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Realty, IT weigh heavy on indices
Fri, 22 Jan 01:30 pm

While the Indian markets continue to trade in the red, they have recouped some lost ground in the last two hours of trading. FMCG companies are the only bright spot in an otherwise gloomy market which is witnessing major selloff in all the remaining sectors. Profit booking is being witnessed in the realty, IT and health care space.

While still in the red, the BSE-Sensex and the NSE-Nifty have recovered from the day's lows and are trading lower by 166 and 55 points respectively. BSE-Midcap Index is trading lower by 86 points while the BSE-Smallcap index is lower by 119 points. The rupee is trading at 46.12 to the US dollar.

ING Vysya Bank (ING) declared its 3QFY10 results yesterday. Operating profit for the quarter was higher by 37% YoY while net interest income (NII) increased by 27% YoY. Net interest margin (NIM) was recorded at 3.4% during the quarter. This was higher by 0.32% over the corresponding quarter in FY09. However, advances grew by only 7% YoY, lower than the sector avergae. CASA grew by 30% during the quarter resulting in a CASA ratio of 32%. Net NPA stood at 1.67% which is high for a private sector bank.

Indian Hotels (IHCL) has taken a hit on its stake in Bermuda-based luxury hotel chain operator Orient Express Hotels (OEH). This has come about by IHCL's decision not to participate in OEH’s rights issue sale. The decision is a culmination of OEH’s refusal to have a tie up with IHCL. Moreover the company had issued Class B shares which serve to block any hostile takeover bid. IHCL which held 9.7% stake in OEH through Class A shares saw its holding drop to 7.75% after the rights issue. IHCL had invested about Rs 10 bn in OEM. However, the value of this investment has now slipped to Rs 2.6 bn. We believe that IHCL no longer sees OEH as a strategic alliance.

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