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Indian Indices Open Weak
Fri, 22 Apr 09:30 am

Major Asian stock markets have opened the day on a negative note. The stock markets in Hong Kong and China are trading down by 1% and 0.9% respectively. Major indices in Europe and US ended their previous session in red. The rupee is trading at 66.29 per US$.

Indian stock markets have opened the day on a negative note. The BSE Sensex is trading lower by 28 points (down 0.1%) and NSE Nifty is trading lower by 17 points (down 0.2%). Both, BSE MidCap and BSE SmallCap are trading marginally lower by 0.1% and 0.05% respectively. Major sectoral indices have opened the day on a mixed note with stocks from telecommunication witnessing the maximum brunt. However, stocks in oil & gas sector are trading in green.

IndusInd Bank reported its results for the quarter ended March 2016. The bank posted a higher than the industry growth rate in terms of loan growth, which grew by 29%. Reportedly, growth came in equally from both corporate and consumer loan books that grew close to 29%.

Slippages on account of bad loans increased by around 8% on a sequential basis to Rs 2.7 billion. Reportedly, gross bad loans at 0.87% of advances at the end of March quarter are marginally up from 0.82% at the end of December quarter.

Net Interest income (NII) grew by 37% to Rs 12.6 billion in the March quarter. Strong treasury and trading gains led to a sharp surge in other income, which grew by 31%. The net profits of the company grew by 25% to Rs 6.2 billion. The stock is trading up by 0.2%.

In another news update, the government is planning to sell a 10% stake in National Mineral Development Corporation through an offer for sale.

The company mines 30 million tonnes of iron ore a year and is expanding its activities to the production of steel and other value added products like pellets. The government has invited bids from merchant bankers by 16 May.

In the fiscal year FY 16, the government had mobilised about Rs 182.7 billion through the divestment route. This is far short of the revised target of Rs 410 billion for the preceding fiscal. The stock of NMDC is trading down by 2.5%.

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