The Indian Markets shed initial gains in a volatile trade and fell significantly in the afternoon session, following sell-off in IT, capital goods, oil and gas and auto sectors, despite positive global cues. However, stocks from metals and consumer durables sector managed to stay in the green.
Yes Bank, the country's fifth-biggest private sector lender by assets, announced that its board has approved a plan to raise up to US$1 billion by selling stock in local or overseas markets to shore up its capital base. The bank posted a 28.1% YoY growth in profit after tax in the quarter ended March 31, 2015, at Rs 5.5 bn on higher interest income and healthy growth in advances and deposits. The bank's net interest income increased by 35.8% to Rs 9.7 bn during the quarter. On asset quality front, the bank's net non-performing assets increased to 0.41% of the total advances in fourth quarter of 2014-15, from 0.05% in the year ago period.
Oil and Gas stocks have underperformed today with Cairn India and ONGC bearing the biggest brunt. According to leading financial times, the government has decided to exempt state-owned ONGC and Oil India from paying for LPG subsidies in the current fiscal. The announcement comes as a big boost to domestic oil and gas exploration. After diesel price was deregulated in October 2014, the subsidy sharing was limited to LPG and kerosene. The Finance Ministry will pay Rs 53.2 bn in fuel subsidy for the January-March 2015 quarter, effectively meeting all revenue retailer losses on selling domestic LPG and kerosene at government-controlled rates.