A Buy & Hold Portfolio of High-quality Stocks – Some Additional Information
On 9 May 2019, I had written an article suggesting a ‘buy & hold’ model portfolio of 33 stocks. A Buy & Hold Portfolio of High-quality Stocks I had also mentioned that I will create an index and track it.
 
In that article, I had picked over 50 stocks and then narrowed down that list to 30. My recommendation was to do an equal-weighted investment. In other words, put equal amounts...
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  • YES Bank Shares Jump 33% After Receiving USD1.2 Billion Binding Offer From Global Investor
    Private sector lender YES Bank says it has received a binding offer for an investment of USD1.2 billion from a global investor through fresh issuance of its shares. Post the announcement, YES Bank shares jumped over 33% on the BSE to a day's high of Rs76.65. 
     
    In a regulatory filing, the lender says, "...the Bank would to inform that it has now received a binding offer from a  global investor for an investment of USD1.2 billion in the Bank through fresh issuance of equity shares, subject to Regulatory approvals or conditions as well as Bank's Board and Shareholders approvals."
     
    YES Bank says it continues to be in advanced discussions with other global and domestic investors for raising capital. 
     
    Yes Bank, once regarded as the fourth largest private lender by market capitalisation, has suffered a spiralling fall, eroding more than 92% of investors’ wealth from its record high of Rs404 in August 2018. 
     
    As per a stock exchange notification by Yes Bank, the sudden sharp fall in its stock price on 30 September 2019 and 1st October was due to the forced sale of 10 crore equity shares (3.92% of the bank), triggered by an invocation of pledge on the equity shares. The equity shares were pledged by Rana Kapoor (co-founder of Yes Bank) against non-convertible debentures issued by his company Morgan Credits Pvt which were invoked by Reliance Nippon Life Asset Management. In September last year, Mr Kapoor had tweeted that his holding in YES Bank is a like a diamond which he will gift to his daughters. They are not up for sale.  (Read: Rana Kapoor’s Diamond Holding in Yes Bank Turns to Dust, while Insiders Sell Too)
     
    On 17 October 2019 too, YES Bank shares jumped 17% in intraday following reports about industrialists Sunil Munjal and Sunil Mittal having expressed interest in buying a stake in the private bank. However, Mr Mittal denied the reports later on.
     
    Earlier, the stock of Yes Bank saw a sharp decline because of exposure to stressed assets. The stock plunged to a low Rs30 from a high of Rs404 seen in August 2018. The stake of Rana Kapoor has now come down to almost zero.
     
    After hitting an intraday high of Rs76.65, YES Bank closed Thursday 24% higher at Rs70.45 on the BSE, while the 30-share Sensex ended the day flat at 40,129.
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    Nifty, Sensex Trending Higher - Wednesday Closing Report
    We had mentioned in the last week’s closing report that Nifty, Sensex were trendless. The major indices opened high and closed with gains. On the NSE, there were 1,017 advances, 768 declines and 359 unchanged. The trends of the major indices in the course of Wednesday’s trading are given in the table below:
     
     
    Anticipation of more economic reforms such as strategic divestment of state-run companies and tax cuts, helped to lift the S&P BSE Sensex to above the 40,000-mark for the first time in the last five months.
     
    Vodafone Idea said it continues to pay all its debts as per schedule and has not approached any lender for debt recast. "We have not made any request for debt recast to any lender or asked for reworking of payment terms. We continue to pay all our debts as and when these fall due", The group has about Rs1.18 lakh crore of net debt, mounting losses and it has been losing subscribers as per TRAI data.
     
    APL Apollo Tubes appointed Anubhav Gupta as Chief Strategy Officer (CSO). Gupta will focus on strengthening the company's strategic capabilities, while also identifying and evaluating innovative opportunities for APL Apollo in the longer run. Gupta will also be advising on corporate development, communications and marketing of the APL Apollo Brand.
     
    Fund raise committee of PVR approved the issue and allotment of 29,08,583 equity shares to eligible QIBs at the issue price of Rs1,719.05 per share aggregating Rs500 crore. The share capital has increased to Rs51,29,08,450 comprising of 5,12,90,845 equity shares of face value of Rs10 each.
     
    Tata Chemicals reported year-on-year 3% increase in revenues to Rs3,176 crore for the quarter ended September 2019. Net profits increased 10% y-o-y to Rs355 crore.
     
    Indoco Remedies reported year-on-year 24% increase in revenues to Rs293 crore for the quarter ended September 2019. Net profits jumped to Rs7.81 crore from a loss of Rs7.45 crore reported in the corresponding period of previous year.
     
    Graphite India reported year-on-year 61% decrease in revenues to Rs933 crore for the quarter ended September 2019. Net profits declined 83% y-o-y to Rs185 crore.
     
    Phillips Carbon Black reported year-on-year 2% decrease in revenues to Rs869 crore for the quarter ended September 2019. Net profits declined 28% y-o-y to Rs77 crore.
     
    The Ramco Cements reported year-on-year 11% increase in revenues to Rs1,332 crore for the quarter ended September 2019. Net profits increased 43% y-o-y to Rs172 crore.
     
    Caplin Point Laboratories reported year-on-year 44% increase in revenues to Rs234 crore for the quarter ended September 2019. Net profits increased 22% y-o-y to Rs57 crore.
     
    The operations at Shri Bajrang Alloys Ltd's Plant shall be temporarily shut down for maintenance and modification of Furnace from 30 October 2019.
     
    There was a fire accident at Arrow Greentech factory situated at 5311 - GIDC, Ankleshwar on October 30 at around 10:45 a.m. The fire has been brought under control. The assets and goods damaged by the fire are adequately covered by insurance. The company is taking steps to ensure re-functioning of the plant at the earliest.
     
    Hinduja Ventures has received approval for change in name of the company from 'HINDUJA VENTURES LIMITED' to 'NXTDIGITAL LIMITED'.
     
    The top gainers and top losers of the major indices are given in the table below:
     
     
    The closing values of the major Asian indices are given in the table below:
     
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