Muthoot Finance retains robust growth, stable asset quality in Q3
Gold loan lender Muthoot Finance Ltd managed to hold on to robust growth in asset under management (AUM) for the second straight quarter, a sign that borrowers continue to prefer gold as an asset for liquidity generation.
Average monthly disbursements grew 50% year-on-year (y-o-y) for the December quarter. Gold loans not only serve as a quick access to liquid funds, but are also the first segment to be tapped by borrowers in times of an emergency. Both factors have helped Muthoot Finance in a pandemic-ridden FY21 so far. (Full report)
10 Feb 2021, 02:41:17 PM IST
Tata Steel sees strong operating performance in Q3 as deleveraging accelerates
Tata Steel Ltd continues to show an improvement in its financial performance with steel demand and pricing environment remaining favourable. The company not only reported its strongest ever consolidated Ebitda during the Q3FY21 but continues to see debt reduction with improved cash flow. (Full report)
10 Feb 2021, 02:34:20 PM IST
Dhanlaxmi Bank shares fall
Private sector lender Dhanlaxmi Bank registered 44.5% dip in net profit to ₹11.81 crore in the third quarter ended December 2020 on muted retail business even as bad loan ratio declined. The bank's net profit was ₹21.28 crore in the year-ago period.
Jammu & Kashmir Bank (J&K Bank) on Tuesday reported a 32.8% rise in its net profit at ₹65.94 crore for the quarter ended in December.
The bank had posted a net profit of ₹49.64 crore in the year-ago period.
The bank's total income increased to ₹2,348.02 crore in the third quarter of financial year 2020-21 as against ₹2,195.02 crore in the same quarter of the last year, J&K Bank said in a regulatory filing.
Glenmark board to meet this week to consider buyback for Singapore-listed FCCBs
Glenmark Pharmaceuticals on Tuesday said its board will meet later this week to consider buyback of its Singapore-listed foreign currency convertible bonds (FCCBs).
"...a meeting of the Board of Directors of Glenmark Pharmaceuticals Limited will be held on February 12, 2021, to consider opportunistic tenders or buybacks of any part of its Singapore listed foreign currency convertible bonds, being, its USD 200 million (as on date outstanding USD 113.5 million) 2 per cent resettable onward starting equity-linked securities due June 28, 2022, issued in 2016 ("FCCBonds")...," the company said in a regulatory filing.
"During the previous year the Company expanded its grey cement capacity by 33%, these capacities have ramped up well strengthening the performance of the Company during the quarter . With the revival in cement demand, well positioning in demand accretive North and Central region and supported by cost optimization of new capacities, we expect the Company to register Revenue/EBITDA/APAT CAGR of 11%/17%/22% from FY20-FY23E driven by volume CAGR of 10% and consistent realisation improvement of 1.5% each over FY22E-23E. We roll over our estimate to FY23 and value JKCL at 11x FY23E EV/EBITDA to arrive at TP of Rs.2520, an upside of 11% from the current level," the brokerage said.
10 Feb 2021, 12:55:08 PM IST
HDFC Bank, Infosys, RIL top Sensex drags
10 Feb 2021, 12:48:28 PM IST
Jio, Airtel, Voda Idea apply for participating in spectrum auction
Telecom operators Bharti Airtel, Reliance Jio and Vodafone Idea on Tuesday submitted applications to participate in the ₹3.92 lakh crore spectrum auction scheduled to start from March 1, according to a PTI report.
This round of auction will be held for 2,251.25 Megahertz (MHz) in seven frequency bands -- 700 Mhz, 800 Mhz, 900 Mhz, 1800 Mhz 2100 Mhz, 2300 Mhz and 2500 Mhz -- at a cumulative base price of ₹3.92 lakh crore.
10 Feb 2021, 12:43:43 PM IST
IndiGo, Sebi settle over Gangwal case
InterGlobe Aviation Ltd, which operates budget carrier IndiGo, has paid ₹2.10 crore to the Securities and Exchange Board of India (Sebi) to settle IndiGo co-founder Rakesh Gangwal’s complaints of related-party transactions and violation of corporate governance norms.
Q3 metrics fire up Max Financial Services stock but sustainability in question
Including today’s over 6% gain so far, shares of the company have surged 20% while those of HDFC Life have gained 13%. The mainstay business Max Life Insurance’s robust profitability metrics amid a pandemic and the progress of the partnership deal with Axis Bank has made investors grab the stock. (Full report)
10 Feb 2021, 12:27:26 PM IST
PE firm Advent International sells 6.06% in CG Consumer for ₹1,492 crore
PE firm Advent International Corp’s Amalfiaco sold 6.06% in CG Consumer Electricals for ₹1,492 crore in an open market transaction on Tuesday. According to bulk deal data on BSE, Amalfiaco Ltd sold 38 million shares or 6.06% of CG Consumer for ₹392.45 apiece aggregating to ₹1492 crore.
The board of Polyplex Corporation has declared payment of third interim dividend (Special) for the FY21 of ₹100 per share (of the face value of ₹10/- each), following a sharp jump in net profit in the December quarter.
Record date' for the purpose of payment of third interim dividend for the has been fixed as February 19, 2021.
10 Feb 2021, 11:54:49 AM IST
Axis Securities gives 'Buy' on Britannia Industries
"PAT grew by 22.4% YoY, despite rise in interest costs. Growth momentum expected to moderate from a near term perspective with easing of lockdown restriction and rising opportunities for consumers to order online. However, rise in RM prices could keep taper GM in range of 40-41% in our view while EBITDA Margins could revert to its band of 18-19% on the back of normalizing A&P spends. We maintain BUY with TP of Rs. 4,170 as we value the stock at 45x its FY23E EPS and roll forward to FY23E numbers. Key downside risks to our estimates – faster adoption of outof-home consumption and upside risk is onset of COVID-19 second wave," the brokerage said.
10 Feb 2021, 11:33:56 AM IST
10 Feb 2021, 11:22:17 AM IST
IRB Infra Developers to raise up to ₹2,200 crore via NCD issue
IRB Infrastructure Developers on Wednesday said it will raise up to ₹2,220 crore through issuance of non-convertible debentures.
"The company has entered into a definitive agreement with India Toll Roads - Foreign Portfolio Investor, for raising of funds by issuance of non-convertible debentures up to ₹2,220 crore subject to satisfactory completion of procedural conditions," IRB Infrastructure Developers said in a regulatory filing.
10 Feb 2021, 11:00:05 AM IST
Tata Steel down over 1%
The company swung back into black in the October-December quarter posting a consolidated profit of ₹4,010.94 crore on the back of increased income. Tata Steel had clocked a loss of ₹1,228.53 crore in the year ago quarter.
10 Feb 2021, 10:45:13 AM IST
TCS Commits to Continue Investing in the UK Economy
Tata Consultancy Services (TCS), a leading global IT services, consulting and business solutions organisation, has announced that it will recruit 1,500 technology employees across the UK over the next year.
The announcement followed Monday’s meeting in Mumbai between visiting UK Trade Secretary Liz Truss and TCS CEO, Rajesh Gopinathan, where they discussed the company’s commitment to continue investing
in the UK’s economy, innovation, technology sector, and in developing workforce skills.
10 Feb 2021, 10:32:12 AM IST
Rupee opens on flat note, rises 1 paisa to 72.86 against US dollar in early trade.
10 Feb 2021, 09:53:04 AM IST
Future Retail falls over 3%
The company reported a consolidated net loss of ₹846.92 crore for the third quarter ended 31 December 2020 as business operations continued to be impacted by the pandemic. Future Retail Ltd had posted a net profit of ₹164.56 crore in the October-December quarter a year ago.
10 Feb 2021, 09:36:35 AM IST
Sensex volatile in early trade
10 Feb 2021, 09:28:32 AM IST
Most sectoral indices on NSE in the green
10 Feb 2021, 09:18:26 AM IST
Indian benchmark share indices opened marginally higher on Wednesday led by gains in Bharti Airtel, Asian Paints and Kotak Bank. Sensex opened at 51,355.89, up 26.81 points or 0.05%, while Nifty opened 9.75 points or 0.06% higher at 15,119.05. Of 30 Sensex shares, 19 were in the green at open.
10 Feb 2021, 09:08:27 AM IST
Benchmark share indices inched marginally higher in the pre-opening session on Wednesday. At 9:04am, Sensex was at 51,359.67, up 30.59 points or 0.06%, while Nifty was at 15,113.90, up 4.6 points or 0.03%.
10 Feb 2021, 08:58:02 AM IST
Markets at close on Tuesday
Snapping their six-session winning streak, equity benchmarks Sensex and Nifty ended marginally lower on Tuesday following fag-end profit-booking in IT, FMCG, finance and auto stocks.
After rallying 487 points to touch its lifetime intra-day high of 51,835.86, the 30-share BSE Sensex pared all gains to end 19.69 points or 0.04% lower at 51,329.08.
Similarly, the broader NSE Nifty slipped 6.50 points or 0.04% to 15,109.30. It touched a record peak of 15,257.10 during the day.
10 Feb 2021, 08:49:15 AM IST
Asian stocks inch higher
Stocks and equity futures in Asia pushed higher on Wednesday as investors weighed the potential for a stimulus-fueled economic rebound against the chances of destabilizing inflation.
Hong Kong’s Hang Seng rose 1.7%.
Japan’s Topix index gained 0.3%.
South Korea’s Kospi was little changed.
Australia’s S&P/ASX 200 Index gained 0.5%.
Singapore's SGX Nifty advanced 0.5%.
10 Feb 2021, 08:49:15 AM IST
US stocks end mixed
The major US stock indexes capped a listless day of trading Tuesday with an uneven finish that snapped a six-day winning streak for the S&P 500 even as the Nasdaq set another all-time high.
The S&P 500 index slipped 4.36 points to 3,911.23. The Dow Jones Industrial Average dropped 9.93 points, or less than 0.1%, to 31,375.83. The Nasdaq rose 20.06 points, or 0.1%, to 14,007.70, its fourth straight gain. The Russell 2000 index of small company stocks rose 9.24 points, or 0.4%, to 2,299.