Sensex Ends in the Red; IT and FMCG Stocks Drag

Tue, 25 Oct Closing

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Indian share markets traded in the red today, dragged down by the stocks of the Tata Group companies. The downtrend for Tata Group companies came on the back of removal of Mr Cyrus Mistry as the chairman of Tata Sons.

At the closing bell, the BSE Sensex stood lower by 88 points, while the NSE Nifty finished down by 18 points. Meanwhile, the S&P BSE Mid Cap finished down by 0.3% and the S&P BSE Small Cap finished up by 0.1%. Losses were largely seen in FMCG stocks and IT stocks.

Asian markets finished mixed as of the most recent closing prices. The Nikkei 225 gained 0.76% and the Shanghai Composite rose 0.12%. The Hang Seng lost 0.17%. European markets are trading in the green today. The CAC 40 is up 0.06% while the DAX gained 0.27% in early trade. The FTSE 100 is up 0.37%.

The rupee was trading at 66.84 against the US$ in the afternoon session.

HDFC Bank reported its results for the quarter ended September 2016. The company's net profits grew by 20.4% YoY to Rs 34.5 billion during the quarter.

Net Interest Income, considered to be the core income of the bank grew by 19.7% YoY to Rs 79.9 billion during the quarter.  Other income too witnessed a growth of 13.6% YoY to Rs 29 billion during the same period.

Coming to asset quality, gross non-performing asset (GNPA) jumped by 32.4% YoY to Rs 50.6 billion during the quarter. As a percentage of total loans, gross NPAs stood at 1.02% at the end of the September quarter. The same stood at 1.04% at the end of the June quarter.

Provisions grew by 10% YoY to Rs 6.8 billion during the quarter. While, comparing the same on sequential basis, provisions fell by 13.6%. Net NPAs stood at 0.3% during the September quarter.

Total deposits and advances grew at the pace of 16.7% and 18.1% during the quarter as compared to a year ago.

Going forward we do not see the bank facing significant pressure on margins. The restructured loan book of the bank is also the lowest in the sector. Expansion in terms of branches and employee base has not affected the banks cost to income ratio.

Though its marginal increase in provisioning is not a cause for concern, however this needs to be monitored closely in future for any further deterioration. The share price of HDFC Bank ended the day trading lower by 1.2%.

In another news update, Emami Ltd- a reputed player in the consumer goods and edible oil space is looking to scale up its cement production capacity.

The company intends to scale its cement production capacity to 15-20 million tonnes (mt) in three-five years from the prevailing 4 mt. The expansion will take place in two phases.

In the first phase of development of its cement business, Emami will spend around Rs 35 billion on its manufacturing facility. This amount will be funded in a debt equity ratio of 70:30.

Beneath the phase one plan, two facilities in the state of West Bengal and Odisha are scheduled to be operational in the next year. The company is also looking at acquisition opportunities to grow its cement business.

The un-related diversification in cement space could possibly dent the return ratios of the company, considering the subdued demand prevailing in the cement industry. The performance of this division will be the key thing to watch out for in the company going ahead. The share price of Emami ended the day trading higher by 0.6%.

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