Indian Stock Markets Open Firm

Wed, 13 Jan 09:30 am

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Major Asian stock markets have opened the day on a positive note with stock markets in Japan and Hong Kong trading up by 2.4% and 2.3% respectively. Stock indices in Europe and US too ended their previous session on an encouraging note. The rupee is trading at 66.89 per US$.

Indian stock markets have also opened the day on an encouraging note. The BSE Sensex is trading higher by 144 points (up 0.6%) and NSE Nifty is trading higher by 41 points (up 0.6%). Both BSE Mid Cap and BSE Small Cap are trading higher by 0.7% and 0.8% respectively. Major sectoral indices have opened the day in green with stocks from pharmaceutical and telecommunication sector witnessing maximum buying interest.

As per an article in Livemint, electricity prices in the spot market have fallen to record lows in the calendar year of 2015. The average electricity prices for 2015 stood at Rs 2.82 per unit as compared to Rs 3.59 per units in the previous year. Reportedly, three factors are primarily dragging the electricity prices lower. One being low prices of coal. These low prices are allowing generators to offer electricity at lower prices.

Two, easing of transmission congestion between the south and rest of India. Further, government has taken steps to revive the gas based stranded power projects which in-turn has increased the supply of electricity in the Southern region. Thus increased generation in this region coupled with better availability of transmission corridor has dragged the prices down.

Lastly, demand for electricity has remained subdued due to the poor finances of the state electricity boards. Their balance sheet is loaded with huge debt and losses, which have made them reluctant to purchase electricity from the generators. While, government has taken steps to revive the troubled state electricity boards even if the scheme succeeds, power sector will need a demand pull from the economy, which at present shows few signs of revival.

IndusInd Bank declared its results for the quarter ended December 2015. Reportedly, bank continued to maintain its profit momentum. The company reported a growth in net profits of around 30% YoY to Rs 5.8 billion. The rise in the net profits was led by a robust growth in operating profits which grew by 37%.

Further, net interest income for the quarter, grew by 36% YoY. This was the best growth in around two years. The corporate loan book grew by 30% YoY, while the retail loan book grew at a pace of 27% YoY. Deposits were up by 25% led by strong expansion in the bank branches.

On the other hand, bank's gross bad loans rose to 0.82% as compared to 0.77% in the second quarter. To add to this, provisions increased by 80% to Rs 1.7 billion as the management set aside money for bad loans and stranded assets.

As the bank is growing its loan book at a robust pace, there may be some deterioration in the asset quality and this will be the key aspect to watch out for going forward.

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