Union Bank of India’s (UNBK) Q2FY19 results are characterised by an improving asset quality trend even as business momentum continues to be soft. Key highlights: (a) Slippages were restricted to `26.7 bn (3.6% versus >6% ov
Wipro’s Q2FY19 IT services’ revenue at $2,041 million (up 0.7% Q-o-Q) surpassed Street’s 0.3% decline estimate. Adjusting for divestment of the data centre business, revenue grew 1.9% in dollar terms and 2.8% in cc.
Karnataka Bank (KBL) reported a mixed Q2FY19 performance. PAT at Rs 1.1 billion (up 20% Y-o-Y) was supported by lower credit cost and controlled opex (down >2% YoY), even while core profitability was muted.
While these stocks have corrected 25–32% in the past three months, we reiterate that organised business services remain under-penetrated in India and, hence, a headcount CAGR expectation of 9–10% over the next six–seven