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Closing Bell: Sensex, Nifty weak, Sensex slumps 300 points; Zee Entertainment up 15% after con call, Adani Ports tanks 12%

Closing Bell: Sensex, Nifty weak, Sensex slumps 300 points; Zee Entertainment up 15% after con call, Adani Ports tanks 12%

Closing Bell: Sensex, Nifty weak, Sensex slumps 300 points; Zee Entertainment up 15% after con call, Adani Ports tanks 12%
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Jan 28, 2019 3:37 PM

Closing Bell: Sensex slumps 360 points, Nifty tanks 100 points; Zee Entertainment up 15% after con call##Closing Bell: Sensex slumps 360 points, Nifty tanks 100 points; Zee Entertainment up 15% after con call

The Indian market closed weak on Monday with the BSE Sensex at 35,656 points, down by 368 points and the NSE Nifty at 10,661 points, losing more than 100 points at 11:50 AM as investors remained jittery ahead of the announcement of the Interim Budget on Friday.

Zee Entertainment rose in trade, gaining 15 percent after the company, in the pre-market hours, said it agreed with its lenders to not sell its stake if the valuation drops. It was the top index gainer of the hour.

Adani Ports tanked 20 percent in intra-day trade in the opening hour and lost more than 12 percent towards the close. However, the exact reason for the stock reaction has not been determined.

Zee Entertainment, L&T, TCS, Coal India and Bharti Infratel were the top index gainers while Adani Ports, Indiabulls Housing, Yes Bank, Bajaj Finserv and Bajaj Finance were the top index losers of the market session. 

Jan 28, 2019 3:37 PM

Godrej Properties posts Rs 42 crore profit in Q3##Godrej Properties posts Rs 42 crore profit in Q3

Godrej Properties Monday reported a consolidated net profit of Rs 41.63 crore for the third quarter of 2018-19 on higher sales.

It had posted a net loss of Rs 54.75 crore in October-December 2017, the company said in a regulatory filing.  

Total income rose to Rs 430.70 crore in the reported quarter from Rs 308.29 crore in the year-ago period.

Godrej Properties is a real estate arm of business conglomerate Godrej group. 

Shares of Godrej Properties were trading at Rs 747.40 apiece, up 0.24 per cent from the previous close, on BSE. 

(From PTI)

Jan 28, 2019 3:17 PM

 Vishwavir Ahuja, RBL Bank MD, says firm pared down agri book to less than 3%. 

Jan 28, 2019 3:08 PM

Expect to see 18-20% credit growth in financial year 2018-2019, says City Union Bank##Expect to see 18-20% credit growth in financial year 2018-2019, says City Union Bank

City Union Bank reported a mixed bag for the third quarter. Loan growth momentum slowed down but earnings came in above estimates.

Sharing his views and outlook, N Kamakodi, MD and CEO of City Union Bank, said, “In the past two-three years, we are able to see decline in the incremental slippages to closing advances which we used to see typically four-five years back between 1.2-1.5 percentage, it almost went up to 2.8 percent way back in 2013-2014. Now it has moderated and we are able to see our slippage ratio coming down to 1.86 to the closing advances for the first three quarters and for this quarter, there is a spike where the slippage ratio is 2.16 percentage but overall, we are able to see improvement. We are able to see both in terms of recovery and liquidation of collaterals and all are getting better and we feel year-end should be better than where we are now."

Get the details here

Jan 28, 2019 2:56 PM

Just in: Karnataka High Court adjourns NMDC-Donimalai case to February 11.

Jan 28, 2019 2:46 PM

Budget 2019 expectations from brokerage houses##Budget 2019 expectations from brokerage houses

With the budget session of parliament just around the end of the week, it has triggered lot of expectations from investors, corporates and common man.

A few days back, union finance minister Arun Jaitley, who has temporarily handed charge to Piyush Goyal, hinted that the last budget will be more like an interim budget.

As per the tradition, the outgoing government is supposed to present an interim budget or a vote-on-account before the Lok Sabha elections and the new government presents a full budget for the fiscal year.

Read the story here

Jan 28, 2019 2:36 PM

Here are the key demands of the banking industry for the Interim Budget.

 
Jan 28, 2019 2:23 PM

TTK Prestige Q3 profit up 34% to Rs 85 crore##TTK Prestige Q3 profit up 34% to Rs 85 crore

Kitchen appliances firm TTK Prestige on Monday reported 33.66 per cent increase in net profit at Rs 84.85 crore for the third quarter ended December 2018.

The company had posted a net profit of Rs 63.48 crore in October-December period a year ago, TTK Prestige said in a regulatory filing.

Total income during the quarter under review stood at Rs 558.63 crore as compared to Rs 461.62 crore in the year-ago period, it said.
Total expenses were at Rs 473.78 crore, up 18.99 per cent as against Rs 398.14 crore earlier.

Shares of TTK Prestige were trading 0.92 per cent down at Rs 7,717.95 a piece on BSE. 

(From PTI)

Jan 28, 2019 2:16 PM

Shriram Transport Q3: Here's how the company performed. 

Closing Bell: Sensex, Nifty weak, Sensex slumps 300 points; Zee Entertainment up 15% after con call, Adani Ports tanks 12%
Jan 28, 2019 2:04 PM

Canara Bank December-quarter profit soars 152 percent##Canara Bank December-quarter profit soars 152 percent

Canara Bank Ltd reported a 152.5 percent surge in quarterly net profit on Monday, buoyed by higher interest income and a write-back of provisions made for mark-to-market losses.

The lender's net profit came in at Rs 318 crore ($44.70 million) for the three months ended December 31, 2018, compared with 1.26 billion rupees a year ago.

That compares with analysts' average estimate for a profit of Rs 299 crore, according to Refinitiv data.

Asset quality improved, with gross bad loans as a percentage of total loans standing at 10.25 percent at end-December, versus 10.56 percent in the previous quarter. This was also lower than 10.38 percent in the same period a year ago.

(From Reuters)

Jan 28, 2019 1:51 PM

RBL Bank's Q3 results: Here's how the company performed,

Closing Bell: Sensex, Nifty weak, Sensex slumps 300 points; Zee Entertainment up 15% after con call, Adani Ports tanks 12%
Jan 28, 2019 1:31 PM

Tata Power Q3 results today: Here's what to expect##Tata Power Q3 results today: Here's what to expect

Tata Power will reports its third-quarter earnings later today. The stock has gained 20 percent in the last six months amid expectation of the Mundra Power Plant resolution.

The street is expecting a topline growth, on a consolidated basis, of 10 percent given the fact that generation growth has been around 12-14 percent as there has been some capacity addition as well as the renewable business is expected to do better.

The margins are also expected to expand a bit and could come in close to 22 percent and that is because the coal prices on a year-on-year basis have gone up.

Watch the video for more details here

Jan 28, 2019 1:30 PM

Long winter's nap? Global slowdown, market fears could extend Fed pause##Long winter's nap? Global slowdown, market fears could extend Fed pause

Ebbing global growth and shaky financial markets threw the US Federal Reserve off course in early 2016, and it took nearly a year for officials to regain confidence growth would continue and convince investors they would again raise interest rates.

Similar conditions confront Fed policymakers as they meet this week, with market skepticism about further rate hikes as deep as it was three years ago, and a stalemate over global trade, a US federal government shutdown, and waning business and consumer confidence further clouding the picture.

Policymakers have been clear they plan a “patient” pause in rate hikes. The challenge for Fed chairman Jerome Powell is how much of a pause to signal without leaving the public convinced that the Fed’s current cycle of rising interest rates has come to a full stop.

(From Reuters)

Jan 28, 2019 1:24 PM

Jet Airways seeks shareholder nod to convert loan into shares##Jet Airways seeks shareholder nod to convert loan into shares
 

Jet Airways Ltd said on Monday it was seeking shareholder approval for converting existing debt into shares or convertible instruments.

At a shareholder meeting scheduled for February 21, the airline will also seek approval for their lenders to appoint a nominee director to the board, the debt-laden company said.

Shares of Jet Airways, at 01:13 PM, were trading at 1.82 percent loss.

(From Reuters)

Jan 28, 2019 1:13 PM

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