·Allahabad Bank plans to raise Rs1000 crore via preferential allotment
Allahabad Bank is planning to raise up to Rs1,000 crore through issue of equity shares to government on a preferential basis. The bank has decided to convene an EGM on March 10 to get approval of shareholders for the preferential allotment.
·Induslnd Bank announces launch of Chelsea Brand Credit Card
Induslnd Bank has partnered with Chelsea Football Club to launch a Co-Brand Credit Card, the first of its kind in the Indian market. Induslnd Bank strongly believes in providing innovative solutions to its customers. In recent times, football has seen a surge in viewership in the Indian Subcontinent, with Chelsea having a large fan base in India. With this partnership, IndusInd Bank hopes to provide Indian Chelsea fans a strong sense of connect and affilliation with the globally popular football club.
·Gateway Distriparks consolidated Q3 net profit at Rs54 crore
After Initial Public Offering by Snowman Logistics Limited ('SLL', a Subsidiary Company till September 08, 2014), the Group’s shareholding in SLL has reduced to 40.41%. Hence, SLL is treated as an Associate Company with effect from September 09, 2014.The excess of the Group share of net assets of SLL over the cost of investment as on September 09, 2014 (the date on which SLL ceased to be a subsidiary), amounting to Rs2,853.75 Lacs, has been treated as Capital Reserve and is netted off against the carrying value of Investment.
·Intellect Design wins two XCelent Awards
Intellect Design Arena's iGTB division, provider of the world's first complete Global Transaction Banking platform, are delighted to announce that Celent, a research and consulting firm, has awarded iGTB's Receivables Management & Corporate Banking eXchange ( CBX) with XCelent Awards in the 'Advanced Technology' and 'Breadth of Functionality' categories. The awards were announced by Celent in their recently published report titled, Integrated Receivables Vendors: Celent ABCD vendor view.
·HDFC Q3 Profits In-Line with Estimates
Net profit at Rs1425.49 crore vs Rs1277.71 crore (YoY).Total Income at Rs6882.52 crore vs Rs6030.93 crore (YoY)HDFC reported net profit of Rs1425.5 crore, a growth of 11.6% YoY (up 18.4% YoY ex-deferred tax liability).The income from operations increased by 13% YoY, supported by 14% YoY growth in the loan book (including loans sold).Asset quality remains healthy as gross NPAs were at 0.69% similar to that in Q2FY15. The reported spreads expanded to 2.31% from 2.29% in Q2FY15.
·Dr Reddys Lab consolidated Q3 net profit at Rs575 crore
Dr Reddy’s Lab has reported a moderate performance in Q3FY2015, as reflected in net sales rising by 8.8% YoY to Rs3843 crore on the back of 21% jump in its Pharma Services and Active Ingredients (PSAI) segments. The company recorded a 9% decline in Russian business, which is facing currency depreciation. Ex-Russian business from Emerging Markets grew by 51%.Revenue from Indian grew by 11% while US business posted a 4% growth during the quarter. Gross profit margin declined by 237Bps YoY to 58.2% but operating profit margin declined by 286Bps YoY to 20.2%
·RIL, BP to invest Rs6,000 crore by 2016; stk up
Reliance Industries Ltd (RIL) rose over 3%, touching to Rs934.25, on reports that the firm and its partner BP plc of UK will invest about Rs6000 crore by 2016 to improve gas recovery in KG-D6 block.
According to reports, Reliance Industries (RIL) and its partner BP plc of UK will invest about Rs6000 crore by 2016 to help sustain and improve recovery from the two main gas fields in the eastern offshore KG-D6 block.
·Alstom T&D tanks 7% on sharp drop in Q3 earnings
Shares of Alstom T&D India dropped over 7% to Rs505 on NSE after the company reported a sharp drop in its earnings YoY (86% down) to Rs2.6 crore in Q3FY2015 compared to Rs19 crore for Q3FY2014, on 10% decline in revenue and depressed gross margin. This is much below street estimate; hence could react negatively in the trade.
Allahabad Bank is planning to raise up to Rs1,000 crore through issue of equity shares to government on a preferential basis. The bank has decided to convene an EGM on March 10 to get approval of shareholders for the preferential allotment.
·Induslnd Bank announces launch of Chelsea Brand Credit Card
Induslnd Bank has partnered with Chelsea Football Club to launch a Co-Brand Credit Card, the first of its kind in the Indian market. Induslnd Bank strongly believes in providing innovative solutions to its customers. In recent times, football has seen a surge in viewership in the Indian Subcontinent, with Chelsea having a large fan base in India. With this partnership, IndusInd Bank hopes to provide Indian Chelsea fans a strong sense of connect and affilliation with the globally popular football club.
·Gateway Distriparks consolidated Q3 net profit at Rs54 crore
After Initial Public Offering by Snowman Logistics Limited ('SLL', a Subsidiary Company till September 08, 2014), the Group’s shareholding in SLL has reduced to 40.41%. Hence, SLL is treated as an Associate Company with effect from September 09, 2014.The excess of the Group share of net assets of SLL over the cost of investment as on September 09, 2014 (the date on which SLL ceased to be a subsidiary), amounting to Rs2,853.75 Lacs, has been treated as Capital Reserve and is netted off against the carrying value of Investment.
·Intellect Design wins two XCelent Awards
Intellect Design Arena's iGTB division, provider of the world's first complete Global Transaction Banking platform, are delighted to announce that Celent, a research and consulting firm, has awarded iGTB's Receivables Management & Corporate Banking eXchange ( CBX) with XCelent Awards in the 'Advanced Technology' and 'Breadth of Functionality' categories. The awards were announced by Celent in their recently published report titled, Integrated Receivables Vendors: Celent ABCD vendor view.
·HDFC Q3 Profits In-Line with Estimates
Net profit at Rs1425.49 crore vs Rs1277.71 crore (YoY).Total Income at Rs6882.52 crore vs Rs6030.93 crore (YoY)HDFC reported net profit of Rs1425.5 crore, a growth of 11.6% YoY (up 18.4% YoY ex-deferred tax liability).The income from operations increased by 13% YoY, supported by 14% YoY growth in the loan book (including loans sold).Asset quality remains healthy as gross NPAs were at 0.69% similar to that in Q2FY15. The reported spreads expanded to 2.31% from 2.29% in Q2FY15.
·Dr Reddys Lab consolidated Q3 net profit at Rs575 crore
Dr Reddy’s Lab has reported a moderate performance in Q3FY2015, as reflected in net sales rising by 8.8% YoY to Rs3843 crore on the back of 21% jump in its Pharma Services and Active Ingredients (PSAI) segments. The company recorded a 9% decline in Russian business, which is facing currency depreciation. Ex-Russian business from Emerging Markets grew by 51%.Revenue from Indian grew by 11% while US business posted a 4% growth during the quarter. Gross profit margin declined by 237Bps YoY to 58.2% but operating profit margin declined by 286Bps YoY to 20.2%
·RIL, BP to invest Rs6,000 crore by 2016; stk up
Reliance Industries Ltd (RIL) rose over 3%, touching to Rs934.25, on reports that the firm and its partner BP plc of UK will invest about Rs6000 crore by 2016 to improve gas recovery in KG-D6 block.
According to reports, Reliance Industries (RIL) and its partner BP plc of UK will invest about Rs6000 crore by 2016 to help sustain and improve recovery from the two main gas fields in the eastern offshore KG-D6 block.
·Alstom T&D tanks 7% on sharp drop in Q3 earnings
Shares of Alstom T&D India dropped over 7% to Rs505 on NSE after the company reported a sharp drop in its earnings YoY (86% down) to Rs2.6 crore in Q3FY2015 compared to Rs19 crore for Q3FY2014, on 10% decline in revenue and depressed gross margin. This is much below street estimate; hence could react negatively in the trade.
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