Positive Start to the Day

Tue, 19 Jan 09:30 am

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Major Asian stock markets have opened the day on a positive note with stock markets in China and Hong Kong trading up by 1.6% and 0.7% respectively. Major indices in Europe ended their previous session in red. The rupee is trading at 67.67 per US$.

Indian stock markets have opened the day on a quite encouraging note. The BSE Sensex is trading higher by 105 points (up 0.4%) and NSE Nifty is trading higher by 19 points (up 0.3%). Both BSE Mid Cap and BSE Small Cap are trading higher by 0.2% and 0.4% respectively. Major sectoral indices have opened the day on a mixed note with stocks from telecommunication and consumer non-durables sectors witnessing buying interest. However, stocks in metal space are witnessing selling pressure.

As per an article in leading financial daily, exports contracted for the 13th month in a row during the month of December. Tepid global demand coupled with volatile global currency dragged the exports down. However, exports from China contracted just by 1.4% in the same month. Depreciating yuan have partially supported the exports in China.

Further, exports of drugs & pharmaceutical, chemicals and readymade garments reported a growth of 8.2%, 1.1% and 5% respectively for the month of December. However, petroleum products and engineering goods witnessed a contraction of 47.7% and 15.7% respectively.

Non-Oil imports picked up 7.6% in December. On the other hand, machinery equipment, transport equipment and project goods witnessed a contraction of 1.1%, 38.8%, 29.1% respectively indicating poor signs of pick up in the investment demand.

Kotak Mahindra Bank Ltd declared its results for the quarter ended December 2015. The company's net profit grew by 36.5% YoY on account of higher interest income and increased commissions and fees. However, figures are not comparable on a YoY basis as the December quarter figures also represent the financials of the acquired ING Vyasya Bank Ltd.

Net Interest Income increased by two-third led by growth in advances and deposits boosted from the acquisition of ING Vyasya Bank Ltd. Reportedly, banks's corporate loan and retail loans witnessed a jump of 84% each, largely helped by the merger. Further, loan portfolio was dominated by disbursements to small and medium enterprise.

Gross Non-Performing Assets for the quarter stood at 2.3% as compared to 1.87% in the year ago period. Asset quality came under pressure after merger with ING Vysasya Bank. Provisions for the quarter stood at Rs 2.35 billion as compared to 0.30 billion in the year ago period. Provisioning too witnessed a sharp surge, owing to the merger.

Kotak Mahindra is trading up by 0.4%.

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