Barring Indonesia (down 0.2%), all major Asian stock markets have opened the day on a firm note with Hong Kong (up 1.2%), Japan (up 1%) and China (up 1%) leading the gains. The Indian share markets have also opened the day on a positive note. All sectoral indices have opened in the green with stocks from the realty and healthcare spaces leading the gains.
Private bank stocks have opened the day on a firm note with J&K Bank, ING Vysya Bank and Federal Bank leading the gains. Private sector lender HDFC Bank has announced its financial results for the first quarter of the financial year 2014-15 (1QFY15). During the quarter, the bank reported interest income of Rs 112,200.8 m, higher by 16.1% YoY. Other income declined by 3.9% YoY to Rs 18,505.7 during 1QFY15. Operating profit before provisions and contingencies stood at Rs 38,437.7 m, growing in line with the topline growth. Provisions and contingencies declined by 8.4% YoY to Rs 4,827.8 m. The bank's bottomline expanded by 21.1% YoY to Rs 22,330.4 m. Net profit margin improved from 19.1% in 1QFY14 to 19.9% in 1QFY15. It must be noted that the bank has reported the slowest quarterly earnings growth in more than a decade.
Mining stocks have opened the day on a firm note with Ashapura Minechem and Coal India Ltd leading the gains. Vedanta Group company Hindustan Zinc has announced its financial results for the first quarter of the financial year 2014-15 (1QFY15). During the quarter, the company's topline stood at Rs 29,626.5 m, reporting a marginal growth of 0.8% YoY. Operating profits declined by 10% YoY to Rs 13,524.1 m owing to higher expenditure. Operating profit margin contracted from 50.4% in 1QFY14 to 45% in 1QFY15. Other income increased by 15.7% YoY to Rs 7,173.7 m. The company's net profit declined by 2.6% YoY to Rs 16,176.7 m. Net profit margin contracted from 55.6% in 1QFY14 to 53.8% in 1QFY15.