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Trend-Today (14 Feb 2018)
Trend-Today (14 Feb 2018)
Husains
MARKET WRAP
Benchmark indices recouped some of previous day's losses as the Sensex gained 294.71 points
or 0.87 percent at 34,300.47 and the Nifty rose 84.80 points or 0.81 percent to 10,539.80.
About 2,006 shares advanced against 736 declining shares on the BSE. NALCO, Oil India, Bata
India, Sun TV Network, Marico and Amara Raja Batteries rallied 3-7 percent.
Among sectors, Banks, Auto, Metals and Pharma indices gain 1-2 percent. Index heavyweights
HDFC Bank, Reliance Industries, L&T and HDFC gained 1-2 percent.
Maruti Suzuki, the country’s biggest car maker, is discussing with parent Suzuki Motor
Corporation for setting up new factories in India aimed at defending its iron grip over the
domestic car market.
The maker of Alto and Swift will have new capacities totaling 750,000 units per year for itself
taking its total future installed capacity to a staggering 3 million units per annum. The new
capacities could either come up in Gujarat, where its parent has started operations with its first
plant or it could come at a completely new site.
“Kenichi Ayukawa, Managing Director, Maruti Suzuki said, “Right now, the capacity of (the)
Gujarat plant is 250,000 units per annum. We have started construction of the second plant,
which will start operations in 2019. We are also requesting a third plant there and a decision on
starting operations will be taken this year. There is a capacity of 750,000 per year for the future
in Gujarat. And in the Haryana plant, we have a capacity of 1.5 million. Together, we would have
a capacity of 2.25 million. After that, we have to consider if we want to have another factory in
Gujarat and then should we look at some other site.”
“Our parent company invested in Gujarat. But we have to modify our factory every time and
every year we try to start (production) of a new model this includes full model change and minor
model change. Those kinds of investments we have to make. Also for technology developments
we used to 100 percent dependent on Japan but right now we do sharing for work," added
Ayukawa.
The bank had reported profit at Rs 373.5 crore in corresponding quarter of last fiscal.Net interest
income, the difference between interest earned and interest expended, grew by 30.2 percent to
Rs 1,623 crore compared to year-ago.
Asset quality improved during the quarter as the gross non-performing assets were lower at 6.27
percent from 6.67 percent in previous quarter and net NPAs were also declined at 3.30 percent
from 3.41 percent QoQ.
In absolute terms, gross NPAs were down 0.3 percent sequentially to Rs 9,595 crore but net
NPAs increased 3 percent to Rs 4,898 crore in Q3.Provisions and contingencies were higher YoY
as well as QoQ, but provisions for non-performing assets declined 39 percent quarter-on-quarter
and 29.5 percent year-on-year to Rs 385.48 crore for quarter ended December 2017.
Other income or non-interest income slipped 8.5 percent to Rs 548.85 crore and operating profit
increased 18.4 percent to Rs 1,209.2 crore compared to year-ago.