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Mon, 25 Apr 09:30 am

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Major Asian stock markets have opened the day on a negative note. Stock markets in China and Singapore are trading lower by 0.8% and 0.7% respectively. Benchmark indices in Europe and US ended their previous session on Friday on a disappointing note. The rupee is trading at 66.49 per US$.

Indian stock markets have opened the day on a flattish note. The BSE Sensex is trading higher by 15 points (up 0.06%) and NSE Nifty is trading higher by 6 points (up 0.07%). Both, BSE Mid Cap and BSE Small Cap are trading higher by 0.2% each. Barring stocks from metal sector, major sectoral indices have opened the day on a positive note with stocks from telecommunication and capital goods sectors witnessing buying interest.

HDFC Bank reported its results for the quarter ended March 2016. The company's net profit grew by 20% YoY during the quarter to Rs 33.7 billion. The healthy growth was on account of improving loan demand from the individuals and mid-sized companies.

Net Interest Income (NII), considered to be the core income of the bank grew by 24% to Rs 74.5 billion. The strong growth was on account of a rise in loan disbursals coupled with healthy NII margins which stood at 4.3%.

The loan disbursals grew by 27.1% YoY in the fiscal year 2016. Reportedly, retail loan growth outpaced that of the corporate borrowers. The retail loan book grew by 29.7%, while that of corporate borrowers grew at the pace of 27.3%. Within HDFC Bank's retail loan book, the fastest growth came from personal loans which expanded 44%. Credit card outstanding grew 27%.

Coming to asset quality, the Gross non-performing assets (NPA) as a percentage of total advances were 0.94% in the quarter ended 31 March, down marginally from 0.97% in the previous quarter. Despite, the steady asset quality the company has been increasing its provisions and contingencies which reported an increase of 15% from a year ago. Even though asset quality of HDFC Bank is one of the best in the industry, the same needs to be closely assessed going forward on account of a rise in the provisions. The stock of HDFC Bank is trading down by 0.2%.

In another news update, L&T Realty, the realty arm of Larsen and Toubro is set to sell a million square feet of retail space to Blackstone Group Lp. The sale is with regards to the company's Seawoods project in Navi Mumbai. Reportedly, the value of the deal is pegged at around Rs 14.5 billion.

The project is built around the railway station of Seawoods-Darave in Navi Mumbai. Earlier, in September 2015, the company had exited its real estate business in North India when it sold its commercial real estate projects in Chandigarh for Rs 17.8 billion.

Reportedly, the company now plans to focus on projects in Bengaluru, Mumbai, Navi Mumbai, Chennai and Hyderabad. The sale will help the company to free up its blocked capital. The stock of L&T is trading up by 0.6%.

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