Indian Stock Markets Open Flat

Wed, 27 Jan 09:30 am

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Barring China, major Asian stock markets have opened the day on a positive note with stock markets in Japan and Korea trading up by 1.7% and 0.7% respectively. Major indices in Europe and US ended their previous session on an encouraging note. The rupee is trading at 67.64 per US$.

Indian stock markets too have opened the day on a flattish note. The BSE Sensex is trading higher by 40 points (up 0.2%) and NSE Nifty is trading higher by 16 points (up 0.2%). Both BSE Mid Cap and BSE Small Cap are trading higher by 0.1% and 0.3% respectively. Major sectoral indices have opened the day in green with stocks from automobile and pharmaceutical sectors witnessing maximum buying interest.

HDFC Bank Ltd reported its results for the quarter ended December 2015. The net profits grew 20% YoY to Rs 33.5 billion during the quarter. Net Interest Income (NII), recognized as a core income earned by banks grew 24% YoY to Rs 99.4 billion. A surge in the NII was on the back of strong loan disbursals that grew by 25.7% YoY.

The Gross Non-Performing Assets (NPA) stood at 0.97% for the quarter ended December 2015. The gross NPAs reported a marginal increase of 0.6% from the previous quarter. The rise was mainly due to slippages from the loan disbursals in the agriculture sector and default on credit card payments.

Kansai Nerolac too reported its results for the quarter ended December 2015. The gross sales increased by 11.3% YoY to Rs 11.7 billion for the quarter. The net profits of the company grew 28.5% YoY to Rs 0.84 billion for the said period. Reportedly, the company's operating profit margin stood at 14.1% for December quarter. This was lower than 15.8%, as reported in the September quarter. This was partially impacted because of higher prices of the inputs, primarily of the crude on the derivative markets coupled with rupee depreciation.

Further, management stated that company saw high double-digit volume as well as value growth in the decorative segment. However, demand from industrial segment remained subdued and in single digits.

Going forward, pick up in the industrial demand and currency volatility will be the key things to watch out.

It is imperative to note; the Paint companies have been passing the lower raw material costs. Reportedly, Kansai Nerolac has taken quite aggressive price cuts, more than its peers like Asian paints. For instance, while Kansai Nerolac reduced its average selling price by almost 10% this fiscal year, Asian Paints on the other hand has just taken a cut of around 2% for the said period.

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