As regards global markets, most Asian indices closed higher today while European indices have opened lower. The rupee was placed at Rs 54.59 to the dollar at the time of writing.
Axis Bank declared the results for the third quarter and first nine months of financial year 2012-13 (9mFY13). The bank has reported 19% YoY growth in net interest income and 22% YoY growth in net profits for the nine month period. Net interest income grew by 19% YoY during 9mFY13 on the back of 21% YoY growth in advances. The net interest margins (NIM), however, slipped to 3.6% in 9mFY13 from 3.8% in 9mFY12 due to fall in yields over the past two quarters. The average NIMs over the past 5 fiscals has been above 3.3%. Axis Bank's net profits grew by 22% YoY in 9mFY13 despite rise in provisions and slower growth in fees (15% YoY).Net NPAs were stable at 0.3% of advances at the end of 9mFY13, gross NPAs at 1.1% of advances. Also the capital adequacy ratio (CAR) was on firmer footing at 13.7% at the end of December 2012, excluding net profit for 9mFY13 (Tier 1 capital at 9.0%).
As per a business daily, passenger car major Maruti Suzuki plans to increase the prices of its vehicles across models by up to Rs 20,000 with immediate effect. This is to offset pressure of adverse currency fluctuation. Last month too, the company had announced a price increase of 1-3%.Although this may hurt volume growth in the near term, the price hike has been necessitated due to increasing pressure on margins following the adverse currency fluctuation. In 2QFY13, the company's volumes were down 9% YoY as it was impacted by the labour unrest and riots at its plant at Manesar, resulting in lockout for a certain period. While volumes in the domestic market fell by 6% YoY, those in the export markets dropped 32% YoY.