Barring Japan (up 0.6%), the major Asian stock markets have opened the day in the red with stock markets in Hong Kong (down 0.7%) and Singapore (down 0.7%) leading the losses. The Indian share markets have opened the day on a positive note. Barring metal, realty and FMCG, the sectoral indices have opened in the green with stocks in the energy and capital goods sector leading the gains.
The Sensex today is up by around 100 points (0.4%), while the NSE-Nifty is up by about 22 points (0.3%). The midcap and smallcap stocks have also opened in the green with BSE Mid Cap and BSE Small Cap cap indices up by around 0.6% each. The rupee is currently trading at Rs 61.07 to the US dollar.
Private Banking stocks have opened the day on a mixed note with Dhanlaxmi Bank and Yes Bank leading the gains. However, Indusind Bank and City Union Bank were facing selling pressure. HDFC Bank has announced results for the year ended March 2014 .The bank has reported 17% YoY and 26% YoY growth in net interest income and net profits respectively in FY14. The growth in the net interest was on the back of 26% YoY growth in advances. The net interest margins (NIMs) moved up slightly to 4.4% at the end of FY14, despite the fall in CASA proportion. The other income for the year grew by 17% YoY, with fees and commissions growing at 11% YoY. The cost to income ratio dropped from 49.6% in FY13 to 45.6% in FY14. The net NPA to advances ratio moved up from 0.2% of advances in FY13 to 0.3% in FY14. Restructured loans were also 0.2% of loan book at the end of March 2014. At the end of the year, the Capital adequacy ratio (CAR) stood at 16.1%. The Board has recommended a dividend of Rs 6.85 per share.
Telecom stocks have opened mainly in the green with MTNL and Tata Teleservices Ltd leading the gains. As per the latest data released by industry body Cellular Operators Association of India (COAI), the number of mobile subscribers on GSM network grew by 1.16 % on a month on month basis to 721.93 million in March 2014. The number excludes subscribers of Reliance Communications and Tata Teleservices. These players have GSM licenses but do not report numbers to COAI. However, it is important to note here that the growth momentum has slowed down in March. The growth during the month was led by Idea Cellular Ltd, which added over 2.23 million subscribers, followed by Vodafone with 2.22 million and Bharti Airtel with 1.89 million. The latter leads GSM mobile services market with a subscriber base of 205.39 million