Share markets in India are presently trading on a volatile note amid better-than-expected corporate earnings, but mixed global cues.
The BSE Sensex is trading down by 25 points, at 37,900 levels.
Meanwhile, the NSE Nifty is trading down by 6 points.
The BSE Mid Cap index is trading up by 0.7%.
The BSE Small Cap index is trading up by 0.3%.
On the sectoral front, gains are largely seen in the power sector and metal sector.
IT stocks, on the other hand, are witnessing selling pressure.
The rupee is trading at 74.65 against the US$.
Gold Prices are currently trading up by 0.9% at Rs 49,989.
In news from the banking sector, Axis Bank is among the top buzzing stocks today.
Shares of the private lender surged 8% in early trade today after it reported a healthy set of April-June (Q1FY21) quarter numbers with a strong operational performance.
The bank reported a net profit of Rs 11.1 billion for the June quarter, down 18.8% from the same period last year, due to higher provisions.
Axis Bank reported a 31.3% YoY drop in profit before tax for the first quarter ended June 30 on higher provisions booked in the current quarter, and also due to moving towards a more conservative mode of accounting.
Profit before tax stood at Rs 14.3 billion, against Rs 20.8 billion in the year-ago quarter.
The bank's net interest income (NII) grew 20% year-on-year (YoY) to Rs 69.9 billion from Rs 58.4 billion in the year-ago quarter.
Meanwhile, the net interest margin at the end of the quarter under review stood at 3.40%.
The bank's gross non-performing assets (GNPA) were at 4.72% compared to 5.25% in the year-ago quarter and 4.86% in the fourth quarter of FY20.
Axis Bank's total advances including investments in targeted loan term repo operations papers grew 17% YoY to Rs 5.79 trillion as of 30 June.
The loan to deposit ratio stood at 89% and retail loans grew 16% YoY to Rs 2.98 trillion, accounting for 53% of net advances.
The highlight of the financial result was a sharp reduction in the moratorium book during the quarter. According to the management, about 9.7% of the bank's advance books are under moratorium compared to 25-28% of the advance's books in the first phase of the moratorium.
Axis Bank share price is presently trading up by 5.4%.
Moving on to news from the telecom sector, B2B telecom solutions provider Tata Communications has secured a local license in the Kingdom of Saudi Arabia to expand its internet connectivity, public/private cloud, cybersecurity, and SD-WAN services to large enterprises and MNCs in the region.
In a statement, the Tata group company said type B license entitles the company to provide Internet Service Provider (ISP) and related telecom services to enterprises in a defined capacity, along with local currency billing for end-customers in KSA.
It further added that the COVID-19 pandemic has resulted in a paradigm shift in the way businesses and people operate. To succeed in this new normal, enterprises need to adapt their business models in favor of digital-first solutions.
The company owns and operates the world's only wholly-owned subsea network that encircles the globe. This network enables businesses to reach more than 200 countries and territories.
The company also said that around 30% of the world's internet routes travel over Tata Communications' network.
Earlier this week, Alok Bardiya, the company's head of business unit had said that the company is seeing increased demand for its connected workplace solutions as more factories resume operations.
He said the company expects demand to pick up from the services sector soon.
Tata Communications' share price is presently trading up by 0.4%.
Speaking of Tata Communications, have a look at the chart below to see how the stock has performed over the past few years:
Comments
Log in or sign up to join the conversation.