Positive Start to the Day

Fri, 26 Aug 09:30 am

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Major Asian stock markets have opened the day on a mixed note with the stock market in Japan is trading lower by 1%. While, the stock market in China is trading higher by 0.6%. Benchmark indices in Europe and US ended their previous session in red with stock markets in Germany ending the day lower by 0.9%. The rupee is trading at 67.05 per US$.

Indian stock markets have opened the day on positive note. The BSE Sensex is trading higher by 81 points (up 0.3%) and the NSE Nifty is trading higher by 20 points (up 0.3%). BSE Mid Cap and BSE Small Cap too are trading higher by 0.3% and 0.4% respectively.

Major sectoral indices have opened the day in green with stocks from automobile sector are witnessing maximum buying interest.

As per an article in Livemint, Reserve Bank of India (RBI) Governor, Mr Rajan has unleashed certain measures which could change the way firms borrow.

RBI has undertaken measures to cap expsoure of banks to large borrowers. This will in-turn help the banks in enchancing their asset quality by reducing their exposure towards highly leveraged firms.

Additionally, banks will have to set aside higher provisioning for incremental lending to borrowers who have a certain amount in outstanding loans from the banking sector.

The reason behind this move is to reduce banks exposure towards highly leveraged entites and to encourage firms to borrow through the corporate bond market route.

Presently, the Indian economy is too bank-dependent. The reason cited for this was the lack of depth in the corporate bond market. Beneath the corporate bond market, investors complained about the lack of credit quality. While, issuers complained about the lack of investors.

RBI has addressed to resolve this issue in its recent policy by undertaking a series of measures. This would encourage the firms to borrow more through corporate bond market route.

This is another one of the outgoing governor's many measures that will play out much after he leaves office.

In another news update, Coal India's wage bill as a percentage of overall costs is set to delcine sharply within the next six years. This is on the back of the mechanization programme coupled with a large chunk of employees retiring.

The wage bill has been consistently reducing over the years. Employee cost used to be as high as 61% of total operating costs back in the fiscal year 2012. This ratio has now fallen to 52% in FY16.

This will in-turn help the company in reducing its costs and increase profitability. However, for this year experts expect employee costs to increase considerably on account of the anticipated wage hikes. The stock is trading down by 0.6%.

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