After opening the day on a positive note, Indian stock markets have continued to trade in green in the mid-session. Sectoral indices are trading mixed today. Pharma and energy are the top gainers while auto stocks are witnessing maximum selling activity.
BSE-Sensex is trading with gains of 127 points (up 0.5%), while the NSE-Nifty is trading up by 43 points (up 0.5%). BSE Mid Cap and BSE Small Cap are trading up by 0.45% and 0.68% respectively. Gold prices are trading at Rs 27,612 per 10 Gms and Silver prices are trading at Rs 40,345 per kg. The Indian Rupee stood at Rs 63.57 against the US Dollar.
Corporation Bank, the Mangalore-based public sector lender, has announced its results for the fourth quarter ended March 2015. The bank on Saturday reported 8.4% YoY (year-on-year) growth in net profit at Rs 0.45 bn and a 7% YoY growth in total income at Rs 53.8 bn for the fourth quarter ended March 2015. The rise in net profit was on account of a 23% jump in interest income at Rs 11 bn as against Rs 9 bn a year ago. The total business of the bank for the concerned quarter has increased by 4.22% at Rs 3,444 bn as against Rs 3,305 bn for the fourth quarter of last fiscal. On a separate filing, the Board of Directors of the bank has recommended a dividend of 70% at Rs 1.4 per share of Rs 2 each for the year ended March 31, 2015. At the time of writing, the stock of Corporation Bank was trading up about 0.8%.
Food and tobacco stocks are trading in green with Tata Coffee and Golden Tobacco being the leading gainers. As per a leading financial daily, Nestle India Ltd has reported 8.4% YoY growth in sales at Rs 25 bn for the March 2015 quarter. While it was reported that this was the company's lowest sales growth over the past four quarters and was 3.6% short of the Bloomberg consensus estimate of Rs 26 bn. The margin of the company in the quarter has improved due to a sharp fall in input costs and price hikes. Interest costs of the company fell by 66.8% to Rs 30 mn as the company fully paid off its outstanding external commercial borrowing. This led to an increase in net profit by 23.7% YoY, which is reported at Rs 3.2 bn. The stock of Nestle India Ltd. is currently up about 0.5%.