Gold up on safe-haven demand

Gold up on safe-haven demand

10/08/2017 17:34

Gold futures were trading in the green in the domestic market on Thursday due to the safe haven demand triggered by the rising tension in the Korean peninsula.

At the MCX, gold futures for October 2017 contract is trading at Rs 29079 per 10 grams, up by 0.81 per cent, after opening at Rs 28900, against a previous close of Rs 28844. It touched the intra-day high of Rs 29084 (at 17:32 hours).

Tata Motors plunges over 8% on disappointing Q1

Tata Motors plunges over 8% on disappointing Q1

10/08/2017 13:23

Shares of Tata Motors tumbled over 8 per cent on the Bombay stock Exchange after the auto major reported lower-than-expected earnings for the first quarter ended June 30, 2017.

The company has reported a 41.6 per cent growth in profit at Rs 3,200 crore in Q1 FY18, against Rs 2,260 crore in the same quarter last financial year, thanks to a one-time gain of Rs 3,609 crore.

Reacting to Q1, shares of the company declined as much as 8.23 per cent to hit intra-day low of Rs 382.45 apiece on the Bombay Stock Exchange. The stocks were currently trading at Rs 385.30 against previous close price of Rs 416.75.

In a similar fashion, shares of the company were trading 6.65 per cent lower at Rs 388.40 apiece on the National Stock Exchange.

Meanwhile, the broader benchmark BSE Sensex was trading at 31,638.61, down 159.23 points, or 0.50 per cent, at 13:30 hours.

Wipro partners First Book to donate books in Boston area

Wipro partners First Book to donate books in Boston area

09/08/2017 12:02

Wipro Limited, a leading global information technology, consulting and business process services company has said that it has partnered First Book, a nonprofit social enterprise to donate four thousand new books to students in the Boston area.

The books will be distributed to registered First Book members in the Boston area, providing additional education resources in the community where Wipro employees live and work. The books will be used to stock classroom libraries, facilitate reading circles and help students build their home libraries.

Launched in 1998, First Book’s National Book Bank is the first and only centralized distribution system for large-scale children’s book donations from publishers to schools and programs serving kids in need. The National Book Bank distributes 10 million books annually, and with Wipro’s support, 19,000 of these books will be donated to schools and programs in Indianapolis, Boston, East Palo Alto and Seattle.

Meanwhile, shares of the company were trading at Rs 288 apiece, up 0.19 per cent from the previous close at 12:09 hours on BSE.

Gold futures falls amid weak trend in overseas markets

Gold futures falls amid weak trend in overseas markets

08/08/2017 13:08

Gold prices fell 0.04 per cent to Rs. 28447 per 10 grams at the futures trade today as participants trimmed their positions, tracking a weak trend overseas.

At the MCX, gold futures for October 2017 contract opened at Rs 28462, against a previous close of Rs 28457. It touched the intra-day low of Rs 28432 (at 13:07 hours).

Welspun Corp Q1 net profit zooms 493.44% at Rs 112.16 cr

Welspun Corp Q1 net profit zooms 493.44% at Rs 112.16 cr

04/08/2017 13:12

Welspun Corp Ltd. reported standalone net profit of Rs 112.16 crore for the quarter ended June 30, 2017 as compared to Rs 18.90 crore in the same period last year, registering a year-on-year growth of 493.44 per cent.

Net revenue of the company rose moderately by 11.74 per cent at Rs 1,281.89 crore in April-June quarter of this fiscal as against Rs 1,147.25 crore in the corresponding period last year.

During April-June quarter, operating expenses increased by 3.84 per cent to Rs 1,129.69 crore from Rs 1,087.93 crore in year ago period.

Other income grew by 58.28 per cent at Rs 62.44 crore versus (Jun’16 Rs 39.45 crore).

Operating profit surged by 128.07 per cent to Rs 213.18 crore as against Rs 93.47 crore in the year ago period, while Operating Profit Margin (OPM) expanded year-on-year to 111.41 per cent in June quarter.

Interest declined by 8.23 per cent y-o-y to Rs 44.13 crore, while taxation increased by 549.39 per cent at Rs 59.03 crore (Jun’16 Rs 9.09 crore).

Indiabulls Housing Finance allots 33,540 equity shares

Indiabulls Housing Finance allots 33,540 equity shares

03/08/2017 16:53

Indiabulls Housing Finance said that it has allotted 33,540 equity shares to eligible employees upon exercise of options vested in their favour under different ESOP Schemes of the Company.

“Indiabulls Housing Finance Limited, has issued and allotted 33,540 Equity shares of face value INR 2/- each, to eligible employees upon exercise of options vested in their favour under different ESOP Schemes of the Company.

Consequent to the said allotment, the paid-up Equity Share Capital of the Company stands increased to Rs 84,87,62,280 divided into 42,43,81,140 Equity Shares of face value Rs 2/- each.

Meanwhile, shares of the company closed trading at Rs 1198.00 apiece, down 0.09 per cent from the previous close on BSE.

RBI widens Basel-III-compliant asset base of banks

RBI widens Basel-III-compliant asset base of banks

03/08/2017 12:25

Ahead of the implementation of the stringent capital requirements under the Basel-III regime from 2019, the Reserve Bank amended a slew of previous regulations on the same, helping banks shore up their capital buffers and improve liquidity coverage ratios, reported PTI.

Accordingly, the new amendments widen the assets of banks such as the excess CRR; excess G-secs holdings in SLR; and also excess g-secs under marginal standing facility, which all would now be included in the stock of liquid assets without any limit as also without applying any haircut, the central bank said in a notification.

The regulator said liquid stock will also include marketable securities issued/guaranteed by foreign sovereigns which have only 0 per cent risk weight under the Basel II standardised approach for credit risk; actively traded repo or cash markets operations with zero risks, reserves held with foreign central banks in excess of the reserve requirement.

It said the RBI reserves would include banks’ overnight deposits and term deposits with the central bank which are explicitly and contractually repayable on notice from the depositing bank or which constitute a loan against which the bank can borrow on a term or on an overnight basis but automatically renewable basis.

Other term deposits with the central bank are not eligible for this. However, if the term expires within 30 days, the term deposits could be considered as an inflow, the RBI circular added.

Today’s circular amends some key sections of all the previous ones on the Basel norms, including the Master Circular on ‘Basel III Capital Regulations’ dated July 1, 2013.

Magma to reduce exposure in tractor loans

Magma to reduce exposure in tractor loans

03/08/2017 12:59

Magma Fincorp was looking at reducing exposure in tractor loans in overall portfolio, an official said as per the PTI report.

“We are looking to reduce our exposure to tractor loans in our overall portfolio. We want to focus more on the used assets segment and the affordable housing space going ahead,” Magma CEO (Housing Finance and Small and Medium Enterprise) Manish Jaiswal said.

Tractor portfolio already reduced to 18 per cent in the last one year from 28 per cent, officials said.

Under the housing finance portfolio, Jaiswal said the company would like to focus more on the home loans segment as against the loan against property category.

Magma Fincorp currently has a mix of 70 per cent loan against property and 30 per cent home loans.

“We want to reverse this ratio in subsequent quarters”, officials said.

UCO Bank Q1 loss widens to Rs 663 cr

UCO Bank Q1 loss widens to Rs 663 cr

02/08/2017 16:30

Government-controlled UCO Bank on Wednesday reported widening of standalone net loss to Rs 663.02 crore for the first quarter ended June 30, 2017.

“The public sector lender had posted standalone net loss of Rs 440.56 crore in the same period last year,” said UCO Bank in a filing to the Bombay Stock Exchange.

Interest income of the bank declined by 10.10 per cent at Rs 3766.58 crore for the quarter ended June 30, 2017 as against Rs 4189.64 crore in the corresponding period last year.

During the April-June quarter, total income dipped moderately by 10.38 per cent to Rs 4,237.04 crore from Rs 4,727.93 crore in the year ago period.

Meanwhile, operating expenses dropped by 7.40 per cent to Rs 3,627.96 crore from Rs 3,917.77 crore in the same period last year.

Operating profit slipped 24.82 per cent to Rs 609.08 crore from Rs. 810.16 crore.

Provisions and Contingencies surged by 1.73 per cent at Rs 1,272.10 crore from Rs 1,250.50 crore a year ago.

NII, the difference between interest earned on loans and interest paid on deposits, slipped by 14.61 per cent at Rs 841.47 crore versus Rs 985.45 crore in the year ago period. Non-interest income too dipped 12.60 per cent year-on-year to Rs 470.46 crore.

On the asset side, gross non- performing assets (NPAs) rose to 19.87 per cent of the gross advances as at the end of June 30, 2017 from a level of 17.19 per cent year earlier. Its net NPAs or bad loans too increased to 10.63 per cent of net advances on June 30, 2017 from 10.04 per cent a year ago.

Meanwhile, shares of the bank closed day’s trade at Rs 33.20 apiece, down 1.04 per cent, on the BSE.

Yellow metal up on rising demand

Yellow metal up on rising demand

02/08/2017 13:40

Gold futures were trading in the green in the domestic market on Wednesday on account of buying in precious metal by jewellers, retailers and investors.

Analysts said that the gold prices are expected to trade range bound for the day, as downbeat US data weakened the prospect of the Federal Reserve pursuing an aggressive rate hike stance.

At the MCX, gold futures for August 2017 contract is trading at Rs 28430 per 10 grams, up by 0.09 per cent, after opening at Rs 28420, against a previous close of Rs 28404. It touched the intra-day high of Rs 28509 (at 13:38 hours).