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Cautious tone ahead of Sept results
Fri, 12 Oct Closing

Despite a mixed start to the result season, indices in Indian stock markets had a cautious undertone throughput the session today. Bluechip stocks HDFC Bank and Infosys kicked off the September quarter result season today, with the latter losing as much as 5% by the end of the session. While the BSE-Sensex closed lower by around 129 points, losses on the NSE-Nifty came in at around 32 points. The BSE Mid Cap and BSE Small Cap indices, however, bucked the trend and closed in the positive territory.

Asian indices closed a mixed bag today with Europe too trading in the negative currently. The rupee was placed at Rs 52.89 to the dollar at the time of writing.

HDFC Bank declared the results for the sedcond quarter of financial year 2012-13 (2QFY13). The bank has reported 22% YoY growth in total interest income and 30% YoY growth in net profits for the quarter. Net interest income grew by 27% YoY in 2QFY13 on the back of 23% YoY growth in advances. The bank's NIMs came in marginally higher at 4.2% at the end of 2QFY13. Meanwhile other income grew by a muted 11% YoY, with fees and commissions growing in excess of 22% YoY. However, the cost to income ratio came in higher at 49.4% in 2QFY12 against 48.3% in 2QFY12. Net NPA to advances remained stable at 0.2% of advances in 2QFY13 while the provision coverage ratio was at 82% at the end of September 2012. The bank is adequately capitalized with capital adequacy ratio (CAR) comfortable at 17%, Tier I CAR at 10.9% at the end of 2QFY13.

London based The Children's Investment Fund (TCI) has filed a law suit in the Kolkata High Court against directors of Coal India Ltd (CIL) for breach of their fiduciary duties. The hedge fund said failing to raise coal prices to market levels, the directors have cost CIL Rs 2.1 trillion loss in pre-tax profits since the state-miner's initial public offer. TCI estimates that, by the end of the current financial year, CIL will lose over Rs 87 bn in pre-tax profits due to reversal of the price increase of December 2011.

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