1. ICICI FY19 Net Falls 50% on High Expenses, Provisions
ICICI Bank Ltd posted a 50% decline in net profit for fiscal year 2018-19 at ₹3,363.30 crore because of higher expenses and provisions. Operating profit, however, grew 17% to ₹22,072 crore, suggesting an improvement in core operational performance at the private sector lender.
(Source: Livemint)
2. Airtel Surprises With 29% Rise in Q4 Profit Amid Bruising Jio War
Bharti Airtel Ltd’s fiscal-fourth quarter profit rose 29% from a year earlier because of a one-time gain of ₹2,022.1 crore and a tight control on sales and marketing expenses amid a tariff war with rival Reliance Jio.
Net profit rose to ₹107.2 crore in the three months ended 31 March from ₹82.9 crore in the year earlier.
(Source: Livemint)
3. Federal Bank Shares Jump 5% After Robust Q4 Numbers
The Federal Bank stock surged almost 5% in intra-day trades on Monday after the lender reported a 163% year-on-year (y-o-y) rise in net profits to Rs 382 crore in Q4FY19. The rise in profits was led by controlled provisions and strong operational performance.
Gross advances grew 20% y-o-y to Rs 1.12 lakh crore as on March 31 led by 24% and 20% y-o-y growth in retail and corporate loans, respectively. Shyam Srinivasan, managing director and CEO, Federal Bank, gave a guidance of maintaining 20%-22% loan growth in FY20 as well while the analysts at Kotak Institutional Equities forecast 17% loan growth in FY20.
(Source: Financial Express)
4. Ratan Tata Raises Stake in Ola, Invests in EV Business
Ratan Tata, chairman emeritus of Tata Sons, bolstered his position in India’s top cab aggregator, Ola, by investing an undisclosed amount in its fledgling electric vehicle business.
This marks the second external investment in Ola Electric Mobility, which has so far struggled to take off. The investment is part of an ongoing series A round of financing, the company said on Monday.
(Source: Hindustan Times)
5. Stocks Melt as Trump Turns up the Heat in Trade War With China
Indian stocks joined a global sell-off on Monday as heightened trade tensions between the US and China, the word’s largest economies, risk derailing global growth.
It took just two tweets from President Donald Trump on Sunday to roil markets around the world. In two early morning tweets, he threatened to impose new tariffs on China. The tweets jolted investors who were expecting the US and China to resolve trade tensions.
On Monday, it sparked a sell-off in risk assets across the world. BSE’s benchmark Sensex fell 362.92 points, or 0.93%, to 38,600.34, while the National Stock Exchange’s Nifty index shed 0.97% to 11,598.25.
(Source: LiveMint)
6. SC Stays NGT Order on Volkswagen
The Supreme Court (SC) on Monday stayed an order of the National Green Tribunal (NGT) imposing a fine of ₹500 crore on Volkswagen AG, providing major relief to the German automaker.
The NGT had imposed the fine on Volkswagen for what it called harming the environment.
(Source: Hindustan Times)
7. Stock Corner: ‘Buy’ on Dabur India With Revised Target Price of Rs 445
Dabur posted weak and below-estimates Q4 print on both revenue (both domestic/international disappointed) and margin (multiple drags) fronts. Foods and hair care were the key laggards partly dragged by extended winter; most other categories sustained double-digit growth momentum (ex-oral care). Sharp Q4 miss and weakness in consumer demand drive 7-8% EPS cut over FY20-21.
(Source: Financial Express)
8. Nafed Resumes Groundnut Supply to Gujarat Oil Mills
In a major respite to oil millers in Gujarat, the National Agricultural Cooperative Marketing Federation of India (Nafed) has resumed the supply of groundnut stock now that polling is over in Gujarat.
Nearly 100 odd oil mills in the state, mostly in Saurashtra region, were experiencing shortage of raw materials (groundnut) as Nafed had stopped selling them due to Lok Sabha elections. As a result, they were running at almost half their capacities. However, following end of polling in Gujarat on 23 April, Nafed decided to release the stock to oil millers as well as merchants of groundnut seeds.
(Source: Financial Express)
9. HDFC Bank to Consider Stock Split Later This Month
Private sector lender HDFC Bank Monday said its board will consider splitting the bank’s each share into two with a face value of Re 1 later this month. Presently, one share of HDFC Bank has a face value of Rs 2. Its shares closed at Rs 2,328.40 apiece on the BSE, down 1.71 per cent.
“…we wish to inform you that the board of directors of the bank would inter-alia consider a proposal for sub-division of bank’s equity shares from 1 (one) equity share of face value of Rs 2 each to 2 (two) equity shares of face value of Rs 1 each, at their meeting to be held on May 22, 2019,” the bank said in a stock exchange filing.
(Source: PTI)
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