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Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
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Energy, FMCG stocks lead gainers 
(Thu, 21 Oct 11:30 am) 
 
After starting today's session on a muted note, Indian indices moved into the positive territory. Other key Asian markets are trading weak with both China and Singapore in the red. Currently, heavyweights in the Sensex are trading positive with stocks from the oil and gas and FMCG space seeing buying interest. However IT stocks are trading weak.

Currently, the BSE-Sensex is trading up by around 129 points, while the NSE-Nifty is up by about 39 points. However, there has been some buying interest amongst the mid and small cap stocks as the BSE-Midcap and BSE-Smallcap indices are both trading higher by 1%. The rupee is trading at 44.42 to the US dollar.

The Unique Identification Authority of India (UIDAI) has shortlisted nine IT companies for its managed services provider (MSP) contract. The contract is estimated to be worth around Rs 20 bn. TCS, IBM, Wipro, HCL Technologies, Mahindra Satyam and Tech Mahindra are some of the companies shortlisted. These companies will first submit their proposals for implementing and managing the central information data repository of UIDAI. The bidding process will start soon thereafter. This is the fourth IT contract from UIDAI. The three earlier contracts were won by consultancy firm E&Y, Mindtree, and a consortium led by Mahindra Satyam, and including Morpho, Accenture and L1 Identity Solutions.

The selection of the services provider for this contract is crucial, as the firm will be responsible for the roll out of the 600 m Aadhaar numbers by 2014. The MSP vendor will have to provide a system and be involved in the de-duplication process. This means every time someone sends a biometric print, the IT systems need to match these and get back to the person in real time.

Banking stocks are trading strong with Canara Bank and Central Bank leading the gains. However, Kotak Bank and South Indian Bank are trading weak. Yes Bank recently announced its 2QFY11 results. Interest income grew by 73% YoY in 2QFY11 on the back of 86% YoY growth in advances. However, its net interest margins dropped marginally to 3.0%. Other income too fell by 5% YoY in 2QFY11 due to lower treasury gains. Nonetheless, bottom line increased 57% YoY due to lower provisioning and operating leverage. The capital adequacy ratio (CAR) stood at a comfortable level of 19.4%, while gross NPAs remained at 0.22%.

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Sep 22, 2017 11:39 AM

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