Top biz headlines today: HDFC Bank results, MFs bet big on banks and more

Business Standard brings you top 10 business stories that made news on Saturday

HDFC Bank Q4 net profit up 22% to Rs 5,885 crore on interest income growth
 

HDFC Bank on Saturday reported a 22.6 per cent increase in net profit to Rs 5,885.1 crore for the March quarter of 2018-19. The private sector bank had registered a net profit of Rs 4,800 crore in the year-ago quarter. A healthy growth rate in net interest income helped the lender meet profit estimates. Net interest income for the quarter increased 22.8 per cent to Rs 13,089.5 crore from Rs 10,657.7 crore in the same period of the previous financial year.  Read more here 

Mutual Funds bet big on banks, exposure up about 50% from FY18-end

Mutual funds (MFs) are shuffling their sectoral exposures for 2019-2020 as they look to improve their portfolio returns. MFs’ exposure to the banking sector jumped about 50 per cent as of March 31, 2019, from a year ago, amid expectations of a sharp earning recovery. The exposure to the automobile sector declined in the same period, with growth expected to remain sluggish. Read the entire story here

Dispute over inheritance worth Rs 1,500-cr flares up family feud at Finolex

“Finolex gets people together” — says the tag line on the corporate letterhead of Finolex, the largest maker of telecom cables, which would be an inspiring note, except, of late, its doing anything but that. Its promoters are taking up cudgels in what has turned out to be another family feud for control of a group in India Inc. At the immediate heart of the dispute is an inheritance that involves Rs 1,500 crore of shares that were bequeathed on a gift deed on a Rs 500 non-judicial stamp paper, claims one cousin, and an inheritor. The other questions its validity. Read more here

NCLT consults Centre, bankruptcy board to resolve Jaypee Infra deadlock

In the matter between IDBI Bank and Jaypee Infratech, the National Company Law Tribunal’s (NCLT) New Delhi Bench has sought views from the government and Insolvency and Bankruptcy Board of India (IBBI) on ways to resolve the deadlock in the resolution process. Read more here 

Entrepreneur Sid Mookerji sets up food tech, retail accelerator in Mysuru

Entrepreneur Sid Mookerji whose tech firm Softvision (SPI) was acquired by Cognizant last October has set up a retail and foodtech focused startup accelerator in Mysuru. Said to be first of its kind accelerator programme in the country, Silicon Road aims to fast-track the growth of the startups in this segment with a tailored programme, mentoring and network.

Jet Airways CEO asks govt for Rs 175 crore to pay one-month salary to staff

Jet Airways management has asked the government to release Rs 175 crore to pay one-month of salary to its staff. The airline also asked to retain prime airport slots to retain value for new investor. A team of employee representatives led by CEO Vinay Dube and Deputy CEO Amit Agarwal met Finance Minister Arun Jaitley and requested for Rs 175 crore, which would be used to pay one month salary to the employees. Read more here

Not involved in any cash payments to Venezuela's PDVSA for oil: Reliance

Reliance Industries denied involvement in any arrangements that lead to cash payments for oil supplies to Venezuelan state oil company PDVSA via third parties, and said it is not in violation of any US sanctions. Read the entire story here

At Rs 26,200 crore, NBFC-MFIs see 170% rise in securitisation deals in FY19

Amid the tight liquidity situation, non-banking finance company-microfinance institutions (NBFC-MFIs) raised close to Rs 26,200 crore through securitisation deals in the last financial year. This is a whopping rise of 170 per cent over 2017-18, according to a report by credit rating agency ICRA. Read the entire story here 

Adani arm acquires defence electronics and avionics firm Alpha Design

Adani Enterprises on Saturday said that its subsidiary, Adani Defence Systems and Technologies, has acquired Alpha Design Technologies. The acquired firm provides Adani Defence and Aerospace a strong tier-1 capability for building a base for graduating to platform capabilities. Read the entire story here