Helping You Build Wealth With Honest Research
Since 1996. Read On...

MEMBER'S LOGIN

MEMBER'S LOGINX

     
Invalid Username / Password
   
     
   
     
 
Invalid Captcha
   
 
 
 
(Please do not use this option on a public machine)
 
     
 
 
 
  Sign Up | Forgot Password?  

Revealed
India's Third Giant Leap

This Could be One of the Biggest Opportunities for Investors




Important: We hate spam as much as you do. Check out our Privacy Policy and Terms Of Use.
By submitting your email address, you also sign up for Profit Hunter, a daily newsletter from Equitymaster
covering exciting investing ideas and opportunities in India.

AD

Indian share markets open firm
Fri, 10 May 09:30 am

Asian stock markets have opened the day on a mixed note with South Korea (down 1.2%) and Hong Kong (down 0.2%) trading weak. However, markets in Japan (up 2.9%) and Singapore (up 0.1%) are trading firm. The Indian share markets indices have also opened the day on a firm note. Stocks in the consumer durables and auto space are leading the gains.

The Sensex today is up by around 51 points (0.3%), while the NSE-Nifty is up by around 12 point (0.2%). Mid and small cap stocks are also trading in the green with the BSE Mid Cap and BSE Small Cap indices up by around 0.3% and 0.4% respectively. The rupee is trading at Rs 54.15 to the US dollar.

PSU Bank stocks have opened the day on a firm note with Central Bank and United Bank of India leading the gains. Public sector lender Union Bank of India has announced its financial results for the quarter ended March 2013. The bank's net profits during the quarter rose marginally by 2.1% year-on-year (YoY) from Rs 7.7 bn in 4QFY12 to Rs 7.9 bn in 4QFY13. Net interest income was higher by 8.7% YoY to Rs 19.8 bn. Net interest margin (on earning assets) stood at 2.89% in 4QFY13 as against 3.16% in 4QFY12. Non-interest income rose by 7.9% YoY to Rs 8.8 bn. The return on average assets during the quarter stood at 1.08% as against 1.31% in 4QFY12. Cost to income ratio was higher at nearly 41% as against 39.3% in 4QFY12.

Oil & gas stocks have opened the day on a firm note with Essar Oil and Petronet LNG leading the gains. As per a leading financial daily, state-run Oil & Natural Gas Corporation (ONGC) is likely to face disappointment in its global asset acquisition bids. The upstream energy player had been trying to close two deals worth about US$ 10 bn to acquire lucrative energy assets in Mozambique and Kazakhstan. However, another bidder has topped ONGC's bid of reportedly more than US$ 5 bn for the Mozambique gas block. It must be noted that ONGC and Oil India had made a joint bid for 20% stake in the Mozambique gas block. On the other hand, ONGC is also likely to lose out on Kazakhstan oil assets. It is said that that the government of Kazakhstan is likely to exercise its pre-emptive rights to buy ConocoPhillips's 8.4% stake in Kashagan, the country's largest oilfield, for US$ 5 bn before selling it to a Chinese company.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

View all commentaries | Archives

Read the latest Market Commentary


Equitymaster requests your view! Post a comment on "Indian share markets open firm". Click here!

  
ABOUT EQUITYMASTER

Since 1996, Equitymaster has been the source for honest and credible opinions on investing in India. With solid research and in-depth analysis Equitymaster is dedicated towards making its readers- smarter, more confident and richer every day. Here's why hundreds of thousands of readers spread across more than 70 countries Trust Equitymaster.

PREMIUM PRODUCTS
QUICK LINKS
POPULAR TOPICS
TRENDING TOPICS
FREE NEWSLETTERS
EQUITYMASTER SUPPORTS
  • HelpYourNGO
  • You Tube
  • Linkedin
  • Twitter
  • Telegram
  • Google Play

Copyright © Equitymaster Research Private Limited (formerly Equitymaster Agora Research Private Limited).

Whitelist | Refer | Terms | Privacy | Contact | About | Sitemap

Phone +91-9136015013

Equitymaster Research Private Limited (formerly Equitymaster Agora Research Private Limited) (Research Analyst)
SEBI (Research Analysts) Regulations 2014, Registration No. INH000000537.

103, Regent Chambers, Above Status Restaurant, Nariman Point, Mumbai - 400 021. India.
Telephone: +91-22-61434055. Email: info@equitymaster.com. Website: www.equitymaster.com.
CIN:U74999MH2007PTC175407

Name of the Compliance & Grievance Officer: Ms Sonal Ramachandran
Telephone: +91-22-61434003 | Email: compliance@equitymaster.com

LEGAL DISCLAIMER:
Investment in securities market are subject to market risks. Read all the related documents carefully before investing.
Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.

All rights reserved. Any act of copying, reproducing or distributing this newsletter whether wholly or in part, for any purpose without the permission of Equitymaster is strictly prohibited and shall be deemed to be copyright infringement.

Equitymaster Research Private Limited (formerly Equitymaster Agora Research Private Limited) (Research Analyst) bearing Registration No. INH000000537 (hereinafter referred as 'Equitymaster') is an independent equity research Company. Equitymaster is not an Investment Adviser. Information herein should be regarded as a resource only and should be used at one's own risk. This is not an offer to sell or solicitation to buy any securities and Equitymaster will not be liable for any losses incurred or investment(s) made or decisions taken/or not taken based on the information provided herein. Information contained herein does not constitute investment advice or a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual subscribers. Before acting on any recommendation, subscribers should consider whether it is suitable for their particular circumstances and, if necessary, seek an independent professional advice. This is not directed for access or use by anyone in a country, especially, USA, Canada or the European Union countries, where such use or access is unlawful or which may subject Equitymaster or its affiliates to any registration or licensing requirement. All content and information is provided on an 'As Is' basis by Equitymaster. Information herein is believed to be reliable but Equitymaster does not warrant its completeness or accuracy and expressly disclaims all warranties and conditions of any kind, whether express or implied. Equitymaster may hold shares in the company/ies discussed herein. As a condition to accessing Equitymaster content and website, you agree to our Terms and Conditions of Use, available here. The performance data quoted represents past performance and does not guarantee future results.