Stock Market

Sensex, Nifty consolidate; ICICI most active, IDBI gains further


Chillicious Bureau

2:35 pm Essar Ports performance:

Essar Ports (EPL) today said its cargo handling grew by 35 percent to 18.27 million tonnes (MT) in the July-September quarter this fiscal from 13.55 MT in the year-ago period.

“Third-party cargo handling has risen by 106 percent to 1.03 MT in July-September compared to 0.5 MT in the same period a year-ago. Over the quarter, the various terminals of the company handled 209 ships as against 179 ships in the corresponding period last year,” EPL said in a statement.

The robust performance in the quarter under review has been driven by significant operational improvements and better cargo support from anchor customers, it added.

2:20 pm Earnings: SBBJ has posted a loss of Rs 210 crore in July-September quarter against profit of Rs 180 crore in year-ago period. Higher provisions and lower net interest income impacted profitability but other income and tax write-back limited losses.

Net interest income during the quarter declined 5.1 percent to Rs 776.6 crore while treasury gains lifted non-interest income (other income) 37 percent to Rs 287.7 crore YoY. Operating profit grew by 2.5 percent to Rs 523.4 crore on yearly basis.

Asset quality deteriorated further in Q2 with gross non-performing assets (NPA) as as percentage of gross advances climbing 430 basis points QoQ to 10.5 percent and net NPA rising 352 bps to 7.17 percent.

In absolute terms, gross NPA shot up 67 percent to Rs 7,669.2 crore and net NPA 91.6 percent to Rs 5,032.8 crore compared with preceding quarter.

Also read – Analysts bullish on Yes Bank post strong loan growth in Q2

2:00 pm Market Check

Equity benchmark indices remained rangebound with the Sensex hovering around 28000 level. Oil & gas, banks and infra stocks were under pressure but HDFC Bank, ITC and Infosys limited losses.

The 30-share BSE Sensex was down 123.59 points at 28006.25 and the 50-share NSE Nifty fell 27.90 points to 8671.50.

Force Motors, SpiceJet, Reliance Industries, ICICI Bank, Endurance Technologies, NCC, HCL Technologies and Biocon were the most active shares on exchanges.

IDBI Bank was the biggest midcap gainer, up 3.12 percent followed by Tata Communications, SJVN, Biocon and Divis Labs whereas Torrent Pharma, Titan Company, MphasiS, LIC Housing Finance and Oriental Bank fell 2 percent each.