We had mentioned in Tuesday’s closing report that Nifty, Sensex were still under the control of bulls. The major indices of the Indian stock markets ended with marginal gains.
Profit booking, combined with caution ahead of derivatives expiry and a key announcement over the US interest rates, made the Sensex oscillate in a 300-point range. Sensex had earlier receded during the mid-afternoon trade session after touching new intra-day highs for the last 11 months. The BSE market breadth was slightly tilted in favour of the bears -- with 1,341 declines and 1,317 advances. On the NSE advances, there were 787 advances, 798 declines and 78 unchanged.
Yes Bank on Wednesday posted a net profit at Rs731.80 crore for the first quarter ending in June on the back of higher net interest and other incomes -- a 32.76% rise. The private sector bank had reported a net profit of Rs551.20 crore in the same period an year ago. The bank's net interest income increased 24.23% to Rs1,316.58 crore in the quarter, from Rs1,059.81 crore in the April-June period last year. Its other income during the quarter in question jumped over 65% to Rs900.52 crore from Rs545.17 crore in the same period last year. Net interest margin expanded to 3.4% from 3.3% in the year-ago period. "Given the improving macroeconomic environment along with stable asset quality and accelerating retail franchise, the bank is well poised to capture market share across retail and corporate segments at an enhanced pace," the bank's Chief Executive Rana Kapoor said in a statement. Yes Bank's gross Non-Performing Assets (NPA), or bad loans, during the quarter in consideration grew by 12.76% to Rs844.56 crore, from Rs748.98 crore in the previous quarter. Gross NPAs stood at 0.79% of total loans at the end of the June quarter, as compared to 0.46% in the same period a year ago quarter. The bank's shares closed at Rs1,200.10 on the Bombay Stock Exchange.
Passenger car major Maruti Suzuki on Wednesday announced that the sales of its first light commercial vehicle (LCV), Super Carry, will commence from August end. The company said that the new vehicle will be initially sold in three cities -- Ahmedabad (Rs4.03 lakh), Kolkata (Rs4.11 lakh) and Ludhiana (Rs4.01 lakh), through dedicated channels. According to RS Kalsi, Executive Director (Marketing and Sales), Maruti Suzuki, the new vehicle has been designed and developed on the basis of detailed research and understanding of customer requirements. The company pointed out that it has invested about Rs300 crore towards the development of Super Carry, which will be available in diesel fuel option. The LCV is powered by a 793 cc diesel engine which is mated to a five-speed manual transmission. The new vehicle offers a fuel efficiency of 22.07 km per litre and a maximum speed of 80 km per hour. It has a payload capacity of 740 kg. Maruti Suzuki shares closed at Rs4,558.85, up 1.64% on the BSE.
Two- and three-wheeler major Bajaj Auto reported a rise of just 2% in its net profit for the first quarter (Q1) of 2016-17. The automobile major's net profit increased to Rs978 crore for the quarter ended June 30, 2016, from Rs957 crore in the corresponding period of 2015-16. According to the company, its turnover (which includes excise duty) for the quarter under review increased by 2.71% to Rs6,356 crore from Rs6,188 crore for the quarter ended June 30, 2015. "Despite input cost pressures and continuing headwinds in export markets, the company has declared an industry high EBITDA (earnings before interest, taxes, depreciation and amortisation) of 21.2%," the company said in a statement. However, Bajaj Auto's overall quarterly sales including exports slipped by 1.80% to 994,733 units from 1,013,029 units sold during the corresponding quarter of 2015-16. Further, the company reported a growth of 13.78% in its Q1 consolidated net profit which stood at Rs1,040 crore from Rs914 crore. Bajaj Auto shares closed at Rs2,668.75, down 0.05% on the BSE.
The top gainers and top losers of the major indices are given in the table below:
The closing values of major Asian indices are given in the table below: