GIVE MISS CALL ON :- +91 99774 99927

TOP CORPORATE NEWS – 13 OCT 2017

Market-Updates

Karnataka Bank Q2FY18 standalone net profit declines 24.6% yoy to Rs.93.4 crore

Karnataka Bank reported its Q2FY18 results today. NII for the quarter increased by 10.9% yoy to Rs.440 crore vs Rs.397 crore in previous year corresponding quarter. This was largely due to almost flat growth of 0.9% yoy in interest earned to Rs.1318 crore in Q2FY18 vs Rs.1306 crore in Q2FY17.

In terms of asset quality GNPA’s for the quarter rose by 28% yoy to Rs.  1715 crore in Q2FY18 vs Rs.1344 crore. As percentage to total advances GNPA’s for the quarter rose by 49 bps to 4.13% in Q2FY18 vs 2.63% in previous year corresponding quarter. NNPA’s for the quarter also advanced by 41 bps to 3.04% to in Q2FY18.

Bharti Airtel, Tata Tele stocks surge

Bharti Airtel stock surged ~7% while Tata Teleservices stock breached upper circuit at Rs 4.86. Bharti Airtel witnessed a spurt in volume by more than 6.14 times. The jump in stock prices is on account of merger news between the two companies.

Bharti Airtel, a leading telecom service provider in India and Tata Teleservices have agreed to merge their consumer mobile business. As per the release on the exchanges, Bharti Airtel will absorb Tata’s consumer mobile business in 19 circles (17 under TTSL and two under Tata Teleservices Maharashtra Limited) and the merger is being done on debt-free, cash-free basis.

LIC Housing Fin files insolvency plea against DB Realty in NCLT

LIC Housing Finance is believed to have filed insolvency plea against the company in the National Company Law Tribunal (NCLT). This will help LIC Housing Finance in resolution and recovery of money going ahead.

If insolvency plea against DB Realty in NCLT is approved then any recovery proceedings against the company is expected to remain stayed or transferred to NCLT until the restructuring exercise is complete.

Tata Consultancy Services Q2FY18 consolidated net profit rises 8.6% qoq : In-line with Estimates

Tata Consultancy Services’ reported consolidated results for the quarter were largely in-line with street estimates. Revenue for the quarter came in line with the estimated figure of Rs. 30356 crores. Net profit for the quarter came in 4.5% higher than the estimated figure of Rs. 6183 crores.

Tata Consultancy Services consolidated revenue for the quarter came in at Rs. 30541 crores, registering 3.2% QoQ increase. This was primarily driven by 3.7% QoQ rise in the income of banking, financial services & insurance. Also, 4.5% and 2.3% QoQ rise in the revenue of communication, media & technology and retail & consumer business segment respectively contributed in overall revenue growth.

Tamil Nadu govt reduces entertainment tax; Inox Leisure stock zooms

Shares of multiplex operators PVR and Inox Leisure stocks gained on reports that Tamil Nadu government has reduced entertainment tax in the state to 8% from 19%.

PVR Ltd is currently trading at Rs 1389.6, up by Rs 39.25 or 2.91% from its previous closing of Rs 1350.35 on the BSE. The scrip opened at Rs 1351.2 and has touched a high and low of Rs 1434 and Rs 1351.2 respectively. The stock is currently trading above its 200 DMA.

Inox Leisure Ltd is currently trading at Rs 239.45, up by Rs 5.35 or 2.29% from its previous closing of Rs 234.1 on the BSE. The scrip opened at Rs 231.05 and has touched a high and low of Rs 247 and Rs 230 respectively. The stock is currently trading above its 200 DMA.

Sun TV Network Ltd is currently trading at Rs 798.1, up by Rs 4.8 or 0.61% from its previous closing of Rs 793.3 on the BSE. The scrip opened at Rs 795.2 and has touched a high and low of Rs 806.4 and Rs 793.45 respectively. The stock is currently trading above its 100 DMA.

Investment & trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance. CAPITALSTARS INVESTMENT ADVISER: SEBI REGISTRATION NUMBER: INA000001647 

Leave a Reply

Your email address will not be published. Required fields are marked *

Checking...

Ouch! There was a server error.
Retry »

Sending message...

FREE TRIAL REQUEST


CapitalStars FORUM