Indian Stock Markets Open Flat; Telecom and IT Stocks Lag

Fri, 22 Nov 09:30 am

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Asian share markets are higher today as Chinese and Hong Kong shares show gains. The Shanghai Composite is up 0.1% while the Hang Seng is up 0.3%. The Nikkei 225 is trading up by 0.6%. US stock indices moved slightly lower on Thursday as investors moved to the sidelines with mixed messages and no concrete signs of progress on US-China relations.

Back home, India share markets opened flat. The BSE Sensex is trading up by 9 points while the NSE Nifty is trading down by 11 points. The BSE Mid Cap index opened down by 0.1% while, BSE Small Cap index opened down by 0.2%.

Sectoral indices have opened the day on a mixed note with power stocks and metal stocks witnessing buying interest. Telecom stocks and IT stocks are trading in red.

The rupee is currently trading at 71.74 against the US$.

In the news from the banking sector. As per the data released by finance ministry, State-owned banks disbursed around Rs 2.5 trillion worth of loans in October through loan melas, camps and other outreach initiatives.

This follows an announcement by Finance Minister Nirmala Sitharaman in September that banks would conduct such customer outreach initiatives as the government looks for various ways to boost liquidity and investment, while facing the worst slowdown in more than half a decade, in real terms.

However, as the information provided by the ministry showed, almost half of the loans disbursed were to corporate entities at around Rs 1.2 trillion and only Rs 372.1 billion worth of loans went to micro, small and medium enterprises.

Agriculture loans fared a little better at Rs 405 billion, while home loans were at Rs 121.7 billion.

For October, non-banking financial companies (NBFCs) received credit support of Rs 196.3 billion from banks. This included credit under co-originated credit, pooled buyouts of NBFC assets by banks and partial credit guarantee schemes.

Note that, real gross domestic product (GDP) growth rate for the April-June quarter was 5%, the lowest since 2013. The nominal GDP growth rate came in at 8%, the lowest since the third quarter of 2002-03.

Speaking of fitter PSBs, which banks look the best match post the latest matchmaking of PSU banks?

Needless to say, most investors would also be worried about the level of NPAs and current and savings accounts (CASA) of the merged entities.

Lower NPA ratio and sustenance of high CASA, in the future, could signal the banks' fitness levels to lend more.

But what could go unnoticed is the efficiency potential of the merged entities.

Post-merger, the employee per branch ratio of the consolidated PSU entities could be in the range of 7 to 9 per branch. This would be almost half that of their private sector counterparts like HDFC Bank and Kotak Bank.

India's Top 6 Public Sector Banks Are Getting Fitter

Leaner operations would mean use of technology to support growth.

So, we would not be surprised if the PSU entities leverage technology at a much bigger scale than their private sector peers, in a few years.

Moving on to the news from the pharma sector. As per an article in a leading financial daily, Zydus Cadila has received the final approval from the US Food and Drug Administration (USFDA) to market Isosorbide Dinitrate Tablets USP in the strengths of 5 mg, 10 mg, 20 mg, 30 mg and 40 mg.

The drug is used to prevent attacks of chest pain (angina). It widens blood vessels, making it easier for blood to flow through them and easier for the heart to pump.

It will be manufactured at the group's formulations manufacturing facility at Baddi.

Meanwhile, the group also received the final approval for Desonide Cream, 0.05%.

The drug is a mild corticosteroid, used to treat a variety of skin conditions to reduce swelling, itching and redness.

It will be manufactured at the group's Topical manufacturing facility at Ahmedabad.

Note that, the group now has 278 approvals and has so far filed over 330 ANDAs since the commencement of the filing process in FY 2003-04.

To know more about the company, you can access to Cadila Healthcare's Q2FY20 result analysis and Cadila Healthcare's 2017-18 Annual Report Analysis on our website.

Cadila Healthcare share price opened the day up by 0.4%.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

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