Asian stock markets have opened the day on a mixed note with Taiwan (down 0.8%), China (down 0.5%) and South Korea (down 0.5%) leading the losses. However, markets in Japan (up 0.6%) and Singapore (up 0.4%) are trading firm. The Indian share market indices have opened the day on a firm note with stocks in the FMCG and metal space leading the gains. However, information technology stocks are trading weak.
The Sensex today is up by around 63 points (0.3%), while the NSE-Nifty is up by around 17 points (0.3%). Mid and small cap stocks are also trading in the green with the BSE Mid Cap and BSE Small Cap indices up by around 0.2% each. The rupee is trading at Rs 59.24 to the US dollar.
Private sector bank stocks have opened the day on a firm note with Development Credit Bank (DCB), Yes Bank and IndusInd Bank leading the gains. Private sector lender HDFC Bank has announced its financial results for the first quarter of the financial year 2013-14 (1QFY14). During the quarter, interest income increased by 18.2% year-on-year (YoY) to Rs 96,629 m driven by 21.2% YoY increase in advances. Net interest income rose by 21% YoY to Rs 44,186 m. Net interest margin (NIM) remained stable at 4.6% during the quarter. Other income increased by 16.7% YoY to Rs 19,256 m. At the bottomline level, profit after tax surged by 30.1% YoY to Rs 18,437 m. Net profit margin increased from 17.3% in 1QFY13 to 19.1% in 1QFY14.
Engineering stocks have opened the day on a firm note with Opto Circuits, Jyoti Structure and Praj Industries leading the gains. As per a financial daily, leading engineering and construction firm Larsen & Toubro (L&T) has bagged an overseas order worth Rs 20.85 bn from Ministry of Transport and Communications, Sultanate of Oman, for building Al Batinah Expressway Package 4. The expressway project involves construction of a 50-km four-lane dual carriage expressway, two grade separated interchanges, seven overpass, five bridges and cross drainage work, as per international standards. It is scheduled to be completed in 36 months. The company managed to win the order despite stiff international competition. This order has been a major breakthrough for the transportation infrastructure business of the company and is set to boost its expansion plans in international infrastructure.