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TOP CORPORATE NEWS-19 JULY 2019

Corporate-News
PNB to consider raising Rs5,000cr equity capital
Punjab National Bank is seeking to raise Rs5,000 in equity capital. Shares of the bank are currently flat with a negative bias. The bank in its filing stated, “The exchange is hereby informed that a meeting of the Board of Directors of the Bank is scheduled on 25.07.2019 for seeking approval of raising Equity Capital amounting up to Rs5,000cr in one or more tranches through Qualified Institutional Placements (QIP)/ Follow-on Public Offer (FPO)/Rights Issue.” Punjab National Bank is currently trading at Rs72.90 down by Rs0.3 or 0.41% from its previous closing of Rs73.20 on the BSE.

RBL Bank tanks 13% even as PAT grows 41% yoy to Rs267cr in Q1FY20
RBL Bank reported advances growth of 35% yoy in Q1FY20, Operating profit increase of 43% yoy and net profit increase of 41% yoy at 267.1cr. Shares of the bank, however, slumped 13% post the results on account of higher provisions and overall weakness in the markets.Key financial highlights:Q1 FY20 Net Profit up by 41% to Rs267.1crAdvances (Net) at Rs56,836.7cr and Deposits at Rs60,810.9cr both increased up by 35% yoy basis Net Interest Income (NII) up by 48% to Rs817.3cr Other Income up by 48% to Rs481.2cr, Core fee income up by 42% to Rs411.1cr , NIM improves to 4.31% up from 4.04% in Q1 FY19. Cost to income ratio is at 52.35%, Gross NPA ratio at 1.38% (1.40% in Q1 FY19) , Net NPA ratio at 0.65% (0.75% in Q1 FY19) , Provision coverage ratio increases to 69.13% (60.41% in Q1 FY19), Return on Assets at 1.31% up from 1.26% in Q1 FY19.

Reliance Jio pips Airtel to become India’s 2nd largest mobile operator in May: TRAI
According to the TRAI data that has been released today, Reliance Jio has piped Bharti Airtel to become the second-largest mobile operator with 32.29cr subscribers and 27.80% market share in May. Bharti Airtel though had the highest active subscriber base – at 99.86%, or 320 million users, while just over 86%, or 33.3 million, of Voda Idea’s user base, was active, while it was 83%, or just over 268 million, for Reliance Jio. In May, 4.18 mn subscribers submitted their requests for Mobile Number Portability (MNP). With this, the cumulative MNP requests increased from 432.97 mn at the end of Apr-19 to 437.15 mn at the end of May-19, since the implementation of MNP. The number of active wireless subscribers (on the date of peak VLR) in May 2019 was 989.60 mn.

Dhanuka Agritech Q1 net profit drops 9.3% yoy; Stock down ~3%
Dhanuka Agritech Ltd is currently trading at Rs386.15. down by Rs10.45 or 2.63% from its previous closing of Rs396.60 on the BSE. The company’s Q1FY20 net profit came in lower by by 9% yoy to Rs14.67cr from Rs16.18cr in the corresponding quarter ended June 30, 2018. The revenue from operation rose by 3% yoy to Rs218.97cr in Q1 as against Rs212.96cr for the corresponding quarter ended June 30, 2018. The scrip opened at Rs403.50 and has touched a high and low of Rs407.10 and Rs381.80 respectively.

Dabur India’s cons. net profit for Q1FY20 up 12.6% yoy
Dabur India’s consolidated net profit for Q1FY20 came in at Rs363.81cr, up 12.6% yoy. Revenue at Rs2,273.3cr was up 9.3% yoy. In yet another development, Dabur has appointed Amit Burman as the Chairman of the company from today as Anand Burman has resigned as the Chairman. The company’s EBITDA at Rs457.7cr was up 18.5% yoy. The margins came in at 20.15, up 150bps. For the standalone entity, revenue came in at Rs1,628.27cr, while PAT came in at 257.81cr. Dabur India Ltd is currently trading at Rs431.60 up by Rs2.6 or 0.61% from its previous closing of Rs429 on the BSE.

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