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Indian stock markets trade flat
Mon, 23 Apr 11:30 am

Indian stock market indices continue to trade flat over the last two hours of trade. Oil and Gas and Pharma stocks witnessed maximum buying interest while IT and Realty stocks witnessed maximum selling pressure.

The BSE-Sensex is up by 20 points, while the NSE-Nifty is up by 3 points. BSE Mid Cap index and the BSE Small Cap index are up by 0.22% and 0.45%. The rupee is trading at 52.1 to the US dollar.

Steel stocks are trading weak led by Jindal Steel and JSW Steel. According to a leading financial daily, Tata Steel is planning to commission the first phase of its upcoming steel plant at Kalinga Nagar in Odisha by March 2013. The company is building a 5.5 million tonne per annum (mtpa) steel plant in Odisha in two phases. The first phase will have a capacity of 3.5 m tonne. The second phase, which will increase total production capacity to 5.5 m tonne, will be completed by March 2015. The company has already invested over Rs 110 bn in the new plant, which will produce flat steel products. The company has kept a capex of about Rs 40 bn this year for the Kalinga Nagar unit. Besides this, Tata Steel is also planning to produce around 8 m tonne of steel in the current year as it will be adding new capacity at its existing unit in Jamshedpur.

Banking stocks are trading in the green led by IDBI Bank and Indian Bank. IDBI Bank has announced its results for the quarter ended March 2012. The bank has reported a 49.4% YoY increase in net profits. The net profit growth was helped by a fall in tax liabilities with the tax expenses for 4QFY12 falling by 59% over the previous quarter. The public sector bank's net interest margins (NIMs) for the quarter were up 21 basis points (bps) over the previous quarter at 2.07%. The CASA ratio of the bank was up to 24.10% in 4QFY12, compared to the 19.7% at the end of the December 2011 quarter. The gross NPAs for the bank in 4QFY12 fell sequentially from 2.94% to 2.49%. The bank has also given a guidance of 11% for deposit growth and 15% for credit growth for FY13. Further, the bank expects a 20-25% growth in non-fund based income in FY13.

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Feb 23, 2018 (Close)