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Indian stock markets open in green
Wed, 25 Apr 09:30 am

Asian stock markets have opened the day on a mixed note. On one hand, markets in Taiwan (up 0.8%), Japan (up 0.8%) and China (up 0.3%) are trading in the green. On the other hand, markets in Indonesia (down 0.4%) and Malaysia (down 0.03%) are witnessing losses. The Indian stock markets have opened the day on a positive note. Stocks in the metals and healthcare sectors are witnessing maximum gains.

The BSE-Sensex is up by around 14 points (0.08%), while the NSE-Nifty is up by around 3 points (0.06%). Mid and small cap stocks are trading in the green as well with the BSE Mid cap and BSE Small cap indices up by around 0.3% and 0.4% respectively. The rupee is trading at Rs 52.67 to the US dollar.

Power stocks have opened the day on a high note with Power Grid Corporation, Jaiprakash Power and Tata Power leading the gains. As per a leading daily, the power companies have refused to sign the fuel supply agreements (FSA) with Coal India Ltd (CIL). Power manufacturers including National Thermal Power Corporation (NTPC) have called the agreements biased and claim that it absolves CIL of all obligations. As per NTPC, the agreement does not provide much in terms of coal supply commitments. A big reason for this is the FSA stipulates that if CIL fails to meet its obligation, the penalty imposed on it would be 0.01% of the value of the shortfall. The FSA also gives CIL the discretion to terminate the agreement whenever it wants to. As per the power producers this would create uncertainty in the long term supply of the fuel. CIL was given a presidential directive to sign FSAs with all the power producers but the penalty was to be decided by the company itself.

Finance stocks have opened the day on a mixed note with JM Financial, Shriram Transport Finance Corp. and Shriram Infrastructure Finance leading the gains. However, Power Finance Corporation and Religare Enterprises are trading in the red. Mahindra Finance has announced its consolidated results for the fourth quarter (4QFY12) and full financial year 2011-12 (FY12). During the quarter, the company reported a topline growth of 47.3% year-on-year (YoY). On the back of strong operating performance, net profits during the period grew by 46.4% YoY. During FY12, the company's income from operations rose by 42.4% YoY on the back of 46% YoY rise in advances. Net interest margins went up from 5.8% in FY11 to 7% in FY12. Higher net interest income and other income helped the bottomline to grow by 30.6% YoY during the year. It added about 60 new branches during FY12 and also witnessed 27% YoY growth in new customer contracts. The company has declared a dividend of Rs 14 per equity share.

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Feb 20, 2018 (Close)