Axis Bank's June quarter profit seen at ₹1,855 crore
Posted on 30th July 2019 |
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| Mumbai: Private-sector lender Axis Bank is expected to report a net profit of ₹1,855 crore for the June quarter of FY20 compared with a net profit of ₹701.09 crore in the year-ago period, according to a consensus estimate of 23 analysts polled by Bloomberg. In April-June last fiscal, the bank’s net profit had slumped 46.3% year-on-year (y-o-y) due to higher provisions and lower other income. Analysts at Kotak Institutional Equities expect loan growth of 13% y-o-y with greater focus on retail, and net interest margin (NIM) at 3.5%. The brokerage said Axis Bank is likely to post fresh slippages of ₹2,500 crore (2% of its loans) mostly from below investment grade book and expects more traction on recovery as well from the write-off pool., with no major concerns on asset quality. Stock broking firm Prabhudas Lilladher said in a report that Axis Bank’s Q1 FY20 net interest income (NII) – the difference between interest earned and expended – will be at ₹5,924 crore, up 14.7% from the same period last year. Its pre-provisioning operating profit is likely to be at ₹5,343 crore, up 6.6% on a year-on-year basis. Meanwhile, Reliance Securities believes fee income of the bank will gain traction and its margins will remain stable in the June quarter. Moreover, increased focus on retail term deposits will limit its NIM expansion in the interim, it said. |
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Bharti Airtel defers Q2 results till Nov 14 over ambiguity on AGR verdict
Posted on 29th October 2019 |
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Bharti Airtel said on Tuesday it has postponed its second-quarter earnings report to mid-November, as the wireless operator sought clarity on the court ruling asking telecom firms to cough up overdue payments to the government.
Shares of the company, which was expected to release its quarterly numbers later in the day, dropped 3.3 per cent in early trade. |
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Rupee slips 8 paise vs US dollar in early trade amid drop in oil prices
Posted on 7th October 2019 |
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The rupee on Monday opened eight paise lower at 70.96 against the US dollar amid drop in crude oil prices and rise in Asian equities. The domestic unit on Friday closed almost flat at 70.88 against after the Reserve Bank of India (RBI) in a widely expected move cut key interest rates by 0.25 percentage point. On a weekly basis, the local unit slumped by 32 paise. |
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LIC pips private insurers in first-year premium growth during April-August
Posted on 13th September 2019 |
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In the first five months of the current financial year, first-year premiums of life insurance companies grew by 39.84% (year-on-year) at Rs 1.05 lakh crore as compared to Rs 75,588.35 crore in April-August of 2018-19. Life Insurance Corporation of India (LIC) continued to grow at a faster pace compared to private insurance players, shows the data from the Insurance Regulatory and Development Authority of India (Irdai). |
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Apollo Hospitals rules out further stake sale
Posted on 13th September 2019 |
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Apollo Hospitals Enterprise (AHEL) has ruled out further dilution of promoters’ stake in the company. The company also said its Rs 1,337-crore stake sale of Apollo Munich Health Insurance with mortgage major HDFC will be concluded by October. Following these stake sales, the promoters’ pledged position will come down from a high of 76% to 54% by October and eventually to 20% by November or December, company sources said here. |
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World trusts India on Kashmir, not us: Pakistan minister Ijaz Ahmed Shah
Posted on 13th September 2019 |
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In a major embarrassment for Pakistan and its Prime Minister Imran Khan, the country's Interior Minister Ijaz Ahmed Shah, a retired brigadier, said the international community didn't believe Pakistan's narrative on Kashmir; instead it is India whose version is trusted. |
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