Stock Market Today: In the hour before the market opens, benchmark indices are trading lower. The Nifty was down 27.90 points or 0.16% to 17,423.00, while the Sensex was down 90.47 points or 0.15% to 59,320.61.
Stock Market Today: Hero MotoCorp
Sales increased by 10% to 3.94 lakh units in February 2023 from 3.58 lakh units. Selling 71,544 motorcycles in February 2023, up from 59,160, represents a 21% increase for Eicher Motors. Ashok Leyland: Year-over-year total sales increased by 27% to 18,571 units from 14,657 units. In February 2023, Maruti Suzuki India sold a total of 172,321 vehicles. Bajaj Auto: Total sales decreased by 11% year over year to 2,80,226 units from 3,16,020 units. Escorts Kubota: Total sales increased by 27.8% to 7,811 units from 6,114 units.
Oil hold gains
Early Asian trade on Thursday saw a slight increase in oil prices, extending gains from the previous two sessions. The world’s largest oil consumer, China, showed signs of a robust economic recovery, allaying concerns about an increase in U.S. crude inventories.
While U.S. West Texas Intermediate (WTI) crude futures were up 7 cents, or 0.1%, at $77.76 a barrel at 0231 GMT, Brent crude futures increased 12 cents, or 0.1%, to $84.43 a barrel.
After data revealed that manufacturing activity in China grew at the fastest rate in more than ten years in February, adding to the evidence of an economic recovery following the removal of strict COVID-19 curbs, both contracts increased by about 1% in the previous session.
Gross NPAs of banks to improve to 3.3% in FY24
According to India Ratings, the gross non-performing assets (NPA) ratio of banks is anticipated to decrease from 4.2 percent in FY23 to 3.3 percent in the following fiscal year. If interest or principal payments are not made for a 90-day period, a loan becomes non-performing (NPA).
According to the release, gross NPA for private banks is expected to rise to 2 percent in FY24 from 2.5 percent in FY23 and for public sector banks to rise to 4.1 percent from 5.2 percent. This takes into account the impact of the trend in GNPA write-offs that the banking system is experiencing, according to the ratings agency. In FY24, the ratings agency anticipates low net additions to persist.
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