Corporate & Markets

Shree Cement rating: ‘Buy’; Market share up without margin being hit

FY21-22e EPS up 22-32% due to lower depreciation and higher other income; TP raised to Rs 25,800 from Rs 22,400; ‘Buy’ retained
SRCM’s consistent track record of market share gains coupled with industry-leading margins justifies its premium valuation, in our view.

Hindalco posts highest quarterly loss at Rs 709 crore for June quarter

The revenue from operations declined 15.64% year-on-year to Rs 25,283 crore due to lower India aluminium prices and lower volumes and realisations, both of copper and byproducts.

Consequently, operating margins came in at 9.3%, registering a fall of 330 basis points on a y-o-y basis.

New India Assurance Q1 net up 3% on better loss ratio, less motor insurance claims

Gross premiums for the country’s largest non-life insurer stood at Rs 8,368 crore during the quarter, a growth of 6.5% compared to the same quarter last year.

The income from investments came down to Rs 599.24 crore in the first quarter, compared to Rs 986.05 crore in previous financial year.

Indian Bank’s Q1 net profit rises to Rs 369 crore

Accordingly, the combined financial as on June 30, 2019 has been arrived at by aggregation of audited numbers of combined figures of two banks, Indian Bank said.

The provision coverage ratio was at 80.52 % as against 74.35%.

Negative global cues: Sensex tumbles 433 points as banks, financials bleed

The losses in the banking index were led by Bank of Baroda, RBL Bank, IDFC First Bank, Punjab National Bank and Axis Bank.

The markets declined as investors pruned exposure to banking, financial and consumption stocks amid negative global cues.

City Union Bank net profit slips 17% in Q1

Total deposits increased 5%, from Rs 39,100 crore to Rs 41,000 crore while advances registered a growth of 7%, from Rs 32,200 crore to Rs 34,500 crore.

The total business of the bank grew by 6%.

Lemon Tree rating: Maintain ‘buy’ with target price of Rs 26

From the liquidity perspective, LT has sufficient cash to meet its total expenses including debt obligations for the next four quarters assuming the worst-case scenario.

Our sector outlook (including mid-market) remains bleak (unchanged).

DoT proposal on self KYC through end-to-end online process cumbersome: Telcos

“The CAF shall not be modified after fixing of signature of authorised representative of licensee,” said the DoT draft, a copy of which has been seen by FE.

Further, the mobile number of the local person should not be used for more than nine mobile connections.

‘Clear dues immediately’: Centre raps UP for ‘discriminatory’ behaviour towards independent power producers

According to reliable sources, Central officials also said that while the Centre’s Atmanirbhar Bharat scheme is all about rebuilding investor sentiment, the state’s move is diametrically opposite

However, while the UPPCL had cleared the first tranche of the dues to all the CPSUs, PGCIL, the cogenerators and RE generators, it released only a paltry 12.5% of the dues to the IPPS.

OYO reaches 30% of pre-Covid occupancy on bookings by millennials, SMEs

In October, OYO had announced a fresh $1.5-billion financing round with participation from founder Ritesh Agarwal-led RA Hospitality Holdings and other investors.

“We expect budget hotels to return sooner compared with luxury hotels,” Kapoor said.

Amazon overtakes Flipkart as top online smartphone marketplace: Report

Amazon grew aggressively in the Rs 15,000-20,000 price band, which contributed the most to online sales during the period, the report added.

Flipkart’s share declined to 42%, but the platform led the sub-Rs 10,000 price band with more than 50% share in the overall online smartphone market.

UP hands over probe into power blackout to STF

The UP power sector is infamous for its AT&C losses. They stand at a whopping 30% in 2019-20. The state government has drawn up a plan bring down the AT&C losses to 15% by March 2024.

It was expected to significantly improve the discoms’ billing efficiency and ensure consumer satisfaction.

Why it’s too early to be enthused about market rally

With respect to the recovery to 90% and the shape of the balance sheet of corporate India and banks, the jury is out on whether these are sustainable numbers.

Unmesh Sharma, head of institutional equities, HDFC Securities

States’ auto fuel tax receipts seen rising 9% to Rs 1.96 lakh crore in FY21

The states will also gain from the rise in auto fuel taxes through increased excise duties which will raise the taxable value of petrol and diesel for the levy of state sales tax.

In FY20, the total contribution of the petroleum sector to the exchequer stood at Rs 5.6 lakh crore, out of which Rs 2.2 lakh crore went to the states and the remaining to the Central government.

After retiring as Thermax MD, Unnikrishnan to play bigger role in start-up ecosystem

The outgoing Thermax MD has already been advising start-ups. Mentees have rated him 5/5 for his mentorship, Thermax chairperson Meher Pudumjee said about Unnikrishnan.

Unnikrishnan began his career with Thermax after graduating in mechanical engineering from VNIT, Nagpur, in 1982.

Credit cost to more than double for NBFCs, says Acuite Ratings

Kailash Baheti, group chief financial officer (CFO), Magma Fincorp, said that liquidity flow for NBFCs should be continuous.

RBI tightens corporate governance norms for core investment firms

Among the parameters a CIC will be expected to disclose are details of its investment in other CICs, its off-balance sheet exposures and the maturity pattern of its assets and liabilities.

The notification does not specifically mandate the setting up of other board-level committees, such as those for audit and remuneration, as suggested in the report of the working group.

Equity markets end marginally lower, index heavyweights pull down Nifty and Sensex

The markets started the day strong with a gap-up opening, but witnessed selling throughout the session.

The Sensex fell 59.14 points, or 0.15%, to close at 38.310.49.

Anti-China wave can be game changer; reforms urgently needed: L&T chairman

Subrahmanyan said that 85%-90% of sites have now mobilised and if there are no major incidents that affect physical progress the company will be able to catch up on what has been lost in terms of sale

He further said it is essential that an enabling ecosystem for growth is created.

US firm Fiserv to support Federal Bank to launch credit card

With a strong retail and remittance business in India, Federal Bank was looking for a flexible and scalable technology and business process outsourcing solution to support the launch and subsequent gr

The Kerala-based lender has also outsourced the associated operational processes to Fiserv.

Under-construction renewable energy projects get five-month extension for meeting deadlines for completion

The government had said in March that delays in construction activities for renewable energy plants on account of disruption of the supply chains due to coronavirus would be seen as a force majeure ev

Relief under this provision would be available for disruption of construction activities taking place between March 25 and August 24.

Amazon gets Indian patent for auto authentication of mobile transactions

Amazon had filed the application for the patent in 2012 at the Delhi patent office which granted it to the e-commerce major by its order of August 11, 2020.

This may cause potential security concerns as hackers or skimmers at the merchant location may scan the user device or cards for obtaining transaction details.

IPCA Lab rating: Retain ‘hold’ with revised target price of Rs 1,950

According to management, raw material cost pressures have waned and some part of cost savings are here to stay, which will drive margin.

Management estimates 18-19% revenue growth and higher Ebitda margin improvement in FY21 than earlier guidance of 150bps.

One-time loan recast scheme difficult to implement: Srei Infrastructure Finance V-C

The government and the RBI have been trying their best to cushion the impact of Covid-19 on the economy and businesses.

Also, the proposed plan has set March 1 as the reference date for the outstanding amount of debt restructuring, provided the loan continues to remain standard till restructuring is invoked.
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