Indian Indices Open Strong

Thu, 12 May 09:30 am

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Major Asian stock markets have opened the day on a negative note. Stock markets in China and Hong Kong are trading lower by 0.3% and 0.5% respectively. Benchmark indices in Europe and US ended their previous session on a disappointing note. The rupee is trading at 66.69 per US$.

Indian stock markets have opened the day on a firm note. The BSE Sensex is trading higher by 136 points (up 0.5%) and NSE Nifty is trading higher by 33 points (up 0.4%). Both, BSE Mid Cap and BSE Small Cap are trading higher by 0.5% each.

Major sectoral indices have opened the day on a positive note with stocks from telecommunication and metal sectors witnessing buying interest.

Kotak Mahindra Bank Ltd reported its results for the quarter ended March 2016. The company's net profit grew by 32% YoY during the quarter to Rs 6.9 billion. As reported in Mint, the healthy growth was on account of higher net interest income and largely stable asset quality. However, the results for the quarter cannot be compared with previous period because of the merger of ING Vysya Bank on 1 April 2015.

Net Interest Income (NII), considered to be the core income of bank grew by 65% YoY to Rs 18.6 billion. NII is the difference between interest earned on loans and the interest paid on deposits. Reportedly, this increase was mainly on account of the merger with the ING Vysya Bank. Further, net interest margins dipped by 0.4% YoY to 4.35% during the quarter. While, on a sequential basis the NIM declined marginally by 0.05%.

The management has guided for a 20% growth in advances for the current fiscal year and hopes to grow both its corporate as well as retail loan books. The total advances grew by 79% YoY to Rs 1.2 trillion. On a sequential basis, the total advances grew by 3%.

The bank's asset quality improved by 0.06% QoQ to 2.36%. Provisions for bad loans fell by 13% on a sequential basis to Rs 2 billion.

Despite a comfortable capital base, the bank is not targeting aggressive growth in loan book or fee income. Having said that, the bank is very well poised to grow and reap the benefits of the merger with ING in the long term. The stock is trading higher by 0.5%.

In another news update, telecom operators (telcos) heaved a sigh of relief as Supreme Court struck down a compensation policy for call drops levied by Telecom Regulatory Authority of India (TRAI).

In October, TRAIi ordered operators to pay Re 1 for every call drop to the user, with a maximum of three per day. The regulation was to come into effect from January 1 2016.

During the hearing, telcos contended that there were various reasons for call drops beyond their control and that it was impossible to find the exact reason for each such call drop. Further, telcos stated that the sector was under huge debt and they would have to pay a big price for spectrum. Therefore, zero tolerance on call drops should not be imposed.

The order will come as a huge relief to the telcos, who are already facing huge debt on account of the recent spectrum purchases.

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