Sensex Opens Marginally Lower; IT & Metal Stocks Lose

Tue, 22 Jan 09:30 am

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Asian stock markets are lower today as Japanese and Hong Kong shares fall. The Nikkei 225 is off 0.1% while the Hang Seng is down 0.6%. The Shanghai Composite is trading down by 0.6%. Asian shares and US stock futures slipped today amid signs of pessimism about world growth, while sterling dithered as the latest plan for Brexit appeared to come and go with no progress.

Back home, India share markets opened marginally down. The BSE Sensex is trading down by 76 points while the NSE Nifty is trading down by 29 points. The BSE Mid Cap index opened down by 0.2% while BSE Small Cap index opened down by 0.1%.

Barring healthcare stocks and telecom stocks, all sectoral indices have opened the day in red with metal stocks and IT stocks witnessing maximum selling pressure.

The rupee is currently trading at Rs 71.22 against the US$.

Bank stocks opened the day on a mixed note with Lakshmi Vilas Bank & ICICI Bank leading the losers. Kotak Mahindra Bank, on Monday, reported a jump of 23% year-on-year in its net profit for December quarter at Rs 12.9 billion. The lender had posted a profit of Rs 10.5 billion during the same quarter of last year.

The net interest income (NII), the difference between interest earned and expended, grew 23% YoY at Rs 29.4 billion from Rs 23.9 billion last year.

The net interest margin rose to 4.33% from 4.2% in the previous quarter.

On the asset quality front, gross non-performing assets (NPAs) rose to Rs 41.3 billion from Rs 40.3 billion last quarter. The net non-performing assets fell to Rs 14 billion from Rs 15 billion in the previous quarter.

The gross NPA ratio also fell to 2.1% from 2.25 in December quarter. Meanwhile, net NPA ratio, too, declined to 0.7% from 0.8%.

Provisions saw a write-back of Rs 323 million from provisions of Rs 3,538 million last quarter.

Advances as on 31 December 2018 were up 23% to Rs 1,964.3 billion (Rs 1,590.7 billion as on 31 December 2017).

Consolidated PAT for Q3FY19 increased to Rs 18.4 billion from Rs 16.2 billion in Q3 of FY18. The subsidiaries & associates net contribution to PAT was 30%.

Speaking of updated facts about banks, are you aware of the extent to which bank credit growth has recovered, in recent months?

Credit Growth Back to 5 Year High

The credit growth that banks in India posted in December quarter of 2018, at 15.1% YoY, is not just very healthy. It's nearly 2 times GDP growth. But it also back to the five-year high.

Strong credit disbursal is clearly a sign of many things to come. Higher consumption demand, better capacity utilization, more capex and higher profits.

So even as we await a sharper earnings recovery, the first signs of it are already evident.

Kotak Mahindra Bank share price opened the day up by 1.8%.

Moving on to the news from pharma sector. As per an article in a leading financial daily, Zydus Cadila received the tentative approval from the United States Food and Drug Administration (USFDA) to market Esomeprazole Magnesium Delayed-Release Capsules (US RLD - NEXIUM).

It will be manufactured at the group's formulations manufacturing facility at SEZ, Ahmedabad.

The drug is used to treat the symptoms of gastroesophageal reflux disease, to reduce the risk of stomach ulcers.

The group now has 247 approvals and has so far filed over 330 ANDAs since the commencement of the filing process in FY 2003-04.

Meanwhile, Lupin has received approval for its Levothyroxine Sodium Tablets in various strengths from the United States Food and Drug Administration (FDA) to market a generic version of AbbVie, Inc's Synthroid Tablets.

As per the IQVIA MAT September 2018, Levothyroxine Sodium tablets had annual sales of approximately US$2519.6 million in the US.

To know more about the company, you can access to Lupin's Q2FY19 result analysis and Lupin's 2017-18 Annual Report Analysis on our website.

Lupin share price opened the day down by 0.1%.

And to know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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