D-Street Buzz: PSU banks gain led by PNB; Jet Airways spikes 10%, Bata hits new 52-week high

Indian benchmark indices continues to trade on a positive note with Nifty up 21 points, trading at 11,615, while the Sensex is trading in the green, up 85 points and is trading at 38,730.

Nifty PSU Bank is the outperforming sector, led by Punjab National Bank, Bank of Baroda, Union Bank of India, Oriental Bank of Commerce, Bank of India and State Bank of India.

Zee Entertainment extended gains, up close to 5 percent followed by Zee Media, INOX Leisure, UFO Moviez and Hathway Cable as Nifty Media traded in the green.

Pharma stocks continue to trade in the green led by Lupin which jumped 3 percent followed by Sun Pharma, Dr Reddy's Labs, Cipla and Aurobindo Pharma.

Infra stocks along with selective IT names are trading in the red led by IRB Infra, Bharti Infratel, Reliance Communications, NTPC, Power Grid, Tata Communications and Interglobe Aviation.

From the IT space, the top losers are Tata Consultancy Services which shed 1 percent followed by Infibeam Avenues and Birlasoft.

From the BSE midcap space, the top gainers are Reliance Capital, DHFL, Rajesh Exports, Reliance Infra and ABB while the top losers are Edelweiss Financial Services, Sun TV and Mphasis.

From the BSE smallcap space, the top gainers are Neuland Labs which spiked 11 percent. The stock witnessed spurt in volume by more than 15.95 times. The other gainers are Jet Airways which jumped 10 percent followed by JP Power. The top losers are 5paisa, ZF Steering and Shivam Auto.

India VIX spiked 2.95 percent at 24.76 levels.

The top Nifty gainers include Zee Entertainment, Indiabulls Housing Finance, ONGC, Sun Pharma and YES Bank while GAIL India, NTPC, BPCL, Power Grid and Indian Oil Corporation are the top losers.

The most active stocks are Reliance Industries, Indiabulls Housing Finance, PC Jeweller, YES Bank and HDFC Bank.

Bata India, DCB Bank, MT Educare and Balaxi Ventures hit 52-week high on NSE while IL&FS Transportation Networks, Mcleod Russel, Petron Engineering, Reliance Communications, Reliance Power, Shipping Corporation Of India and Bharat Wire hit new 52-week low.

The breadth of the market favoured the advances as 892 stocks advanced and 774 declined while 430 remained unchanged. On the BSE, 1,174 stocks advanced, 1,072 declined and 164 remained unchanged.

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Source: Moneycontrol

Jet Airways timeline: When and what happened so far

May 2018: In the first signs of trouble, Jet Airways posts an unexpected loss of Rs 1,036 crore in the fourth quarter of the FY18, as against a net profit of Rs 602 crore in the same period a year earlier. This was the company’s first quarterly loss in 11 quarters.

May 2018: Jet Airways’ net worth turns negative.

August 02, 2018: The first reports on the airline considering pay cuts surface.

August 9: Jet Airways’ first quarter results get deferred as the board seeks more clarity from its auditors.

August 13: BSR & Co, an affiliate of KPMG India, refuses to sign on the first quarter results of Jet Airways. The audit firm had raised doubts over the airline’s ability to continue operating.

August 28: The airline reports a loss of Rs 1,323 crore in the first quarter of the year. Its fuel costs shot up by 53 percent. The company starts a cost reduction programme that intends to save Rs 2,000 crore over two years.

September 20: A day after its offices are raided by Income Tax officials, 30 passengers on board its Mumbai-Jaipur flight complain of nose and ear bleeding after its crew fails to activate the aircraft's internal pressure control.

October: Despite threats of ‘non-cooperation’ from pilots, the airline defers the payment of salaries.

October 4: Rating agency ICRA downgrades Jet Airways’ long-term borrowing programme.

October 18: Tatas carry out talks with Naresh Goyal for a possible investment in Jet Airways. But talks with Tatas and Delta Air Lines stall over Goyal’s future role. Prospective investors want Goyal to cede control.

October 19: Jet Airways starts curtailing daily operations. 13 planes are grounded.

November 16: Tata Sons’ board meet to discuss a proposal for Jet Airways. It insists on a no-compete clause from Naresh Goyal. Talks between two sides go slow.

November 19: Ten flights from Mumbai are cancelled. While reports say pilots refused to turn up on duty, the airline blames a “rostering” problem.

November 26: Naresh Goyal resumes talks with Etihad Airways, which already owns a 24 percent stake in Jet Airways.

November 27: The airline promises its pilots that it will clear its dues by March 2019. But the pilots are not convinced.

December 2: More flights are cancelled as pilots call in sick.

December 3: The airline closes services across seven Gulf routes. Up to 40 flights a week are cancelled.

December 31: Jet Airways defaults on debt repayments for the first time.

February 21, 2019: An EGM clears a banks-led resolution plan, including the fresh allotment of shares to lenders.

February 28: By now, Jet Airways is forced to ground about 50 of its aircraft.

March 25: Founder Naresh Goyal and wife Anita step down from the board of the airline.

April 8: Lenders call for expression of interest (EoI). In a twist Goyal also puts forward an EoI. Others including Etihad Airways, TPG Capital, Indigo Partners and NIIF also join the fray.

April 15: CEO Vinay Dube writes to banks for emergency funding of Rs 1,000 crore. But lenders don't budge

April 16: Goyal quits the race, but lenders refuse to give interim funds.

April 17: Jet Airways announce the temporary shutdown of its operations after lenders turn down a request for funds.

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Source: Moneycontrol

SpiceJet rallies 8% on plans to induct 16 Boeing 737-800 aircraft

Shares of SpiceJet rallied nearly 8 percent intraday on April 12 after the budget carrier said that it will induct 16 Boeing 737-800 aircraft to its fleet.

The airline in its BSE release said that it has applied to the Directorate General of Civil Aviation (DGCA) for a No Objection Certificate (NOC) to import the aircraft.

Subject to regulatory approvals, the aircraft will begin joining SpiceJet fleet in the next 10 days.

"This is the first lot of Boeing 737s that we are inducting in our fleet. The sudden reduction of aviation capacity has created a challenging environment in the sector. SpiceJet is committed to working closely with the government authorities to augment capacity and minimize passenger inconvenience," said Ajay Singh, Chairman and Managing Director, SpiceJet.

At 0930 hrs, SpiceJet was quoting Rs 109.30, up 7.95 percent on the BSE.

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Source: Moneycontrol

Jet Airways falls 3% on grounding of 15 more planes

Shares of cash strapped airline Jet Airways plummeted more than 3 percent intraday on April 3 after an additional 15 airlines were grounded, making it the smallest operating pan-Indian carrier with just 12-15 active planes to carry out domestic operations.

The beleaguered airline in its BSE release said that the aircraft were grounded due to non-payment of rent.

According to a report in The Economic Times, Jet is now flying just 29 planes - ten 737 NGs, seven ATR turboprops for short local routes, and a dozen wide-bodied Airbus A330s and Boeing 777s, compared to 124 aircraft in operations in December.

At 0929 hours, Jet Airways was quoting Rs 256.25, down 3.27 percent on the BSE.

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Source: Moneycontrol

Jet Airways rallies 4% on reports of reinstatement of grounded planes

Shares of Jet Airways gained 4 percent intraday on March 27 after media reports claimed that the beleaguered airline's will get back its fleet within two months.

"Two to three aircraft are expected to be released daily once the payment is done to the lessors," a senior executive from the airline told Moneycontrol. 

The cash strapped airline was rescued by its lenders who have outlined plans to fly grounded planes and restart some of its cancelled flights.

The newly reconstituted board will meet next week to discuss the Jet's revival plan after founder Naresh Goyal and his wife Anita Goyal stepped down from the board on March 25.

At 0953 hours, Jet Airways was quoting Rs 281.30, up 3.80 percent on the BSE.

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Source: Moneycontrol

Jet Airways climbs 7% on bank-led provisional resolution plan, posts loss in Q3

Jet Airways shares rallied 7.5 percent in morning on Friday after board approval for bank-led provisional resolution plan.

The stock was quoting at Rs 238.40, up Rs 12.60, or 5.58 percent on the BSE, at 09:57 hours IST.

"The bank led provisional resolution plan proposes restructuring under the provisions of the 'RBI Circular' in order to meet a funding gap of nearly Rs 8,500 crore which is to be met by an appropriate mix of equity infusion, debt restructuring, sale/ sale and lease back/ refinancing of aircraft, among other things," the airline company said in its filing.

This resolution plan is expected to be presented for consideration of i) the consortium of Lenders ii) the overseeing committee of the Indian Bankers' Association, iii) the board of directors of Etihad Airways, and iv) the promoter.

The resolution plan envisages the company receiving the requisite approvals from shareholders at their meeting scheduled to be held on February 21 for conversion of lenders’ debt into appropriate equity shares that would result in the lenders becoming the largest shareholders in the company, and, appointment of lenders' nominees to the board of directors of the company under the provisions of the RBI circular.

Such allotment/ conversion of Lenders' debt to equity shares of the company will be made at an aggregate consideration of Re 1, in accordance with the RBI Circular, whereby Lenders can convert debt to equity at Re 1, when the book value per share of a company is negative.

Currently promoter Naresh Goyal held 51 percent equity stake in Jet Airways and the rest is with public.

"Most important news which came post results was on Lenders Resolution Plan got approval from the board. Post this plan lenders will hold 50.1 percent in the company with board seats," Sameer Kalra, Equity Research Analyst & Founder of Target Investing said.

He is negative on the company for fundamental reasons but for short term this news will provide clarity which was needed, he added.

Jet Airways, on Thursday, posted a loss of Rs 587.8 crore for the quarter ended December 2018 against profit of Rs 165.2 crore in same period last fiscal and loss of Rs 1,297.5 crore in September quarter 2018.

"Despite improvement in RASK (revenue available seat km) which grew by 2.6 percent over Q3FY18 due to seasonal, demand-led strengthening of fares, higher costs due to the price of Brent crude (up 29 percent YoY) and the depreciated Indian Rupee impacted the airline’s overall business performance," the airline company said.

Revenue during the quarter grew by 1 percent year-on-year to Rs 6,148 crore.

At operating level, EBITDAR (earnings before interest, tax, depreciation, amortisation and rent) fell 54 percent YoY to Rs 458 crore in Q3.

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Source: Moneycontrol

SpiceJet, IndiGo & Jet Airways fall 1-4% as crude prices surge

Shares of aviation companies are falling in trade on the back of higher crude oil prices.

SpiceJet, IndiGo and Jet Airways fell between 1 and 4 percent.

Oil prices rose on Tuesday amid OPEC-led supply cuts and U.S. sanctions against Iran and Venezuela, although analysts expect surging U.S. production and concerns over economic growth to keep markets in check.

U.S. West Texas Intermediate (WTI) crude oil futures were at $52.78 per barrel at 0329 GMT, up 37 cents, or 0.7 percent, from their last close.

The ongoing closure of parts of the Keystone pipeline that brings Canadian oil into the United States also helped prop up WTI, traders said.

International Brent crude futures were up 50 cents, or 0.8 percent, at $62.01 per barrel.

Analysts said markets are tightening amid voluntary production cuts led by the Organization of the Petroleum Exporting Countries (OPEC) and because of U.S. sanctions on Venezuela and Iran.

Investors could have also reacted to SpiceJet’s earnings for December quarter.

The airline posted a steep 77.1 percent year-on-year decline in profit to Rs 55.1 crore, dented by higher aircraft fuel expenses.

Its profit in same period last year was at Rs 240 crore.

The company said revenue from operations during the quarter grew by 20.2 percent to Rs 2,487 crore year-on-year.

At operating level, EBITDA (earnings before interest, tax, depreciation and amortisation) plunged 62.7 percent YoY to Rs 113.2 crore and margin contracted to 4.5 percent in Q3 against 14.7 percent YoY due to more than 33 percent increase in operating expenses.

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Source: Moneycontrol