As regards global markets, while other Asian indices closed higher today the European indices have opened a mixed bag. The rupee was trading at Rs 61.05 to the dollar at the time of writing.
State-run power major National Thermal Power Corporation (NTPC) which declared flat growth in profits for the June 2014 quarter, seems to be having a lot coming its way from the coal mining business. After bagging four coal blocks from the government last month, the power major is planning to produce nearly 100 m tonnes (mt) of coal over the next 5 to 6 years. The Coal Ministry last month allocated four additional coal blocks to NTPC with an estimated geological reserve of 1,995 MT and production protential of 42.5 MT. Further, the company, which is currently working on coal blocks in the coal blocks in Jharkhand; Andhra Pradesh and Odisha mines with total geological reserves of 3,732 MT and mineable reserves of 2,035 MT, is planning to mine around 33 mt per annum by 2017 from these blocks.
In addition, NTPC is targeting to add capacity of 1,875 MW during FY14. As of March 2013, the same stood at 41,884 MW. The company plans to spend Rs 202 bn during the current year on capacity addition.
As per a business daily, Kotak Mahindra Bank is planning to set up 100 new branches across the country in the current fiscal year (FY14). Following the opening of 100 more branches, the bank will have a franchise of 550 branches. The bank's network stood at 450 branches and 969 ATMs in FY13. Kotak Mahindra Bank has been trying to focus on low cost deposit base (CASA) by having a larger franchise and offering higher interest rate on savings accounts. However, despite pricing pressure the bank continued to have healthy NIMs. The bank's NIMs improved to 4.8% at the end of 1QFY14 from 4.7% in 1QFY13, higher than sector average (CASA at 29% of total deposits).