Steel stocks are trading in the red led by Tata Steel and JSW Steel. Hindustan zinc has announced its results for the quarter ended December 2011 (3QFY12). During the quarter the company has reported a 6% YoY increase in net sales and a 1.2% YoY decline in net profits. Operating profit for the quarter also registered a decline of 7% YoY. Other income saw a rise of 84.4%. Both operating profit margin and net profit margin saw a decline of 7% and 3.3% respectively. The decline in net profit was attributed to the decline in prices of lead and zinc.
Banking stocks are trading strong led by Yes Bank and Development Credit Bank. Axis Bank declared the results for the third quarter and first nine months of financial year 2011-12 (9mFY12). The bank has reported 21% YoY growth in net interest income and 25% YoY growth in net profits for the nine month period. Net interest margins (NIM) remain stable at 3.8% in 9mFY12 despite rise in cost of funds. Net NPA to advances was slightly higher at 0.4% of advances at the end of 9mFY12 as against 0.3% in 9mFY11. Capital adequacy ratio (CAR) at 11.8% at the end of December 2011, Tier 1 capital at 8.3%. Considering profits for 9mFY12, the overall CAR stands at 13.1%.