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.
Tag: Q3 Net profit
At 10:28AM BSE SENSEX was at 23446.77, up by 460.65 points or by 2 per cent while the NSE Nifty was at 7126.75, up by 145.8 points or by 2.09 per cent.
The BSE MIDCAP was at 9884.82, up by 269.58 points or by 2.8 per cent while the BSE SMLCAP was at 9994.33, up by 311.78 points or by 3.22 per cent.
The top gainers of the BSE Sensex pack were Tata Steel Ltd. (Rs. 237.85,+9.18 per cent), Adani Ports & Special Economic Zone Ltd. (Rs. 191.00,+6.88 per cent), State Bank of India (Rs. 163.00,+5.20 per cent), Larsen & Toubro Ltd. (Rs. 1098.45,+4.25 per cent), Lupin Ltd. (Rs. 1817.15,+3.78 per cent), among others.
The top losers of the BSE Sensex pack were Bharti Airtel Ltd. (Rs. 321.55,-1.14 per cent), among others.
The Market breadth, indicating the overall strength of the market, was strong. On BSE, out of total 2142 shares traded, 1713 shares advanced, 372 shares declined while 57 were unchanged.
Among the sectoral indices on BSE, BSE Metal index was at 6686.13, up by 353.7 points or by 5.59 per cent led by NMDC Ltd. (Rs. 87.65,+11.37 per cent), Vedanta Ltd. (Rs. 69.20,+9.32 per cent), Tata Steel Ltd. (Rs. 237.85,+9.18 per cent), Jindal Steel & Power Ltd. (Rs. 60.00,+8.21 per cent), Hindalco Industries Ltd. (Rs. 64.60,+5.90 per cent).
“The company had posted consolidated net profit of Rs 395.33 crore for the quarter ended December 31, 2014,” Sun Pharmaceutical said in a filing to Bombay Stock Exchange.
The consolidated net sales from operation rose 2 per cent to Rs 7,046.57 crore in Q3FY16 from Rs 6,885.46 crore in Q3FY15.
The other income of the company increased to Rs 209.20 crore from loss of Rs 76.51 crore in the year ago period. Tax expenses declined 80.4 per cent on yearly basis to Rs 202.03 crore versus Rs 1,028.96 crore in the year ago period.
India sales for Q3FY16 was Rs 1,890 crores, up 8 per cent, from the corresponding quarter last year and accounting for 27 per cent of total sales. Sales in the US were US$ 486 million for the quarter, a reduction of 11 per cent over same period last year and accounted for 45 per cent of total sales.
Commenting on Q3 earnings, Dilip Shanghvi, Managing Director of the Company said, “Our result for Q3 indicates sequentially improving quality of business and performance. This is despite adverse currency movements and increase in R&D investments. The synergy benefits of the Ranbaxy acquisition have begun to reflect in our financials. We remain committed in allocating required resources for enhancing our specialty and complex generics pipeline.”
Ahead of the earnings report, shares of company ended Friday’s trade at Rs 848.35 apiece, up 2.09 per cent, on BSE.
The key domestic benchmark indices were trading in a negative terrain as the markets trimmed losses during the afternoon trading session on Friday amid weak global cues. The market sentiments were dampened as rising concerns over the health of European banks further threatened a global economic outlook already under strain from falling oil prices and slowdown in China and other emerging markets.
The markets remained cautious ahead of the key macro data, Index of Industrial Production (IIP) and Consumer Price Inflation (CPI) which will be announced later in the day. Further, foreign portfolio investors (FPIs) sold shares worth a net Rs 1112.66 crore yesterday as per provisional data released by the stock exchanges that also kept pressurizing the sentiments.
At 01:15 PM, the Bombay Stock Exchange bellwether Sensex was at 22898.39 down by 53.44 points or by 0.23 per cent, while the NSE Nifty was at 6935.15 points, trading lower by 41.2 points or by 0.59 per cent.
The BSE Sensex touched an intraday high of 23116.27 and an intraday low of 22600.39 while the NSE Nifty touched an intraday high of 7026.75 and an intraday low of 6869
The top gainers of the BSE Sensex pack were Tata Motors Ltd. (Rs. 292.50,+6.11 per cent), Axis Bank Ltd. (Rs. 385.50,+2.12 per cent), NTPC Ltd. (Rs. 123.15,+1.69 per cent), Mahindra & Mahindra Ltd. (Rs. 1142.65,+1.48 per cent), ITC Ltd. (Rs. 302.65,+1.32 per cent), among others.
Meanwhile, Bharat Heavy Electricals Ltd. (Rs. 105.80,-12.09 per cent), Adani Ports & Special Economic Zone Ltd. (Rs. 176.30,-6.47 per cent), Oil And Natural Gas Corporation Ltd. (Rs. 193.40,-4.64 per cent), Larsen & Toubro Ltd. (Rs. 1044.65,-4.36 per cent), Tata Steel Ltd. (Rs. 217.50,-3.33 per cent), were among the top losers on BSE.
The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total 2665 shares traded, 479 shares advanced, 2067 shares declined while 119 were unchanged.
Globally, the Asian peers were trading lower today as investors continued to dump riskier assets. The US markets closed lower but well off their lows in the previous trading session as investors digested a massive global sell-off, falling oil prices, and chatter about a possible OPEC production cut. Asian markets were trading lower.
“The auto major had posted standalone net profit of Rs 942.14 crore for the quarter ended December 31, 2014,” Mahindra & Mahindra said in a filing to Bombay Stock Exchange.
The net sales of company increased 17.07 per cent to Rs 10,900.39 crore in Q3FY16 from Rs 9,310.41 crore in Q3FY15.
The gross revenues and other income of M&M and Mahindra Vehicle Manufacturers Limited (MVML), a subsidiary of the company, stood at Rs 11,570 crore as against Rs 9,931 crore in the year ago period, registering a growth of 17 per cent.
The passenger vehicle market grew 14.6 per cent in the quarter under review, a double digit growth after 14 quarters, largely driven by urban demand.
However, the tractor segment remained subdued with a de-growth of 1.5 per cent in the current quarter due to lower kharif output and a lower rabi sowing as compared to last quarter which impacted the income and sentiments of the farming community.
During the quarter under review, the total volumes rose 11.8 percent to 1.93 lakh units on y-o-y basis. Auto volumes climbed 15.4 per cent YoY to 1.31 lakh units, while tractor volumes grew 4.9 per cent YoY to 62,666 units.
Following the earnings report, shares of company were trading at Rs 1134.90 apiece, up 0.79 per cent, on BSE at 13:15 hours.
“The auto major had posted standalone net profit of Rs 582.98 crore for the quarter ended December 31, 2014,” Hero MotoCorp said in a filing to Bombay Stock Exchange.
The net sales of company increased 5.61 per cent to Rs 7,174.16 crore in Q3FY16 from Rs 6,792.51 crore in Q3FY15.
According to CNBC-TV18 poll, the company was seen posting net profit at Rs 790 crore, while net sale was seen at Rs 7,241 crore.
During the quarter under review, the two-wheeler sales stood at 16,90,354 units as compared to 16,48,548 unit in the year ago period. The company reported strong quarterly turnover (net sales and other operating income) of Rs 7,295 crore, registering a growth of 7 per cent on year-on-year basis.
The other operating income of company tood at Rs 120.62 crore as against Rs 46.74 crore reported in the corresponding year-ago period.
Ahead of announcement, shares of company ended Thursday’s trading at Rs 2498.45 apiece, down 1.92 per cent, on BSE.
“The state-owned company had posted consolidated net profit of Rs 3,262.49 crore for the quarter ended December 31, 2014,” Coal India said in a filing to Bombay Stock Exchange.
The consolidated total Income of company increased 5.05 per cent to Rs 20,953.35 crore in Q3FY16 from Rs 19,944.86 crore in Q3FY15.
According to CNBC-TV18 poll, the company was seen posting net profit at Rs 3,515 crore, while net sale was seen at Rs 19,438 crore.
On the standalone basis, the company has posted net profit of Rs 672.55 crore against total revenue of Rs 882.33 crore for the quarter ended December 31, 2015.
Operating profit (earnings before interest, tax, depreciation and amortisation) surged 8.77 per cent year-on-year to Rs 5,542.91 crore versus Rs 5,095.75 crore in the year ago period.
However, other income fell 17 per cent to Rs 1,354 crore as compared to Rs 1,634.4 crore in same quarter last fiscal.
Ahead of announcement, shares of company ended Thursday’s trading at Rs 305.05 apiece, down 2.87 per cent, on BSE.
The bank had posted a net profit of Rs 277.52 crore in the corresponding quarter of previous fiscal, said Indian Bank in a filing to the Bombay Stock Exchange on February 11, 2016.
However, total income of the bank increased by 2.7 per cent to Rs 4,438.4 crore in Q3 FY 16 from Rs 4,321.47 crore in Q3 FY15.
In the quarter, provisions (other than tax) and contingencies jumped significantly to Rs 718.05 crore from Rs 137.08 crore in previous quarter and from Rs 370.28 crore in corresponding quarter of last fiscal.
During the quarter under review, the bank’s gross non-performing assets increased to 5.61 per cent of total loans, compared with 4.52 per cent in the year-ago quarter. Net NPA of the bank too grew to 3.17 per cent against 2.74 per cent in corresponding period last year.
Reacting to the numbers, shares of bank closed at Rs 80.30 apiece, down 5.70 per cent, from previous close on BSE.
Bajaj Electricals announced that it has posted a standalone net profit of Rs 29.31 crore for the third quarter ended December 31, 2015 as against a net loss of Rs 52.26 crore for the third quarter ended December 31, 2014.
The net sales of the company rose by 11.13 per cent to Rs 1,142.49 crore during the quarter under review as against Rs 1,028.01 crore in the same quarter of last fiscal.
Bajaj Electricals’ revenue from lighting segment increased by 26.29 per cent to Rs 292.75 crore during the third quarter of 2015-16 as against Rs 231.79 crore of the last fiscal.
The revenue from consumer durables segment was up 5.51 per cent to Rs 535.16 crore during the third quarter of 2015-16 as against Rs 507.19 crore in third quarter of 2014-15.
Similarly, the engineering and projects division reported a revenue of Rs 318.57 crore during the quarter, up 9.67 per cent as against Rs 290.48 crore in the year-ago period.
The net sales of the company rose by 12.78 per cent to Rs 728.70 crore in the October-December quarter this fiscal as compared to Rs 646.15 crore in the same period of previous year.
Commenting on this, GSK Pharma Managing Director Vaidheesh Annaswamy said, “The quarter includes the vaccine sales arising from the asset sales agreement with Novartis India that concluded at the end of the prior quarter and contributed to 4 per cent sales growth.”
He added, “Investments at the company’s existing site at Nashik as well as proposed manufacturing site at Vemgal, Karnataka are on track to deliver high quality products to meet the future demands of the Indian patient.”