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RBI imposes deposit and lending restrictions on Allahabad Bank

Reserve Bank has imposed restrictions on Allahabad Bank for lending to risky assets and raising high-cost deposits in view of deteriorating financial health. The directive has come within days of the RBI imposing similar restrictions on another state-run lender Dena Bank, which is under the Prompt Corrective Action (PCA) of the central bank. This is significantly negative news for the bank, which would restrict its business growth, and hence, affect its financial health. Allahabad Bank is currently trading at Rs43.25 down by Rs0.95 or 2.15% from its previous closing of Rs44.20 on the BSE.

Last week, Allahabad Bank reported a standalone net loss of Rs3, 509.63cr for Q4FY18 led by more than three-time rise in its provisions for bad loans.

Suven Life Q4FY18 PAT up 56%, EBITDA margin jumps 1,600bps yoy

Suven Life has reported a strong set of results. Revenue grew by 18.6% to Rs213.7cr. Revenue from Manufacturing segment grew by 17.9% yoy, while revenue from services business grew by 43% yoy. EBITDA was up 89.4% yoy to Rs91.2cr vs Rs48.2cr in Q4FY17.

Due to the 7.2% yoy decline in the material cost, EBITDA margins grew from 26.7% in Q4FY17 to 42.7% in Q4FY18. The major boost was from 15% yoy decline in the manufacturing expenses and 12% yoy decline in the R&D expenses. Pre-R&D EBITDA grew by 60.5% yoy, while EBITDA margin was at 50.6% in Q4FY18 vs 37.4% in Q4FY17.

Essel Group to acquire controlling stake in LKP Finance, stock up 5%

Dakshin Mercantile Private Limited (an Essel Group company) has entered into a share purchase agreement on May 14, 2018, to acquire a controlling stake in LKP Finance Limited (LKP) from its promoters. LKP is an RBI registered NBFC with its shares listed on BSE Limited.

Mr. Amitabh Chaturvedi, the director on the board of Dakshin Mercantile and MD of Essel Finance, will join the board of LKP as a representative of Essel Group, subject to statutory approvals.

“This is a part of long-term strategy to get a listed platform for our holding companies. We believe this will aid our growth plans in the financial space and help to establish us to as one of the leading financial companies in India.

Dr. Lal PathLabs surges 14% after strong Q4 numbers

Shares of Dr. Lal PathLabs (DLPL), which posted good results yesterday, surged as high as Rs930 intraday. That’s 15% intraday gains.

DLPL reported 21.3% and 27.2% yoy growth in the revenue and PAT respectively. Margins were at 24% in Q4FY18 vs. 22.7% in Q4FY17.

The management in its conference call sounded optimistic on the business post the commencement of the Kolkata reference lab and have guided ~15% volume growth in FY19E. They have also shown their interest in growing business inorganically, which we believe will help in gaining market share in the competitive market.

Avenue Supermarts, IndiGo stocks gain on inclusion in MSCI index

The MSCI index serves as an important parameter for foreign investor’s decision. Morgan Stanley Capital International (MSCI) has set up MSCI India index wherein many prominent companies across sectors are included in this index.

Avenue Supermarts, Biocon, HDFC Standard Life Insurance and InterGlobe Aviation were included in the MSCI India Domestic Index, which will take place as of the close of May 31, 2018.

Also, First Source Graphite, IFB Industries, JSW Energy, Manpasand Beverages, V-Mart Retail and Venky’s has been added in MSCI India Index.

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