Positive Start to the Day

Fri, 12 Aug 09:30 am

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Major Asian stock markets have opened the day on a positive note with stock markets in Japan and Hong Kong trading higher by 0.9% and 0.8% respectively. Benchmark indices in Europe and the US ended their previous session in green with stock markets in Germany ending the day higher by 0.9%. The rupee is trading at 66.83 per US$.

Indian stock markets have opened the day on a firm note. The BSE Sensex is trading higher by 168 points (up 0.6%) and the NSE Nifty is trading higher by 28 points (up 0.3%). While BSE Mid Cap and BSE Small Cap are trading higher by 0.3% and 0.4% respectively.

Major sectoral indices have opened the day on a negative note with stocks from power and capital goods sector witnessing maximum buying interest.

Bank of Baroda reported its results for the quarter ended June 2016. The bad loan scenario has worsened in the second quarter. The company reported fresh slippages of Rs 55 billion in the June quarter, taking the gross Non Performing Asset (GNPAs) ratio to 11.5% as compared to 9.9% in the preceding quarter. Adding restructured loans to this, the GNPA ratio stands at 14.8%.

Further, higher provisioning on account of bad loans coupled with lower net interest income dampened the profits. Net profits fell by 59.7% YoY to Rs 4.2 billion during the quarter.

Provisions jumped by 234% YoY to Rs 5.9 billion during the quarter. While net interest income, considered as the core income of the bank declined by 2.5% YoY to Rs 33.7 billion during the quarter.

The company in the preceding quarter had tagged loans worth Rs 260 billion as suspicious in terms of asset quality. Reportedly, there was no clarity provided pertaining to this matter in the June quarter results.

The stock was hammered by the investors as it tanked by 8.95% in yesterday's trade. Today, the stock is trading marginally up by 0.4%.

MRF too reported its results for the quarter ended June 2016. The revenues remained flat as compared to a year ago on the back of dumping of Chinese tyres in the domestic market (Subscription required).The dumping of Chinese tyres created pricing pressure and affected the sales volumes, thus impacting the revenues.

However, the company surprised the street on the profitability front. Despite, the increasing rubber prices the company was able to save on raw material cost. Reportedly, the raw material cost as a percentage to sales reduced by 1.4% from a year ago period. However, the effect of increasing rubber prices would be felt in the coming quarters, which could impact margins and profitability.

The operating margins stood at 24% during the June quarter, the highest in the industry. Going forward, the replacement demand, coupled with sales volumes of commercial and passenger vehicles will be the key things to track to assess the tyre demand going forward. The stock is trading down by 0.4%.

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