Indian Markets Trade Flat

Mon, 1 Feb 11:30 am

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After opening the day on a positive note, the Indian Markets shed early gains and are presently trading on a flattish note. Sectoral indices are trading on a mixed note with stocks from the capital goods and telecom sectors leading the gains. Banking stocks are trading in the red.

The BSE Sensex is trading up 37 points (up 0.2%) and the NSE Nifty is trading up 12 points (up 0.2%). The BSE Mid Cap index is trading up by 0.6% while the BSE Small Cap index is trading up 0.8%. The rupee is trading at 67.66 to the US$.

Majority of the banking stocks are trading on a negative note with ICICI Bank and Axis Bank witnessing maximum selling pressure. Private sector lender Yes Bank reported its results for the quarter ended December 2015. The bank's net profit shot up 25% to Rs 6,757 million on a year on year (YoY) basis. This was on the back of strong net interest income, other income and operating profit growth. Net interest income, the difference between interest earned and interest expanded, grew by 27% YoY during the quarter. The management of the bank has stated that the steady increase in net interest income was driven by improvement in retail franchise net interest margin, return on assets and overall preservation of asset quality.

Deposits during the quarter increased by 23% YoY and CASA (current account-saving account) jumped 45% YoY. Corporate banking accounted for 67% of the advances portfolio, while retail & business banking constituted 32.8%. Other income (non-interest income) surged 39% YoY in the quarter gone by. Provisions for bad loans stood at Rs 1,479 million for the quarter, up 42% over preceding quarter and 111.8% YoY.

Yes Bank is the India's fifth largest private sector bank. It has a pan Indian presence across all 29 states and 7 Union Territories of India. It has a widespread branch network of over 630 branches across 375 cities, with more than 1,150 ATMs across India. Presently its stock is trading up by 1.2%.

Stocks in the engineering space are trading on a mixed note with Jyoti Structure and Emco Ltd leading the gains. As per a leading financial daily, air-conditioner maker Blue Star is targeting sales of about Rs 1,500 million in the next three years from the air coolers segment. The company, which did a select-market launch of its air coolers in North India, plans to expand the portfolio by April-May 2016. Further, the management of the company has stated that it would have a pan India presence in next six months.

The company has also forayed into air purifier segment. As per the management, the reason for entering the air cooler and air purifier segments is to fill gaps in the company's product portfolio. For manufacturing plans for these new segments, the company is presently sourcing its supplies from a third party through contract manufacturing.

Blue Star is India's leading central air-conditioning and commercial refrigeration company. Presently, the company has nearly 70 exclusive product stores in the country and plans to increase it to 100 stores by the end of FY17. The company's new line-up of room air-conditioners consists of over 135 models. It has also built up an installation and service franchise network to support the retailers, and plans to introduce a same-day installation facility in the National Capital Region. Presently the stock of Blue Star is trading up by 0.1%.

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