Kotak Mahindra Bank shares plunge despite 4-fold rise in Q1 net profit
Posted on 21st July 2016 |
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| Kotak Mahindra Bank plunged over 2 per cent in the afternoon trade on Thursday after the company posted lower-than-expected financial results for the quarter ended June 30, 2016. However, the bank reported 291 per cent rise in net profit at Rs 741.97 crore for the quarter under review against Rs 189.78 crore in the same quarter last year. Net interest income of the bank jumped to Rs 1,919.10 crore, up 20 per cent, against Rs 1,598.18 crore in the corresponding quarter last year. At 1.53 pm, share price of Kotak Mahindra Bank were trading 2.03 per cent down at Rs 766.10. The scrip opened at Rs 787 and has touched a high and low of Rs 790 and Rs 760.15, respectively, in trade so far. Brokerage firms, Reliance Institutional Equities was expecting net profit and net interest income of Rs 1,063.20 crore and Rs 2,602.10 crore in Q1FY17 from the bank. KR Choksey shares and Securities was expecting net profit at Rs 758.40 crore and net interest income at Rs 1950.10 crore. The bank’s asset quality deteriorated as gross non-performing assets (NPA) of the company stood at Rs 3,058.81 crore, up 7.77 per cent against Rs 2,838.11 crore in the sequential quarter ended March 31, 2016. Percentage of gross NPA jumped to 2.50 per cent from 2.36 per cent in Jan-March period. The figure was at 2.31 per cent in the corresponding quarter last year. |
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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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