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Indian markets open in the red
Wed, 28 Jan 09:30 am

The major Asian stock markets have opened the day on a mixed note with the stock markets in Japan (up 0.1% ) and Hong Kong (up 0.2%) leading the gains. However, the stock markets in China (down 0.8%) and Malaysia (down 0.3%) led the losses.

The Indian share markets have opened in the red. The sectoral indices have opened mixed with the stocks in the capital goods and metal segments leading the losses. However, the stocks in the software segment were trading in the green.

The Sensex today is down by around 91 points (0.3%), while the NSE-Nifty is down by about 20 points (0.2%). The mid cap and small cap stocks have also opened in green with BSE Mid Cap index and BSE Small Cap indices up by 0.4% and 0.03% respectively. The rupee is currently trading at Rs 61.50 to the US dollar.

Retail stocks have opened mixed with Zodiac Cloth Ltd and Trent Ltd leading the gains. However, Shoppers Stop Ltd and Future Ltd were leading the gains. Titan Industries Ltd has announced results for the quarter ended December 2014 . The company has reported a net revenue growth of 9.4% on a year on year (YoY) basis during the quarter. The operating profit for the quarter grew by 12.5 % YoY. While there was a slight decline in the income from watches on a YoY basis, the jewellery business recorded a growth of 11.2 % YoY during the quarter. Other businesses of the company comprising precision engineering, the eyewear business and accessories grew by 14.8 % YoY. The net profit for the quarter grew by 15.2% YoY during the quarter.

Banking (PSU) stocks have opened mixed with Central Bank and State Bank of India leading the gains. However, Union Bank and Punjab & Sind Bank were leading the losses. Union Bank has announced results for the quarter ended December 2014. The net profit for the quarter declined 13% YoY, mainly on account of higher provisioning. The provisions and contingencies in the quarter increased by 39% YoY. The provisioning for bad loans increased by 36% YoY. The bank's net interest margin (NIM) rose marginally to 2.57% YoY, but fell 3 basis points (bps) on a sequential basis. The net interest income (NII) was up 8% YoY during the quarter. The bank's non-interest income was up 29% YoY during the quarter. The management expects the credit growth to be around 10%-11% and deposit growth at 9%-10% in FY15. The gross non-performing assets (NPAs) as a percentage of gross advances stood at 5.08% for the quarter, up 39 bps sequentially. The bank restructured Rs 12 bn of assets in the quarter. Its total advances increased 8.9% YoY while deposits were up 9.8% YoY. The share of current account and savings account (Casa) in total deposits was 28.7% in the quarter.

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Mar 20, 2018 (Close)