Companies and Markets

Companies & Markets

CBI names AllBank CEO Usha in PNB fraud case

The government on Monday cracked the whip on accused bank officials in the over Rs 13,000 crore Punjab National Bank fraud and initiated the process for removal of Allahabad Bank CEO Usha Ananthasubramanian and two executive directors of PNB, within hours of CBI filing its first chargesheet in the case.

Under instructions from the finance ministry to act on India's largest ever bank scam involving diamond merchants Nirav Modi and Mehul Choksi, the PNB board divested its executive directors K V Brahmaji Rao and Sanjiv Sharan of their financial and executive powers.

KOCHHAR BROS’ MHATRE CONNECTION

To complete the investigation into the Kochhar family’s business interests, the final pit stop is a man called Sharad Shankar Mhatre and his strong linkages with the family and multiple directorships in their companies.

JK Cement net soars 2-fold

JK Cement's standalone net profit more than doubled to Rs 96.45 crore for the March quarter from Rs 42.57 crore, helped by lower tax expenses.  Total revenue stood at Rs 1,369.25 crore. It was Rs 1,255.27 crore in the year-ago period. The company reported a tax expense of Rs 26.53 crore against Rs 74.58 crore a year ago.

For the fiscal year 2017-18, the company posted a standalone net profit of Rs 341.87 crore against Rs 210.78 crore a year ago. Total revenue for FY18 was at Rs 4,885.82 crore compared with Rs 4,479.15 crore.

PTC Fin plunges into losses in Q4

PTC India Financial Services (PFS), which provides finance to the energy sector, has reported a standalone net loss of Rs 110.43 crore for the March quarter against a net profit of Rs 109.76 crore in the year-ago quarter. Total income from operations during the January-March period declined to Rs 290.52 crore from Rs 431.64 crore, the company said. For the full year, net profit was down at Rs 24.7 crore compared with Rs 345.33 crore in 2016-17. Total income of operations was at Rs 1,190.25 crore against Rs 1,351.88 crore,.

Use dips to enter market

The market registered sharp gains on Monday and Friday and is dangerously poised for this week. The Sensex gained 620.41 points, or 1.75 per cent, to close at 35,535.79 points. The Nifty gained 188.25 points, or 1.74 per cent, to close at 10,806.50 points. The Dow Jones too had a stellar performance and was up 568.66 points, or 2.29 per cent, to close at 24,831.17 points.

CCI approves JSW bid for Monnet Ispat

JSW Steel said the Competition Commission of India has approved the bid by a consortium led by it to acquire bankrupt Monnet Ispat and Energy (MIEL) in an insolvency auction.

The lone bid for MIEL was submitted by Sajjan Jindal's JSW Steel along with AION Capital.

"The Competition Commission of India (CCI)...considered the proposed combination and is of the opinion that there is no appreciable adverse effect on competition," JSW Steel said in a regulatory filing on Saturday.

Maharashtra tops states in bank deposits

With deposits of Rs 21,955 billion as of March-end 2017, Maharashtra is just a shade below the entire northern region where deposits in the same period stood at Rs 22,782 billion, according to the latest RBI data.

Delhi is a distant second among states with deposits of Rs 10,925 billion.

Market awaits cues from K’taka polls

The stock market is likely to remain cautious ahead of the Karnataka poll results as the split exit poll verdict is keeping investors nervous and could trigger volatility, keeping the fear index VIX in the range of 13-15 per cent.

Karnataka election outcome would be the major trigger for the market in the next week, experts said. The market has already discounted the positive side of the election outcome in prices. In case of any negative surprise, we may see corrective action taking Nifty to 10,550-10,400 over coming weeks.

Negative sentiment may gain strength

The market ended with marginal losses as investors turned cautious ahead of the Karnataka assembly elections on May 12. Higher crude oil prices also weighed on the investor sentiment, leading to highly volatile trading. The Sensex shed 73.08 points to settle at 35,246 while the Nifty fell 25.15 points to end at 10,716.

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