Companies and Markets

Companies & Markets

Advances, margin boost Kotak Bank net profit by 13.5%

Private sector lender Kotak Mahindra Bank Monday reported a 13.54 percent growth in consolidated net profit  for the three months to December at Rs 1,844 crore, driven by core income growth on higher advances and wider margins.

On a standalone basis, net profit came in at Rs 1,291 crore, a 23 percent higher over the year-ago period.

The core net interest income grew 22.76 percent to Rs 2,939 crore, driven by a 23 percent surge in advances and also a widening of margins to 4.33 percent.

Sun Pharma recovers after Friday's big fall

Sun Pharmaceutical gained 2 per cent after Friday's over 12 per cent intra-day fall as the management of the company wrote to market regulator Securities and Exchange Board of India to examine the alleged second whistleblower complaint filed against the company in its entirety.

Sun Pharma closed with gains of 1.94 per cent at Rs 398.35 on the BSE and at Rs 398.55 on the NSE. Earlier the stock hit a high of Rs 406.55 on the NSE in the intra-day trading.

Market to keep moving in narrow range

Indian market has been moving in a very narrow range with heightened volatility over the past few weeks. And this trend is likely to continue for a while as macro-economic and political risks looms large.

As the Narendra Modi government’s term winds down the market will be focusing largely on the outcome of the general elections.

Many analysts are painting a bleak picture. Last four years’ aggregate Nifty EPS growth (TTM) has been lower single digit despite favourable policy environment and stable macro-economic conditions supported by domestic demand.

Rs 42,000-crore BharatNet projects face delay, cost overrun

Several government telecom projects funded by the Universal Service Obligations Fund (USOF) are facing time and cost overruns for reason like delay in tendering and decision making, legal issues through PILs, allegations of outdated technologies, and internal rows between its two implementing agencies like BSNL and BBNL over billings and other aspects of the projects.

USOF, having a corpus of Rs 50,000 crore, is funded out of the 5 per cent levy collected from private telcos to fund government telecom projects.

BOI may come out of PCA this week; BoM, OBC in Feb

Close on the heels of recapitalisation, Bank of India, which received the highest infusion of Rs 10,086 crore last month, has submitted details of its three key parametres—net NPA, return on assets (RoA) and capital to risk weighted assets ratio (CRAR)—to the RBI to consider its performance to take the lender out of the PCA list.

Earnings, global cues to dictate market trend: Experts

The ongoing corporate results season, movement of the rupee and global cues will set the tone for the domestic equity markets this week, experts said.

  "The market will closely watch supervision and management commentary of the companies coming out with their earnings," said Mustafa Nadeem, CEO, Epic Research.

Indices may also react to results posted over the weekend. Wipro announced its results after market hours Friday, while HDFC Bank

Saturday reported a 20.3 per cent growth in net profit to Rs 5,585.9crore for the December quarter.

Lupin, Sun Pharma, Glenmark recall products in US

Indian drug majors Lupin, Sun Pharma and Glenmark Pharmaceuticals are recalling various drugs from the

US market for a variety of reasons. As per the latest Enforcement Report published by the US Food and Drug Administration (USFDA), Lupin is voluntarily recalling 55,000 vials and 1,60,241 boxes of anti-bacterial drug Ceftriaxone for injection in various strengths.

The recall has been initiated by Lupin Pharmaceuticals, Inc, a subsidiary of the Mumbai-based firm.

Reliance seeks partner Niko's exit from KG-D6 over payment default

Reliance Industries has asked its partner Niko Resources to withdraw from eastern offshore KG-D6 gas block over default in payments for field development cost, but the Canadian firm has sought to stall the move by invoking arbitration, the companies said.

Niko, which defaulted on payment of loans to its lenders, has been unsuccessful in seeking a possible buyer for its 10 per cent  stake in Bay of Bengal block KG-D6 or securing financing for its  share of the USD 5-6 billion.  R-Cluster, Satellite Cluster and MJ  development projects in the block.