Indian stock markets opened the session on a weak note with stocks from metal and IT sectors leading the pack of losers. The Sensex today was trading lower by 24 points at the time of writing. Stocks from the BSE Mid Cap and BSE Small Cap indices however, are finding buying interest, with their respective indices opening higher by about 1% each. Stocks markets across Asia, except Japan and India have opened lower.
The government sucessfully auctioned 33 coal blocks in FY14 fetching Rs 2 trillion. However it seems determined to carry on the process to reduce the risk of wrong doing in mine allocation. It may be recalled that the Supreme Court had in August 2014 cancelled more than 200 illegal coal block awards made over two decades. Even after the recent round of auctions, as much as 18,000-19,000 MW of coal-based power projects still need coal. Hence the Ministry of Coal will continue to conduct coal block auctions. The move is expected to ease the coal constraint for power sector which has had many projects in the backlog for years for want of caol supplies at reasonable cost. The only listed coal mining player, Coal India is trading firm.
Yes Bank reported 28% YoY growth in profits for 4QFY15 on the back of 36% YoY growth in net interest income and 33% growth in non interest income. The bank's NIMs expanded to 3.2% from 2.9% at the end of FY14. The CASA proportion stood at 23.1% in March 2015. While the cost to income ratio remained stable at about 41%, the bank managed to sustain asset quality with gross and net NPAs at 0.3% and 0.1% of advances respectively at the end of FY15.