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Markets open with marginal gains
Fri, 29 Apr 09:30 am

Asian stock markets have opened the day on a mixed note. While stock markets in China (up 0.1%) are trading firm, the markets in South Korea (down 0.8%) and Hong Kong (down 0.4%) are facing selling pressure. Indian stock markets have opened the day with marginal gains. Stocks from the oil and gas, realty and pharma space are leading the gains. However, capital goods and auto stocks are trading in the red.

The BSE-Sensex is trading up by around 20 points (0.1%), while the NSE-Nifty is up by around 7 points (0.1%). Mid and small cap stocks are also trading in the green with both the BSE Midcap index and BSE Small cap index up by 0.3% and 0.1% respectively. The rupee is trading at 44.46 to the US dollar.

Bank stocks have opened the day on a weak note with most banks facing selling pressure. Axis Bank, HDFC Bank and Bank of Baroda are leading the pack of losers. ICICI Bank has declared the results for the fourth quarter of financial year 2010-11 (4QFY11). The private sector bank has reported 23% YoY growth in net interest income. Interest income grew by 23% YoY during the quarter but remained flat YoY for the full year ended. Advances grew by 19% YoY while net interest margin (NIM) improved due to higher CASA proportion. The bank's operating costs moved up with cost to income ratio at 42% in FY11 (38% in FY10). Net NPAs improved to 0.9% of advances in FY11 (1.9% in FY10). The net profits of the bank grew 44% YoY during the quarter and 28% YoY in FY11 backed by write back of provisioning. The bank has declared dividend of Rs 14 per share for FY11.

Power stocks have started the day on a mixed note with Power Grid Corp and Reliance Power trading firm. However, Suzlon Energy and Torrent Power are trading in the red. Power Grid Corp has announced its plans to diversify into engineering, procurement and construction (EPC) services business. The plan is to enter the EPC business in both domestic markets as well as in the overseas. To achieve this, the company plans to partner with the private companies. In addition, the company also plans to expand into Asian and African countries by offering consultancy services and by acquiring power transmission assets. Currently, the company earns nearly 94% of its revenues from the transmission of electricity. The balance is earned from consultancy services and telecom business. The company had earlier signed a Memorandum of Understanding (MoU) with Kenya Electric Transmission Company for the development of power transmission network in Kenya.

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Oct 19, 2017 (Close)

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