All major Asian stock markets have opened the day on a firm note with stock markets in Hong Kong (up 1.4%) and South Korea (up 1.2%) leading the gains. The Indian stock markets have also opened the day on a firm note. Stocks in the power and metal space are leading the gains.
The BSE-Sensex is trading higher by 176 points (1%), while the NSE-Nifty is up by around 47 points (0.9%). Mid cap and small cap stocks are also trading in the green with the BSE Mid cap and BSE Small cap indices up by 1% each. The rupee is trading at 49.04 to the US dollar.
PSU bank stocks have opened the day on a strong note with Dena Bank and UCO Bank leading the pack of gainers. Oriental Bank of Commerce (OBC) has announced its third quarter results for the financial year 2011-2012 (3QFY12). During the quarter, the public sector lender has reported 38% year-on-year (YoY) rise in interest income on the back of 22% YoY growth in advances. However, OBC's net profits register a decline of about 13% YoY during 3QFY12 on account of increased provisions on non-performing assets (NPAs) and higher interest costs. During the nine month period ended December 2011, while the bank's interest income grew by 31% YoY, its net profits reported a decline of 25% YoY. During the same period, its net interest margins witnessed a decline from 3.3% in 9MFY11 to 2.8% in 9MFY12.
have opened the day on a firm note with Hero Motocorp, Mahindra & Mahindra (M&M) and Maruti Suzuki leading the gains. However, Ashok Leyland is facing selling pressure. Maruti Suzuki has launched the new version of Swift Dzire available from the lower end version of Lxi to higher end version of Zdi. The new Dzire starts at Rs 479,000 for petrol Lxi and goes as high as Rs 709,000 for diesel Zdi. The length of the car is shorter than the previous model in order to take the lower excise tax advantage. The advantage is also that it is a little lighter, wider and taller than before. The managing director said that this is the second new model in their portfolio within last 6 months. The vendors along with the company have invested over Rs 2.3 bn for creating the new model of Dzire.