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Indian markets open weak
Tue, 27 Oct 09:30 am

The major Asian stock markets have opened the day on a disappointing note. Stock markets in China, Indonesia and Hong Kong are trading down by 1.9%, 1.4% and 0.9% respectively. Major stock indices in Europe ended their previous session in red. However, stock market in US ended their previous session on a flattish note. The rupee is trading at 64.97 per US dollar.

Indian stock markets have too opened the day on a negative note. BSE-Sensex is trading lower by 91 points (down 0.3%) and NSE-Nifty is trading lower by 27 points (down 0.3%). S&P BSE Midcap and S&P BSE Smallcap are trading marginally lower by 0.06% and 0.2% respectively. Major sectoral indices have opened the day in red with stocks from banking and pharmaceutical sector witnessing maximum selling pressures.

HDFC reported its results for the quarter ended September 2015. The total income of the company reported a growth of 12.1% to Rs 74.80 bn on a YoY basis.

The loan book for the quarter grew by 18% on a YoY basis. The growth in the loan book was driven by the low margin retail loan book. However, bank's asset quality remained stable with the gross bad loan ratio at around 0.7%. The company's Net Interest Income (NII) grew by 17.9% to Rs 25.49 bn on a YoY basis. The NII stood at 3.95% during the quarter. The net profits of the company grew by 18.2% to Rs 16.04 bn.

As reported in financial daily, Nestle India has commenced the production of 'Maggi'. The move comes, after the brand cleared the safety tests.

Reportedly, the production has commenced in company's plant at Karnataka, Punjab and Goa. However, samples manufactured at these plants will be first sent to testing to the three accredited laboratories as directed by the Bombay High Court. The product will be available to the customers only after the samples are cleared by these laboratories.

Further, according to company's managing director the company hopes to bring the product back to the shop shelves by the year-end.

In one of our edition of the 5 Minute Wrap up, we had discussed about this controversy, as the stock of Nestle had tanked post this ban. And here is what we had written, - "Even if product quality suffers in the interim but is associated with a strong brand, the good image in mind of individuals remains intact. In the end, it all boils down to investing in wide moat companies. "Bigger the brand, wider the moat". Read this interesting piece, where we have discussed in detail on this.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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