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Late buying fuel indices
Wed, 22 Jan Closing

Indian equity markets started the day on a negative note before quickly erasing early morning losses. Markets maintained its gains into afternoon deals with broader markets outperforming the benchmark indices in today's trading session. Pharma and Metal stocks were the biggest gainers. While the BSE Sensex closed higher by 86 points, the NSE-Nifty closed higher by 25 points. BSE Mid Cap and the BSE Small Cap closed on a positive 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 61.8 to the dollar at the time of writing.

ONGC expects to ramp up natural gas production up to 2 million standard cubic meters per day (MMSCMD) during the next fiscal as two of its eastern offshore wells are ready for production. The company has chalked out a programme to take up drilling in 40 to 45 wells by 2019. The eastern offshore wing of the PSU has also sent proposals to hire four more rigs to meet the requirements. As of now the company is getting 6.5 lakh cubic meters of gas and 50 cubic meters of oil from the eastern offshore wells per day. The additional gas production is expected to give a fillip to the company's topline as C. Rangarajan's gas pricing formula is expected to come into force from April.

HDFC declared its results for the third quarter of the financial year 2013-14 (3QFY14). The net interest income grew 15.8% YoY in 3FY14 owing to 21% YoY growth in total loan book. 89% of the incremental growth in loan book came on the back of individual loans during 9MFY14. Net interest margin fell from 4.2% in 3QFY13 to 4% in 3QFY14. Other income dropped for third quarter in a row by 18.1% YoY in 3QFY14. Net profit grew by 12.1% YoY for 3QFY14 underpinned by healthy net interest income and lower provisions for the quarter. Capital adequacy ratio and gross NPAs stood at 19% and 0.8% respectively at the end of December 2013.

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