Axis Bank's net profit declined 83.34% to Rs 319.08 crore on 14.14% growth in total income to Rs 13698.77 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours yesterday, 25 October 2016.
Axis Bank's net interest income (NII) rose 11% to Rs 4514 crore in Q2 September 2016 over Q2 September 2015. The bank's provisions and contingencies jumped 412.28% to Rs 3622.74 crore in Q2 September 2016 over Q2 September 2015.
Axis Bank's gross non-performing assets (NPAs) stood at Rs 16378.65 crore as on 30 September 2016 as against Rs 9553.17 crore as on 30 June 2016 and Rs 4451.11 crore as on 30 September 2015. The ratio of gross NPAs to gross advances stood at 4.17% as on 30 September 2016 compared with 2.54% as on 30 June 2016 and 1.38% as on 30 September 2015. The ratio of net NPAs to net advances stood at 2.02% as on 30 September 2016 as against 1.08% as on 30 June 2016 and 0.48% as on 30 September 2015.
HDFC, Hero MotoCorp, Hindustan Unilever, ITC, Cadila Healthcare and Dabur India will declare July-September 2016 quarter results today, 26 October 2016
On a consolidated basis, Bharti Airtel's net profit fell 4.9% to Rs 1461 crore on 3.4% rise in total revenues to Rs 24652 crore in Q2 September 2016 over Q2 September 2015. Earnings before interest, taxes, depreciation and amortization (EBITDA) rose 14.5% to Rs 9466 crore in Q2 September 2016 over Q2 September 2015. EBITDA margin was reported at 38.4% in Q2 September 2016, higher than 34.7% Q2 September 2015. The result was announced after market hours yesterday, 25 October 2016.
In a separate announcement, Bharti Airtel announced that the board of directors of the company at its meeting held on 25 October 2016, has authorised a committee of directors to evaluate options for monetization of a significant stake in Bharti Infratel, in accordance with applicable regulations. The final outcome of this exercise will be placed before the board for approval, before any final decision is taken. Bharti Airtel has also requested Bharti Infratel to allow sharing of any information with any prospective buyer, subject to customary confidentiality arrangements. There is no certainty of any transaction until such time the board reviews and approves the final proposal. The announcement was made after market hours yesterday, 25 October 2016.
Bharti Infratel, India's leading telecom tower infrastructure provider, is a significant subsidiary of Bharti Airtel. Bharti Airtel has, in the past, divested stakes in Bharti Infratel to a clutch of private equity investors led by Temasek, KKR and other high quality investors in 2008. This was followed by an initial public offering (IPO) in the year 2012 and block sales in the stock market in 2014 and 2015. As on date Airtel holds 71.96% stake in Bharti Infratel.
Asian Paints after market hours yesterday, 25 October 2016 said that its board of directors approved the scheme of amalgamation of Asian Paints (International) Limited, Mauritius, wholly owned subsidiary of the company with Asian Paints. The scheme will come into effect subject to the approval from the stock exchanges, Bombay High Court and such other statutory authorities as may be required in India and Mauritius. It may be noted that the proposed scheme has been reviewed and recommended for approval by the Audit Committee of the Board of the company at its meeting held on 24 October 2016.
State Bank of India said that it has issued and allotted 25,000 AT1 Basel III compliant non- convertible, perpetual, subordinated, unsecured debt instrument in the nature of debenture, of face value Rs 10 lakh each at par through private placement bearing coupon at 8.39% per annum payable annually with call option after 5 years or any coupon payment date thereafter aggregating to Rs 2500 crore in third tranche. The announcement was made after market hours yesterday, 25 October 2016.
Reliance Industries (RIL) through its overseas wholly-owned subsidiaries have signed facilities' agreements for availing term loan facilities for an aggregate amount of $573 million (equivalent to approximately Rs 3828 crore) for part financing the construction cost of six very large ethane carriers (VLECs) (the Facilities). RIL group had ordered six state-of-the-art VLECs, which will be the largest Ethane vessels ever built in the world. The announcement was made after market hours yesterday, 25 October 2016.
The Facilities with door to door tenor of 12 year comprise of a Korea Trade Insurance Corporation (K-sure) insured tranche of $286.50 million and a commercial tranche of $286.50 million. The Facilities shall be secured by collateral of respective VLECs. The said VLECs are financed at a debt to equity ratio of 80:20. The Facilities were oversubscribed by two times and saw participation from seven banks in K-sure covered tranche and six banks in the commercial tranche. This reflects the strong credit standing of RIL in the international financial markets.
VLECs would transport Ethane from United States of America to Dahej terminal in India, which will be used for feeding RIL's crackers at Dahej, Hazira and Nagothane, to ensure consistent supply of Ethane at competitive prices.
IDFC Bank's net profit galloped 550.27% to Rs 387.76 crore on 2615.82% growth in total income to Rs 2493.13 crore in Q2 September 2016 over Q2 September 2015. The result was announced after market hours yesterday, 25 October 2016. The bank commenced its banking operations on 1 October 2015. Accordingly, the results for Q2 September 2016 are not comparable with corresponding previous quarter.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
