Key benchmark indices edged higher in early trade tracking firmness in Asian stocks. At 9:29 IST, the barometer index, the S&P BSE Sensex, was up 116.54 points or 0.48% at 24,591.47. The 50-unit Nifty 50 index was up 36.70 points or 0.49% at 7,461.35. FMCG and power stocks led initial gains on the bourses.
The market breadth indicating the overall health of the market was strong. On BSE, 858 shares gained and 376 shares fell. A total of 48 shares were unchanged. The BSE Mid-Cap index was currently up 0.28%. The BSE Small-Cap index was currently up 0.24%. Both these indices underperformed the Sensex.
In overseas markets, Asian stocks gained as oil cobbled together another session of gains. US stocks finished higher yesterday, 28 January 2016, boosted by a jump in oil prices along with an earnings-driven surge in the shares of Facebook Inc. and Under Armour Inc.
Bharti Airtel rose 0.76% after the company reported Q3 results. The company's consolidated net profit fell 22.24% to Rs 1116.90 crore on 3.76% rise in total income to Rs 24103.40 crore in Q3 December 2015 over Q3 December 2014. The results are as per International Financial Reporting Standards (IFRS). The result was announced after market hours yesterday, 28 January 2016. EBITDA rose 8.3% to Rs 8475 crore in Q3 December 2015 over Q3 December 2014. EBITDA margin expanded to 35.2% in Q3 December 2015 from 33.7% in Q3 December 2014.
Meanwhile, Bharti Airtel and Axiata Group Berhad (Axiata) yesterday, 28 January 2016 signed a definitive agreement to merge their respective telecommunication subsidiaries in Bangladesh; namely, Airtel Bangladesh (Airtel) and Robi Axiata (Robi). The announcement was made after market hours yesterday, 28 January 2016. The agreement follows the 9 September 2015 announcement of both parties entering into an exclusive discussion to explore possibility of combining the business operations in Bangladesh.
Post-merger, the combined entity operating as Robi will serve approximately 4 crore customers. The joint strengths of Robi and Airtel will deliver the widest mobile network coverage across Bangladesh, strengthening its position in the mobile internet segment as well as consolidating its position as the second largest operator in the country, Bharti Airtel and Axiata said in a joint press release. The proposed transaction is subject to conditions precedent including receiving applicable approvals from relevant authorities and is expected to complete in the first half of 2016, the two companies said. Upon completion, Axiata will hold 68.3% controlling stake in the combined entity, while Bharti will hold 25%. The remaining 6.7% will be held by the existing shareholder, NTT DOCOMO of Japan, they added.
NTPC gained 0.83% ahead of its Q3 results today, 29 January 2016.
Yes Bank shed 1.9% ahead of its Q3 results today, 29 January 2016.
L&T dropped 0.15% ahead of its Q3 results today, 29 January 2016.
Maruti Suzuki India dropped 2.53% after announcing Q3 results. The company's net profit rose 27.06% to Rs 1019.30 crore on 18.95% rise in total income to Rs 15113.40 crore in Q3 December 2015 over Q3 December 2014. Higher volumes, material cost reduction initiatives and favorable foreign exchange contributed to profit during Q3 December 2015, Maruti Suzuki India said. The result was announced market hours yesterday, 28 January 2016.
ICICI Bank dropped 4.4% after the bank reported a rise in non performing assets in Q3 December 2015. The bank's gross non-performing assets (NPA) edged higher to Rs 21149.19 crore as on 31 December 2015 from Rs 15857.82 crore as on 30 September 2015 and Rs 13082.62 crore as on 31 December 2014. The bank's ratio of gross NPAs to gross advances stood at 4.72% as on 31 December 2015, compared with 3.77% as on 30 September 2015 and 3.4% as on 31 December 2014. The bank's ratio of net non-performing assets (NPAs) to net advances stood at 2.28% as on 31 December 2015, compared with 1.65% as on 30 September 2015 and 1.27% as on 31 December 2014. Provisions and contingencies rose 190.3% to Rs 2844.05 crore in Q3 December 2015 over Q3 December 2014. The provisioning coverage ratio as on 31 December 2015 stood at 53.2%.
The bank's net profit rose 4.46% to Rs 3018.13 crore on 13.11% rise in total income to Rs 17562.95 crore in Q3 December 2015 over Q3 December 2014. The result was announced after market hours yesterday, 28 January 2016.
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