Corporate News
REC, PFC: The proposed merger of REC with Power Finance Corporation hit a roadblock and is not likely to happen in near future as it would violate RBI norms on the exposure of non-banking financial companies. Media Report.
Kotak Mahindra Bank has reached an agreement with the Reserve Bank of India, settling long-standing differences between the lender and its regulator over promoter shareholding. Kotak Mahindra Bank said the RBI has conveyed its in-principle agreement of the following:
Promoters voting rights in the bank to be capped at 20 percent of paid-up voting equity share capital until March 31, 2020. Promoters’ voting rights in the bank to be capped at 15 percent from April 1, 2020 onwards. Promoters’ shareholding in the bank to be reduced to 26 percent within six months from the date of final approval of the RBI. Thereafter, the promoters will not purchase any further paid up voting equity shares’ of the Bank till the percentage of promoters’ shareholding reaches 15 percent.
Wipro: CEO and MD Abidali Neemuchwala steps down due to family commitment. He will hold office till a new successor is appointed.
Q3 Result Update
Tata Motors (Q3, YoY) : Revenue fell 6.8 percent to Rs 71,676 crore. Net profit at Rs 1,738.30 crore versus net loss at Rs 26,993 crore. Ebitda rose 20.7 percent to Rs 7,393.72 crore. Margin stood at 10.3 percent versus 8 percent. JLR Revenue rose 2.8 percent at 6,400 million pounds. Margin stood at 10.8 percent versus 7.3 percent. Net profit at 372 million pounds. China retail sales grew rose by 24.3 percent thereby increasing revenue.
Bharti Infratel (Q3, QoQ): Revenue rose 1 percent to Rs 3,673 crore. Net Profit fell 17.1 percent to Rs 799 crore. Ebitda was flat at Rs 1877 crore versus Rs 1,878 crore. Margin stood at 51.1 percent versus 51.6 percent.
Marico :(Q3, YoY) Revenue fell 2 percent to Rs 1,824 crore. Net profit rose 10 percent to Rs 276 crore. Ebitda rose 3.9 percent to Rs 373 crore. Margin stood at 20.4 percent versus 19.3 percent.
Amber Enterprises (Q3, YoY) Revenue rose 52.2 percent to Rs 788.4 crore. Net profit rose 6 times to Rs 22.6 crore. Ebitda rose 87.2 percent to Rs 54.3 crore. Margin stood at 6.9 percent versus 5.6 percent
JK Tyre & Industries : (Q3, YoY) Revenue fell 19.4 percent to Rs 2,199.8 crore. Net profit fell 58.8 percent to Rs 11 crore. Ebitda fell 7.9 percent to Rs 244.1 crore. Margin stood at 11.1 percent versus 9.7 percent.
Persistent Systems: (Q3, QoQ) $ Revenue rose 3.1 percent to $129.43 million. Revenue rose 4.3 percent to Rs 922.7 crore. Net profit rose 2.2 percent to Rs 87.9 crore. EBIT rose 1.9 percent to Rs 80.7 crore. Margin stood at 8.7 percent versus 9 percent.
Equitas Holdings (Q3, YoY) Net Interest Income rose 21.7 percent to Rs 410.7 crore. Net profit rose 46.7 percent to Rs 78.5 crore. Advances rose 37 percent to Rs 14615 crore. GNPA at 2.86 percent versus 2.86 percent QoQ. NNPA at 1.73 percent versus 1.63 percent QoQ.
Bharat Electronics (Q3, YoY) Revenue fell 16.8 percent to Rs 2,278.1 crore. Net profit fell 56.8 percent to Rs 222.7 crore. Ebitda fell 53.6 percent to Rs 356.7 crore. Margin stood at 15.7 percent versus 28.1 percent.
Earnings to Watch Today
Hindustan Unilever, ITC, Power Grid Corporation of India, State Bank of India ,Tech Mahindra, Vedanta, Jubilant Life Sciences, Arvind, V-Guard Industries, Kansai Nerolac Paints ,Shoppers Stop ,Sun Pharma , Aditya Birla Capital, AIA Engineering ,Vinate Organics, RPG Life Sciences Birlasoft, Narayana Hrudayalaya, Castrol Coromandel International Elecon Engineering, Everest Industries, IFB Agro Industries, Indian Energy Exchange, Kirloskar Oil Engines.
Economy News
The Budget Session of Parliament begins today with the President's address. Finance Minister Nirmala Sitharaman will table the economic survey in Parliament at noon. The government will release annual estimate GDP data for 2018-19. India to release fiscal deficit data for April-December period. Government to release eight infrastructure industries data for December.
By: via @AlliesFin Serve T.ME/ALLiESFiN
