The major Asian stock markets have opened the day on a mixed note with stock markets in Japan (up 0.4%) and Indonesia (up 1.2%) leading the gains. However, the stock markets in Hong Kong (down 0.4%) and South Korea (down 0.5%) faced selling pressure. The Indian share market indices have also opened the day on in the green. Barring FMCG and banking, all sectoral indices have opened in the green with stocks in the pharma and consumer durables leading the gains.
The Sensex today is up by around 46 points (0.2%), while the NSE-Nifty is up by around 9 points (0.2%). The mid cap and small cap stocks have also opened in the green with BSE Mid Cap index and BSE Small Cap indices up by around 0.4% each. The rupee is trading at Rs 53.32 to the US dollar.
Banking stocks have opened the mainly in the red with Allahabad Bank and Indian Bank leading the losses. However, Punjab National Bank (PNB) and Union Bank have opened in the green. Punjab National Bank (PNB) has announced its results for the third quarter of financial year 2013 (3QFY13). The total income for the quarter grew by 10.4% on a year on year (YoY) basis. The operating profits for the quarter grew marginally by 0.22% YoY. The net profit for the quarter registered a growth of 13.5% YoY. The growth in the bottomline was mainly driven by decrease in provisions against non-performing assets, higher cash recovery and reduction in cost of funds. The net interest margin (NIM) of the bank stood at 3.47 % at the end of the quarter. The gross nonperforming assets (NPAs) for the quarter increased to 4.61% versus 2.42% in 3QFY12.The net NPAs also rose to 2.56 % from 1.11 % in the 3QFY12. The Capital Adequacy Ratio (CAR) of the bank stood at 11.66 % at the end of the quarter.
Indian Pharma stocks have opened the day mainly in green with Panacea Biotech Ltd and Wockhardt Ltd leading the gains. The leading pharma company Lupin Ltd has announced its results for the third quarter of financial year 2013 (3QFY13). The sales for the quarter grew by 38% on a year on year (YoY) basis. This was mainly on account of robust growth in the sales in the US market. The operating profits for the quarter grew by 64.5% YoY with operating profit margins at 23.1%. The net profits for the quarter were up by 43% YoY. The growth in the bottomline was moderated due to the surge in tax expenses. Effective tax rate for the quarter stood at 38% as compared to 23% seen during the same period last year