Thursday, 19 February 2015
Tuesday, 17 February 2015
Monday, 16 February 2015
Sunday, 15 February 2015
Saturday, 14 February 2015
Friday, 13 February 2015
SBI Soars as Q3 Asset Quality Bucks Trend
State Bank of India shares jumped over 8 per cent on Friday
after the PSU lender reported stable asset quality in the December quarter. SBI
was the top Nifty gainer and helped the Sensex rally past 29,000 levels in noon
trades.
SBI's gross non-performing assets, as a percentage of
advances, stood at 4.90 per cent (or Rs 61,991 crore) as compared to 4.89 per
cent in the September quarter. Net NPA (without provisions) in the December
quarter stood at 2.80 per cent versus 2.73 per cent in the previous quarter.
Analysts said SBI has managed to buck the trend shown by
many other PSU lenders that reported a sharp deterioration in asset quality in
the December quarter. SBI's numbers are better than other PSU banks, said
Dhirendra Tiwari, head of research at Antique Stock Broking.
"Probably poor asset quality has peaked... with lower
rates, credit growth might pick up and NPAs will fall," he added.
SBI's net profit rose 30 per cent year-on-year to Rs 2,910
crore, missing estimates, but analysts said higher provisioning for bad loans
dented profits. Provisions stood at Rs 5,235 crore as against Rs 4,275 crore in
the previous quarter.
Net interest income or the different between interest paid
on deposits and earned on advances rose 9 per cent year-on-year at Rs 13,777
crore, meeting estimates.
Shares in SBI ended 8.23 per cent higher at Rs 307.70 apiece
on the National Stock Exchange.
Monday, 9 February 2015
L&T Q3 profit slips 14.6%, cuts order flow guidance
Larsen and Toubro
(L&T) disappointed street on Monday with the third quarter profit
falling 14.6 percent year-on-year to Rs 1,060 crore on standalone basis, dented
by lower operating income, higher depreciation and interest costs. However, the
profit was supported by other income of Rs 621.9 crore (up 43.7 percent Y-o-Y).
In Q3FY14, the profit was boosted by an exceptional gain of
Rs 104.4 crore.
Net sales grew 4.2 percent to Rs 14,995 crore during
October-December quarter from Rs 14,388 crore in same quarter last year,
impacted by power, metallurgical & material handling and heavy engineering
segments.
Operating profit dropped 6.3 percent year-on-year to Rs
1,569 crore and margin declined 110 basis points to 10.5 percent in the quarter
gone by, which both were lower than expectations of Rs 1,826 crore and 11.4
percent, respectively. Depreciation cost increased 32.5 percent and interest
cost jumped 72 percent Y-o-Y.
Consolidated net profit increased 9 percent to Rs 867 crore
and revenue rose 9.7 percent to Rs 23,878 crore during the quarter. Analysts
had expected profit of Rs 1,075 crore on revenue of Rs 22,850 crore. While
addressing press conference, however, R Shankar Raman (chief financial officer)
says L&T is working hard to maintain 10-15 percent revenue (consolidated)
growth band for this year, adding there is no change in this revenue growth
target.
Earlier in Q2, the company had slashed revenue growth
guidance to 10-15 percent from 15 percent. According to him, roads, power and
metallurgy segments will continue to drag down topline while transport, infra,
water and renewables will drive topline going ahead.
Saturday, 7 February 2015
Gold, silver drop on selling by stockists; global cues weigh
Gold short-lived its overnight short covering gains and
dropped at the domestic bullion market here today on stockists selling driven
by massive unwinding at the global level.
Silver also slid owing to hectic speculative selling and
lower industrial offtake.
Standard gold (99.5 purity) fell by Rs 415 to end at Rs
27,290 per 10 grams from Friday's closing level of Rs 27,705.
Pure gold (99.9 purity) also dipped by a similar margin of
Rs 415 to finish at Rs 27,440 per ..
Silver (.999 fineness) slid by Rs 790 to conclude at Rs
38,050 per kg as against Rs 38,840 yesterday.
In New York, gold sank to settle at the lowest level
following stronger than expected US jobs report led the dollar to rise, drawing
the attention away from the safe haven metal.
In New York, gold for April delivery shed $28.10 to settle
at $1,234.60 an ounce, while March silver lost 50 cents, to end at USD 16.694
an ounce.
Subscribe to:
Posts (Atom)