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Markets will remain closed on 19th & 20th October 2017.
We wish all our readers a very Happy Diwali!

Markets down on Asian cues
Thu, 20 Oct 09:30 am

All major Asian stock markets have opened the day in the red. Stock markets in China (down 1.9%), Hong Kong (down 1.9%) and Malaysia (down 1.3%) are leading the losses. The Indian stock markets have also opened the day on a weak note. Capital goods and metal stocks are leading the losses.

The BSE-Sensex is trading lower by around 190 points (1.1%), while the NSE-Nifty is down by around 58 points (1.1%). Mid and small cap stocks have opened on a negative note as well with BSE Mid Cap and BSE Small Cap indices down by 0.6% and 0.3% respectively. The rupee is trading at 49.43 to the US dollar.

Private bank stocks have opened the day on a weak note with ICICI Bank, Development Credit Bank (DCB) and Axis Bank leading the losses. HDFC Bank declared the results for the second quarter and first half of financial year 2011-12 (1HFY12). The bank has reported 18% year-on-year (YoY) growth in net interest income and 33% YoY growth in net profits for the half year period. Interest income grew by 38% YoY in 1HFY12 on the back of a 26% YoY growth in advances. The net interest margins (NIMs) were marginally affected by higher cost of deposits. Other income grew at a tepid rate of 20% YoY due to losses in the investment portfolio. Net non-performing assets (NPA) to advances improved from 0.3% in 1HFY11 to 0.2% in 1HFY12. The capital adequacy ratio (CAR) stands at a comfortable level of 16.5% at the end of 1HFY12.

Engineering stocks have opened the day on a weak note as well with Crompton Greaves, Larsen & Toubro, Punj Lloyd leading the losses. Crompton Greaves has announced its financial results for the quarter and half year ended September 2011. During 2QFY12, the company has reported 13% YoY rise in sales and 45% YoY decline in net profits. The rise has come on the back of around 12% YoY growth in power systems business and about 29% YoY rise in industrial systems business. However, growth in the consumer products segment was muted at about 4% YoY. Operating profits declined by 32% YoY during 2QFY12 as operating costs grew by 20% YoY. Further, significant increase in interest cost and depreciation charges during the quarter caused the bottomline to decline by about 45% YoY. During 1HFY12, the company's sales increase by 9% YoY, while net profits decline by 52% YoY.

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Oct 19, 2017 (Close)

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