TOP CORPORATE NEWS – 21 APR 2017
HDFC Bank Q4 in line quarter, impressive growth in loans books
HDFC Bank – Q4FY17 results first cut: In line quarter, impressive growth in loans books
Performance of HDFC Bank for Q4FY17 was broadly in-line with our expectations as the net interest income grew by 14.8% YoY to Rs8559.2 crore while the net profit moved up by 16.5% YoY to Rs3932 crore.
Reported strong loans books growth, higher by 12% qoq, CASA mix improved by 300bps qoq. Assets quality deteriorated, with gross NPL and Net NPL higher by 34/39.7% respectively YoY and 12.5/17.9% qoq.
Nevertheless, healthy loan books growth coupled with prudent provisioning helped in maintaining NPL ratio at 0.3.
HDIL gains on launch of new project “The Nest” at Mulund
HDIL has launched a new project “The Nest” at Mulund, Mumbai under the affordable housing brand ‘Budget Homes’ having 263 units open for sale in phase I of the project.
This is sentimentally positive read thru for the stock
JK Tyre launches new “BLAZE” range of tyres for two-wheelers
JK Tyres has launched a new range tyres for two-wheeler segment, BLAZE. The new series of tyres are built-in hybrid and can be used both, with tube and tube less.
The tyre design is combined with an asymmetrical tread, which is claimed to improve grip and enhance fuel efficiency.
The BLAZE series is available in 14 sizes for front and the rear fitment in two-wheelers. The new range of launches would cover 75%-80% of the domestic two-wheeler tyres replacement market demand.
IDFC Bank, RBL Bank join race to buy Bharat Financial Inclusion
Bharat Financial Services, IDFC Bank, RBL Bank: – IDFC Bank and RBL Bank have joined the race to explore the possibility of buying out Bharat Financial Inclusion as they are looking to grow their priority sector and rural footprint in an inorganic way.
Positive for Bharat Financial but may be sentimental negative for the potential acquirers as concern about the asset quality and performance of MFI is increasingly becoming questionable by the market participants.
Sun Pharma drops as USFDA finds incomplete lab records at Dadra unit
Sun Pharma: As per media reports, USFDA finds incomplete lab records at Sun Pharma’s Dadra unit.
This is negative for Sun Pharma, await management clarification on nature of 11 observations.
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