Indian Stock Markets Open Strong

Thu, 21 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 China trading up by 1.3% and 0.5% respectively. Major indices in Europe and US ended their previous session on a dismal note with stock markets in United Kingdom (UK) falling as much as 3.6%. The rupee is trading at 67.97 per US$.

Indian stock markets too have opened the day on a firm note. The BSE Sensex is trading higher by 275 points (up 1.1%) and NSE Nifty is trading higher by 88 points (up 1.2%). Both BSE Mid Cap and BSE Small Cap are trading higher by 1.7% and 1.8% respectively. Major sectoral indices have opened the day in green with stocks from banking and capital goods sectors witnessing maximum buying interest.

UltraTech Cement reported its results for the quarter ended December 2015. The consolidated revenues grew by 7% YoY aided by a pickup in the infrastructure activities and low cost housing units. Further, management is making efforts to penetrate the rural markets.

The depressed cement prices weighed on the realisations of the company. However, inspite of lower relaisations, company expanded its operating margins by 280 basis point to 18.2%. Reportedly, operating performance was boosted on the back of lower energy and freight costs.

Further, net profits reported a growth of 40% YoY to Rs 5 billion. Net profits rose on the back of strong operating performance and a decrease in the finance cost. The interest cost saw a drop of 18% YoY. The pickup in the demand from infrastructure and housing space will be the key things to watch out for going forward. The stock is trading higher by 1.3%

Axis Bank too reported its results for the quarter ended December 2015. The gross non-performing assets shot up to a five year highs of 1.68%. Quantifying the same in number terms, gross non-performing assets increased by almost half to Rs 57.2 billion as compared to a year ago. Reportedly, sharp rise in the bad loans were mainly due to recognition of the necessary impairment as per the Reserve Bank of India's assessment in this quarter. RBI had urged banks to stop delaying the recognition of the visible stressed assets.

Net interest margins also slipped to 3.79%, lowest in two years. Further, rise in bad loans also led to increase in provisioning requirements. The provisions rose by around two-fifth to Rs 7.1 billion. The growth in the net profits slowed down to 14.5% YoY to Rs 21.7 billion. Asset quality and credit growth will be the key things to watch out for going forward. The stock is trading up by 4.8%.

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