Indian Indices Open Flat

Mon, 27 Jun 09:30 am

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After a mayhem in Asian markets after 'Brexit' on Friday, major Asian stock markets have opened the day on a mixed note. Stock markets in Japan and China are trading higher by 1.8% and 0.8% respectively. While, stock market in HongKong is trading lower by 0.9%.

Benchmark indices in Europe and US ended their previous session deep in red with stock markets in Germany, UK and US ending the day lower by 7%, 3.3% and 3.4% respectively. The rupee is trading at 67.37 per US$.

Indian stock markets have opened the day on a flattish note. The BSE Sensex is trading marginally lower by 22 points (down 0.1%) and the NSE Nifty is trading lower by 15 points (down 0.2%). However, BSE Mid Cap and BSE Small Cap are trading higher by 0.4% and 0.6% respectively.

Barring, information technology sector, major sectoral indices have opened the day in green. Stocks from FMCG and oil & gas sector are witnessing buying interest.

As per an article in Livemint, state owned lender Bank of Baroda has undertaken a comprehensive review of its business and has finalized a detailed plan to reposition it for the future.

The bank will sell its non-core assets gradually. This in-turn would help the company to exit its unprofitable ventures. Further, the move will also help the company to improve its margins and free up capital that could be deployed for customers with a better credit profile.

The company had posted a mammoth loss of Rs 50.6 billion in the preceding fiscal year. However, the management expects the bank to return to historical levels of profitability going forward.

Although the management is of the view that the asset quality has stabilized but fresh slippages or slippages from restructured assets cannot be ruled out. A check on the asset quality will be the key things to watch out for going forward. The stock is trading up by 1.4%.

In another news update, prospects for Mahindra and Mahindra have brightened as the tide turn in favour of its product portfolio.

Reportedly, the company's utility vehicle sales are growing at a healthy pace. The introduction of new models in the utility space has helped the company to regain its lost market share. Further, sales from farm equipment space are gaining traction. This segment had remained subdued since a while, owing to two successive years of deficit rainfall. The company's Korean unit too is clocking reasonable sales numbers.

The recovery in its passenger and farm equipment sales was evident in its numbers for the quarter ended March 2016. Auto and farm equipment sales clocked a growth of 15% and 13% respectively during the quarter as compared to a year ago.

The traction from the high margin farm equipment business coupled with the response for its new launches will be the key things to watch out for going forward.

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