Major Asian stock markets have opened on a mixed note with Japan (down 0.7%) and Indonesia (down 1.1%) leading the losses. However, the stock markets in South Korea (up 0.3%), China (up 0.1%) and Malaysia (up 0.1%) have opened on a positive note. The Indian equity markets have also opened the in the green. Barring FMCG and consumer durables, all sectoral indices have opened in the green with stocks in the realty and banking space leading the gains.
The Sensex today is up by around 84 points (0.4%), while the NSE-Nifty is up by around 25 points (0.4%). The midcap and smallcap stocks have also opened in the green with the BSE Mid Cap index and the BSE Small Cap index up by around 0.3% and 0.5% respectively. The Indian rupee is trading at 61.88 to the US Dollar.
Retail stocks have opened the day on a mixed note with Shoppers Stop Ltd and Provogue (I) Ltd leading the gains. However, Koutons Retail Ltd and Titan Industries Ltd were leading the losses. Titan Industries Ltd has announced results for the second quarter of the financial year 2013-14 (2QFY14) During the quarter, the company has reported a growth of 1.4% year on year (YoY) in the revenues. The jewellery business of the company recorded an income growth of 4.3% YoY during the quarter. However, revenues for watch segment declined by 6.2% YoY during the quarter. The growth in revenue for other segments comprising precision engineering, a B2B business, the Eyewear business and accessories came at 17.2% YoY. As per the management, the watch and eyewear businesses that include a substantial import content was affected by increase in the input costs and adverse currency movement. The operating profit during the quarter grew by 5.2% YoY. As a result, the operating profit margins increased to 11.2%, up marginally by 0.2% YoY. The growth in the margins was despite an increase in the input costs. The net profit during the quarter grew by 3.8% YoY.
PSU Bank stocks have opened the day mainly in the green with Canara Bank Ltd and Bank of India Ltd leading the gains. Union Bank of India has declared results for the second quarter of the financial year 2013-14 (2QFY14). The bank has reported 5.6% year on year (YoY) growth in the net interest income during the quarter. The growth was driven by a healthy growth in the advances. The net interest margins (NIMs) for the quarter declined to 2.7% from 3.1% in 2QFY13. The net non-performing assets (NPAs) during the quarter stood at 2.15%, up from 2.06% in 2QFY13. However, the gross NPAs stood lower at 3.6%, as compared to 3.7% in 2QFY13. The net profits during the quarter declined by 62.5% YoY, dragged down by the weak interest income and higher provisions. At the end of the quarter, the Capital Adequacy Ratio (CAR) stood at 9.7%.