Axis Bank's net profit rose 14.5% to Rs 2175.30 crore on 14.66% rise in total income to Rs 12531.11 crore in Q3 December 2015 over Q3 December 2014. The result was announced after market hours yesterday, 20 January 2016.
On absolute basis, Axis Bank's gross non-performing assets (NPAs) stood at Rs 5724.05 crore as on 31 December 2015, compared with Rs 4451.11 crore as on 30 September 2015 and Rs 3901.59 crore as on 31 December 2014. The ratio of gross NPAs to gross advances stood at 1.68% as on 31 December 2015 as against 1.38% as on 30 September 2015 and 1.34% as on 31 December 2014. The ratio of net NPAs to net advances stood at 0.75% as on 31 December 2015 as against 0.48% as on 30 September 2015 and 0.44% as on 31 December 2014.
As on 31 December 2015, the bank's provision coverage, as a proportion of gross NPAs including prudential write-offs was 72%. The provision coverage before accumulated write-offs was 82%, Axis Bank said in a statement.
The bank's provisions and contingencies rose 40.5% to Rs 712.59 crore in Q3 December 2015 over Q3 December 2014.
Idea Cellular is set to announce Q3 December 2015 results today, 21 January 2016.
Tata Steel announced after market hours yesterday, 20 January 2016 that its group company TS Global Minerals has signed an in-principle agreement with the Government of Quebec. This undertaking should lead to a decision, before 31 March 2016, with respect to a government participation in the direct shipping ore project (DSO Project) in Schefferville area, in the North Shore region, Tata Steel said. Parties also agreed to cooperate in creating favorable conditions in the transit activities of iron ore from Arnaud Junction to the multi-user dock of the Port of Sept-iles.
Tata Steel through its subsidiary Tata Steel Minerals Canada is completing a direct shipping ore project in Schefferville, in which the company has invested more than 1 billion Canadian dollar. The company plans to develop its DSO deposits in Quebec with the Government of Quebec.
Shares of power generation and distribution companies will be in spotlight after the Union Cabinet yesterday, 20 January 2016, approved the proposal of the Ministry of Power for amendments in the Tariff Policy to ensure 24X7 affordable power for all. The amendments will ensure availability of electricity to consumers at reasonable and competitive rates, improve ease of doing business to ensure financial viability of the sector and attract investments, promote transparency, consistency and predictability in regulatory approaches across jurisdictions, according to a government statement. It will further facilitate competition, efficiency in operations and improvement in quality of supply of electricity.
Separately, the Cabinet Committee on Economic Affairs has given its approval for setting up of over 5,000 megawatts (MW) of Grid-Connected Solar PV power projects on build, own and operate basis. A capacity creation of 1,250 MW each is expected during four financial years from 2015-16 to 2018-19. The work will be implemented by Solar Power Developers (SPDs) with Viability Gap Funding (VGF) under the Jawaharlal Nehru National Solar Mission (JNNSM). The estimated requirement of funds to provide VGF for 5,000 MW capacity solar projects is pegged at Rs 5050 crore. The upper limit for VGF will be Rs 1 crore per MW.
Reliance Infrastructure's consolidated net profit rose 2.27% to Rs 462.67 crore on 8.2% decline in total income to Rs 4395.36 crore in Q3 December 2015 over Q3 December 2014. The result was announced after market hours yesterday, 20 January 2016.
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