Positive Start to the Day

Thu, 20 Oct 09:30 am

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Major Asian stock markets have opened the day on a positive note with stock market in Japan and Hong Kong are trading higher by 1% and 0.7% respectively.

Stock markets in Europe and US too ended their previous session on a positive note.

The rupee is currently trading at 66.65 per US$.

Indian stock markets have opened the day on a positive note. The BSE Sensex is trading higher by 135 points (up 0.5%) and NSE Nifty is trading higher by 40 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 in green with stocks from banking and metal space are witnessing maximum buying interest.

Bajaj Corp, the maker of its flagship product Bajaj Almond Drops Hair Oil (ADHO) reported its results for the quarter ended September 2016. The company reported a flattish topline growth of 3.5% YoY during the quarter. However, the net profits grew by 23.9% aided by benign raw material prices and higher other income.

The company's operating profits grew by 3.8% YoY during the quarter, while the operating margins stood at a healthy 34.15%. However, the company sees the sustainable margins to be in the range of 25-30%.

Going forward, the company wants to concentrate its energies in the international market. Currently, exports contribute to around 5% of their turnover. They want to take this ratio to around 20-25% in the next three-four years. They plan to do this by taking their No-Marks (skin care) brand in the international geographies. The company also stated that initial response of the product in the international geographies has been very good.

Further, the company has done a lot of high level recruitments from top FMCG companies recently, which could potentially help the company with better revenues and earnings. A normal rainfall too, could potentially aid revenue growth in the coming quarters. The share price of Bajaj Corp is trading higher by 1%.

RBL Bank too reported its results for the quarter ended September 2016. The company's net profits grew by 34% during the quarter as compared to a year ago. The profits grew on the back of higher interest income.

Net interest income, considered to be the core income of the bank too grew by 62.8% during the quarter. What came in as a surprise was a significant drop in the cost to income ratio. Cost to income ratio for the September quarter stood at 54.36% compared with 60.93% a year ago. The cost to income ratio declined, despite the company investing heavily in expanding its branches, branding and technology.

The asset quality also remained intact with gross non-performing assets coming in at 1.1%. Asset quality and loan growth will be the key things to watch out for going forward. The share price of RBL Bank is trading higher by 2.1%.

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