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Markets Open Weak on New Year
Fri, 1 Jan 09:30 am

Major stock indices in Europe ended their previous session on a dismal note. The Germany's DAX was down 1.08% while France's CAC 40 was off 0.86% and London's FTSE 100 was lower by 0.51%. North and South American markets finished lower yesterday with shares in U.S. leading the region. The rupee is trading at 66.33 per US$.

Indian stock markets too have too opened the day on a negative note. BSE Sensex is trading lower by 44 points (down 0.2%) and NSE Nifty is trading lower by 17 points (down 0.2%). Meanwhile, both S&P BSE Mid Cap and S&P BSE Small Cap are trading higher by 0.5% and 0.5% respectively. Stocks from banking and information technology sector are witnessing maximum selling pressure.

According to a leading economic daily, Powergrid Vizag Transmission Ltd, a wholly-owned subsidiary of Power Grid Corporation of India Ltd has successfully completed the Khammam-Nagarjunasagar transmission line which would facilitate inter-state exchange of power in southern region. The subsidiary secured though tariff based competitive bidding process has successfully charged the first element of the project: Khammam -Nagarjunasagar 400kV D/C Transmission line on December 31, 2015.

The transmission line of about 150 km traverses the states of Telangana and Andhra Pradesh and will facilitate inter-state exchange of power in southern region.

The problem of inefficiency and under capacity has seeped into the country's power sector since decades. And It's quite a well known fact; the condition of State Electricity Boards (SEBs) in India is very critical and poor as they face issues like failure to pass on tariff hikes, power theft, infrastructure issues, over capacity and others. As a result, the SEBs are caught in a vicious circle of high debt and operational losses. Hence to bring a turnaround in these companies, the Ministry of Power announced a new scheme - Ujwal DISCOM Assurance Yojna or UDAY. The scheme will support financial turnaround and revival of power distribution companies .

According to a leading financial daily, Yes Bank has successfully raised Rs 15 billion of Basel III Compliant Tier II bonds. The issue was closed on December 31, 2015. The bonds will be listed on the Bombay Stock Exchange (BSE). The issue was rated 'AA+ hyb' by ICRA and 'AA+' by CARE.

Canara Bank also decided to raise Basel III compliant tier-II bonds amounting to Rs 15 billion by way of private placement. Shares of Canara Bank and Yes Bank have opened the trading day on an encouraging note.

Yes bank recently reported 42.2% YoY and 27.7% YoY growth in net interest income and net profits respectively in 1QFY16. To know more about the company's growth prospects please do read our recent result analysis (Subscription required) results .

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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Jul 21, 2017 (Close)

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