Indian Indices Open in Deep Red

Wed, 20 Jan 09:30 am

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Major Asian stock markets have opened the day on a dismal note with stock markets in Hong Kong, Japan and China trading down by 3.6% and 2.7% and 1.4% respectively. Major indices in Europe and US ended their previous session on a positive note. The rupee is trading at 67.56 per US$.

Indian stock markets too have opened the day on a dismal note. The BSE Sensex is trading lower by 400 points (down 1.5%) and NSE Nifty is trading lower by 119 points (down 1.5%). Both BSE Mid Cap and BSE Small Cap are trading lower by 1.8% and 1.7% respectively. Major sectoral indices have opened the day on a negative note with stocks from banking and capital goods sectors witnessing maximum selling pressure.

As per an article in Livemint, profitability of public sector banks is set to take a hit owing to Reserve Bank of India's (RBI) decision to clean up the bank's books by the end of March 2017. Recently, RBI took an assessment of the asset quality of banks and asked them to stop delaying the recognition of the visibly stressed assets. The decision will drag down the profitability of banks, as they would start recognizing bad loans which inturn will increase their provisioning requirement.

Reportedly, public sector banks like Bank of India, Central Bank of India, IDBI Bank, Dena Bank and Indian Overseas Bank are more vulnerable to take a hit on their profits as compared to others as 20-25% of their loan book is exposed to the stressed sectors.

As per RBI rules, an account is classified as an NPA when payments are overdue for more than 90 days. Once this is done, banks need to set aside money to cover 25% of the loan amount in the first year. Previously, assets restructured were attracting a lower provisioning of 5%. The higher provisioning percentage will also put a drag on the company's profitability.

HCL Technologies reported its results for the quarter ended December 2015. The company's net profits grew by 11% QoQ to Rs 19.20 billion. Further, revenues posted a growth of 2.4% QoQ to Rs 103.4 billion.

Revenues from the Americas, accounting for roughly two-thirds of the total business, grew at a pace of 5.5%. However, revenues from Europe and rest of the world declined by 2.4% and 3.4% respectively. The quarter did not witness any addition to client, which would generate more than US$ 100 million in revenues. However, company added three clients, which would generate more than US$ 40 million in revenues.

Growth from engineering, infrastructure services and research and development (R&D) are the key things to watch out for going forward. The stock is trading down by 1.2%.

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