Changes in pricing policies helped the gains in oil stocks push benchmark indices in Indian stock markets higher today. As a result Indian markets led the pack of few gainers in the Asian region. While the BSE Sensex closed higher by around 146 points, the NSE-Nifty closed higher by 37 points. While the BSE Mid Cap clocked marginal gains, the BSE Small Cap closed below the dotted line.
As regards global markets, most Asian indices closed mixed today while European indices have opened lower. The rupee was placed at Rs 54.34 to the dollar at the time of writing.
Yes Bank declared its results for the third quarter and first nine months of financial year 2012-13 (9mFY13) yesterday. The bank has reported a 35% YoY and 33% YoY growth in net interest income and net profits respectively in 9mFY13. Net interest income grows 35% YoY in 1HFY13 on the back of 22% YoY growth in advances. Other income grew by 49% YoY in 9mFY13 due to robust growth in fee income. Net interest margin remained stable at 2.9% due to rise in proportion of CASA deposits. The bank's bottomline grew 33% YoY in 9mFY13 despite higher provisioning. Further, capital adequacy ratio (CAR) remained comfortable at 18% (Tier 1- 9.0%), while gross NPA was low at 0.17% of advances(NPA coverage 79.6%).
As per a business daily, the government has cleared the proposal to grant 'Maharatna' status to Bharat Heavy Electricals (BHEL). The government has, however, suggested BHEL to look for new avenues for growth, including new business areas such as solar energy.
Meanwhile the company has won a major contract for the electro-mechanical equipment package for a Hydroelectric project in Bhutan. The order envisages manufacture, supply, erection and commissioning of the electro-mechanical equipment for the 720 MW project. The value of the contract is in the range of Rs 7.3 bn to Rs 7.5 bn. Bhutan is one of the key export territories of BHEL, where it has a predominant presence since the last 25 years in the power generation segment.