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Indian markets give up early gains
Wed, 13 May 01:30 pm

After opening in the green, the Indian share markets have given up most of the early gains. The sectoral indices are trading mixed with IT and FMCG being the major losers; while auto and banking are witnessing maximum buying activity.

The BSE-Sensex is up by 116 points (0.4%) and NSE-Nifty is up by 38 points (0.5%). BSE Mid Cap index is trading up by 1.4% and the BSE Small Cap index is trading up by 0.6%. Gold prices are trading at 27,137 levels and Silver prices at 38,452 levels. Crude oil is trading at 3,940 price levels. The rupee was trading at 64.09 to the US dollar at the time of writing.

Union Bank of India, one of largest state-owned banks in India, has announced its results for the quarter ended March 2015. The company's net profit declined by 23.4% YoY (year on year) to Rs 4.4 bn. The decline, as the company stated, was because of higher taxation on the increase in operating profits in the fourth quarter. The operating profit grew to Rs 16.5 bn for the quarter as against Rs 13.2 bn for the quarter of last fiscal. The net interest income for the reporting quarter rose marginally by 3.5% YoY and the total deposits grew by 6.5%. Also the board of directors of the company has recommended a dividend of Rs 6 per share (60%) for 2014-15. The stock of Union Bank of India is up by 7.5%.

Textile stocks are trading mixed with Eastern Silk Ind and Vardhaman Holdings being the major losers. Stock of Grasim Industries is currently trading up by 0.2%. The share price on Monday had dropped by 12% on concerns over near term cement demand, weakness in the viscose staple fiber (VSF) segment and correction in the broader markets. The company's VSF business is in an overcapacity scenario resulting into intensified pricing pressure. However, gains were seen in the March quarter with the VSF segments revenue growing 19% YoY to Rs 14 bn, even as prices were down. The company's cement segment represented by UltraTech Cement remains the main growth driver with EBIDTA of Rs 1,109 per tonne, being the highest among peers.

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