- Bank of Baroda: State-owned lender Bank of Baroda (BoB) has reported nearly five-fold yoy growth in its net profit at Rs736.68cr for the second quarter ended September 30, 2019, driven by higher other income. The bank's net interest income (NII), rose 10.09% yoy to Rs7,028cr in Q2FY20, while net interest margin (NIM) stood at 2.81%, up 19bps on a sequential basis. BoB’s asset quality improved during September quarter, with gross non-performing assets (NPAs) ratio declining to 10.25% vs. 11.78% in the year-ago quarter. Net NPA stood at 3.91% as compared to 4.86% in the corresponding quarter last year.
- Maruti Suzuki Ltd: MSIL, the country's largest car maker, has cut its production by 20.7% yoy in October, the ninth consecutive month in which it trimmed output, amid weak demand and a liquidity crunch. The mid-size segment, which comprises cars like Ciaz, saw the steepest decline of 45% with the company producing just 1,922 units against 3,513 units rolled out in the year-ago period. Besides, media reports suggest that the auto maker’s parent, Suzuki Motor Corporation (SMC) has reportedly postponed the opening of a new car plant in Gujarat by a few months after the auto major reported slump in its second quarter earnings. Earlier this year, Suzuki Motor had said the production capacity of Gujarat plant would be enhanced up to 7,50,000 units, adding that the Gujarat plant would play an "important role" in the company's overall business plans.
- GVK Power & Infrastructure Ltd: Hyderabad-based Infrastructure major GVK's tussle with the Adani group over the latter's plan to acquire the 13.5% stake of Bidvest, the South African company in the Mumbai International Airport (MIAL) continues. The Bombay High Court has refused interim relief to Adani which sought to restrain the sale of the Bidvest stake to GVK or any third party. GVK is willing to pay Bidvest the same price it has been offered (Rs77 per share) by Adani. In February last, it informed stock exchanges that GVK Airport Holdings Ltd, a step-down subsidiary of GVK Power & Infrastructure, has the right of first refusal to acquire 162mn equity shares of MIAL, constituting 13.5% paid-up capital, from Bidvest at Rs 77/share and subsequently raise the shareholding of the GVK Group from 50.5% to 64%.
- NTPC Ltd: State-run power company NTPC on Saturday reported 38% yoy jump in its consolidated net profit to Rs3,408.92cr for the second quarter ended September 30, 2019, helped by decline in tax and higher income. NTPC's total income on a consolidated basis increased to Rs26,274.66cr in Q2FY20 from Rs23,566.65cr in the same quarter last year. The company's board also accorded approval for the amalgamation of its arms Nabinagar Power Generating Company Ltd and Kanti Bijlee Utpadan Nigam Ltd with NTPC, subjected subject to necessary approvals, it said in the exchange filing.
- Ashok Leyland Ltd: Ashok Leyland has reported a 93% decline in Q2FY20 profit at Rs39cr as compared to Rs528cr in the same period last year. EBIDTA for the same quarter stood at 5.8% while the revenue went down by 48% at Rs3,929cr as compared to Rs7,621cr in the same period last year. The company posted one-time loss of Rs64.8cr in Q2FY20 against loss of Rs19.3cr in corresponding period last fiscal, due to expenses on voluntary retirement scheme and provision for obligation relating to a subsidiary.
- Lupin Ltd: Drugmaker Lupin on Friday said it has received approval from the US health regulator for its generic Zileuton extended-release tablets used as prophylaxis and in treatment of chronic asthma. The approval by the US Food and Drug Administration (USFDA) is for Zileuton extended-release tablets of strength 600 mg, which is the generic equivalent of Zyflo CR of Chiesi USA, Inc, Lupin said in a regulatory filing post market hours. The medicine is indicated for prophylaxis and treatment of chronic asthma in adults and children 12 years of age and older, it added. Citing IQVIA MAT September 2019 data, the company said Zileuton extended-release tablets, 600mg had annual sales of approximately $43mn in the US.
- Lakshmi Vilas Bank: Private lender Lakshmi Vilas Bank on Saturday reported a net loss at Rs357.17cr for the quarter ending September 30, 2019. The Tamil Nadu-based bank had clocked net loss at Rs132.30cr during the year ago period. For the six-month period ending September 30, net loss was at Rs594.42cr as against Rs256.17cr in the same period last year. Total income for the July-September quarter was at Rs665.33cr as against Rs800.50cr, the bank said in a press release.
- IDBI Bank: IDBI Bank Ltd on Friday said its second quarter net loss narrowed to Rs3,459cr on the back of higher net interest income and other income. The bank posted a net loss of Rs3,602.49cr in the year-ago period. Net interest income increased 25.42% to Rs1,631.48cr from Rs1,300.86cr in the corresponding period last year. Gross non-performing assets (NPA), as a percentage of total advances, were at 29.43% in the September quarter as compared with 29.12% in the June quarter and 31.78% in the year-ago period. Post provision, the net NPA ratio was at 5.97% against 8.02% in the Apr-Jun quarter and 17.30% a year ago.
- Narayana Hrudayala Ltd: The healthcare company has shut down a hospital at Whitefield in Bengaluru as the unit was not able to scale up, the company said in an exchange filing, post market hours on Friday. The unit was positioned for upmarket segment with day-care and short-stay specialties, except cardiac care and oncology. However, the unit was not able to scale due to various reasons including the failure of the lessor to provide additional infrastructure that is compliant with all regulatory norms, the health care services provider said in the filing. The company started the Whitefield hospital in 2013 with a built-up area of approximately 1.1 lakh square feet with 91 operational beds. The company planned to expand the capacity in phases so as to make it a sustainable and viable unit.
- Earnings this week: Coal India Ltd, Hindalco Industries and NMDC, Adani Ports, Alkem Lab, Britannia, Hindalco, Motherson Sumi, NHPC, Aurobindo Pharma, Godrej Industries, 3M India, Adani Green and Adani Power among others will release their quarterly data this week.
Stock markets rallied into the close Friday inspite of growing doubts about the willingness of the US to pare import duties in stages as a part of its partial China trade pact, after President Trump told reporters he hasn’t yet approved such a measure. The Dow Jones (IA) rose 6.44 points, or 0.02%, to close at 27,681.24. The S&P 500 climbed 7.90 points, or 0.26%, to finish at 3,093.08, and the Nasdaq Composite rose 40.79 points or 0.48% to close at 8,475.31.
Peter Navarro, a senior US trade adviser, said that there was no formal agreement in place and the final decision would lie with Trump. But, the latest doubts about resolving the trade war were unable to dissipate the week’s overall stock market rally, which gained momentum after China’s Ministry of Commerce said an agreement had been achieved to jointly eliminate some tariffs in stages as a part of the phase-one pact.