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Indian mkts.extend gains
Thu, 24 Oct 11:30 am

After a positive start, the Indian stock markets continued to trend upwards in the last two hours of trade with BSE-Sensex hitting 21,000 points. All sectoral Indices are trading positive except IT.

The BSE Sensex is trading up by 185 points and the NSE-Nifty is trading up by 52 points. The BSE Mid Cap index is trading up by 0.8% and BSE Small Cap index is trading up by 0.6%. The Rupee is trading at 61.5 to the US Dollar.

Auto stocks are trading positive today. Tata Motors and Mahindra & Mahindra (M&M) are leading the gainers. Hero Motor Corp delivered healthy growth in sales and profits in the second quarter of FY14. The sales of the company grew by 10% YoY in 2QFY14 to Rs 57.3bn. The good growth was a result of volume growth (6.3% YoY to 1.42 m units), price rises and better product mix. Also, higher operating leverage and lower cost of raw materials as a percentage of sales helped the company improve the EBITDA margin from 13.9% in 2QFY13 to 14.5% in 2QFY14. Since, there was not much change in interest and depreciation cost, profit before tax grew by 25% YoY. However, tax expenses were higher this quarter, as some of the tax incentives that the company availed earlier have now expired. Hence, net profit rose by 9.1% YoY to Rs 4.8bn.Hero Motor Corp is trading up by 0.5% today.

Most Private banking stocks are trading higher today. Kotak Mahindra Bank and HDFC Bank are among the stocks leading the gainers. According to a leading business daily, India's second largest lender in the private sector, HDFC Bank, has planned to raise up to US$ 500 m by issuing senior unsecured notes to foreign investors. This would be done via its branch in Bahrain. It must be noted that HDFC Bank has an ongoing programme to raise up to US$ 2 bn via medium term notes. In March it had raised US$ 500 m via a 5 year bond issue at a coupon rate of 3%. This issue would be a part of that programme. The bonds would be priced at about 2.55% above the yield of the 3 year US Treasury bill. The global rating agency Standard & Poor has assigned an investment grade rating of BBB- to the proposed issue.

HDFC Bank has a Tier I Capital Adequacy Ratio (CAR) of 9.9%. It had recently reported its 2QFY14 results. Its net Interest Income (NII) had grown 15.3% YoY; while its net profits had grown by 27.1% YoY. HDFC Bank is trading up by 1.9%.

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