Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 17 points at the opening bell. In overseas markets, Asian stocks were mixed. 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.
Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 961.82 crore yesterday, 28 January 2016, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 394.22 crore yesterday, 28 January 2016, as per provisional data.
Among corporate news, Bharti Airtel'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, Yes Bank and L&T are scheduled to announce third quarter results today, 29 January 2016.
Maruti Suzuki India'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'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.
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%.
Losses for stocks of telecom firms, banks and index heavyweight HDFC outweighed gains for stocks of oil production and exploration companies, pharma firms and index heavyweight ITC, with key benchmark indices registering small losses yesterday, 28 January 2016. The Sensex fell 22.82 points or 0.09% to settle at 24,469.57, its lowest closing level since 22 January 2016.
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