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Indian equity markets open flat
Tue, 23 Oct 09:30 am

The major Asian stock markets have opened the day on a mixed note with stock markets in Hong Kong (up 0.7%) and Singapore (up 0.2%) leading the pack of gainers in the region. However, the stock markets in China (down 0.6%) and South Korea (down 0.4%) have opened in the red. The Indian equity market indices have opened the day on a flat note. Stocks in the software and FMCG space are leading the losses. However, realty and capital goods stocks are trading firm.

The Sensex today is up by around 8 points (0.0%), while the NSE-Nifty is up by around 2 points (0.0%). However mid and small cap stocks have opened in the green with BSE Mid Cap and BSE Small Cap indices up by around 0.3% each. The rupee is trading at Rs 53.42 to the US dollar.

Engineering stocks have opened the day on a mixed note with Carborundum Universal Ltd and KSB Pumps Ltd leading the gains. However, Elgi Equipments Ltd. and Shanthi Gears Ltd. are witnessing losses. Engineering major Larsen & Toubro Ltd (L&T) has announced its results for the second quarter of financial year 2013(2QFY13). The net sales of the company witnessed a growth of 17.3% on a year on year basis (YoY) during the quarter. The order book of the company stood at Rs 1.6 trillion at the end of September 2012. L&T has bagged new orders worth Rs 209.7 bn during the quarter, up 30% YoY. The recurring net profits of the company were up by 14.7% YoY for the quarter. L&T has also reported one-time gains on account of a stake sale in a subsidiary and reversal of provision in relation to the stake it earlier held in Mahindra Satyam. Including the one- time gains, the growth in the bottomline came at 42% YoY. To counter the slowdown in the domestic economy, the company is focusing on overseas growth particularly in the Middle East, Brazil and Turkey. L&T is aiming for foreign markets to account for 25 % of revenue by 2016.

Investment & Finance stocks have opened the day on a mainly in the green with Prime Securities Ltd. and Bajaj Finance leading the gains. Housing Development Finance Corp. Ltd (HDFC) has announced its results for the second quarter of financial year 2013 (2QFY13). HDFC's total income for the quarter was up by 27% on a year on year (YoY) basis. Its net interest income during the quarter registered a growth of 18% YoY. On the back of strong demand for home loans, the standalone net profit witnessed a growth of 19% YoY during the quarter. On a consolidated basis, the growth in the net income came at 19% YoY for the quarter. As per the management, the demand for loans grew about 18-19% YoY during the quarter. The company expects it to grow in the same range for the rest of the fiscal year. HDFC's loan book at the end of September stood at Rs 1.6 trillion, up by around 23% YoY. At the end of September, the non performing loans of Rs 12.1 bn stood at 0.77% of the loan book, down from 0.82% in the corresponding period last year. The net interest margin for the quarter stood at 4.2%, down from 4.3% last year.

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Feb 19, 2018 (Close)