Domestic bourses edged higher in early trade on positive lead from Asian stocks. At 9:20 IST, the barometer index, the S&P BSE Sensex, was up 60.19 points or 0.21% at 29,396.76. The Nifty 50 index was up 20 points or 0.22% at 9,123.50.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 1,020 shares rose and 269 shares fell. A total of 39 shares were unchanged.
Overseas, Most Asian stock markets were trading higher as better-than-forecast trade figures in Japan and a recovery in crude oil prices lifted sentiment.
On the macro front, Japanese exports grew at the fastest rate in more than two years in March, supporting the bullish view in the debate over the health of the global economy.
Meanwhile, the Federal Reserve's Beige Book report showed the US economy continued to expand steadily and Fed Vice Chairman Stanley Fischer painted a picture of brightening global growth that can better manage the spillover of gradual monetary tightening.
Among US stocks, the Dow industrials and the S&P 500 ended lower yesterday, 19 April 2017 as a drop in oil prices fueled a selloff in energy shares while a drop in International Business Machines Corp. was responsible for half the session's losses in the blue-chip average. On the other hand, the Nasdaq Composite rose with big gains from shares of Intuitive Surgical Inc. and Lam Research Corp.
Back home, Wipro (up 1.2%), HDFC Bank (up 1.02%) and Infosys (up 0.69%) edged higher from the Sensex pack.
Tata Steel rose 0.17% ahead of its Q4 March 2017 results today, 20 April 2017.
Yes Bank dropped 2.3% as the bank's bad loans rose. Yes Bank's net profit rose 30.2% to Rs 914.10 crore on 29.44% rise in total income to Rs 5606.38 crore in Q4 March 2017 over Q4 March 2016. The bank announced Q4 results after market hours yesterday, 19 April 2017.
The bank's gross non-performing assets (NPAs) rose to Rs 2018.56 crore as on 31 March 2017 as against Rs 1005.85 crore as on 30 December 2016 and Rs 748.98 crore as on 31 March 2016.
The ratio of gross NPAs to gross advances rose to 1.52% as on 31 March 2017 as against 0.85% as on 31 December 2016 and 0.76% as on 31 March 2016. The ratio of net NPAs to net advances stood at 0.81% as on 31 March 2017 as against 0.29% as on 31 December 2016 and 0.29% as on 31 March 2016.
The bank's provisions and contingencies (excluding tax provisions) rose 66.11% to Rs 309.73 crore in Q4 March 2017 over Q4 March 2016. The board of directors of the bank recommended the payment of final dividend Rs 12 per share for the year ended 31 March 2017 (FY 2017).
The board has also approved raising of funds by way of issuance of debt securities including but not limited to non-convertible debentures, MTN (medium term notes), bonds upto Rs 20000 crore (in Rupee or foreign currency) by the bank to eligible investors on private placement.
NTPC shed 0.15%. NTPC said that its board of directors accorded approval for updating and upsizing the $4 billion medium term notes (MTN) programme upto $6 billion for raising debt from international markets to part finance the capital expenditure on new/ongoing projects, coal mining projects, renovation and modernization of power stations and for other permissible end uses. The announcement was made after market hours yesterday, 19 April 2017.
The board of directors has approved the proposal to issue Notes up to Rs 5000 crore (Rupee denominated bonds) and/or upto $750 million equivalent (foreign currency bonds other than Rupee denominated) in the international markets either under the MTN programme or on standalone basis, in one or more tranches on the terms and conditions as may be agreed with the prospective investor(s) to finance the capital expenditure of new/ongoing projects, coal mining projects, renovation and modernization of power stations and/or for such other purposes as permissible under the ECB guidelines of the RBI.
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