Published on: 4:51 pm
- Manaksia Aluminium Company Limited informed the exchanges Thursday that profitability for the first quarter of FY21 will be little impacted and we shall strive to return to profitable level from Q2 onwards.
- The company is servicing its debts regularly and meeting financial commitments. There is no significant change in the value of current and non-current assets of the company due to Covid-19.
- The supply chain of the company was impacted severely during the initial two months of the lockdown but has since recovered and it expects 100% restoration of a supply chain with in the next two months. Read More
Published on: 4:40 pm
- Dilip Buildcon on Thursday announced that its subsidiary has received the letter of acceptance (LOA) from the National Highways Authority of India for an EPC project in the state of Bihar.
- According to the regulatory filing, this new EPC project involves - construction of New Link NH-133B from Km 0.200 (Km 200.700 of Sahibganj Bypass) in Jharkhand to Km 15.885 (Km 25.240 of NH131A) including Ganga Bridge and Construction of Manihari Bypass from Km 0.000 (Km 25.240 of NH-131A) to Km 5.500 (Km 34.100 of NH-131A near Narenpur) and widening of NH-131A from Km 5.500 (Km 34.100 of NH-131A) to Km 6.000 (Km 34.600 of Nh-131A) in the state of Bihar to 4 lane Standards on EPC Mode Project.
- The new EPC project covers 21.685 Km and has a bidding cost of Rs1900.08cr. The project is expected to be completed in 48 months. Read More
Published on: 4:32 pm
- The state-owned NTPC on Thursday entered a Memorandum of Understanding (MoU) with National Investment and Infrastructure Fund (NIIF) for exploring opportunities for investments in areas like renewable energy, power distribution among other areas of mutual interest in India. In this MoU, NIIF will be acting through the National Investment and Infrastructure Fund Limited (NIIFL).
- Through this MoU, NTPC and NIIF aim to collaborate to further help India’s vision of building sustainable and robust energy infrastructure in the country. This partnership aims to bring together NTPC’s technical expertise and NIIF’s ability to raise capital and bring in global best practices by leveraging its existing relationships with leading players.
- NTPC in its filing stated that the company targets to have nearly 30 GW of its overall power generation capacity from renewable energy sources by 2032. Read More
Published on: 4:24 pm
- Aditya Birla Money has witnessed a downward trend in top-line, however, recorded gradual growth in the bottom-line front for the first quarter ending June 2020 (Q1FY21). The company presented its financial performance on Thursday, after which it's stock finished at Rs35.75 per piece down by 0.56% on Sensex.
- In Q1FY21, the company posted a net profit of Rs3.54cr compared to a profit of Rs3.49cr in the corresponding period of the previous year and Rs2.79cr of the preceding quarter.
- Total revenue from operations stood at Rs43.84cr in Q1 as against Rs44.70cr a year ago same period and Rs44.54cr of the previous quarter. The revenue, however, was mellowed due to growth recorded in the sales of service which stood at Rs29.64cr higher from Rs24.19cr of Q4FY20. Read More
Published on: 4:24 pm
- KDDL Limited’s subsidiary Ethos Limited has closed the operations of the Ethos store in Mumbai. Last month Ethos had closed total of three stores in Pune, Bhopal and Bengaluru. The total number of Ethos stores as on date is 49 only.
- “This is to inform you that Ethos Limited, company’s subsidiary, has closed the operations of the Ethos store situated at Unit No.- 22, Plot Nos. 240/240A, Backbay Reclamation, Block No.- III, Nariman Point, Mumbai 400 021, Maharashtra,” KDDL Limited intimated the exchanges on Thursday.
- KDDL Ltd trade ended at Rs147, down by Rs3.3 or 2.2% from its previous closing of Rs150.30 on the BSE. Read More
Published on: 4:08 pm
- ICRA has sharply revised its forecast for the contraction in Indian GDP in FY2021 (at constant 2011-12 prices), to 9.5% from its earlier assessment of 5.0%, with the climbing Covid-19 infections resulting in a spate of localised lockdowns in some states and cities, arresting the nascent recovery that had set in during May-June 2020.
- Aditi Nayar, Principal Economist, ICRA, says, “The Indian economy had started to recover from the troughs experienced in April 2020, when the lockdown was at its severest, and many sectors seemed to be adjusting to a new normal. However, the unabated rise in Covid-19 infections in the unlock phase and re-imposition of localised lockdowns in several states, appear to have interrupted this recovery. Given the severity of the pandemic and the duration of the safety measures that need to be employed, we now expect a deeper pace of GDP contraction in Q2 FY2021 relative to our earlier forecast. We also anticipate more unevenness, as different regions move in and out of lockdowns, and persisting labour supply mismatches affecting supply chains and consumption patterns.”
- “The timeline for a firmer recovery out of the contractionary phase is now being pushed ahead to at least Q4 FY2021 from Q3 FY2021. This presumes that a vaccine will be widely available by then, which now appears necessary for discretionary consumption to recover in certain sectors such as travel, hospitality and recreation,” Ms. Nayar added. Read More
Published on: 4:07 pm
- Sundaram Finance Holdings Limited (SHFL) approved an investment not exceeding Euro 3.5 Million (in the form of cash consideration) representing a stake of up to 49.9%, in Mind S.r.I., Italy (MIND).
- Bologna, Italy based MIND engages in the manufacturing of composite materials components for the automotive, aerospace and medical sectors.
- SFHL informed the exchanges Thursday that "the discussions with MIND in connection with the proposed transaction and definitive agreements are yet to be executed. Upon completion of the negotiations and execution of definitive agreements, the proposed transaction is likely to be completed by end of September 2020, subject to all necessary approvals".
- The proposed investment would enable SFHL to enter the rapidly growing composite part manufacturing space and facilitate the sharing of technical know-how and expertise in the said space. Read More
Published on: 4:02 pm
- Punjab & Sind Bank has revised its Marginal Cost of Funds Based Lending Rate (MCLR) with effect from Thursday onward. However, the bank has decided to keep the base rate and Benchmark Prime Lending Rate (BPLR) as unchanged for this month.
- Now MCLR for 1-year tenor is at 7.80%, followed by 7.70% rate on six-month tenor and 7.55% on three-month tenor. While the bank kept MCLR of 7.45% and 7.10% on tenors like overnight and one-month.
- In its filing, the bank said, "Further the ALCO has also resolved to keep the existing rate of Base Rate unchanged at 9. 70% and BPLR at 14.00%". Read More
Published on: 3:39 pm
- Zensar Technologies Limited announced Thursday that Foolproof has launched Infinity CRO, a conversion rate optimisation product focused on helping businesses improve their digital real estate, focus marketing spend and make significant returns on digital.
- Infinity CRO brings together the end-to-end capability Foolproof have from qualitative research and insight, to behavioural science, visual design and front-end development across Zensar’s technology implementation, tooling, analytics and leading digital services partners.
- Foolproof, a Zensar company, is an experience design company. They specialise in end-to-end digital product and service design for global brands.
- Zensar Technologies trade ended at Rs137.15, up by Rs6.05 or 4.61% from its previous closing of Rs131.10 on the BSE. Read More
Published on: 3:29 pm
- Domestic markets witnessed a strong rally in the closing part of the trade as across the board short-covering weighed in. Both Nifty and Bank Nifty index closed ~1 % higher led by a strong rally in IT and financial stocks.
- Infosys closed ~10% higher, hitting fresh lifetime high backed by better than expected quarterly earnings and dovish management commentary.
- Nifty Midcap100 index closed higher, up ~0.5. Market breadth ended in favour of the declines with the advance/decline closing at 1:2x. Nifty & Bank Nifty future saw short covering.
- On the options front (July 16, 2020 expiry), across the board put option writing was seen in the Nifty & Bank Nifty index as the indices traded with a positive bias. India Vix index closed at 25.5, down 3%. Read More
Published on: 3:22 pm
- Marico shares have recovered from the day’s low in the afternoon session on the stock exchange. The board has appointed Pawan Agarwal as the company's new CFO.
- The Board appointed Pawan Agrawal as the Chief Financial Officer of the Company with effect from September 10, 2020, in succession to Vivek Karve.
- The Board accepted the resignation of Vivek Karve, Chief Financial Officer, to be effective from the close of business hours on September 10, 2020. Vivek Karve joined the Company in the year 2000 and was appointed as the Chief Financial Officer of the Company on April 1, 2014. In his 20 years’ stellar career in Marico’s Group Finance, Karve contributed significantly to the Company’s growth and transformation journey. Read More
Published on: 3:21 pm
- The benchmark Sensex and Nifty were trading in green during Thursday's trading session after major IT companies like Mindtree, Infosys and Wipro logged higher profits in their books during June 2020 (Q1FY21) quarter which was expected to be worst hit from Covid-19. That said, there was huge buying also witnessed in IT stocks subsequently.
- At around 3.11 pm, the Sensex was trading at an intraday high of 36,520.35 up by 468.54 points or 1.30%. While the Nifty 50 was performing at 10,743.10 above 124.90 points or 1.18%. The BSE IT index meanwhile was trading at 17,161.32 soaring by 649.84 points or 3.94%.
- Here's the list of bulls and bears of the day on Sensex.
- Infosys: The stock was trading at Rs909.40 per piece, higher by 9.38%. Infosys has posted its Q1FY21 result on Wednesday, where it reported a consolidated net profit of Rs4,272cr increasing by 12.4% from Rs3,802cr in the corresponding period of the previous year. Meanwhile, operating profit stood at Rs5,365cr with a growth of 20% yoy and 8.9% qoq. As for the operating margin, it was at 22.7%. Read More
Published on: 2:25 pm
- India Ratings and Research (Ind-Ra) has undertaken a comparative analysis of business and financial indicators over FY16-FY20 for key industry players in the base metals sector in a report published today, highlighting their relative strengths amid a subdued sector performance in FY20. The agency has also covered its recent rating actions in the sector. In addition, a medium-term price deck for key base metals – aluminium, copper and zinc – has been included. Read More
Published on: 2:15 pm
- Equity market indices are calm but still higher in the afternoon trade.
- BSE Sensex is trading at 36,165.47 up 113.66 or 0.32% while Nifty50 is trading at 10,647.95 up 29.75 or 0.28%. Read More
Published on: 2:00 pm
- Rashtriya Chemicals & Fertilizers (RCF) Limited informed the exchanges Thursday that it is in the business of manufacture and sales of fertilizers and Industrial chemicals PAN India. The immediate impact of the Covid-19 pandemic with respect to customer and governmental reactions to the crisis have been varied.
- The company was affected by lockdown as well as Covid-19 in many ways but the recovery has been fast underway due to number of immediate steps taken by the company. Read More
Published on: 1:51 pm
- Tata Power, India’s largest integrated power company, announced that Tata Power Green Energy Limited (TPGEL), the Company’s wholly owned subsidiary, has received a Letter of Award from Tata Power Mumbai Distribution on 13th July 2020 to develop a 225 MW hybrid renewable project.
- The energy will be supplied to Tata Power Mumbai Distribution under a Power Purchase Agreement (PPA), valid for a period of 25 years from scheduled commercial operation date. Read More
Published on: 1:50 pm
- The Udaipur-headquartered Bajaj Consumer Care on Thursday posted a standalone net profit of Rs54.2cr during June 2020 (Q1FY21) quarter, down by 7.6% from Rs58.65cr in the corresponding period of the previous year. However, the Q1 PAT more than doubled from Rs24.52cr recorded in the preceding quarter.
- After the result announcement, the company's stock jumped by as much as 9.8% on Sensex with an intraday high of Rs165.65 per piece before correcting. Read More
Published on: 1:46 pm
- SBI Cards and Payment Services Ltd has nominated Ashwini Kumar Tewari as the new MD & CEO, starting August 1, 2020, for a period of two years.
- In an exchange filing, the company said that it has appointed Ashwini Kumar Tewari as Managing Director & CEO (nominated by State Bank of India) of the Company with effect from August 1, 2020, for a period of two years, subject to all the requisite approvals including the approval of the shareholders at the ensuing Annual General Meeting. This is to further confirm that Tewari is not related to any of the Directors of the Company. Read More
Published on: 1:34 pm
- It has been three years since the Goods and Services Tax (GST) was implemented with much euphoria. On the midnight of 1 July 2017, the GST was unveiled in the Central Hall of the Parliament and was hailed as a great initiative in cooperative federalism. The tax itself was unique in many ways. This is one of the few cases of subnational GST, and the only comparable experiments were in Canada, the European Union, and Brazil. Sijbren Cnossen, an acknowledged expert on the subject, characterized the experiences in these countries as “the good”, “the bad” and “the ugly”. Read More
Published on: 1:31 pm
- Even though there lower crude oil prices currently, yet this could safe Indian aviation industry from witnessing heat of Covid-19 pandemic which resulted in a nationwide lockdown. In its research note titled "Stormy flight", CRISIL an S&P Global company, said, Covid-19 to crimp airline margins despite lower crude prices this fiscal.
- On Wednesday, CRISIL's note said, "Curtailed mobility of people due to the Covid-19 pandemic and related restrictions will shrink India’s air passenger traffic in both domestic and international sectors by 40-45% and 60-65%, respectively, this fiscal." Read More
Published on: 1:26 pm
- Bajaj Consumer Care Ltd. announced its quarterly results on July 16, 2020. The consolidated revenue in Q1FY21 stood at Rs197.58cr, which declined by 17.93% yoy from Rs240.74cr in Q1FY20.
- EBITDA stood at Rs57.04cr in Q1FY21 that decreased by 16.86% yoy. For Q1FY20, it posted EBITDA of Rs68.61cr. EBITDA margin as of Q1FY21 was at 28.87% that increased by 37bps yoy for the same quarter, previous year. Read More
Published on: 1:23 pm
- The Indian rupee trading lower amid some buying in American currency by banks and importers. The currency opened 8 paise down at 75.23 against the US dollar in the early morning trade.
- Currently, it is trading 6 paise lower at 75.19 against US Dollar. Read More
Published on: 1:20 pm
- Oil India Limited informed the exchanges Thursday that all major debris have been cleared from the well plinth. A detailed inspection of the well was undertaken today jointly by Alert, ONGC & OIL technical team to decide the next course of action.
- The preparations for the capping of the oil well in Bhagjan, Assam are on war footing mode. The Well had suffered blowout on May 27 and was followed by fire incident on June 10. The recent floods hampered the work. Read More
Published on: 1:15 pm
- Despite sluggish trade in the afternoon, equity market indices are holding on to positive trade.
- BSE Sensex is trading at 36,191.28 up 139.47 or 0.39% while Nifty50 is trading at 10,649.55 up 31.35 or 0.3%. Read More
Published on: 1:11 pm
Published on: 1:05 pm
- Domestic markets erased some of the intraday gains but still trading higher with Nifty around 10,650. The Sensex was up 186 points at 36,238 and the Nifty was up 29 points at 10,647. About 510 shares have advanced, 1,252 shares declined and 389 shares are unchanged.
- The Nifty IT gained in nine out of the last 10 trading sessions, the index is up over 2% at 16,812.55. Read More
Published on: 12:57 pm
- The commercial vehicles manufacturer, Escorts, was trading in red on Thursday after it announced that the company has entered into an amendment agreement with Japan's Kubota Corporation. At around 12.48 am, the Escorts stock was trading at Rs1082 per piece, down by 2.29% on Sensex.
- According to the filing of Escorts, the duo has agreed upon the amendments in the share purchase agreement (KAI SPA) which involves Escorts buying 40% stake in Kubota Agricultural Machinery (KAI). Read More
Published on: 12:41 pm
- Tribhovandas Bhimji Zaveri Limited informed the exchanges Thursday that the company suffered a substantial impact on revenues for March 2020, particularly due to loss of revenues on the occasion of Gudi Padwa and other regional festivals in different parts of the country as well as the build‐up towards Akshaya Tritiya. This had an impact on the Q4FY20 earnings of the company.
- The company’s Covid adjusted estimated financials for Q4FY20 was revenue Rs342.5cr compared to Rs415.5cr in Q4FY19; Covid adjusted Rs441.5cr. EBIDTA Rs23.8cr compared to 14.0cr in Q4FY19; Covid adjusted Rs37.6cr and PAT Rs4cr compared to 12cr in Q4FY19; Covid adjusted Rs18cr. Read More
Published on: 12:38 pm
- Indiabulls Real Estate seeks to enter into a merger of certain ongoing, completed and planned residential and commercial projects of Embassy Group entity. The Indiabulls Group-company said, "to give effect to the Amalgamation, the Board constituted committee of the Company is taking required steps including appointment of merchant bankers, lawyers and valuers to arrive at the swap ratio and definitive agreements".
- The details of the merger will be placed before the Indiabulls Real Estate's board for approval in four weeks starting from July 15, 2020.
- Embassy has proposed to merge the following Embassy assets into Indiabulls Real Estate. Read More
Published on: 12:15 pm
- Equity market indices are firm after a strong start.
- BSE Sensex is trading at 36,238 up 186.20 or 0.52% while Nifty50 is trading at 10,660.85 up 42.65 or 0.4%.
- The Nifty Bank is trading down 0.24% at 21290.00 while Mid-cap Index is down by 0.42%.
- Infosys, Mahindra & Mahindra, HCL Technologies, Hero Motocorp and JSW Steel are the top gainers. Bharti Infratel, Zeel, Tech Mahindra, Vedanta and ITC are the top losers.
- Nifty IT (3%) continues to lead the trade despite slowdown in trade. Auto and Realty are the only other sectors in positive. Nifty Media is struggling the most. Read More
Published on: 12:08 pm
- Asian stock markets were trading lower on Thursday with the Shanghai Composite down 2.83%, while Hong Kong’s Hang Seng index declined 1.48%. In Japan, the Nikkei 225 dipped 0.77%, the Topix index was 0.6% lower and South Korea’s Kospi declined 0.65%.
- China reported that the country’s GDP grew by 3.2% in the second quarter of this year as compared to a year ago and retail sales in June fell 1.8% you.
- Meanwhile, oil prices eased after OPEC and allies such as Russia agreed to taper record supply curbs from August, though the drop was cushioned by hopes for a swift US demand pick-up after a big drawdown from the country’s crude stocks. Read More
Published on: 11:57 am
- Hercules Hoists Limited has temporarily shut down production and distribution facilities at Khalapur in Raigad for ten days from today. The company had already moved to 'work from home' policy for all its office employees.
- “We wish to inform that in view of the lockdown announced by the Collector of Raigad District, the production and distribution facilities at Khalapur (Raigad) have been temporarily shut down from July 16, 2020 to July 25, 2020 and will be operated after that, as per the guidelines of concerned local authorities,” company informed the exchanges on Thursday.
- Hercules Hoists Ltd is currently trading at Rs79.30 down by Rs1.9 or 2.34% from its previous closing of Rs81.20 on the BSE. Read More
Published on: 11:35 am
- Zydus Cadila has received approval for its supplemental Abbreviated New Drug Application (sANDA) for Doxycycline Injection USP, 100 mg/Vial from the USFDA.
- The product will be manufactured at Cadila Healthcare Ltd’s injectable facility at Jarod, Vadodara (formerly known as Liva Pharmaceuticals Ltd).
- The stock is currently trading at Rs354.90, up by Rs0.6 or 0.17% from its previous closing of Rs354.30 on the BSE.
- The state-of-the-art facility is equipped with manufacturing lines that can handle both liquid and lyophilised products based on vials and cartridges presentation. Read More
Published on: 11:31 am
- Home textile company Himatsingka Seide Limited has closed operations of Doddaballapur plant in Kamataka till July 21.
- “We would like to inform that in view of lockdown announced by Government of Kamataka, the company's Doddaballapur plant in Kamataka, has been closed for operations till July 21, 2020, or until further orders from Government of Karnataka,” the company informed the exchanges on Wednesday.
- The spike in Covid-19 cases across the country has led to re-imposition of lockdown in many states.
- The company is currently trading at Rs56.55, down by Rs1.45 or 2.5% from its previous closing of Rs58 on the BSE. Read More
Published on: 11:26 am
- Cochin Shipyard gained after the company said it won a contract from Norway ASKO Maritime AS for constructing two autonomous electric ferries with an option to build two more such ships.
- Cochin Shipyard Limited (CSL), Kochi signed contracts for construction and supply of two nos Autonomous Electric Ferry for ASKO Maritime AS, Norway with an option to build 2 more identical vessels.
- CSL is the largest commercial shipbuilder in India. The company clinched this prestigious export order from ASKO Maritime AS, the subsidiary group of Norges Gruppen ASA, one of the largest players in the Norwegian retail segment.
- This Autonomous Electrical vessel project is an ambitious project in Norway partially funded by the Norwegian Government aimed at emission-free transport of goods across the Oslo fjord. Read More
Published on: 11:15 am
- After a gap-up start indices continue to trade higher.
- BSE Sensex is trading at 36,197.65 up 145.84 or 0.40% while Nifty50 is trading at 10,644.05 up 25.85 or 0.24%.
- The Nifty Bank is trading down 0.56% at 21221.80 while Mid-cap Index is down by 0.52%.
- Infosys, HCL Technologies, Mahindra & Mahindra, TCS and Hero Motocorp are the top gainers. Bharti Infratel, IOC, ITC, Vedanta and Zeel are the top losers.
- Nifty IT (4.5%) and Auto are the only other sectors currently trading in positive. Nifty Media is struggling the most. Read More
Published on: 11:13 am
- On Thursday, the Reliance Industries (RIL) stock was witnessing mixed trend on exchanges after the company's Chairman and Managing Director (MD) Mukesh Ambani made key announcements in its 43rd annual general meeting (AGM). The RIL stock which opened at Rs1,850 per piece on Sensex has managed to touch an intraday high and low of Rs1,868 per piece and Rs1,812.25 per piece, respectively.
- At around 11.10 am, the stock was performing at Rs1,834.85 per piece down by Rs10.75 or 0.58%.
- On Wednesday, when the AGM was presented, RIL stock had touched an all-time high of Rs1,978.50 per piece on Sensex.
- Some of the major key announcements done by Ambani in the AGM were: Read More
Published on: 11:09 am
- The second day of Yes Bank's further public offering (FPO) has commenced, and so far has received nearly 27% subscription against the total issue size. However, on Thursday, the Yes Bank stock was facing heavy profit booking from investors front, as it nosedived by 7.82% on Sensex with an intraday low of Rs18.85 per piece in early trade.
- As per the data given on BSE, at around 10.51 am, the Yes Bank's FPO has received cumulative bidding of 1,99,21,80,000 equity shares at a price band of Rs12 per piece. Further, the cumulative bidding of some 46,47,04,000 equity shares was made at the upper price band of Rs13 per piece.
- After the intraday low, the Yes Bank stock was performing at Rs19 per piece, down by 7.09% on Sensex at the same time. Read More
Published on: 11:04 am
- Shares of Alembic slipped 4.5% on the BSE in the morning trade. The company clarifies that its fermentation facilities have been closed down and its runs only a chemistry-based small API unit.
- “With reference to the captioned matter, we would like to inform that it has come to our notice that a message recommending the shares of the Company is getting circulated on What's App (copy of the message is enclosed). We strongly refute the statement 'Company's Management also indicated the value unlocking .... .',” the company said.
- The Company has not indicated any such proposal to anyone nor do we have any such plans. The company said statement is not only false but misleading for investors. Read More
Published on: 11:01 am
- Titagarh Wagons Limited (TWL) informed the exchanges on Wednesday that it has acquired the shares held by Matiere S.A.S., France (Matiere), representing 50% of the paid-up share capital of Matiere Titagarh Bridges Private Limited (“MTBPL”), a joint venture company of TWL.
- As a result of the above, the shareholding of TWL in MTBPL has changed from 50% to 100% and thus MTBPL has become a wholly-owned subsidiary of the TWL from July 14, 2020.
- The shares have been acquired at a price of Rs1.80 per share being the fair value, as computed in accordance with the applicable provisions of FEMA/RBI. TWL has acquired 75,48,820 equity shares of Rs10 each of MTBPL, representing 50% of its paid-up share capital. Read More
Published on: 10:53 am
- CCL Products (India) Limited informed the exchanges Wednesday that the company is operating in food and beverages sector. As Covid-19 is a global pandemic, lockdown conditions in several countries impacted coffee consumption in HORECA (Hotels, Restaurants and Cafes) segment, however, it was adequately compensated by in house consumption which seem to have picked up during lockdown.
- The cashflows and financials of the company were not affected since it could maintain almost normal operations till date. The company has adequate liquid current assets and unutilized credit lines which will enable adequate cushion against any sensitivity.
- The company is having adequate resources for meeting its debt servicing and for the operations. There is no major stress anticipated on the demand for the products or on the supply chain. The financial reports and control aspects continue to be robust in the Company. Read More
Published on: 10:39 am
- State Bank of India (SBI) on Thursday said that it will raise Rs25,000cr in capital through additional tier-1 (AT1) and tier-II bonds from markets in FY21.
- In an exchange filing on Thursday post-market hours it said that the board has approved raising fresh AT1 capital up to Rs4,000cr, subject to the government of India’s concurrence.
- Also, the board gave the approval to raise fresh tier-II capital up to Rs10,000cr.
- It will redeem existing tier-II bonds of Rs11,015cr that have call dates during the current financial year FY21. It will replace them by raising fresh tier-II capital bonds of same amount. This would be over and above Rs10,000cr worth tier-II capital bonds for which board has given approval, the bank said. Read More
Published on: 10:29 am
- On Thursday, the Kolkata-based Bandhan Bank witnessed huge sell-offs after the lender posted lower Q1 profitability during June 2020 (Q1FY21) quarter. On Sensex, the bank's stock has plunged by 5.44% by touching an intraday low of Rs330.60 per piece in early trade before correcting.
- The bank recorded a 31.59% decline in its net profit to Rs550cr during Q1FY21 compared to Rs804cr in the corresponding quarter of the previous year. The Q1 PAT was impacted as the bank has taken accelerated additional provision on standard assets amounting to Rs750cr for COVID-19 pandemic.
- On the other hand, the net interest income (NII) stood at Rs1,811cr this quarter, rising by 14.98% from Rs1,575cr a year ago same period. As for net interest margin (NIM), it stood at 8.15% in Q1FY21 against 8.13% on March 31, 2020. Read More
Published on: 10:22 am
- Infosys was the most bought stock on Dalal Street during Thursday's trading session, after the IT-giant registered growth in its bottom-line and top-line base for the quarter ending June 2020 (Q1FY21). On Sensex, the Infosys stock has clocked a 52-week high of Rs946.50 per piece. With the all-time high, the stock has advanced by as much as 13.83% so far on today's session. Read More
Published on: 10:15 am
- Equity market indices are trading in greener pastures after a positive start.
- BSE Sensex is trading at 36,326.14 up 274.33 or 0.76% while Nifty50 is trading at 10,676.85 up 58.65 or 0.55%. Read More
Published on: 9:55 am
- Info Edge (India) Limited informed the exchanges Wednesday that different segments in the core operating businesses may experience a different level of stress in the business due to disruption and the rebound of normalcy would evolve over time.
- B2B markets are more indexed to global and domestic economy, and particularly the job market and the property markets. B2C market for businesses such as “Jeevansathi” are expected to be relatively less impacted due to Covid-19 and pursuant lockdown to curtail its spread. Read More
Published on: 9:36 am
- Larsen & Toubro Infotech, a global technology consulting and digital solutions company, announced its Q1FY21 results on Wednesday. The company’s revenue stood at Rs2,949.2cr, decrease of 2.1% qoq and growth of 18.7% yoy. Net Income stood at Rs416.4cr, decrease of 2.6% qoq and growth of 17.1% yoy.
- Dollar revenue was reported at $390.3mn, decrease of 4.8% qoq and growth of 9.5% yoy. Constant currency revenue saw decrease of 4.7% qoq and growth of 10.6% yoy. Read More
Published on: 9:29 am
- Equity benchmark indices opened higher on Thursday led by gains in IT stocks. However, gains were capped by the decline in heavyweight index Reliance and HDFC twins.
- At 9:18 AM, the Sensex was up 108 points at 36,160 and the Nifty gained 55 points to 10,674. The midcap index and smallcap index has opened higher by 0.4% and 0.3%, respectively. Read More
Published on: 9:26 am
- GTPL Hathway Limited (GTPL) announced the financial results for the first quarter of Financial Year 2020-21 on Wednesday. Digital Cable TV and Broadband Service provider company reported a 39% increase in profit after tax at Rs409mn for Q1FY21.
- The consolidated Q1FY21 revenue stood at Rs5,020mn, up 10% yoy despite Covid-19 challenges and consolidated Q1FY21 revenue (ex-EPC) at Rs4,717mn, up 20% yoy. Read More
Published on: 9:15 am
- The Reserve Bank of India (RBI) has released the Quarterly Basic Statistical Returns (BSR)-1: Outstanding Credit of Scheduled Commercial Banks (SCBs) for March 2020 month. This data captures various characteristics of bank credit such as population group, occupation/activity and organisational sector of the borrower, type of account and interest rates.
- According to RBI, the bank credit growth (Y-o-Y) continued to decelerate across all population groups and stood at 6.3% in March 2020; bank branches in rural areas, however, maintained double-digit growth. Read More