Railway ministry plans to invest Rs 40000 cr in Mumbai: Prabhu

Railway Minister Suresh Prabhu today said his ministry has chalked out a plan to invest Rs 40,000 crore in different projects in Mumbai, blueprint of which will be prepared before August 15. "I belong to this city. And not only me but all my colleagues know what needs to be done so ample attention would also be given to Mumbai," Prabhu said at the foundation stone laying ceremony of an FOB (foot over bridge) at suburban Khar railway station here.

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HDFC Bank Q4 net rises 20% at Rs 3374 cr, NII jumps 24%

HDFC Bank   has reported good January-March quarter results with net interest income (NII) growth surprise on higher side. The private lender's net profit rose 20.2 percent at Rs 3374.2 crore in fourth quarter of FY16 compared to Rs 2806.9 crore in corresponding quarter last fiscal. During the quarter, its NII or difference between interest earned and interest expended grew 24 percent at Rs 7453.3 crore from Rs 6013.2 crore in year-ago period, led by strong credit growth and stable margins of 4.3 percent.

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The market is in a consolidation mode with the Nifty hovering around 7900. The 50-share index is down 8 points or 0.1 percent at 7904.05. The Sensex is down 16.68 points at 25863.70. Bajaj Auto, Tata Steel, Adani Ports, Maruti and Tata Motors are gainers while BHEL, Sun Pharma, Infosys, Bharti and HDFc are losers in the Sensex.

Selling was led by IT and banking stocks. Index heavyweight Infosys came under profit taking and slipped 1 per cent. The stock had risen sharply this week, boosted by strong sales forecast for FY17.TCS and HCL Tech also traded lower, though Wipro traded with a positive bias. Wipro shares had slumped 7 per cent yesterday, after the IT major reported disappointing numbers in its Q4.

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The S&P BSE Sensex started on a cautious note with a negative bias on Friday led by losses in Infosys, Bharti Airtel, Sun Pharma, Axis Bank, and State Bank of India.The Nifty50 slipped below its crucial psychological support level of 7,900 weighed down by losses in power, consumer durables, capital goods, banks, auto, and auto stocks.

IndusInd Bank gains as much as 2 pct, recovers from Thursday's fall.Initial concerns about rise in NPAs, provisioning send shares down 1 pct on Thursday but analysts broadly positive on results.The lender's Q4 profit rose 25.3 pct, with loan growth at 29 pct, from previous year.HSBC raises price target to 1,176 rupees from 1,142 rupees, keeps "buy" rating.Despite poor asset quality trends in the sector, the bank's asset quality has held up quite well, says HSBC.

Equitas Holdings debuts at Rs 146, up 33% from issue price

Equitas Holdings   debuted at the exchanges at Rs 146.53 per share, up 33 percent from issue price of Rs 110. The IPO was opened from April 5-7, at a price band of Rs 109-110 per share. Subscribed over 17 times, the company's IPO raised about Rs 2,200 crore. The offer comprised fresh issue of shares aggregating Rs 720 crore and an offer for sale of up to 1,32,425,884 shares by existing shareholders, including P N Vasudevan, MD, and private equity stakeholders. The company has already mopped up Rs 652 crore from anchor investors.

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IndusInd Bank Q4 net up 25% at Rs 620 cr; Asset Quality Falls

IndusInd Bank's net profit rose 25 percent to Rs 620 crore in the January-March quarter from Rs 495.3 crore in year-ago period. During the period, its net interest income (NII) increased 37 percent to Rs 1268.2 crore from Rs 925.1 crore on annual basis. According to a CNBC-TV18 poll, the private sector lender was expected to report profit up 27 percent year-on-year at Rs 629.2 crore. Net interest income is seen going up 33 percent to Rs 1,230.6 crore in Q4. Its asset quality fell in Q4, with gross non-performing assets at 0.87 percent versus 0.82 percent and net NPA at 0.36 percent versus 0.33 percent (QoQ). Its provisions, in Q4, was at Rs 213.6 crore against Rs 177 crore

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The market has opened strong riding high on global markets. The Sensex is up 121.41 points or 0.5 percent at 25965.59, and the Nifty is up 41.60 points or 0.5 percent at 7956.35. The 50-share index is at 2016 high, crossing January 1 high 7972. About 401 shares have advanced, 77 shares declined, and 22 shares are unchanged. ICICI Bank is up 6 percent while SBI, Tata Steel, Axis Bank and GAIL are top gainers. Wipro falls 5 percent.

Private sector lender ICICI Bank jumped over 7 per cent to top the Nifty50 index, after Credit Suisse upgraded the stock to outperform. Recognition of bad loans and the moderation in steel sector stress (to which ICICI Bank has significant exposure) will aid ICICI Bank's re-rating, the investment bank said.

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The S&P BSE Sensex surged over 200 points in morning trade on Thursday, to reclaim its crucial psychological level of 26000, led by gains in ICICI Bank, SBI, HDFC, Axis Bank and Tata Motors.The Nifty50 reclaimed its crucial psychological level of 7,950 and was trading just below its crucial level of 8000 supported by gains in realty, consumer durable, metal, oil & gas, and banks, and auto stocks. 

IT services firm Wipro falls as much as 6.3 pct, its biggest intra-day pct fall in eight months.Reports on Wednesday a fall of 1.6 pct in Jan-March net profit at 22.35 bln rupees, missing analysts' estimates.Performance was weak due to continued challenges in select financial services accounts and weak energy and utilities vertical - Kotak Securities

Equity, mid, small-cap outperform benchmark indices over 5 yrs

Majority of equity linked savings schemes as well as mid and small-cap funds outperformed their respective benchmark indices over a five-year period ended December 2015, show data from SPIVA India scorecard. However, majority of large-cap equity funds lagged BSE 100 Index over the same period, the S&P Indices Versus Active Funds (SPIVA) scorecard, which tracks performance of actively managed mutual funds against their benchmarks said.

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HDFC shares climb 3% as subsidiary kicks off IPO process

Shares of HDFC   Ltd rose by nearly 3 percent today after its subsidiary HDFC Standard Life announced plans to launch its initial public offer in which the company would sell 10 percent stake. After a positive opening, the stock further gained 2.76 percent to Rs 1,158.50 on BSE. On NSE, shares of the company climbed 2.31 percent to Rs 1,158.65. The first life insurer in the country to initiate an IPO process, HDFC Standard Life yesterday disclosed plans to launch the share sale. While financial details are yet to be worked out, the IPO could be worth at least about Rs 2,000 crore, going by the valuation derived by the private insurer under its earlier off-market stake sale transactions. In a regulatory filing, Housing Development Finance Corporation (HDFC) said the board of directors of its non-listed subsidiary, HDFC Standard Life Insurance Company (HDFC Life), has approved steps to initiate the process. The IPO will be by way of an offer for sale by HDFC Ltd of up to 10 percent of its stake in the insurance company. In a separate filing, HDFC said it has "in-principle" agreed to sell up to 10 percent stake held in HDFC Standard Life Insurance Company. The IPO is subject to various regulatory approvals, including by regulators Irdai and Sebi.

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Equity benchmarks turned volatile after strong opening on Wednesday. The 30-share BSE Sensex opened more than 100 points higher but could not sustain entire gains. The index rose 53.10 points to 25869.46 and the 50-share NSE Nifty advanced 7.15 points to 7921.85. HDFC gained 2.4 percent after the company's board approved 10 percent stake sale in its insurance arm HDFC Life Insurance through public offer. 

TCS fell 1.6 percent after missed analysts' expectations on Q4 margin front, though profit beat forecast. The Indian rupee gained in the early trade today. It has opened higher by 28 paise at 66.27 per dollar versus 66.55 Monday.Telecom stocks such as Bharti Infratel and Idea Cellular also came under selling pressure in early trade. Zee Entertainment, M&M and Maruti Suzuki were other Nifty stocks trading sharply lower.

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The S&P BSE Sensex pared gains after rallying over 100 points in morning trade on Wednesday led by gains in HDFC, ITC, HDFC Bank, L&T, and Tata Steel.The Nifty50 was trading comfortably above its crucial level of 7,900 supported by gains in power, oil & gas, metal, consumer durable, capital goods, and banking stocks. 

India's stock, debt, and currency markets will be closed on Tuesday for a domestic holiday. Trading will resume on Wednesday.The broader NSE index rose 0.82 percent to end at 7,914.70, while the benchmark BSE index gained 0.74 percent to close at 25,816.36 on Monday.

March trade deficit narrows MoM to $5.07 bn vs $6.54 bn

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India’s trade deficit or the gap between merchandise imports and exports touched a 5-year low to come in at USD 5.07 billion in March from February’s USD 6.54 billion. On year-on-year basis, the deficit was down to USD 118.46 billion from USD 137.69 billion. A sharper rise in exports, which expanded month-on-month (MoM) to USD 22.7 billion from USD 20.7 billion aided in narrowing the deficit even while imports too widened marginally to USD 27.79 billion from USD 27.28 billion.  Oil imports were only a tad higher MoM at USD 4.8 billion, but a major jump was seen in silver imports to USD 210.9 million compared to USD 50.61 million in February.

Good monsoon to send encouraging signals for inflation, growth

The above normal monsoon forecast by Met department is likely to bring encouraging signals for the Indian economy both in terms of inflation and growth prospects, says an SBI Research report. According to the research report, after two successive years of drought, the prediction of above normal monsoon will bring cheers to every sphere of the economy. "As agriculture in India depends heavily on monsoons and given its contribution to Gross value added (GVA) growth is around 15 percent, the above normal monsoons will surely have a positive impact on agriculture, thereby boosting economic growth," the report said.

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LIC Housing Q4 profit up 18%, misses forecast on higher tax cost

LIC Housing Finance's fourth quarter profit missed analysts expectations on Monday, rising 18.5 percent to Rs 448 crore compared to Rs 378.2 crore in year-ago period, impacted by higher tax expenses and provisions. Net interest income, the difference between interest earned and interest expended, grew by 26.5 percent to Rs 822 crore from Rs 650 crore in same period, which was in line.

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The market has opened sharply higher on Monday with the Sensex rising more than 200 points following Infosys' Q4 earnings but could not sustain gains for long due to weakness in global peers. The Sensex rose 10.39 points to 25637.14 while the Nifty fell 6.15 points to 7844.30.

Infosys shares jumped nearly 8 per cent to their 52-week high on Monday after India's second biggest outsourcer forecast stronger-than-expected revenue for the current financial year.Infosys said its 2016-17 financial year constant currency revenue is likely to grow between 11.5 to 13.5 per cent, higher than industry average of 10-12 per cent.

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The S&P BSE Sensex pared most gains after jumping over 200 points in early morning trade led by gains in Infosys, Adani Ports, Lupin, ITC and Bharti Airtel.The market tracked weak cues from other Asian markets and crude oil markets. The breakdowns in talks in Doha oil producers meet over an agreement to freeze oil output at January high also weighed investors' sentiments. 

The benchmark BSE index rose 1.91 percent, while the broader NSE index gained 1.84 percent on Wednesday.The benchmark 10-year bond rose 2 basis points to 7.44 percent from its previous close, while the rupee weakened slightly to 66.64/65 from 66.4250/4350.