NSE WEEKLY NEWS UPDATE

✍ City Union Bank Q3 net up 15% at Rs 102.70 crore

City Union Bank on Saturday reported an over 15 per cent increase in its net profit at Rs 102.70 crore for the quarter ended December 31, 2014. The bank's net profit stood at Rs 89.09 crore in the corresponding quarter a year ago, its MD & CEO N Kamakoti told reporters. A 25 per cent growth in operating profit and 44 per cent growth in total provisions besides restructuring of assets had spurred this growth. Gross and net NPA stood at 2.12 per cent and 1.31 per cent respectively, he said.


✍ Forex reserves at record high of $322 billion

India's foreign exchange reserves touched a record $322 billion, surpassing the previous high of almost $321 billion in September 2011 on the back of Reserve Bank of India's conscious efforts to build a war chest. Latest data released on Friday showed an accretion of $2.7 billion during the week ended January 16, essentially due to a rise in foreign currency assets. Market players said RBI has been buying dollars to ensure that the rupee stays strong. The Indian currency closed at 61.44 to a dollar on Friday.


✍ DGCA lifts ban on SpiceJet's forward sales

A day after the government cleared SpiceJet co-founder Ajay Singh's rescue-cum-takeover plan for the airline, the aviation regulator lifted the ban on forward sales. The Directorate General of Civil Aviation (DGCA) Thursday allowed SpiceJet to sell tickets for travel up October 24. The regulator had earlier restricted SpiceJet's ticket sales to a month; then extended it to March 31 and now allowed it to sell for the entire summer schedule till October 24. "SpiceJet bookings open till the end of the summer schedule (Oct 24, 2015), 280 flights a day, schedule is online," SpiceJet COO Sanjiv Kapoor tweeted. The summer schedule this year will be in force from March 29 to October 24.


✍ Muthoot Finance gets service tax notice for Rs 153 crore

Gold loan firm Muthoot Finance today said it has received a service tax notice demanding Rs 153.14 crore in taxes in addition to interest and penalty. The company has received an order from the Service Tax Department, Muthoot Finance said in a filing to the BSE. "This demand has been raised under the assumption that there is an element of service tax involved in sale of receivables under bilateral assignment (sensitisation) transaction done between the company and banks and is liable to service tax," the filing said.
✍ Wipro gains after strong Q3 results

Shares of Wipro gained as much as 7.8% on Monday after India's third-largest IT services exporter on Friday reported better-than-expected growth in December-quarter net profit.There were widespread expectations that Wipro would post weak earnings after rival Tata Consultancy Services' December-quarter revenue from its energy vertical fell 2.3% in dollar terms.


✍ Maruti Suzuki Q3 net up 18% at 802 crore

Domestic car manufacturer Maruti Suzuki today reported a 18% growth in net profit to Rs 802 crore for the quarter ended December 31, 2014 on the back of higher volumes, material cost reduction initiatives and favorable foreign exchange rates.Net sales went up 15.5% to Rs 12,263 crore. he carmaker, which has a market share of 45% in the passenger vehicle segment, sold a total of 3.23 lakh vehicles in Q3 FY15, a growth of 12.4% over the same quarter last year. Of this, exports were at 28,709 units, a growth of 43.8%.The EBITDA came in at Rs 1,593 crore, with operating margin at 12.7%.


✍ Union Bank Q3 net dips 13% at Rs 302 cr

Union Bank of India today reported a 13.33% decline in net profit at Rs 302.42 crore for the October-December quarter. The bank had a net profit of Rs 348.94 crore in the third quarter of 2013-14 fiscal.Total income increased to Rs 8,921 crore for the quarter ended December 31, 2014, from Rs 8,230.17 crore in the year ago period, Union Bank said in a filing to the BSE.Domestic net interest margin (NIM) stood at 2.57% in the December quarter, as against 2.60% in September quarter. Net interest income rose by 8% to Rs 2,120 crore during the third quarter, from Rs 1,963 crore in the same quarter of previous fiscal.


✍ Gati gets board approval to raise Rs. 120 cr

Hyderabad-based logistics firm Gati Ltd has received the board approval to raise up to Rs. 120 crore through issue of securities to Indian or foreign investors. The company’s board, which met on January 24, approved the fund raising through qualified institutional buyers, foreign institutional investors, venture capital funds or other category of investors, it said in a regulatory statement.


✍ Corporation Bank to raise Rs. 500 cr from Tier 1 bonds

State-owned Corporation Bank has launched an issue of Tier I bonds to raise Rs. 500 crore for funding its growth plans. The fund would be raised from unsecured subordinated Additional Tier I Basel III compliant non-convertible taxable bonds, a senior official of the bank said. Under the Basel-III norms, AT-1 bonds come with loss absorbency features, meaning that in case of stress, banks can write off such investments or convert them into common equity if approved by the RBI. The bond issue, which opened on January 20, carries a coupon rate of 9.51 per cent and has a face value of Rs. 10 lakh. The issue would close on February 5 and bonds would be issued on February 6.AT-1 bonds, which qualify as core or equity capital, are one of the means of raising capital by public sector banks that require Rs. 2.40 lakh crore by March 2019 to meet global norms on capital adequacy (Basel III). The bonds would be listed on the National Stock Exchange.


✍ Godrej Properties Q3 profit rises 26% on strong revenue

Mumbai-based Godrej Properties ' third quarter consolidated net profit jumped 26.2 percent year-on-year to Rs 47.2 crore, driven by strong revenue. Consolidated total income from operations grew 114.6 percent to Rs 519.3 crore in the quarter ended December 2014 from Rs 242 crore in the same quarter last fiscal. Total booking volume for the quarter stood at 7.01 lakh square feet, which was higher compared to 5.13 lakh square feet reported in same quarter last fiscal. Total booking value was Rs 548 crore against Rs 428 crore during the same period.


✍ Yes Bank hits record high; JPMorgan upgrades stock to 'overweight'

Private lender Yes Bank BSE 0.82 % shares touch all-time high of Rs 882 in the intra-day trade of Monday. This was the highest level the stock touched since it debut in 2005 JPMorgan said that it has upgraded the private lender to 'overweight" from 'underweight' The foreign brokerage has raises price target for the stock to Rs 950 a piece from Rs 650 earlier.


✍ Siemens quarterly profit slips 25 per cent on slow power business
Industrial machinery maker Siemens AG says net profit fell 25 per cent in its most recent quarter as revalued financial derivatives and lower earnings at its key power and gas business weighed on the bottom line. Net income fell to 1.095 billion ($2.184 billion) in the October-December quarter, the company's fiscal first. That was down from 1.457 billion euros a year previously. The earnings figure fell short of the 1.218 billion euros expected by analysts surveyed by financial inform .



For Quick Trial – 08962000225
Or mail us here: [email protected] or visit
http://www.ways2capital.com/
Contact 0731-6554125
Toll Free – 1800-3010-2007
Or
http://www.ways2capital.com/free-trial.php