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TOP CORPORATE NEWS – 14 JAN 2020

corporate news (2)

CORPORATE NEWS

Edelweiss down 3% after ED summons co. on Jan 15.

Financial services firm Edelweiss Financial Services on Tuesday said it has received a communication from the Enforcement Directorate (ED) to represent and appear before it on Wednesday. The development follows the statement by the company’s Chairman Rashesh Shah stating the firm has no relationship with Capstone Forex, which is being investigated by the ED for foreign exchange rules violation.

IndusInd Bank net profit rises 33% yoy in Q3FY20.

IndusInd Bank posted a net profit rise of 33% at Rs1,309cr in the quarter ended December 2019, as against a net profit of Rs985cr in the corresponding quarter of the previous year. Net Interest Income (Nll) for the quarter is Rs3,074cr as against Rs2,288cr in the corresponding quarter of the previous year, registering a robust growth of 34% yoy. Non-interest income for the quarter is Rs1,790cr as against Rs1,469cr in the corresponding quarter of the previous year, a growth of 22%.

European shares trade lower ahead of US-China deal signing.

European shares slipped on Tuesday as investors awaited the signing of an phase 1 of the trade agreement between the US and China as well as the start of the fourth-quarter corporate earnings season. The STOXX 600 index fell 0.2%. The CAC 40 is down 0.60%, Germany’s DAX is off 0.54%, and the FTSE 100 is lower by 0.19%. In further signs of goodwill, the US Treasury Department on Monday dropped China designation as a currency manipulator, Reuters reported. Another report said that China pledged to raise buying of US manufactured goods over the next two years.

Bandhan Bank posts higher net profit for Q3FY20.

Bandhan Bank Ltd., posted its net profit for the December quarter which grew by 120.85% to Rs731cr as against Rs331cr in the corresponding quarter previous year. Net Interest Income (NIl) for the quarter also increased by 37.10% to Rs1,541cr in Q3FY20 as against Rs1,124cr in the corresponding quarter of the previous year. Non-interest income went up 52.99% to Rs358cr for the quarter ended December 31, 2019, as against Rs234cr in the corresponding quarter of the previous year.

Titan gains after Jhunjhunwala raises stake.

Shares of Titan gained on Tuesday session after Rakesh Jhunjhunwala and his wife increased stake in the company to 6.69%. Rakesh Jhunjhunwala bought 15 lakh shares (representing 0.17% of total paid-up equity) of the company during the quarter ended December 2019, taking a total stake to 5.27% (from 5.10% earlier), as per the latest shareholding pattern available on exchanges. Rekha Rakesh Jhunjhunwala also bought 1.25 lakh shares of the company during the quarter, taking her stake to 1.42% from 1.41% on qoq basis, the data added. Also, LIC of India has raised stake in the company to 1.64% in December quarter, from 1.08% in September quarter.

Sadbhav Infra gets approval from authorities for stake transfer of 8 SPVs to Indinfravit Trust.

Sadbhav Infrastructure Projects Ltd. informed the exchanges that it has received final approval from various authorities for transfer of 100% stake of below mentioned 8 Special Purpose Vehicles (SPVs) from Sadbhav Infrastructure Project Limited (SIPL) to Indinfravit Trust (Indinfravit). Authority approval for Ahmedabad Ring Road Infrastructure Limitedis under process and at an advanced stage, the company added. Closure of the other eight SPVs is independent of ARRIL.


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