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Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
In what was a much anticipated move, the Reserve Bank of India (RBI) indulged both government and India Inc. by cutting not just the repo rate but also the CRR by 0.25% each in the monetary policy review today. However, with the exception of Axis Bank, most other banking stocks failed to garner much interest from investors. Select heavyweights in auto and commodity sectors cornered most of the gains in the benchmark indices today. However, profit booking in commodity and telecom stocks dragged the indices below the dotted line. While the BSE Sensex closed lower by around 112 points, the NSE-Nifty closed lower by 25 points. Both BSE Mid Cap and the BSE Small Cap closed lower by 1%.
As regards global markets, most Asian indices closed higher today while European indices have opened lower. The rupee was placed at Rs 53.72 to the dollar at the time of writing.
ING Vysya Bank declared the results for third quarter and first nine months of financial year 2012-13 (9mFY13). The bank has reported 25% YoY growth in net interest income for 9mFY13 while net profits have grown by 35% YoY. The bank's nNet interest income grew by 25% YoY in 9mFY13 backed by 20% YoY growth in advances. The net interest margin too improved to 3.5% in 9mFY13 from 3.3% in 9mFY12. Meanwhile, cost to income ratio came down to 57% in 9mFY13 from 60% in 9mFY12. Bottomline growth was 35% YoY in 9mFY13 on the back of higher margins and minimal provisioning costs. While net NPA to advances ratio was at 0.1%, provision coverage was at 97% in 9mFY13. The bank has, however, not divulged the restructured assets at the end of the second quarter. Capital adequacy ratio (CAR) was at 12.5% in December 2012 as against 14.0% in December 2011.
As per a business daily, research firm Gartner has reported that banking and securities companies in the country will spend Rs 416 bn on IT products and services in 2013. This will be an increase of over 12% YoY. Modernisation and legacy replacement remain major issues for many banks as the gap widens between front-office and back-office services. Large IT companies have declared encouraging set of results for the quarter ended December 2012.
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