Barring Japan (down 1.7%) and Malaysia (down 2.4%), other major Asian stock markets have opened the day on a firm note with the markets in Hong Kong (up 0.5%), South Korea (up 0.3%) and Taiwan (up 0.3%) leading the gains. The Indian share markets have opened the day on a positive note. The sectoral indices are trading mixed with consumer durables and healthcare indices leading the gains. However, the realty and metal indices are trading weak.
Private sector bank stocks have opened mainly in the green with IndusInd Bank and Federal Bank leading the pack of gainers. As per a leading financial daily, private sector lender IndusInd Bank has announced its financial results for the second quarter of the financial year 2014-15 (2QFY15). Interest income grew by 17.8% year-on-year (YoY) to Rs 23,787.6 million. Non-interest income also grew at a healthy rate of 34% YoY. Distribution fees increased by 25% YoY owing to revival in the mutual fund industry. The lender reported 30.3% YoY growth in net profit to Rs 4,302 million during the quarter driven by growth in net interest income and core fee income.
Oil and gas stocks have opened the day on a mixed note with Reliance Industries Ltd (RIL) and Oil India Ltd leading the gains. However, Petronet LNG and Cairn India are trading in the red. As per a leading financial daily, Mukesh Ambani-controlled Reliance Industries Ltd reported its financial results for the second quarter of the financial year 2014-15 (2QFY15). The company reported a consolidated turnover of Rs 1,134 billion, lower by 4.3% YoY. Exports were down by 14.7% YoY at Rs 660.7 billion during the quarter. However, the company reported positive growth of 1.7% YoY at the bottomline level which stood at Rs 59.7 billion. The factors that impacted the company's performance were lower exports, a decline in crude oil prices and reduced refining and oil & gas volumes. However, higher profitability in the core refining and petrochemicals business aided the growth at the net level.