Tag: Net profit

India prepared to handle Brexit verdict; govt assures

India prepared to handle Brexit verdict; govt assures

23/06/2016 10:07

According to media reports, the Modi government has calmed investor fears surrounding the potential impact of the Brexit referendum on Asia’s third biggest economy.

As Britain on Thursday votes whether to remain or part ways with the European Union after being a member for 43 years, economists, central bankers and analysts have warned that a ‘Leave’ win may unnerve global financial markets and adversely hit capital flows to emerging markets.

However, India, with a hefty forex reserves kitty of over USD 350 billion and being one of the world’s leading foreign investment destinations, is unlikely to be significantly impacted by the outcome of the Brexit vote, the Indian government assured late Wednesday.

Economic Affairs Secretary Shaktikanta Das stressed that India is “prepared to deal with all eventualities”, amidst possible currency volatility in case of Brexit. India has strong trade ties with both the UK and the EU.

While the odds of Brexit have fallen significantly since the murder of pro-European lawmaker Jo Cox a week ago, most opinion polls published on Wednesday signaled that the historic vote is too close to call, keeping investors jittery.

“Current indications are that perhaps Brexit wont happen. In the event of Brexit happening, let me say very categorically that we are prepared to deal with all”, Das said, the PTI reported.

Axis Bank allots equity shares under ESOP

Axis Bank allots equity shares under ESOP

21/06/2016 10:55

Private sector lender, Axis Bank Ltd said it has allotted 2,89,200 equity shares pursuant to exercise of options under its ESOP Scheme.

These equity shares are having face value of Rs 2 each.

In a filing to the Bombay Stock Exchange, Axis Bank said, “The Bank has allotted 2,89,200 equity shares of Rs 2 each on June 20, 2016, pursuant to exercise of options under its ESOP Scheme.”

The paid up share capital of the Bank will accordingly increase from Rs 477,35,15,646 (238,67,57,823 equity shares of Rs 2 each) to Rs 477,40,94,046 (238,70,47,023 equity shares of Rs 2 each), it added.

Meanwhile, shares of the bank were trading at Rs 519.95 apiece, down 0.90 percent, from previous close on BSE at 10:56 hours.

Listing of PSU insurers to happen one-by-one: Shaktikanta Das

Listing of PSU insurers to happen one-by-one: Shaktikanta Das

17/06/2016 00:40

The process of listing of four public sector general insurance companies will begin one by one and “lot of action” is expected on the front in next few months, reported PTI.

“In the last Budget, government has announced listing of various public sector insurance companies and that is work in progress.

“We expect that the process of listing of the insurance companies will begin one-by-one. Modalities are being worked out and I think we should see lot of action on that front in the next few months,” Economic Affairs Secretary Shaktikanta Das said at the Economic Times ‘BFSI Best Brands’ Summit.

In his Budget speech, Finance Minister Arun Jaitley had proposed listing of four wholly-owned PSU general insurance companies. The four companies are New India Assurance Company, National Insurance Company, Oriental Insurance Company, United India Insurance Company.

Insurance sector regulator IRDAI released draft guidelines for Indian listed insurance companies. As of now, no insurer, either private or state-owned are listed. However, several of them shown intent to tap the IPO route and get listed.

Commenting on the narrowing down Current Account Deficit (CAD) numbers, released by RBI this evening, Das said it is a “significant” achievement over the previous year.

“If you see this figure (of CAD) along with fiscal deficit, revenue deficit figures and all the other macro-economic parameters that we have, contextually we can say that Indian economy is doing well. The fundamentals are robust, especially when we have strong global headwinds,” he said.

He said India should consolidate on its fundamentals to achieve much higher growth.

“7.6 per cent growth in the last year is not enough…I am sure we can do better,” Das said.

Das said with good monsoon rains, passage of GST constitution amendment bill and cumulative impact of recent economic reforms, “this year we can look at 8 per cent growth”.

Talking about the various steps taken by the government, Das said the new law on bankruptcy is a “game changing legislation” and the true impact of the law will be seen when it is implemented.

The Secretary said that government is also working on a comprehensive code for resolution of stressed situation in financial sectors.

“The law is in drafting stage and we are trying our best and we hope to introduce this law in the forthcoming Monsoon session of Parliament,” he said.

The bankruptcy law deals with corporates, LLPs and partnership firms. It does not deal with distress situation in financial firms.

Speaking at the occasion, Delhi Deputy Chief Minister Manish Sisodia said the “basic principle” of the state government is intent should be clear behind all policies and decisions.

Quoting Chief Minister Arvind Kejriwal, he said the government’s job is not do business, but to make doing business easy and “we are working on this principle”. He also said effort is also on to check leakages in taxes by using technology and public participation. He said several innovative steps have been taken in that direction.

Referring to programmes like Skill India and Digital India, Sisodia called upon the banks to support innovative ideas of youngsters and hand-hold them to become entrepreneurs.

Niti Aayog CEO Amitabh Kant said the key challenge before India is to rapidly expand its infrastructure.

Natural Gas rises on improved US demand outlook

Natural Gas rises on improved US demand outlook

08/06/2016 13:53

Natural Gas futures advanced during noon trade in the domestic market on Wednesday as investors and speculators booked fresh positions in the energy commodity amid speculation that above-normal temperatures across most parts of the US in the next two weeks may boost gas-fired cooling demand as air conditioning use arises.

About 50 per cent of US households use natural gas for cooling purposes.

At the MCX, Natural gas futures, for the June 2016 contract, is trading at Rs 166.5 per kg, up by 0.85 per cent, after opening at Rs 166, against a previous close of Rs 165.1. It touched an intra-day high of Rs 167.3. (At 13:42 PM).

India signs $120 mn loan agreement with ADB

India signs $120 mn loan agreement with ADB

07/06/2016 16:35

The government of India and the Asian Development Bank (ADB) has signed a USD 120 million loan agreement on Tuesday to improve irrigation and water management infrastructure in Odisha, according to an official statement released by the ministry of finance.

“The loan is the second tranche of a USD 157.5 million financing facility under the Orissa integrated irrigated agriculture and water management investment program,” the ministry said in a statement.

The financing will be used for modernizing seven irrigation subprojects resulting in improved irrigation in over 100,000 hectares, and strengthening of Water User Associations (WUAs) and the institutional capacity of Odisha’s department of water resources.

The selected areas for the investment program are the Baitarani, Brahmani, Budhabalanga, and Subernarekha river basins and part of the Mahanadi delta.

The second tranche loan from ADB’s ordinary capital resources has a 20-year term. The State of Odisha, acting through its Department of Water Resources is responsible for implementing the tranche 2 activities and overall program, which are both due for completion by September 2018.

Bharti Airtel Q4 net profit up 2.8 pct at Rs 1,290 cr

Bharti Airtel Q4 net profit up 2.8 pct at Rs 1,290 cr

28/04/2016 06:59

Telecom major Bharti Airtel has reported 2.8 per cent jump in net profit to Rs 1,290 crore for the fourth quarter ended March 31, 2015-16.

It had reported net profit of Rs 1,255 crore in the January-March period of the 2014-15 fiscal, the company said in a filing to the Bombay Stock Exchange.

Airtel said in a statement that its total revenues grew 8.4 per cent to Rs 24,960 crore for the reported quarter as compared to Rs 23,016 crore last year.

For the entire 2015-16, the company’s net profit stood at Rs 5,484 crore whereas total revenues are to the tune of Rs 96,532 crore.

Its India revenues for the quarter, at Rs 18,328 crore, grew by 11.7 per cent year-on-year, adjusted for the impact in reduction of termination rates.

Mobile data revenues at Rs 3,357 crore grew by 44.5 per cent y-o-y in India, led by increase in the data customer base and traffic.

Mobile data revenues now contribute to 23.3 per cent of mobile India revenues vis- -vis 17.6 per cent in the year-ago quarter. Data average revenue per user (ARPU) has moved up by Rs 21 to Rs 196 during the quarter, led by 31.0 per cent increase in usage per customer.

Commenting on the performance, Bharti Airtel, MD and CEO, India & South Asia, Gopal Vittal said, “Solid execution has resulted in an acceleration of revenue market share…y-o-y mobile data growth continues to lead, with traffic and revenues up 69.4 per cent and 44.5 per cent respectively. Voice volumes have also increased 10.8 per cent-the fastest growth in the last 18 quarters.”

He added that with the proposed spectrum acquisitions from Videocon & Aircel, the company will be the only pan-India 2G/3G/4G operator and best placed in the industry to strengthen its leadership position.

In constant currency terms, Africa revenues adjusted for the impact of divestment of tower assets grew by 5.9 per cent y-o-y, the highest growth in last six quarters. Data revenues now contribute to 15.7 per cent of overall Africa revenues vis- -vis 11.5 per cent in the corresponding quarter last year.

“Despite the quarter seasonality in the continent, data consumption and revenues have are up 110.1 per cent and 43.0 per cent Y-o-Y respectively,” Christian de Faria, MD and CEO, Africa, Bharti Airtel said.

The net debt of the company increased to Rs 83,888.3 crore as on March 31, 2016.

The Board has proposed a final dividend of Rs 1.36 per share (face value of Rs 5 per share) for the financial year ended March 31, 2016.

Rallis India Q4 net jumps 51 pct at Rs 32.25 cr

Rallis India Q4 net jumps 51 pct at Rs 32.25 cr

27/04/2016 11:38

Tata Group firm Rallis India has reported a 51.3 per cent increase in its consolidated net profit at Rs 32.25 crore for the March quarter.

It had posted a net profit of Rs 21.32 crore in the same period last fiscal, the company said in a filing to the Bombay Stock Exchange.

Total income from operations rose to Rs 348.28 crore in the January-March period of 2015-16 compared with Rs 320.41 crore in the same period last year.

Commenting on the performance, Rallis India, Managing Director and CEO V Shankar said, “Our continued focus on quality of operations have not only held on to the margins but significantly improved our working capital situation. With emphasis on cash, we are now at zero debt status.” The board of the company has recommended dividend of Rs 2.50 per share (250 per cent) for the shareholders of the company.

Meanwhile, shares of the company were trading at Rs 198.40 apiece, up 2.43 per cent from the previous close at 11:38 hours on BSE.

Markets trade higher; Wipro dips on weak Q4 results

Markets trade higher; Wipro dips on weak Q4 results

21/04/2016 10:40

The Indian benchmark indices were trading in green in the morning session of day’s trade as a result of rise in banking stocks led by Punjab National Bank followed by ICICI Bank, Bank of Baroda, State Bank of India and Federal Bank. Wipro dipped after the company reported a flat consolidated net profit at Rs 2,235 crore against average analyst’s estimate of Rs 2,354 crore for the quarter ended March 2016 (Q4FY16). Consolidated revenues grew 6 per cent at Rs 13,742 crore on sequential basis. The company’s IT services posted revenues of USD 1,882 million, a sequential increase of 2.4 per cent. On Constant Currency (CC) terms the company posted a QoQ growth of 2.7 per cent at USD 1887.6 million. This was against the guidance of USD 1,875 million to USD 1,912 million for Q4FY2016.

At 10:25AM BSE SENSEX was at 25999.34, up by 155.16 points or by 0.6 per cent while the NSE Nifty was at 7968.75, up by 54 points or by 0.68 per cent.

The BSE MIDCAP was at 11081.1, up by 16.97 points or by 0.15 per cent while the BSE SMLCAP was at 11161.69, up by 27.21 points or by 0.24 per cent.

The top gainers of the BSE Sensex pack were ICICI Bank Ltd. (Rs. 253.00,+6.24 per cent), State Bank of India (Rs. 195.15,+4.19 per cent), Tata Motors Ltd. (Rs. 413.60,+2.36 per cent), Axis Bank Ltd. (Rs. 468.70,+2.33 per cent), Oil And Natural Gas Corporation Ltd. (Rs. 212.90,+1.43 per cent), among others.

The top losers of the BSE Sensex pack were Wipro Ltd. (Rs. 562.50,-6.46 per cent), Bharti Airtel Ltd. (Rs. 352.95,-1.00 per cent), ITC Ltd. (Rs. 331.75,-0.97 per cent), Hero MotoCorp Ltd. (Rs. 3017.50,-0.76 per cent), Infosys Ltd. (Rs. 1235.25,-0.64 per cent), among others.

The Market breadth, indicating the overall strength of the market, was strong. On BSE, out of total 2060 shares traded, 1192 shares advanced, 761 shares declined while 107 were unchanged.

Among the sectoral indices on BSE, BSE_Bankex index was at 19053.92, up by 465.83 points or by 2.51 per cent led by Punjab National Bank (Rs. 90.10,+6.94 per cent), ICICI Bank Ltd. (Rs. 253.00,+6.24 per cent), Bank of Baroda (Rs. 161.00,+5.71 per cent), State Bank of India (Rs. 195.15,+4.19 per cent), Federal Bank Ltd. (Rs. 45.15,+2.61 per cent).

Wipro Q4 net dips 1.6 pct at Rs 2,235 cr; misses estimates

Wipro Q4 net dips 1.6 pct at Rs 2,235 cr; misses estimates

20/04/2016 18:47

Country’s third largest software exporter Wipro’s fourth quarter earnings missed analysts estimates on Wednesday. The IT major has reported a fall of 1.6 per cent in its consolidated net profit after tax at Rs 2,235 crore for the March quarter of FY 16.

The consolidated net profit of the IT firm stood at Rs 2,272 crore during the same quarter previous fiscal, Wipro said in a filing to the BSE on April 20, 2016.

However, its consolidated total income grew 12.5 per cent at Rs 14,303.4 crore during Q4 FY 16, from Rs 12,719 crore during the corresponding period of last fiscal.

On a standalone basis, it’s total income increased by 10.2 per cent to Rs 12,380.8 crore during the quarter ended March 31, 2016, as compared to Rs 11,230.3 crore in corresponding period last year. However, net profit of India’s IT giant declined by 8.3 per cent to Rs 1,964.4 crore during the quarter ended March 31, 2016, against Rs 2,141.6 crore during the corresponding period previous year.

Commenting on the results, Wipro, Member of the Board & CEO, Abidali Z. Neemuchwala said, our focus is to drive significant growth in our ‘run’ business through integrated services and hyper-automation while gaining leadership in the ‘change’ business through investments in Digital and Consulting capabilities, IP-based platforms & products and creating differentiated domain solutions for non-linear growth.

Looking forward, the company expects its revenues from IT Services business to be in the range of USD 1,901 million to USD 1,939 million.

The board of directors of the company has recommended a final dividend of Re 1 per equity share of par value of Rs 2 each to the members of the company, subject to shareholders approval. It’s board has also provided its approval for the proposal of buyback of up to four crore equity shares of the company for an aggregate amount not exceeding Rs 25,00,00,00,000 being 1.62 per cent of total paid up capital, at Rs 625 per equity share.

Meanwhile, shares of the company closed at Rs 601.35 apiece, up 2.07 per cent, from previous close on BSE.

Infosys hits 52-week high on FY2017 earnings guidance

Infosys hits 52-week high on FY2017 earnings guidance

Shares of IT giant, Infosys jumped 8 per cent to hit 52-week high in early morning trade after India’s second-largest information technology (IT) services firm said that it expects strong revenue growth of 11.5 per cent-13.5 per cent in consent currency (CC) in FY 2016-17.

The company expects revenue to grow by 11.8-13.8 per cent in dollar terms, faster than industry guidance for the fiscal year ending March 31, 2017, Infosys said in a statement.

Vishal Sikka led Infosys Ltd, on Friday, reported fourth quarter numbers that beat Street estimates, a sign that the software giant is firmly on the recovery road under Sikka’s charismatic leadership.

The country’s second biggest software exporter posted a consolidated net profit of Rs 3,597 crore in the fourth quarter ended March 31, 2016, up by 3.8 per cent on a sequential basis, Infosys Ltd said in a filing to the Bombay Stock Exchange (BSE).

In Q3 FY 2015-16, the company had posted a consolidated net income of Rs 3,465 crore, Infosys Ltd added.

Buoyed by Q4 numbers, shares of the company increased 6.57 per cent to Rs 1249.05 apiece on Bombay Stock Exchange.

Shares of the company surged 6.50 per cent to Rs 1,248.90 apiece on National Stock Exchange.

Meanwhile, the broader benchmark BSE Sensex was trading at 25,751.00, up 124.25 points, or 0.48 per cent, at 11:52 hours.