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India sole loser in Asian mkts
Tue, 22 May Closing

Profit booking in select banking, power and Auto heavyweights ensured that Indian equity market indices shed all their gains and close well below the dotted line today. While BSE-Sensex closed lower by around 157 points (0.9%), losses on the NSE-Nifty came in at around 46 points. The BSE Mid Cap and BSE Small Cap indices too failed to resist the selling pressure. They ended the session nearly 1% lower. The Indian indices were the sole losers in Asian markets today.

Most other Asian indices closed higher today with European indices too trading higher currently. The rupee was placed Rs 55.36 to the dollar at the time of writing.

As per a business daily, automation technology company ABB has bagged order worth about Rs 1.7 bn from National Thermal Power Corporation Limited (NTPC) to build two substations in the western Indian state of Maharashtra. The substation will facilitate transmission of electricity from new power generation plants being constructed in the region. ABB's order backlog at the end of the March quarter stood at Rs 90.2 bn. The company's revenue growth in the March quarter was affected by slowdown in investments from the industrial side. Consequently, the lifting in company's product deliveries was impacted. However, the power systems segment showed strong resilience taking into consideration the current market conditions.

Power Finance Corporation (PFC) announced the results for the fourth quarter and fiscal ended March 2012 today. The financial institution reported 25% YoY growth in net interest income in FY12. This was backed by 21% YoY growth in disbursements and 31% YoY growth in loan book during the year. Profits grew by 16% YoY despite 15% YoY fall in other income. Other income came in lower in FY12 due to lower consultancy fees from Ultra Mega Power Plants (UMPPs). The net interest margins remained stable at 3.9% in FY12 while the capital adequacy ratio was comfortable at 16.3%. However, both gross and net NPA ratio saw deterioration in FY12. Gross NPAs increased from 0.2% to 1%, while net NPAs went up from 0.2% to 0.9% of advances in FY12. The institution is likely to raise US$ 250 m through external commercial borrowings (ECBs) in FY13. PFC is planning to use these funds for coal mining projects overseas from which coal will be brought to India.

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Feb 21, 2018 03:35 PM