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- Indian Stock Market News October 17, 2013
Late selling hit markets Thu, 17 Oct Closing
Indian equity markets ended the day on the lower side after a range bound trading session. After weeks of a political deadlock that had unnerved global markets, President Barack Obama quickly signed the spending measure which will raise the debt ceiling and ended the US shutdown. Back home, heavy selling in IT stocks led by losses in Tata Consultancy Services (TCS) amid heavy profit booking took the markets lower. Consumer durables, Oil and gas and FMCG sectors led the pack of gainers. While the BSE-Sensex closed lower by 132 points, the NSE-Nifty closed lower by 43 points. BSE Mid Cap and the BSE Mid Cap closed on a positive note.
As regards global markets, Asian indices closed in the red. European indices have also opened in the red. The rupee was trading at Rs 61.3 to the dollar at the time of writing.
HCL Tech announced its first quarter (1QFY14) results of financial year 2013-2014 (the company has a June year ending). Consolidated net sales grew by 14.1% QoQ in 1QFY14. The growth in revenues was 3.6% QoQ in constant currency terms. Operating profits grew by 29.5% QoQ while the margin improved to 26.3% as compared to 23.5% in the last quarter (4QFY13). This was due to slower growth in employee expenses and selling, general & administrative (SG&A) expenses compared to the growth in sales. The net profit grew by a slower pace of 18.8% QoQ compared to the operating profits, due to a forex loss of Rs 2,360 m.
Axis Bank today declared the results for the second quarter and half year ended September 2013 (1HFY14). The bank reported 22% growth in profits for 1HFY14 on the back of 17% YoY growth in loan book. While the retail advances comprised 30% of loan book, the low cost deposit base (CASA) comprised 39% of total deposits. The Net NPA came in at 0.4% of loan book (0.35% in 1HFY13), while restructured assets were 2.1% of loan book. The capital adequacy ratio (CAR) of 16.4% at the end of September is reasonably comfortable. The bank's net interest margin was 3.8% at the end of 1HFY14 as against 3.5% at the end of 1HFY13. The bank held provision coverage of 80% at the end of 1HFY14. The provision coverage before accumulated write-offs was 89%.
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