UCO Bank posted a huge net loss of Rs 1,715 crore in Q4 of FY16, against a net profit of Rs 209 crore in the same quarter in FY15. Sequentially, the net loss swelled by 15 per cent from Rs 1,497 crore in Q3 of FY16.
Union Bank of India reported a 78% drop in its fourth-quarter profit as it raised provisions for bad loans. Company's net profit fell to 961.2 million rupees on a standalone basis for the fiscal fourth quarter ending March 31, from 4.44 billion rupees a year earlier.
Another PSU lender that recorded loss in Q4 was Allahabad Bank, at Rs 581 crore, against Rs 203 crore profit reported in the same period a year ago. The loss was contained because it saw a tax write-back of Rs 1,033 crore in Q4, against a tax expense of Rs 175 crore.
Bank of Baroda registered a loss of Rs 3,230.14 crore for the March quarter. The bank had reported a loss of Rs 3,342.04 crore in the preceding December quarter.
Dena Bank posted a net loss of Rs 326 crore in Q4 against a net profit of Rs 56 crore in the year-ago period.
Central Bank of India posted a net loss of Rs 898 crore in the quarter compared with a net profit of Rs 174 crore in Q4 of FY15.
GMR Infrastructure will be in focus after its subsidiary GMR Rajahmundry Energy (GREL) said that in the absence of long-term fuel supply agreements and long-term power purchase agreements, a consortium of lenders has adopted the strategic debt restructuring (SDR) scheme.
AkzoNobel India recorded a net profit of Rs 52.6 crore in the January-March, 2016 quarter compared to Rs 44.6 crore during the same quarter last year.
Polaris Consulting and Services posted a net profit of Rs 5.10 crore during the quarter ended March 31, 2016, on a consolidated basis compared to Rs 37.08 crore during the same period of previous quarter.
Zydus Cadila recorded a net profit of Rs 389 crore for the fourth quarter of the fiscal 2015-16, up 11% on the back of a 7% rise in total income from operations during the quarter on a year-on-year basis.
PSU Engineering major Bharat Heavy Electricals said that it has commissioned a 660 Mw supercritical thermal unit for the Mouda Super Thermal Power Station (STPS) in Nagpur district of Maharashtra.
Piramal Enterprises said that it would acquire four brands - Neko Soap, Sloans, Ferradol and Waterbury's Compound — from Pfizer for its consumer products division, for Rs 110 crore.
