Indian Share Market Open Flat

Fri, 21 Oct 09:30 am

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Major Asian stock markets have opened the day on a negative note with stock market in Singapore and China are trading lower by 0.8% and 0.3% respectively.

Stock markets in Europe ended their previous session on a positive note. While benchmark indices in the US ended their previous session trading lower by 0.2%.

The rupee is currently trading at 66.8 per US$.

Indian stock markets have opened the day on a flattish note. The BSE Sensex is trading marginally higher by 33 points (up 0.1%) and NSE Nifty is trading marginally higher by 10 points (up 0.1%). Both, BSE Mid Cap and BSE Small Cap are trading higher by 0.2% each.

Major sectoral indices have opened the day in green with stocks from oil & gas space are witnessing buying interest.

As per an article in Livemint, Yes Bank reported its results for the quarter ended September 2016. The company's net profits grew by around 30% YoY during the quarter. The profits grew on the back of strong growth in interest as well as non-interest income.

Net Interest Income, considered to be the core income of the bank grew by 30.5% YoY during the quarter. Net Interest Margins too came in at a healthy 3.4% during the September quarter.

Further, advance and deposits too grew at a robust pace. Advances grew by 37.7% during the quarter as compared to a year ago. While, deposits too grew by 28.9% during the quarter.

However, the concern pertaining to its asset quality escalated. The company's gross non-performing asset (GNPAs) has risen by 87% from a year ago period.

While calculated as a percentage to total advances the GNPAs remain below 1. However, it is imperative to note that the ratio has remained at the lower level because of the fact that the company is growing its advances at a robust pace.

Further, while the bad loans have shot up 87% from a year ago, the provisioning has risen by just 56% during the same period. Reportedly, low provisioning could mean that the lender is confident of keeping asset quality ship-shape either through higher recoveries or by keeping the run rate of its loan book growth intact.

Corporate loans formulate a lion's share of the company's loan book. Further, the bank has a high 9% exposure towards the power sector, which is currently in a bad state. Hence, a check on the asset quality will be the key things to watch out for going forward. The <>share price of Yes Bank is trading higher by 0.6%.

In another news update, research and ratings firms <>CRISIL in its recently published report stated that the loss of power distribution companies (DISCOMs) will halve to 28 paise per unit in FY 2019 from the prevailing 64 paise per unit.

Losses are nothing but the difference between the average revenue realized and average cost of supply. As per the report, the aggregate losses of the DISCOMS will decline to Rs 200 billion from the prevailing Rs 370 billion.

The Ujwal Discom Assurance Yojana (UDAY) targeted losses to be nil by FY19. However, the DISCOMs are expected to still operate in losses during that period.

We believe that even after implementation of the UDAY scheme, the situation at SEBs will only improve if they take tariff hikes. While some states have taken tariff hikes recently, many states have yet not taken the same on account of political pressures. Increase in tariff hike does not bode down well with the political parties as it takes a toll on their vote bank.

Further, these SEBs had aggregate technical and commercial losses of 24.6% in 2013-14. And this ratio hasn't improved significantly since then. This means that a major portion of the power that is used is not paid for.  Unless these issues are addressed, the situation at the SEBs is not going to change drastically even after implementation of UDAY.

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