RBI may take more measures to check asset bubble
The Reserve Bank of India (RBI) has made it clear in the latest monetary policy review that even though it would continue to support the cause of faster economic growth, there would be no relaxation in the objective of price stability and avoiding bubble economies. In this wake, the apex bank may take some more steps going forward to suppress formation of an asset bubble. Read more
Bank of Baroda – Mints Money in Sept Quarter
Bank of Baroda’s NII growth for the quarter remained strong at 23% YoY led by an improvement in margins. The NIM on domestic operations expanded to 2.89% as against 2.57% in Q1FY10. Growth in non-interest income ex-treasury remained muted at ~3% YoY; however core fee income posted a strong growth of 25%. Treasury profits for the quarter totalled Rs 2bn.
Provisioning expenses came in lower than expected. We believe a reversal of MTM losses on overseas CLN exposure and lower provisions than anticipated contained these expenses. Gross NPAs declined sequentially while in absolute terms net NPAs increased slightly. The delinquency ratio for H1FY10 stood at 1.04% (annualised). This suggests the possibility of higher write-offs during the quarter, which in turn could explain the slight drop in coverage ratio to 79% versus 81.7% in Q1FY10
RBI Doubles NPA provisioning for real estate loans
The RBI Governor has finally woken up to the ground reality of Realty. The RBI announcement highlight was that it has increased the banks NPA provisioning for real estate loans from 0.4% to 1%. The increase in the provisioning norms has led to a sharp fall in the banking and real estate shares as Unitech plunged 6.66% and ICICI Bank slipped 4.57% as token for the melting counters. The biggest loser was the realty sector as the industry may see a roadblock in affordable housing dream.
The central bank has kept all the policy rates unchanged but has hiked SLR from 24% to 25%. The local stock markets could not give overwhelming response to the RBI’s loose money announcement and rather the picture got bleaker
Ranbaxy Lab PAT at Rs 186.08 crore for third quarter
Ranbaxy Laboratories has announced its unaudited results for the quarter ended September 2009.
The company has reported a net profit of Rs 186.08 crore for the July-September 2009 quarter, as against net loss of Rs 352.93 in the September 2008 quarter.
Total operating income of the company for the quarter under consideration stood at Rs 1365.19 crore against Rs 1202.22 crore in the year-ago period, up by 13.56% on a year-on-year (YoY) basis.
Wipro inks long term partnership with DIAL
IT major Wipro and Delhi international Airport Private Limited (DAIL) have inked a ten-year total outstanding agreement to provide world class IT infrastructure and services for the Indira Gandhi International Airport (IGIA), New Delhi.
The partnership assumes significance as IGI airport’s new integrated terminal (T3) will be the gateway for the Commonwealth Games, scheduled to be held in New Delhi. Terminal 3 at IGIA will be one of the largest airport terminals in the world. Read more
Spanco secures India’s first SDC order worth Rs 30 crore
Spanco, one of the leading networking and systems integration solutions company in the country, has secured India’s first State Data Center (SDC) order from Orissa.
The order which is valued at Rs 30 crore, is part of the core infrastructure under the National eGovernance Program (NeGP) instituted by the Department of Information Technology, government of India.
The order will be implemented over a period of four months.
Gold, Silver prices rise on the first day of Samvat 2066
Gold and silver prices rose on the first day of Samvat Year 2066, the Hindu New Year in the traditional lunar Hindu calendar, with gold gaining Rs 50 to touch Rs 16,070 per ten grams on the bullion market in Delhi on Saturday. Token purchases by traders on the first day of the Hindu New Year aided the gains.
Standard gold and ornaments traded Rs 50 higher at Rs 16,070 and Rs 15,920 per ten gram respectively, while sovereign held unchanged at Rs 12,950 per piece of eight gram. Read more
Ultratech Cement Results – Review
Ultratech Cement Ltd (UTCL) Q2FY10 net profit at Rs2.51 bn (up 53% yoy) is below our expectation (Rs2.75 bn), primarily on account of higher than freight & fuel cost. Revenues for the quarter increased by 8.7% yoy to Rs15.41 bn on the back of volumes (+by 3.9%) increase to 4.16 mt and realizations (+4.7% yoy) to Rs3704/ton. Though on sequential basis, domestic cement realization per tonne seems to have increased by Rs 70 per tonne, the net plant realization (excluding freight) seems to have declined by Rs 45/tonne, in lne with expectations. EBITDA for the quarter at Rs 4.7bn grew by 48.1% on y-o-y was below our expectation (Rs 4.9 bn), mainly on account of higher than expected power and coal cost as well as higher freight cost due to increased lead distance. Read more
Auto Rickshaws Cause 40% Pollution in Bangalore
The Karantaka Pollution Board [Government Body] took the opportunity given by Striking Arrogant and Reckless Auto Drivers of Bangalore who went off the road on Oct-12th to study the pollution levels across city. Pollution level came down by as much as 40% in some pockets of the Bangalore City. The following chart gives complete idea on the reduction level of various hazardous chemicals on October-12th. Read more
Mediaone Global expands its chain of theatres
Mediaone Global Entertainment has added one more theatre to its existing Mediaone’s chain of theatres, which will launched on the Diwali day.
The company recently acquired Meenakshi theatre, which is located at Manali in Chennai. This theatre will exhibit the brand new blockbuster Tamil film ‘Peraanmai’ at launch.
In April this year, the company had acquired this theatre. It has refurnished the theatre completely through digital connectivity and DTS sound system, at par with ‘A’ class centers.
This theatre has a seating capacity of 487, with ample parking facilities, clean toilets, cushion seats, classified into first class and second class providing comfortable legroom. The quality of viewing the cinema was enhanced with UFO cinema technology and DTS sound at par with international standards, the company said in its filing with the BSE.
-
Categories
-
Archives
-
Links
