Rupee slumps to 71-mark first time ever, drops 26 paise against US dollar

Forex dealers said besides robust month-end demand for the American currency from oil importers, dollar's strength against its rival currencies on expectations of rising interest rates amid lingering.

Stock Market Live: The rupee slumped to a fresh record low of 71 against the dollar for the first time ever by falling 26 paise on persistent demand for the US currency amid rising crude prices.

At the Interbank Foreign Exchange (Forex) market, the local currency opened lower at 70.95 a dollar and slipped further to hit its lifetime low of 71 from its previous close of 70.74.

Forex dealers said besides robust month-end demand for the American currency from oil importers, dollar's strength against its rival currencies on expectations of rising interest rates amid lingering Sino-US trade tensions, weighed on the domestic currency.

Rupee Vs Dollar

On Thursday, the rupee slid further by 15 paise to close at a fresh lifetime low of 70.74 to the dollar due to strong demand for the greenback from oil importers and surging crude oil prices stoking inflation fears.
Growing fears about rising inflation in amid high global crude oil prices and consistent outflow of foreign funds from the domestic equity market also weighed on the domestic currency.
Benchmark Brent crude oil was at USD 78 a barrel in early Asian trade.
Meanwhile, the BSE Sensex fell 78.64 points, or 0.20 per cent, to 38,611.46 points in opening trade.

Read more on Rupee At 71

 

Sterlite Tech rises 7% on strong Q1 results, record order book position

The stock rallied 7% to Rs 324 on the BSE after the company reported nearly two times increase in net profit on YoY basis in June quarter and an all-time high order book position of Rs 60.34 billion.

Share Market News»Shares of Sterlite Technologies have rallied 7% to Rs 324 per share on the BSE in early morning trade after the company reported nearly two-times increase in its net profit on year on year (YoY) basis in June quarter (Q1FY19) and an all-time high order book position of Rs 60.34 billion.

The company posted net profit of Rs 1.21 billion, up 99%, on YoY basis, driven by growth in revenues and expansion of margin profile. Revenues grew 18% at 8.77 billion over the previous year quarter.

EBITDA (earnings before interest, taxes, depreciation and amortization) margin improved 700bps to 29% in Q1FY19 from 22% in Q1FY18.

The Company has also given strategic guidance for net income growth of $100 million in FY20, which is expected to be expedited with the recently announced acquisition.

Sterlite Technologies has been demonstrating sustainable growth historically, with a 47% CAGR growth in net income in the last three financial years.

On its next growth cycle, building infrastructure for 5G backhaul, fibre-to-the-home, data centres and Internet of Things related applications, the Company’s key financial performance metrics continued to be healthy, the company said in a press release.

At 09:45 am; the stock was trading 6.5% higher at Rs 321 on the BSE, as compared to 0.38% rise in the S&P BSE Sensex. A combined 2.11 million equity shares changed hands on the counter on the BSE and NSE so far.

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News Source : BS

Bajaj Finance market cap crosses Rs 1.5 trillion; Bajaj Finserv hit new high

Bajaj Finance (Rs 2,648) and Bajaj Finserv (Rs 6,533) hit their respective record highs, rallied 5% on the BSE in intra-day trade on Friday.

Share Market News » Shares of Bajaj Finserv (Rs 6,533 per share) and its lending and wealth advisory arm Bajaj Finance (Rs 2,648 per share) have hit their respective record highs on the BSE in intra-day trade so far on Friday after reporting a strong set of numbers for the quarter ended June 2018 (Q1FY19).

Both these stock were trading higher by 5% each, as compared to 0.45% rise in the S&P BSE Sensex at 10.17 am. In past four months, Bajaj Finance (up 62%) and Bajaj Finserv (up 32%) have outperforming the market by surging more than 30%, against 11% rise in the benchmark index.

A sharp rally in Bajaj Finance stock has seen the market capitalisation (market cap) of the company crossing Rs 1.5 trillion today. Currently, with Rs 1.52 trillion market cap, Bajaj Finance stands at number 16th position in overall market cap ranking; the BSE data shows.

After a strong close in FY18, Bajaj Finance started FY19 with a bang as it reported 35% AUM (assets under management) growth and 60% pre-provisioning profit growth on year on year (YoY).

The company reported an 81% YoY jump in consolidated net profit at Rs 8.36 billion in the June quarter, helped by better operating expenses and increase in fee income. The company had posted a net profit of Rs 4.61 billion in the same quarter last year.

Calculated margin at 11.9% was 95bps higher on YoY basis, largely driven by increasing proportion of high-yield segments and some benefit from capital infusion. Asset quality remained improved with GNPAs at 1.4%. Portfolio quality is at its record best, barring the 2&3W segment.

“After dominating the mass affluent space, Bajaj Finance is now on its way to becoming a diversified NBFC with big plans in the mortgage space. We expect 29% loan book the compound annual growth rate (CAGR) over FY18-20E, margins around 11% and average credit costs at 130bps to drive earnings CAGR at 36%,”analysts at Antique Stock Broking said in result review.

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News Source : BS

Bajaj Finserv Q1 net profit up 41% to Rs 8.26 billion, revenue jumps

For the life insurance arm, new business premium in the quarter grew to Rs 7.2 billion, as against Rs 6.8 billion earlier.

Share Market News » Bajaj Finserv, holding company of the Bajaj Group’s financial services companies, had net profit growth of 41 per cent to Rs 8.26 billion for the quarter ended June from the same period a year before.

Bajaj Allianz General Insurance’s gross written premium grew 23 per cent to Rs 24.3 billion. Underwriting profit increased significantly to nearly Rs 1.3 billion, from Rs 120 million in the same quarter of FY18.

Net profit for the general insurer grew 37 per cent to Rs 2.9 billion. The combined ratio improved to 90.2 per cent, from 95.8 per cent in the comparative period.

For the life insurance arm, new business premium in the quarter grew to Rs 7.2 billion, as against Rs 6.8 billion earlier. Group new business revenue grew to Rs 4.25billion, from Rs 3.9 billion.

Overall, premium revenue was Rs 13.6 billion, up 18 per cent from the same quarter a year before.

S Sreenivasan, chief financial officer at Bajaj Finserv, said: “We are going to be a little cautious on crop insurance this year, as the conditions are a bit tight — reinsurers have reduced commissions and there have been price corrections. While retail health grows at 28 per cent, group health is not that profitable for us. We are consciously, in the life insurance business, trying to diversify our customer segments and balance our product mix. Today, 61 per cent of our business is Unit-linked, as compared to 70 per cent last year. Traditional protection products made up 39 per cent of our business this quarter.”

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News Source : BS

Kotak Mahindra Bank consolidated Q1 net up 17% to Rs 15.74 bn

Total income up 15% YoY to Rs 99 bn; Gross NPA at 1.93% for the quarter, against 2.24% a year ago and 1.95% in the immediately preceding quarter ended March 2018.

Share Market News » Private lender Kotak Mahindra Bank reported 17 per cent rise in its fiRs t quarter (Q1) consolidated net profit on account of higher interest and fee income. The asset quality of the bank’s loan book also improved during the quarter.

Profit after tax at the consolidated level rose to Rs 15.74 billion for the quarter ended June 2018, from Rs 13.47 billion in the year-ago period. Total consolidated income rose 15 per cent year-on-year (YoY) to Rs 99 billion.

At the standalone level, the bank reported a 12.3 per cent rise in net profit to Rs 10.25 billion, against Rs 9.13 billion in the year-ago quarter. Gross non-performing assets (NPAs), as a percentage of total advances on a consolidated basis, fell to 1.93 per cent for the quarter, against 2.24 per cent in the year-ago quarter and 1.95 per cent in the previous March quarter.

Net NPA stood at 0.77 per cent for the present quarter, against 1.07 per cent in the year-ago quarter and 0.86 per cent in the March quarter. Net interest margin for June 2018 quarter stood at 4.2 per cent, against 4.3 per cent in the previous March quarter and 4.5 per cent in the year-ago quarter.

The bank expects strong loan book growth going forward. “We expect a loan growth in 20 per cent range and margins to stabilise in the 4.1–4.3 per cent range,” said Jaimin Bhatt, president and chief financial officer, Kotak Mahindra Bank.

Kotak Mahindra Bank consolidated Q1 net up 17% to Rs 15.74 bn. At the standalone level, its provisioning more than doubled from Rs 2.04 billion to Rs 4.70 billion on account of worries in the small and medium enterprise (SME) segment and also mark-to-market (MTM) hit on its gilt portfolio.

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News Source : BS

ICICI Lombard General Insurance Q1 net profit rises 35% to Rs 2.89 billion

The firm has improved its combined ratio driven by lower loss and expenses ratio.

 

Share Market News » ICICI Lombard General Insurance posted a net profit of Rs 2.89 billion in the first quarter of the current financial year, a 35 per cent increase from Rs 2.14 billion recorded at the end of the same quarter last year.

The firm has improved its combined ratio driven by lower loss and expenses ratio which has boosted its successful performance this quarter.

Gross Direct Premium Income grew by 13.7 per cent to Rs 37.74 billion in Q1 of FY2019, as against Rs 33.2 billion in GDPI earned in the same quarter last year.

Industry-wide growth in premium income among general insurance firms is pegged at 12.2 per cent for the first quarter of this current year.

In terms of health insurance, the company underwrote Rs 7.5 billion (GDPI) worth of policies this quarter as compared to Rs 6 billion in the corresponding period of last year. The loss ratio has reduced by 50 basis points since the last quarter to 85.5 per cent.

Bhargava Dasgupta, managing director and chief executive officer at ICICI Lombard, said: “We are seeing a large amount of growth in volumes and we are focusing on segments which are not very lumpy,” which means that, “we are not writing a lot of the large ticket ‘group’ health portfolios.”

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Cipla acquires 100% stake in South African pharmaceutical company Mirren

The transaction is subject to the approval by the Competition Commission of South Africa.

Share Market News » Cipla has acquired a 100 per cent stake in Mirren, a South African over-the-counter (OTC) pharmaceutical manufacturer and distributor. The transaction is subject to the approval by the Competition Commission of South Africa.

Paul Miller, CEO of Cipla South Africa, said that once approved, the transaction will enhance Cipla's current OTC portfolio, by adding Mirren's well-established brands like Bronco! cough syrup, Coryx, Tensopyn, and Ultimag. This deal will also increase Cipla's local manufacturing footprint.

Lynton Lomas, director of Mirren, said, "The acquisition by Cipla will help to ensure that, the continued growth that the Mirren brands have achieved over the past three years will be sustained. The wellbeing of Mirren's dedicated staff was one of the biggest deciding factors

About Cipla LTD. (CIPLA) - Company History

Cipla Ltd is one of the leading pharmaceutical companies in India. The company focuses on development of new formulations and has a wide range of pharmaceutical products. The product portfolio includes over 1500 products across wide range of therapeutic categories.Cipla Ltd was incorporated in the year 1935 with the name Chemical Industrial & Pharmaceutical Laboratories Ltd. Khwaja Abdul Hamied the founder of Cipla gave the company all his patent and proprietary formulas for several drugs and medicines without charging any royalty. On August 17 1935 Cipla was registered as a public limited company with an authorized capital of Rs 6 lakh.In the year 1941 as the Second World War cuts off drug supplies the company starts producing fine chemicals dedicating all its facilities for the war effort. In the year 1952 the company set up first research division for attaining self-sufficiency in technological development. In the year 1960 they started operations at second plant at Vikhroli Mumbai producing fine chemicals with special emphasis on natural products. In the year 1968 the company manufactured ampicillin for the first time in the country. In the year 1972 the company started Agricultural Research Division at Bangalore for scientific cultivation of medicinal plants. In the year 1976 they launched medicinal aerosols for asthma. In the year 1980 the company won Chemexcil Award for Excellence for exports. In the year 1982 the company started operations in their fourth factory at Patalganga Maharashtra. In the year 1984 they developed anti-cancer drugs vinblastine and vincristine in collaboration with the National Chemical Laboratory Pune. Also they won Sir P C Ray Award for developing in-house technology for indigenous manufacture of a number of basic drugs.

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TCS shares jump 5.5% to Rs 1,979; m-cap Rs 392.82 bn after Q1 result

The stock was the biggest gainer among the blue chips on both the key indices

 

 

Share Market News » Shares of Tata Consultancy Services surged 5.5 per cent today, adding Rs 392.81 billion to its market valuation after the company posted better-than-expected quarterly earnings.

The stock jumped 5.47 per cent to close at Rs 1,979.60 on BSE. During the day, it climbed 6.28 per cent to Rs 1,995 -- its 52-week high.

At NSE, shares of the company advanced 5 per cent to close at Rs 1,970.

The stock was the biggest gainer among the blue chips on both the key indices.

Led by the sharp gain in the stock, the company's market valuation zoomed Rs 392.81 billion to Rs 757.04 billion.

In terms of equity volume, 11.57 lakh shares of the company were traded on BSE and over 2 crore shares changed hands at NSE during the day.

"TCS first quarter results were better-than-expected on all fronts against our/street estimates," Emkay Global Financial Services said in a report.

Country's largest software exporter TCS on Tuesday posted 23.4 per cent rise in consolidated net profit to Rs 73.40 billion for the first quarter ended June 30, 2018.

The company had reported a net profit of Rs 59.45 billion in the same period previous fiscal, TCS said in a regulatory filing.

The Tata Group company -- which accounts for a lion's share of the group's overall profit -- saw its income from operations grow 15.8 per cent to Rs 342.61 billion during the reported quarter, up from Rs 295.84 billion a year ago.

Buying was also seen in other IT stocks, with HCL Tech rising 1.63 per cent, Infosys 1.37 per cent, Wipro 0.65 per cent and Tech Mahindra 0.65 per cent on BSE.

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PNB Housing rises 6% as PNB, Carlyle Group plan to offload 51% stake

The stock was up by 6% at Rs 1,269 on Wednesday in intra-day trade, extending its 2% gain in the previous day on the BSE.

 

Share Market News » Shares of PNB Housing Finance were up by 6% at Rs 1,269 per share on Wednesday in intra-day trade, extending their 2% rise in the previous day on the BSE, after the company said that Punjab National Bank (PNB) and the Carlyle Group proposed to sell their stake to the potential acquirers.

“We hereby inform you regarding joint communication received today from Punjab National Bank (PNB) and Quality Investment Holdings (The Carlyle Group) regarding sale of minimum 51 % stake in PNB Housing Finance Limited to the potential acquirers,” PNB Housing Finance said on Tuesday after market hours.

As on date, PNB owns 32.79% and Quality Investment Holdings owns 32.36% of the paid up equity share capital of the Company. The Board of Directors of the Company has been apprised about the same, it added.

Earlier, on May 8, Quality Investment Holdings, an arm of the global private equity giant Carlyle, had sold 8 million shares of PNB Housing Finance, translating into about 4.8% of its equity, for around Rs 10.24 billion through block deals.

The Carlyle Group sold shares at an average price of Rs 1,280 per share, data shows.

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LIC to make open offer to IDBI Bank shareholders for 51% equity

Insurance regulator Irdai has already given its approval to LIC for the stake purchase, a move which will help the debt-ridden bank get a capital support of Rs 100- Rs130 billion.

Share Market News » Insurance behemoth LIC will make an open offer to minority shareholders of IDBI Bank in which it proposes to acquire up to 51 per cent equity, source said. The state-owned life insurer will approach market regulator Sebi after getting approval from its board for acquiring stake in the state-owned bank. 

Insurance regulator Irdai has already given its approval to LIC for the stake purchase, a move which will help the debt-ridden bank get a capital support of Rs 100- Rs130 billion.

"The LIC-IDBI Bank deal will trigger an open offer to protect the interest of minority shareholders in the bank," sources said.
As per SEBI takeover code rules, an acquirer has to give an open offer to the shareholders of target company on acquiring shares or voting rights of 25 per cent or more.

According to sources, the board of Insurance Regulatory and Development Authority of India (Irdai), at its meeting held in Hyderabad last month, had permitted Life Insurance Corporation (LIC) to increase its stake from 10.82 per cent to 51 per cent in IDBI Bank.

As per current regulations, an insurance company cannot own more than 15 per cent in any listed financial firms. LIC has been looking to enter the banking space by acquiring a majority stake in IDBI Bank as the deal is expected to provide business synergies despite the lender's stressed balance sheet.

For LIC it will get about 2,000 branches through which it can sell its products while the bank would get massive funds of LIC. The bank would also get accounts of about 220 million policy holders and subsequent flow of fund.

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Maruti Suzuki gains market share to 53.54% in Q1; Tata Motors pips Honda Cars

According to the latest data by Society of Indian Automobile Manufacturers (SIAM), total domestic passenger vehicle sales in the first quarter of this fiscal grew 19.91 per cent to 8,73,501 units

 

 

Share Market News » The country's largest carmaker Maruti Suzuki India tightened its grip on domestic passenger vehicles segment by increasing its market share to 52.54 per cent in the first quarter of the ongoing fiscal.

During the April-June period, Tata Motors overtook Honda Cars India to become the fourth largest player in terms of market share.
According to the latest data by Society of Indian Automobile Manufacturers (SIAM), total domestic passenger vehicle (PV) sales in the first quarter of this fiscal grew 19.91 per cent to 8,73,501 units as against 7,28,483 units.

Maruti Suzuki India (MSI) sold 4,58,967 units of PVs in the April-June period as against 3,67,386 units in the year-ago period, a growth of 24.93 per cent.

In terms of market share, MSI saw it increase to 52.54 per cent during the first quarter, up from 50.43 per cent in the year-ago period.

The company has witnessed good demand of its models such as the new hatchback Swift, compact sedan Dzire, SUV Brezza and premium hatchback Baleno.

Second-placed Hyundai Motor India sold 1,37,114 units during the period as against 1,24,327 units in the first quarter last fiscal, up 10.28 per cent, SIAM data showed.

However, the company's market share fell to 15.69 per cent in the first quarter this fiscal from 17 per cent in the year-ago period.
Mahindra & Mahindra (M&M) retained its number three position in the segment registering sales of 60,539 units in April-June period this fiscal, as against 55,785 units in the same period a year ago, up 8.52 per cent.

The homegrown utility vehicles major also saw its market share dip to 6.93 per cent from 7.65 per cent in the comparable period last fiscal.

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News Source : BS

TCS Q1 net profit jumps 23.4% to Rs 73.40 billion; revenue up 15.8%

TCS Q1FY19 CC revenue growth at 4.1% QoQ is a meaningful beat to estimates and is highest in several quarters.

 

 

Share Market News » Shares of Tata Consultancy Services (TCS) rose 3% to Rs 1,928 per share on the BSE in early morning trade after the country’s biggest software services exporter posted a better-than-expected rise of about 23.5% year on year (YoY) and 6.3% quarter on quarter (QoQ) in first-quarter (Q1) net profit, helped by strong growth in its banking, financial services and insurance division (BFSI).

TCS has recorded a consolidated net profit of Rs 73.40 billion in April-June 2018 (Q1FY19) versus a profit of Rs 59.45 billion in the same quarter last year. While the revenues at the reported currency grew 15.8% YoY and 6.8% QoQ to Rs 342.61 billion, in constant currency (CC) terms, it rose by 9.3% year-on-year (YoY) and 4.1% sequentially.

Analysts on an average had expected profit of Rs 69.67 billion on revenue of Rs 341.69 billion for the quarter.

“TCS Q1FY19 CC revenue growth at 4.1% QoQ is a meaningful beat to estimates and is highest in several quarters. Revenue recovery has gathered further momentum with a definite growth revival in BFSI and retail verticals. Slowdown in these two verticals had adversely impacted FY18 growth and with the recovery double digit constant currency revenue growth is almost a certainty,” Antique Stock Broking said in a result review.

Overall, FY19 has started on a strong note for TCS. Company will outshine peer group in FY19 with CC revenue growth of ~12% while most of the peer group will grow at mid-single digit. TCS will also report YoY EBIT margin improvement and company has maintained aspirations to achieve 26%-28% EBIT margin range. Robust deal signings in 1QFY19 is after a very strong order booking in 4QFY18, the brokerage firm said with ‘buy’ rating on the stock and 12 month target price of Rs 2,090.

“TCS reported an above-expected operating performance in Q1FY19 driven by a beat on both revenue and margins. With a growth recovery in BFSI services in North America, management is confident of sustaining growth momentum in the medium term. Digital revenue growth accelerated for the fifth straight quarter, rising 44.8% YoY in CC terms,” analysts at BOB Capital Markets said in result review.

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Dish TV subscription revenue up 8.1% at Rs 14.9 bn in Q1FY19

Operating revenue rises 8% over preceding quarter at Rs 16.56 bn, EBITDA at Rs 5.56 bn, up 38.9% over Q4FY18

 

Share Market News » Direct-to-home (DTH) service provider Dish TV reported 8.1 per cent jump in subscription revenue quarter on quarter (q-o-q) for the quarter ended June 30 (Q1FY19) at Rs 14.89 billion. Operating revenue was up eight per cent over the preceding quarter at Rs 16.56 billion while EBITDA for the quarter was Rs 5.56 billion, up 38.9 per cent over Q4FY18. PAT for the quarter was Rs 255 million

On March 22, 2018, Videocon D2h Limited had merged with and into Dish TV India Limited with the appointed date of the merger being October 1, 2017. Financial numbers for 1Q FY19 are thus not comparable with the corresponding period last year(1Q FY18).
Subscriber additions picked up speed during the first quarter. The net number of 301,000 additions was positively impacted by a sports heavy programming calendar. Ramadaan on the other hand moderated the additions in line with past trends. Phase 4 of Digitization continued to dominate subscriber activations. High definition connections comprised of 44 per cent of all subscriber additions taking the share of HD subscribers to 17 per cent of the total net base of the company.

Incrementally higher HD viewership, lower discounts at package levels and a price hike across a majority of recharge packages brought about this increase in subscription revenues during the quarter. Average revenue per user (ARPU) for the quarter leaped to Rs 214 from Rs 201 in the previous quarter.

Jawahar Goel, CMD, Dish TV India Limited, said, “Price hikes initiated during the quarter were a result of some pricing power gathered over the months. It is a positive sign and should stand us in good stead in the year ahead. The first quarter often sets the pace for the full year. Our performance in the first quarter gives us the confidence to deliver in line with our expectations going forward.”

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Bandhan Bank hits highest level since listing; up 56% against issue price

Bandhan Bank hit a new high of Rs 585, up 5% on Tuesday, trading at its highest level since listing on March 27, 2018

 

 

Share Market News » Shares of Bandhan Bank, which hit a new high of Rs 585, up 5% on Tuesday, was trading at its highest level since listing on March 27, 2018. The stock gained 54% over the issue price of Rs 375.

Since April 26, post FY18 results, Bandhan Bank has outperformed the market by surging 16% after the private sector lender reported 21% year on year (YoY) growth in net profit at Rs 13.46 billion. Net interest income grew 26% at Rs 30.32 billion over the previous fiscal.

Bandhan Bank is a unique business model of high yielding micro finance loan portfolio (94% priority sector fulfilment) and low cost deposit franchise with 34.3% CASA offered in the ambit of a commercial bank, according to analysts ICICI Securities.

“Net interest margin (NIM) was at 9.8% for FY18. With low cost funds, we expect NIM to sustain at around 9% even as the bank starts building non-micro loans. Along with higher NIM, low operating cost at around 35% C/I ratio remains its key differentiator, high RoA driver. Its opex to AUM ratio was at 4% for FY18. We expect high RoA of 3.5-4%, RoE >20% to sustain.

With almost double NIM, RoA vs. HDFC Bank & lower cost to income (C/I) ratio, with no legacy corporate portfolio pains, we believe Bandhan Bank will command higher premium to HDFC Bank,” the brokerage firm said in recent report. The brokerage firm had initiate coverage with a BUY recommendation with 12 month target price of Rs 600 per share.

Meanwhile, with Rs 695 billion Bandhan Bank has surpassed two insurance companies, General Insurance Corporation of India (Rs 666 billion) and SBI Life Insurance Company (Rs 665 billion) in overall market capitalisation ranking at 12:18 pm; the BSE data shows.

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Infosys stock slumps 5% most since August 21, 2017; NSE IT index falls 1%

Wipro, TCS and HCL Technologies ended with gains of more than half a per cent

 

 

Share Market News » Infosys shares fell 4.55 per cent on Thursday, the most since August 21, 2017. The stock ended at Rs 1,284 after climbing to a lifetime high of Rs 1,354 on Tuesday.
 
The stock is still up 24 per cent this year. In comparison, the benchmark Nifty has gained two per cent and the Nifty IT index, a gauge for the performance of technology stocks, has gained 20 per cent in 2018.

The NSE IT index on Thursday fell just 1.1 per cent as other heavyweights Wipro, TCS and HCL Technologies ended with gains of more than half a per cent amid the rupee closing at a new low of 68.94 against the dollar.

The exact reason for the sell-off in the stock, which caused a market cap erosion of Rs 131 billion, was not evident.

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About Infosys Limited - Company History

Infosys Ltd is a global technology services firm that defines designs and delivers information technology (IT)-enabled business solutions to their clients. The company provides end-to-end business solutions that leverage technology for their clients including technical consulting design development product engineering maintenance systems integration package-enabled consulting and implementation and infrastructure management services. The company also provides software products to the banking industry.

They have developed Finacle a universal banking solution to large and medium size banks across India and overseas. Infosys BPO is a majority owned subsidiary. Through Infosys BPO the company provides business process management services such as offsite customer relationship management finance and accounting and administration and sales order processing. The company is having marketing and technical alliance with FileNet IBM Intel Microsoft Oracle and System Application Products. Infosys Ltd is a public limited and India's second largest software exporter company was incorporated in the year 1981 as Infosys Consultants Pvt Ltd by Mr.N.R.Narayana Murthy at Karnataka.

The company was started by seven people with the investment of USD 250. The company became a public limited company in the year 1992. The company was the first Indian company to be listed on the NASDAQ in the year 1999. Infosys also forms a part of the NASDAQ-100 index. Continuously in the year 2001 2002 and 2003 the company wins the National award for excellence in corporate governance conferred by the Government of India. 

News Source : BS

ICICI Bank crosses Rs 1.5 trn in home loans, aims for Rs 2 trn by FY20

A first among private peers; now aims for Rs 2 trillion home loan book by FY20.

Share Market News » ICICI Bank on Wednesday said its mortgage loan portfolio crossed Rs 1.5 trillion, a first among private sector banks in the country. It is now aiming to grow its home loan book to Rs 2 trillion by 2019-20. In line with the bank’s renewed focus on the retail segment, it has become the largest mortgage lender among private sector banks.

“We plan to grow at 15 per cent and bring the mortgage book to Rs 2 trillion by the end of FY20,” said Anup Bagchi, executive director, ICICI Bank. The mortgage portfolio forms 52 per cent of the bank’s retail loan book of approximately Rs 3 trillion, he added.

To achieve its Rs 2-trillion target, ICICI Bank is expanding its network to new locations in tier-II and III cities as well as micro-markets on the periphery of major cities.

“We already have branches in those locations, so we are creating branches within branches,” said Bagchi.

The bank currently has 1,050 processing centres and plans to add 560 centres to its network.

Bagchi added that the strongest growth in mortgage loans was coming from tier-II, tier-III and tier-IV cities. The average ticket size stands at over Rs 3 million.

The bank said it has seen big traction from its customers for the ‘housing for all’ scheme. “In terms of affordable home loans, the number of loans given is higher. However, it is slow to contribute to the book,” said Bagchi. The bank claimed that delinquencies were “not a problem”.

ICICI Bank plans to leverage technology to offer home loans and expects digitisation of processes to result in lower operating expenses and lead to significant savings, which would be passed on to customers.

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Bajaj Auto volumes back on track after 10% gain over four trading sessions

Realisations will be driven by weaker rupee and improving product mix in favour of premium bikes, beside higher three-wheeler sales

 

 

Share Market News » The Bajaj Auto stock has gained 10 per cent over four trading sessions, given the performance in the first three months (April-June of the financial year. With strong volumes in the quarter, operating profit is expected to improve by 64 per cent over the year-before period.

This, a premiumisation trend, a high share of three-wheelers and export should rub off well on both revenue and margin. The immediate trigger for the stock has been the 65 per cent year-on-year growth in volume to over four million units in June, higher than the expectation. 

Bajaj Auto Limited - Company History

Bajaj Auto Ltd (BAL) is one of the leading two & three wheeler manufacturers in India. The company is well known for its R&D product development process engineering and low-cost manufacturing skills. The company is the largest exporter of two and three-wheelers in the country.

The company has two subsidiaries namely Bajaj Auto International Holdings BV and PT Bajaj Indonesia.On 29 November 1945 Bajaj Auto came into being under the name M/s Bachraj Trading Corporation Private Limited. In 1948 Bajaj Auto started selling imported two- and three-wheelers in India. In 1959 Bajaj Auto obtained licence from the Government of India to manufacture two- and three-wheelers.

In the year 1960 Bajaj Auto became a public limited company. In the year 1970 Bajaj Auto rolled out its 100000th vehicle. In 1971 Bajaj Auto launched three-wheeler goods carrier. In 1977 the company launched Rear Engine Autorickshaw.

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Titan Company falls 4% on concerns of muted sales growth in June quarter

The stock was down 4% to Rs 853 on the BSE in early morning trade after the Tata Group Company said that the sales growth in Q1FY19 has been muted due to the weakness in the consumer sentiment.

Share Market News » Shares of Titan Company have fallen 4% to Rs 853 per on the BSE in early morning trade after the Tata Group Company said that the sales growth in April-June quarter (Q1FY19) has been muted due to the weakness in the consumer sentiment.

"The jewellery industry has been going through a significant soft patch in the first 5 months of CY 2018 as evidenced in the decline of imports of gold by 39% in volume terms. This is primarily led by decline in demand for bullion and to some extent by weak demand for adornment during the period," Titan Company said in quarterly update.

“The weakness in the consumer sentiment has had an impact on our sales also leading to recording of sales below our internal targets. Further, it may be noted that this quarter also has a very high base for comparison (54% YOY growth in the same quarter of previous year), which apart from having a good growth also had a favorable one-off impact of an estimated Rs 2.50 billion sales getting advanced from Q2 to Q1 last year in anticipation of higher Goods and Services Tax (GST) rates,” it added.

The company said its efforts in re-crafting Watches and Eyewear division has started paying off and both the divisions have shown good growth in Q1 '19, although reported revenue growth for these two segments will look optically subdued due to the transition to GST.

Titan Company had underperformed the market by falling 7% in Q1FY19, as compared to 7% rise in the S&P BSE Sensex. Thus far in the calendar year 2018, the stock was remained flat against 5% rise in the benchmark index.

At 09:35 am; Titan Company was trading 2.5% lower at Rs 865 on the BSE. A combined 1.24 million shares changed hands on the counter on the BSE and NSE.

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YES Bank gains 3% post SEBI’s approval to launch mutual fund business

The stock was up 3% at Rs 346 on the BSE after the bank said that it has received the final regulatory approval SEBI to commence its mutual fund business.

 

 
Share Market News » Shares of YES Bank were trading 3% higher at Rs 346 per share on the BSE after the bank said that it has received the final regulatory approval (Certificate of Registration) from the Securities & Exchange Board of India (SEBI) to commence its mutual fund business.

YES Bank was the top gainer among the S&P BSE Sensex and Nifty 50 stocks at 09:58 am.

"YES Asset Management (India) Limited ('YAMIL') will leverage YES Bank's knowledge banking expertise and relationship capital across retail, corporate and institutional investors to effectively channelize their assets in equity and debt capital markets,” said Rana Kapoor, Managing Director & CEO, YES Bank.

This strategic initiative will further complement YES Bank's retail liabilities and wealth management strategy, and also allow YAMIL to build on the Bank's 'DIGICAL' distribution network to provide customers a seamless Investment and Banking experience, added Rana Kapoor.

YES Bank has also recently received the final license from SEBI to launch its Custodian of Securities business.

Till 09:58 am; the counter has seen huge trading volumes with a combined 5.5 million shares changed hands on the BSE and NSE so far.

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Tata Steel to get 45% stake in Thyssenkrupp joint venture

The changes happened after Thyssenkrupp's activist shareholders pressured management to squeeze better terms from the deal, which was originally a 50-50 split

 

 

Share Market News » Thyssenkrupp AG and Tata Steel Ltd. are closing in on a European steel joint venture after a last-minute change to the deal terms that won approval from Thyssenkrupp’s union.

In the revised deal, Thyssenkrupp will own about 55 per cent of the equity in the new company and Tata will have 45 per cent, according to people familiar with the matter. The changes happened after Thyssenkrupp’s activist shareholders pressured management to squeeze better terms from the deal, which was originally a 50-50 split. The voting rights will be equally split.

The talks over the joint venture have dragged on for more than a year and faced opposition from labour representatives, as well as activist shareholders. Thyssenkrupp’s labour representatives said on Thursday they would vote in favour of the joint venture, paving the way for it to go through.

Elliott Management Corp. and Cevian had argued that the terms needed to be improved after a long slump in Tata’s European steel profits. The new agreement represents an increase of more than 600 million euros ($695 million) for Thyssenkrupp shareholders compared with the previous deal, said the people, who asked not to be identified because the details aren’t public.

Changes to the deal follow weeks of mounting pressure on Thyssenkrupp’s Chief Executive Officer Heinrich Hiesinger by activist shareholders and labour representatives to get a better deal after profits plunged at Tata’s European steel business.

Even though the union will approve the deal, Thyssenkrupp shouldn’t be "scrapped like a used car," said Wilhelm Segerath, chairman of the General Works Council and a member of Thyssenkrupp’s supervisory board. Equity investors and labor unions are equally represented on Thyssenkrupp’s supervisory board, giving them both influence over the deal.

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