Indian markets marginally recover on Wednesday

However, the market was cautious ahead of the expiry of July derivative contracts and the outcome of Federal Reserve's two-day meeting, media reported.

 

On Tuesday, state finance ministers endorsed the Constitution Amendment Bill for the Goods & Services Tax, with some tweaks.The Empowered Committee of State Finance Ministers, in their meeting with Union Finance Minister Arun Jaitley, rejected the Congress demand to cap the GST rates at 18 per cent in the Bill. States, except Karnataka and other Congress-ruled states backed the government’s stand that the rates be kept out of the Bill, according to media reports.

 

HDFC Ltd reported its results for the quarter ending June 30, on Wednesday. The company reported  that profit before tax stood at Rs 2,700 crore as compared to Rs 1,952 crore in the corresponding quarter of the previous year, up 38%. This includes the profit on sale of part of its stake in HDFC ERGO General Insurance Company. After providing Rs 829 crore for tax, (inclusive of Rs 90 crore as Deferred Tax Liability on Special Reserve), the profit after tax stood at Rs 1,871 crore as compared to Rs 1,361 crore in the previous year, up 37 per cent.

 

The company reported 26 per cent growth in individual disbursements. Total Assets under Management (AUM) crossed the Rs 3,00,000 crore mark. Gross non-performing loans stood at 0.75 per cent of the loan portfolio. Consolidated profit after tax at Rs 2,797 crore for the quarter ended June 30, 2016, up 27 per cent.

 

On Wednesday, ICICI Bank, HDFC, Tata Motors, Maruti Suzuki, TCS, Lupin and Adani Ports ranked among the gainers while Dr Reddy's, ITC, Reliance Industries, Axis Bank and Tata Steel suffered losses.