Indian equity markets started the day on a positive note. Key benchmark indices pared gains clocked in early trades in a volatile session. The market sentiment was earlier boosted by data showing that foreign funds were net buyers of Indian stocks on Monday. The markets finally closed the day in the green. Banking and Metal stocks were the biggest gainers. While the BSE Sensex closed higher by 46 points, the NSE-Nifty closed higher by 9 points. BSE Mid Cap and the BSE Small Cap closed on a negative note.
As regards global markets, Asian indices closed in the green. European indices have also opened in the green. The rupee was trading at Rs 61.6 to the dollar at the time of writing.
Coal India has halved the premium it charges for coal it sells to power plants that have linkages. This premium is an add-on price above the applicable rates charged to power plants with captive mines for mining beyond the normative date of production. The company has reduced the premium to 20% from 40% that it charged earlier to power plants that have linkage for having own coal blocks. This comes on account of growing protest from the industry as well as the power ministry. However, the power ministry is still not content and is demanding the premium to be abolished altogether.
Kotak Mahindra Bank declared the results for the third quarter (3QFY14) and nine months ended December 2013 today. The bank reported 11% YoY growth in net interest income during 3QFY14 while the net interest margin (NIM) came in at 4.8% as against 4.5% in December 2012. The tepid growth in loan book of 6% YoY led to the profits falling by 6% YoY for the quarter. The low cost deposits (CASA) was up 22% YoY. The bank's restructured stood at 0.08% of the overall loan book, while net NPAs were at 1.1%. With CAR of 19.2%, the bank stands adequately capitalized.