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Indian market indices open weak
Wed, 30 May 09:30 am

Most Asian stock markets have opened the day on a weak note with stock markets in Hong Kong (down 2%), Taiwan (down 1.3%) and Japan (down 0.8%) leading the losses in the region. The Indian equity market indices have also opened the day on a negative note. Stocks in the Auto, capital goods and banking space are leading the pack of losers. However, information technology stocks are trading in the green.

The Sensex today is down by around 105 points (0.6%), while the NSE-Nifty is down by around 30 points (0.6%). Mid and small cap stocks are also trading in the red with the BSE Mid cap and BSE Small cap indices down by around 0.4% and 0.3% respectively. The rupee is trading at Rs 56.10 to the US dollar.

PSU Bank stocks have opened the day on a weak note with United Bank of India, Dena Bank and Oriental Bank leading the pack of losers. India's largest public sector lender State Bank of India (SBI) has announced that it would cut the proportion of its non-performing assets (NPAs) to the total from the current 1.8% to 1.62% in the financial year 2012-13 (FY13). In order to attain this target, SBI had constituted a Stressed Asset Management Group (SAMG) during the financial year 2011-12 (FY12). The SAMG has 9 offices with about 400 employees. This group focuses only on stressed assets. As per Chairman, Pratip Chaudhari, the SAMG managed a cash recovery of about Rs 10 bn during FY12 by working on these NPAs. It must be noted that a significant proportion of the stressed assets are related to exports, especially of the textile sector.

Oil & gas stocks have opened the day on a mixed note with Oil & Natural Gas Corporation (ONGC), GAIL and Cairn India trading firm. However, Indian Oil Corporation (IOC) and Bharat Petroleum Corporation Ltd (BPCL) are facing selling pressure. India's largest exploration company ONGC has announced its results for the quarter and financial year ended March 2012. During 4QFY12, the public sector undertaking (PSU) reported a 22% year-on-year (YoY) rise in net sales to Rs 189.8 bn. Net profits during the period surged by a whopping 102% YoY to Rs 56.4 bn. This rise was despite the fact that ONGC paid Rs 141.7 bn for subsidising diesel, domestic liquefied petroleum gas (LPG) and kerosene. The main reason for the substantial rise in the bottomline is attributable to improved realisations and favourable exchange rate. During the financial year 2011-12, the company's sales and net profits rose by 15% YoY and 33% YoY, respectively.

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