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Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
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Indian stock markets end firm
Mon, 30 Apr Closing

The Indian stock markets had a positive outing on the bourses on the last trading day of the month of April and ahead of the market holiday tomorrow. After opening in the green, markets remained in the positive zone for the entire session today. The indices recovered from the day's lows towards the end of trade, but still closed well in the positive. While the BSE-Sensex closed higher by around 131 points (up 0.8%), the NSE-Nifty closed higher by around 39 points. The BSE Mid cap and BSE Small cap, also had a good day. The smaller indices closed higher by 0.7% and 0.6% respectively. IT and Oil and gas were the top gainers. Consumer durables and FMCG were the only indices to close in the red.

As regards global markets, major Asian indices had a positive today with major markets Japan and China shut. European indices opened the day on a mixed note. The rupee was trading at Rs 52.62 to the dollar at the time of writing.

Oriental Bank of Commerce announced its results for the quarter and full year ended March 2012. Interest income grew by 31% YoY in FY12 on the back of 17% YoY growth in advances. However net of interest expenses, net interest income (NII) was flat on a YoY basis. The bottom-line fell by 24% YoY in FY12, and by 20% in 4QFY12, on the back of a moderate increase in NII, higher operating costs and provisioning expenses. On the asset quality front, the results were extremely disappointing. Net non-performing assets (NPA) increased to 2.2% of advances in FY12 from 1% in FY11. Capital adequacy ratio stood at 12.69% (as per Basel II) at the end of FY12, unlike its peers the bank has not gone for any capital infusion so far this year. The board recommended a dividend of Rs 7.9 per share for FY12, working out to a dividend yield of 3%. On account of a disappointing financial performance during the quarter, the stock slumped over 4% in trade today.

After a weak performance in 2011, India's steel consumption is expected to resume growth in 2012. Domestic steel consumption this year is predicted to grow in line with GDP growth, i.e. by 6.9% to reach 72.5 million tonne (MT). The growth rate may even accelerate further to 9.4% in 2013, on account of increased urbanisation and an increase in infrastructure investment, according to the World Steel Association's projections for 2012 and 2013. Some players in the field including Tata Steel, JSW Steel, SAIL etc have increased their capacities over the past few years. Thus these players may reap the benefits of increased demand. Global demand is also expected to take off in the second half of 2012. Global steel consumption is predicted to grow by 3.6% to 1,422 MT in 2012, on the back of a 5.6% hike in consumption in 2011. Demand is expected to remain firm in 2013 as well, with world steel consumption expected to increase by 4.5% to 1,486 MT.

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Feb 23, 2018 (Close)

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