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Indian markets open in green
Wed, 4 Feb 09:30 am

The major Asian stock markets have opened the day on a firm footing with Taiwan market (up 0.8%) and Indonesia market (up 0.7%) among the major gainers. The Indian markets have also opened on a positive note. Most of the sectoral indices are trading in the green with stocks from metal and oil & gas witnessing maximum buying interest. Banking and capital goods stocks are among the few stocks witnessing selling pressures.

BSE-Sensex currently trading up by about 31 points (up 0.11%), while the NSE-Nifty is higher by about 11 points (up 0.13%). Both BSE Mid Cap and BSE Small Cap have too opened the day in green, up by 0.12% and 0.43% respectively. The rupee was trading at Rs 61.61 to the dollar.

Food & tobacco stocks are trading in the green with Sterling Biotech and Godfrey Phillips being the major gainers. Britannia Industries has announced results for the quarter ended December 2014. The company posted a 13.4% YoY topline growth led by a strong 9% volume growth during the quarter. The operating margin expanded by 1.9% YoY to 10.8% aided by lower input costs, conversion costs and ad-spends (all as a proportion of sales). At the net level, margin expansion was limited to 1.1% YoY to 6.8% due to exceptional expenses of Rs 121.2 m arising from voluntary retirement scheme for the quarter. Britannia stock is trading up by 0.4%.

Most of the public sector banks are trading in the red with Canara Bank and Central Bank being the major gainers. As per a leading financial daily, in a bid to correct the mismatch between interest earned on loans and that paid to depositors by banks. . Reserve Bank of India (RBI) has allowed banks to offer deposit schemes (up to Rs 10 m) that cannot be broken prematurely. These so called non-callable deposits can offer a slightly better rate of interest than that on a callable deposit. This move is likely to help banks manage asset-liability mismatch. Banks already have the discretion to disallow premature withdrawal of large term deposits of Rs 10 m or more.

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