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Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
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India tops losers in Asia 
(Tue, 23 Oct Closing) 
 
Selling pressure in commodity and IT heavyweights led the benchmark indices in Indian stock markets to feature amongst the top losers in Asia today. Sectoral indices across the board closed lower today with auto, FMCG, IT and metal indices being the key losers. While the BSE-Sensex closed lower by around 83 points, losses on the NSE-Nifty came in at around 26 points. The BSE Mid Cap and BSE Small Cap indices ended lower by around 0.2% each.

Asian indices closed a mixed bag today with Europe too trading in the negative currently. The rupee was placed at Rs 53.74 to the dollar at the time of writing.

Yes Bank declared its results for the second quarter and first half of financial year 2012-13 (1HFY13). The bank has reported a 35% YoY and 32% YoY growth in net interest income and net profits respectively in 1HFY13.This was on the back of 23% YoY growth in advances and 19% YoY growth in deposits. While NIMs remained consistent at 2.9%, the bank did see marginally higher slippage in asset quality. The gross NPA to advance ratio went up from 0.2% in 1HFY12 to 0.24% of loan book in 1HFY13. Also, although at 17.5%, the bank is one of the most well capitalized in the sector, it has one of the highest proportions of Tier II capital.

As per a business daily Steel Authority of India (SAIL) has been pulled up by the Steel Ministery over its disappointing production performances. The Ministry believes that the company could have fared better if their expansion and modernization programmes were completed on time. SAIL's half yearly performance is likely to be reviewed on November 1, 2012. It has embarked on a massive Rs 720 bn expansion plan to increase its capacity to 24 MTPA. The company is hoping to complete all schemes by the first half of next year.

SAIL has reported a jump of 7% YoY in hot metal production in the July-September 2012 period, with a production of 3.6 million tonnes (MT) in 2QFY13. The crude steel reported a jump of 5% YoY and production stood at 3.39 MT while the saleable steel production was up by 4% YoY and stood at 3.17 MT in 2QFY13. The stock closed marginally lower today.

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