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Nifty analysis with experts, JET Airways finding it difficult to stay afloat, Indian markets starts the year on a high note…. Market updates for 01/01/19

PurpleTrades - stock market courses > News > Nifty analysis with experts, JET Airways finding it difficult to stay afloat, Indian markets starts the year on a high note…. Market updates for 01/01/19

Report by- Sabyasachi Bhattacharya

 

JET Airways in talks with SBI for a short term loan of Rs 1,500 crores-

Loss-making carrier JET Airways  is in discussions with SBI for raising Rs 1,500 crore short-term loan to meet its working capital requirement and some payment obligations, a source said. Jet Airways strategic partner and Middle-east carrier Etihad, which holds 24 percent stake in the Indian full service carrier, is likely to provide guarantee for the loan, he said. Significantly, the talks for availing loan are going on at a time when EY is carrying out a forensic audit of the Jet Airways on the orders of the airline’s largest lender for alleged irregularities. “Jet Airways is in discussions with its largest lender to SBI for raising short-term loans worth Rs 1,500 crore. The airline is looking to mop up these funds to meet its working capital requirement as well as for meeting some payment obligations. Jet Airways is expected to provide Etihad Airways’ guarantee for this financing,” an airline source told PTI. The Naresh Goyal-controlled airline, which has posted three consecutive quarterly losses of over Rs 1,000 crore each since March, already has as much as Rs 8,052 of debt on its books as on September 30. Rating agency Icra has already cut the rating on Jet Airways borrowing programmes. With its financials in perils and the airline facing cash drought, promoter Goyal is looking to infuse capital in a manner where he does not have to lose control of the Jet Airways, which he set up 25 years ago. At an emergency board meeting late this month, he asked his team to look for alternate routes of funding while resurrecting the airline. His airline has already held preliminary level discussions with Tata Group for a possible stake sale a couple of months ago. However, reportedly “unhappy” over the deal, he turned back to his Gulf friend once again to rescue the airline. In 2013, Etihad had bailed out Jet Airways by acquiring 24 percent stake in the airline for Rs 2,060 crore, besides extending low-interest loan of USD 150 million as well as purchasing 50.1 percent stake in its loyalty programme JetPrivilege. The carrier has a backlog of over two months in salary payments to its senior staff, including pilots and engineers.

Source-Purple Trades Research Department   

 

 

Indian markets witness a Bullish day today-

Chart source- Upstox

Indian markets had a bullish day today. Starting the year on a high, Indian Index Nifty moved up by almost 50 points. It had a GAP_UP opening after which it started to fall down. After it hit a support at the level of 10,800 it started to move upwards and finally crossed the previous day’s close and today’s high as well. In the end of the day it’s a strong start to the New Year for equities as bulls took complete charge in the last hour of trade. The Nifty reclaimed 10,900-mark setting it on track to move towards 11,000 as well. Meanwhile, the Sensex ended above 36,000-mark. Barring auto and consumption sectors, all other sectors ended in the green. HDFC Group twins and ICICI Bank supported the rally. At the close of market hours, the Sensex was up 186.24 points or 0.52% at 36,254.57, while the Nifty was higher by 47.60 points or 0.44% at 10910.10. The market breadth was narrow as 1,437 shares advanced, against a decline of 1,091 shares, while 147 shares were unchanged. Bharti Airtel and HDFC were the top gainers, while M&M, Tata Steel, and Hindalco lost the most.

 

 

 

 

Let’s take a look at the performance of major Indices-

Global markets had a bullish day today. Asian Indices along with European Indices CAC and DAX were all seen in the GREEN. FTSE was seen in the RED along with NIKKEI

Source- MoneyControl, Purple Trades Research Department   

 

 

Key Points for Traders to watch out for while trading Nifty tomorrow-

  • 10,815 is a short term support for Nifty.
  • If Nifty breaks 10,815 then it has the potential to go down.
  • 10,900 is a short term resistance for Nifty.
  • If Nifty breaks 10,900 then it has the potential to go up.
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