80.

Meanwhile, stocks in regional markets across Asia struggled to recover with MSCI's broadest index of Asia-Pacific shares outside Japan trading flat.

Domestic investors also remained cautious ahead of GDP data for the April-June quarter due on Friday.

"Sentiment is a fair worry, consumer and business sentiment has to change," said Sunil Sharma, chief investment officer at Sanctum Wealth Management in Mumbai.

"The outcome of the trade war is also uncertain."

The weather office on Wednesday said monsoon rains in India were below average for the first time in five weeks in the week through Wednesday, further dampening spirits.

Monsoon rains are key to farm output and economic growth as the agricultural sector accounts for about 15% of India's $2.5 trillion economies.

Indian markets are likely to see some volatility ahead of August derivative contracts' expiry.

Shares of Indiabulls Housing Finance Ltd slipped as much as 7.97%, the stock will not be included on the Nifty 50 NSE Nifty from Sept. 27.

The Nifty metals index inched 0.82% lower, with all 14 constituents trading in the red.

Only 10 of the 50 stocks on the NSE blue-chip index were trading in positive territory.

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The share price down 31 percent in last 1 year

Shares of Sun Pharmaceutical Industries rose 4 percent on August 29, a day after reports of the Securities and Exchange Board of India (SEBI) clearing the company of charges of irregularities emerged.

A preliminary probe by the market regulator found no merit in allegations of violation of securities laws, levelled by a whistleblower, against the pharmaceutical major, Business Standard quoted two persons as saying.

SEBI had sought answers to alleged diversion of Rs 42,000 crore through the company’s key distributor and subsidiary, Aditya Medisales and the pharma major’s 2004 fundraising through foreign currency convertible bonds, the report said.

Sun Pharmaceutical Industries was quoting at Rs 422.80, up to Rs 10.05, or 2.43 percent, on the BSE.

The share touched its 52-week high of Rs 678.80 on September 6, 2018, and a 52-week low of Rs 350.40 on May 13, 2019.

It is trading 37.61 percent below its 52-week high and 20.86 percent above its 52-week low.

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Vodafone Idea Ltd may be India’s largest telecom company by subscriber base, but it also happens to be the smallest in terms of revenue market share among private sector operators

In the June quarter, Vodafone Idea was the only company to post a sequential decline in revenues, while competitors Bharti Airtel Ltd and Reliance Jio Infocomm Ltd reported notable expansion. This is based on quarterly revenue data from the Telecom Regulatory Authority of India (Trai) compiled by SBICAP Securities Ltd.

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

SBICAP Securities estimates Vodafone Idea’s revenue market share to stabilize at around 20% in the medium term, with Reliance Jio seeing further gains by the end of FY20. At the end of the June quarter, Reliance Jio’s revenue market share stood at 31.5%.

While Bharti Airtel’s market share was similar, according to Trai numbers, analysts said Jio achieved clear market leadership in the June quarter. Airtel’s numbers reported to Trai may need some adjustments, they added.

What’s more, the hit from the reduction in interconnection usage charges to zero in a few months will make things worse for the incumbents.

The drop in Vodafone Idea’s market share and operating performance comes at a time when its balance sheet is fast deteriorating. An analysis of its debt and repayment schedules, based on the latest annual report by Kotak Institutional Equities, shows that the company may fall short of funds in about a year from now.

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ICICI Bank has recommended buy rating on the stock with a target price of Rs 520 in its research report dated August 23, 2019

ICICI Bank's (ICICIBC) annual report reaffirms our view that the bank is progressing well in its endeavour to strengthen the balance sheet with a strong focus on the retail franchise. While its retail portfolio has been leading overall loan growth, GNPA has remained stable at 1.7% for many years; also, retail fees contribute over 70% to total fees. The concentration of the top-20 advances/exposures improved by 206bp/208bp to 12.1%/11.9% during the year. 

On the liability side, the concentration of the top-20 depositors improved by ~50bp to 5.7%. BB and below pool reduced to INR175b (~3.0% of total loans) while net stressed loans declined to 3.3% (excluding NNPA). During 1QFY20, the BB & below pool further reduced to INR154b (~2.6% of loans) while net stressed loans declined to 2.9% (excl. NNPA). 

SA per branch has improved to INR448m in 1QFY20 v/s INR354m in FY17, thus, indicating higher productivity and operational efficiency at branch level. The bank has one of the highest proportion of retail deposits with a strong CASA mix. With asset quality stabilizing, we expect credit cost to moderate sharply and estimate core RoA/RoE to improve to 1.5%/15.5% by FY21.

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The company in January had announced that it would buy back shares of the company for an amount aggregating up to Rs 8,260 crore

Shares of Infosys slipped almost 2 percent in early trade on August 27 in an otherwise positive market.

The IT major on August 26 said a board committee has approved the closure of the Rs 8,260 crore buyback offer with the company utilising almost full size of the issue approved.

The company in January had announced that it would buy back shares of the company for an amount aggregating up to Rs 8,260 crore (maximum buyback size) at a price not exceeding Rs 800 per equity share.

"... the Buyback Committee has approved the closure of the Buyback pursuant to the terms of the Public Announcement, with effect from today, i.e. August 26, 2019, prior to the expiry of six months from the commencement date," Infosys said in a regulatory filing.

Shares of Infosys traded 1.67 percent down at Rs 789.50 on BSE around 0925 hours (IST).

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Credit Suisse cut FY20/FY21 EPS estimates by 10/14 percent and factored in lower US sales & profits in estimates.

Shares of Cipla fell more than 2 percent intraday on August 26 after global brokerage Credit Suisse maintained neutral call on the stock, but cut-price target by nearly 14 percent.

The research firm slashed price target to Rs 445 from Rs 515 per share earlier saying high competition in generic Voltaren gel could be a key risk in the near term.

The Voltaren is used to treat joint pain in the hands, wrists, elbows, knees and feet.

Credit Suisse cut FY20/FY21 EPS estimates by 10/14 percent and factored in lower US sales & profits in estimates. It also factored in recovery in trade generic from Q3FY20. Any delay is a risk, it said.

India Rx business growth has been below peers, it added.

The stock was quoting at Rs 463.35, down Rs 2.55, or 0.55 percent on the BSE  

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India’s domestic air passenger traffic had slowed down in the June quarter as Jet Airways’ shutdown pulled the beleaguered airline’s capacity out of the system

Even so, last quarter’s financial results of InterGlobe Aviation Ltd and SpiceJet Ltd are nothing to complain about. InterGlobe runs IndiGo, India’s largest airline by market share.

One factor that helped last quarter was that the environment for yields, a measure of pricing, remained stronger. IndiGo surpassed Street expectation by clocking a 12.7% year-on-year improvement in its yields. On the other hand, a smaller rival, SpiceJet’s yield increased by 2%, falling short of estimates.

At the time of announcing results, SpiceJet said, “The airline’s operations remained stressed for a large portion of this quarter due to the continued grounding of its superior B737 MAX aircraft. This limited the airline’s ability to take its yields up, owing to passenger disruptions and re-accommodation; while simultaneously increasing its fixed costs on this category of aircraft."

“While Indigo’s domestic passengers carried grew by about 20%, international jumped by about 50%. Higher yields on international routes vacated by Jet Airways have also led to the divergence in yield growth between Indigo and SpiceJet," said analysts from Edelweiss Securities Ltd in a report on 21 August.

As such, capacity expansion helped both airlines clock handsome revenue growth. IndiGo’s revenues increased by about 45% and SpiceJet’s by 35%. On the profitability front, IndiGo’s Ebitdar, increased by a whopping 233% year-on-year to ₹2656 crore. Ebitdar is earnings before interest, tax, depreciation, amortisation and lease rentals. SpiceJet’s Ebitdar also jumped sharply by 88% to 684 crores.

Going ahead, yields will remain a key monitorable for investors. Here, from a near-term perspective, the scenario doesn’t look hunky-dory.

“The yields have started to normalise in Q2FY20 as the impact of Jet Airways’ grounding has waned off," Centrum Broking Ltd said in a report on 20 August. “While Q2FY20 is anyways a seasonally weak period, there is additional softening of yields due to lower fares in 0-15 day ticket booking window," it added.

Severe disruption due to floods has made Q2FY20 even worse, point out Edelweiss analysts, adding, “We expect nominal yield growth at best, with potential for significant pick up during Q3FY20."

As such, the muted yield environment may well cap sentiment for airline stocks in the near future.

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The stock fell 23 percent in three straight sessions to Rs 138.30, the lowest level since January 31, 2017

Shares of real estate major DLF fell 19.4 percent intraday on August 22 to hit its 31-month low on August 22 after getting a notice from the Supreme Court for non-disclosure of key information in Qualified institutional placement (QIP).

The stock fell 23 percent in three straight sessions to Rs 138.30, the lowest level since January 31, 2017. It was quoting at Rs 144, down Rs 27.60, or 16.08 percent on the BSE at 0952 hours.

Petitioner KK Sinha, on whose complain SEBI had earlier barred DLF promoters from markets and imposed a penalty, told SC that DLF failed to mention key cases regarding the violation of the Haryana Land Ceiling Act, 1972, where adverse orders were passed by the Punjab and Haryana High Court, and the matter is pending with the SC, reported BusinessLine.

The report said the court had ordered directed investigation into DLF group companies and its admitted subsidiaries for violation of land ceiling laws and other laws, matters concerning Benami purchases, licensing, stamp duty payment and transfer pricing issues.

But Ashok Tyagi, Wholetime Director of DLF said in an interview to CNBC-TV18, "All material disclosures had been made in the QIP and complaint is about 5-6 acres of land by a co which is not company's arm.".

He further said, "DLF has received the notice from Supreme Court a month ago and SC notice does not ask us for any disclosures. SC has asked DLF & SEBI whether the complainant should be impleaded in the case."

The report said if there is an adverse decision by the apex court then it could impact DLF investors as petition prays that the company be asked to return more than Rs 5,000 crore that it raised via two qualified institutional placements (QIPs), one of which was in 2019.

In addition, DLF patriarch K P Singh has stepped down as whole-time director but will continue to be its non-executive Chairman, the realty firm said on August 19.

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Prakash Gaba of prakashgaba.com recommends buying Asian Paints with the target at Rs 1620 and stop loss at Rs 1580 and Nestle India with a target at Rs 13000 and stop loss at Rs 12250

The BSE Sensex plunged 267.64 points to 37,060.37 while the Nifty 50 lost 98.30 points to close below 11,000 levels, at 10,918.70, forming a bearish candle on the daily charts.

Experts feel the bearish bias may continue in coming session also if the index breaks its August lows.

Among sectors, Nifty Metal fell most with loss of nearly 3 percent followed by Bank and FMCG which declined nearly a percent each. The correction in broader markets was quite high compared to benchmarks as the Nifty Midcap index fell 1.6 percent and Smallcap index lost 1.9 percent.

According to the pivot charts, key support level is placed at 10,872.2, followed by 10,825.7. If the index starts moving upward, key resistance levels to watch out for are 10,999.7 and 11,080.7.

Nifty Bank closed at 27,719.05, down 263.40 points on August 21. The important pivot level, which will act as crucial support for the index, is placed at 27,557.24, followed by 27,395.37. On the upside, key resistance levels are placed at 27,989.94 and 28,260.77.

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Coffee Day Enterprises (CDE) owns Café Coffee Day, India's largest cafe chain that operates 1,750 outlets across the country

Shares of Coffee Day Enterprises gained on August 19, the first time in 17 trading sessions, after a media report said that the promoters were likely to resume talks with Coca-Cola for a stake sale in Cafe Coffee Day chain to cut the debt.

In fact, the stock traded high for the first time after the shock death of founder VG Siddhartha, whose body was found on the banks of the Netravati river in Karnataka on July 31, two days after the 60-year-old businessman had gone missing.

The stock was locked in 5 percent upper circuit at Rs 66.05 on the BSE. It was in lower circuit for previous consecutive 12 trading sessions after July 29 and lost 68.5 percent in the previous 16 sessions.

"The promoters of the Coffee Day Group plan to restart talks with Coca-Cola for selling a chunk of their stake in the Café Coffee Day (CCD) chain in a bid to cut the group's debt further," The Economic Times reported on August 19.

Siddhartha had begun talks with the beverage giant, seeking a valuation of Rs 8,000-10,000 crore for the company in June but was reluctant to sell a majority stake, the report said.

Coffee Day Enterprises (CDE) owns Café Coffee Day, India's largest cafe chain that operates 1,750 outlets across the country.

The deal will help Coca-Cola get a foothold in the cafe space as it tries to expand beyond its core carbonated drinks portfolio.

The move will help Coffee Day Group reduce debt obligations significantly. The company's debt as on July 31 was Rs 4,970 crore, with the debt incurred by its logistics arm, Sical, accounting for about Rs 1,488 crore.

The group recently sold Global Village Tech Park, under it is real estate arm Tanglin, in Bengaluru to Blackstone Group for about Rs 2,600-3,000 crore.

The total debt position of Coffee Day Group will reduce by Rs 2,400 crore after the payment for the deal is received.

The debt position of the Coffee Day Group (excluding Sical and Magnasoft) post repayment of debt out of proceeds from the sale of Global Village will be Rs 1,000 crore in the next 45 days.

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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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