July 27, 2019

ICICI Bank Q1 net NPA ratio lowest in 14 quarters; 5 takeaways

NEW DELHI: ICICI Bank on Saturday reported a profit of Rs 1,908 crore for June quarter compared with a loss of Rs 120 crore in the same quarter last year. Net interest income (NII) for the quarter rose 27 per cent to Rs 7,737 crore, which was better than 20 per cent growth brokerages were anticipating earlier. Here are the key takeaways from the ICICI numbers: Lowest net NPA ratio in 14 quarters The bank said its net non-performing assets (NPA) fell 51 per cent for the quarter to Rs 11,857 crore at the end of June quarter from Rs 24,170 crore at the end of year-ago quarter. Net NPA for the quarter fell to 1.77 per cent, the lowest in the last 14 quarters. The net NPA for the bank stood at 4.19 per cent in the year-ago quarter. In gross terms, NPA fell NPA were Rs 2,779 crore compared with Rs 4,036 crore in the year-ago quarter and Rs 3,547 crore in March quarter. Gross non-performing assets (NPA) for the quarter eases to 6.49 per cent from 6.70 per cent in March quarter and 8.81 per c..
July 27, 2019

ICICI Bank Q1 profit at Rs 1,908 crore; bank’s NIM improves 42 bps YoY to 3.61%

NEW DELHI: ICICI Bank on Saturday reported profit of Rs 1,908 crore for June quarter compared with a loss of Rs 120 crore in the same quarter last year. Analysts had projected the profit figure in Rs 1,350-2,150 crore range. Net interest income (NII) for the quarter rose 27 per cent YoY to Rs 7,737 crore, which was better than 20 per cent growth brokerages were anticipating earlier. The NII figure included Rs 184 crore of interest on income tax refund compared with Rs 8 crore in the year-ago quarter. The largest private bank said its non-interest income, excluding treasury income, rose to Rs 3,247 crore compared with Rs 3,085 crore in the same quarter last year. Provisions for the quarter came in at Rs 3,496 crore against Rs 5,971 crore in the year-ago quarter. The gross additions to NPA were Rs 2,779 crore compared with Rs 4,036 crore in the year-ago quarter and Rs 3,547 crore in March quarter. Recoveries and upgrades of non-performing loans stood at Rs 931 crore. Gross non-perf..
July 27, 2019

Electric 3-wheelers and buses viable as govt cuts GST on EVs to 5%: Pawan Goenka, M&M

We need to just be a little careful that while we are building electric vehicle industry, we do not destroy the IC engine industry as it brings a tremendous level of employment, investment and government tax revenues. Both have to coexist for a while, says Pawan Goenka, MD, M&M. Excerpts from an interview with ETNOW. The government has cut the GST rate on electric vehicles from 12% to 5%. It is very clear that the government wants to give a very big boost to electric vehicles... That is very clear. The finance minister has announced in the budget that they will consider a 12% going to 5% and that has now happened and the deed now will give a boost to electric vehicles which are just about to take off. I believe that with the FAME 2 benefit that has come in and with GST reduction that is happening, plus the overall support from both the central and state governments, would certainly make EVs very viable for consumers. The thrust in India is on commercial applications of electric vehic..
July 27, 2019

Bond with USD liabilities, not necessarily with the bond

By Taponeel Mukherjee The Budget 2019 announcement regarding a potential USD bond issuance by India has been in the news of late with opinions divided amongst market experts. Given the two distinct components of the USD bond issuance, of increased debt and higher USD liabilities, a look at the second component in detail is well worth our time. While the government will have to borrow to fund specific components of its expenditure, the question is whether the USD bond issuance route is the optimal strategy to utilise for increasing USD liabilities for India. Alternatively, are there alternative avenues to boost the economy by increasing USD liabilities. India, by virtue of its energy dependence on imports, has a structural USD liability that must be taken care of. According to data from the Petroleum Planning and Analysis Cell (PPAC), the value of crude oil imports for fiscal 2019-20 is estimated at approximately $112 billion. The biggest takeaway from this number is that if India wer..
July 26, 2019

Yes bank acquires 18.5% stake of Cox & Kings by invoking pledged shares

Yes Bank on Friday said it has has acquired 18.55 per cent stake in Cox & Kings by invocation of pledged shares. The bank has invoked pledge on 3.27 crore equity shares having nominal value of Rs 5 per share, constituting 18.55 per cent of the post-issue paid-up share capital, of Cox & Kings, Yes Bank said in a regulatory filing. Cox & Kings Limited has a consolidated turnover revenue of Rs 5,693.5 crore as on March 31. Besides, the bank invoked pledge on 34,080 equity shares having nominal value of Rs 10 per share, constituting 30 per cent of an unlisted company Ezeego One Travel & Tours Limited. In another filing it said, the bank in ordinary course of its business continues to explore various means of raising capital or funds through issuance of securities to diverse set of investors in order to meet its business or regulatory requirements. The statement was with regard to clarification on reports that TPG Capital, Advent International were in talks to infuse USD 350 million ea..
July 26, 2019

Affle raises Rs 206.55 crore from anchor investors

MUMBAI: Affle (India) Ltd said it raised around Rs. 206.55 crore by selling shares to institutional investors as part of its anchor book allocation on Friday. The mobile marketing company Affle (India) allotted 2,772,483 equity shares at Rs. 745 per share amounting to Rs. 206.55 crore to 15 Anchor Investors, including Aberdeen and Franklin Templeton. The Rs 459-crore initial public offer (IPO) by Affle India, a company in which Microsoft is a minority shareholder, will open for subscription on Monday. The issue would be a mix of fresh issue (up to Rs 90 crore) and an offer for sale by existing shareholders (up to Rs 369 crore). The price band for the offer has been fixed in the range of Rs 740-745 a share. At the higher end of the price band, the issue is available at a P/E multiple of 38.9 times FY19 consolidated EPS on a proforma basis. Data showed Affle’s consumer platform had 2.02 billion consumer profiles as of March 31. The company has accumulated over 300 billion data point..
July 26, 2019

Dangerous debt levels may take gold prices back to $1,450 level

The gold experienced a significant historic breakout in June. At present, it has broken April 2013 high and made a fresh 2019 high. Although it failed to sustain above $1,450, but even a breach for gold is considered bullish. From here on we expect gold to consolidate till $1,405 before resuming its uptrend. Many fundamentals point to strong gold in the coming months. First positive fundamental factor would be the US rate cutting cycle. Second positive factor is global bonds bearing negative yields. Gold, once mocked for its lack of yield and practical use, offers something the growing pile of negative-yielding bonds doesn’t -- inflation protection. Europe’s inflation is 0.60 per cent and their bonds yield -0.2 per cent so investors could not even get a return to cover inflation. Historically, gold has thrived during the era of rate cuts and easy liquidity because central banks use this tool to either avoid recession or take their economy out of recession. The world economy is con..
July 26, 2019

Google crushes second quarter earnings expectations

San Francisco: Google parent Alphabet beat analyst expectations for the second quarter Thursday, sending its shares up sharply as it bounced back from a rough first quarter. The company comforted investors with advertising revenue growth that edged out last quarter and assurances that video streaming site YouTube and the company's enterprise cloud business continue to drive growth. The Mountain View, California-based company brought in revenue of USD 38.9 billion during the second quarter, a 19 per cent bump from the same period last year. The company reported profit of USD 14.21 per share, or USD 9.9 billion during the quarter, nearly triple what it made last year when it paid a USD 5.1 billion European Commission fine. Analysts polled by FactSet were expecting Alphabet to report earnings per share of USD 11.10 on revenue of USD 38.2 billion during the second quarter. Google's stock rose more than 9 per cent in after-hours trading after the earnings report was released...
July 26, 2019

Sebi eases rules for new exchanges to provide incentives under LES

New Delhi: Markets watchdog Sebi on Friday eased the conditions for exchanges to provide incentives under liquidity enhancement schemes (LES) in the first five years of operation. Under the scheme, brokers and other market intermediaries are given incentives for a specified period of time to bring in liquidity and generate investor interest in securities, which have limited trading activity. The move comes after the regulator noted that "an exchange in early years of its formation or commencement of business may not be able to generate profits or have free reserves from business operations". Laying down the conditions for such exchanges, Sebi in a circular said the yearly incentive that an exchange can earmark for LES will not exceed 25 per cent of its audited net-worth as on the last day of the previous financial year. Earlier, for calculation of incentives, net-profits of exchanges was taken into consideration. The circular further said that the exchange is required to create a ..

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