Swinging into action for controlling the damage caused by cashless ATMs, the finance ministry asked the banks to fill up over 80 per cent of ATMs across the country latest by Thursday. Top bankers on their part said urgent steps were being taken to make cash available in regions facing a shortage.
Companies and Markets
Companies & Markets
Non-banking financial company, Muthoot Capital Services, said its net profit increased to Rs 21.5 crore in the quarter ended March 2018 from Rs 11.1 crore in the year-ago period.
For the full financial year, the company's profit after tax stood at Rs 53.7 crore compared to Rs 30.1 crore in the year 2016-17, registering a growth of 78.4 per cent.
In the quarter ended March, total income grew 48.9 per cent to Rs 118.8 crore from Rs 79.8 crore last year same period.
Aided by a bull run in the equity market and heavy inflows in equity mutual funds, India’s largest mutual fund, HDFC Asset Management Company, posted 31 per cent growth in net profit for financial year 2017-18.
In a release, HDFC AMC said its profit after tax for FY18 stood at Rs 722.61 crore compared to Rs 550.24 crore a year ago. Total revenue grew 17.6 per cent to Rs 1,867.24 crore against Rs 1,587.91 crore for FY17.
Mutual funds had a very profitable run in financial year 2017-18.
The market opened higher as sentiment was boosted after the IMD predicted a normal monsoon this year. After an initial volatility, the key benchmark indices drifted higher and hit fresh intraday high and held firm in late trade.
The Sensex gained 89.63 points, or 0.26 per cent, to close at 34,395.06 and the Nifty-50 rose 20.35 points, or 0.19 per cent at 10,548.70.
BSE Mid-Cap and Small-Cap indices outperformed the Sensex.
Mahindra & Mahindra on Tuesday entered the coveted Rs 1 lakh crore market capitalisation club after the stock settled with gains of over 1 per cent.
Shares of the company on Tuesday opened on a bullish note at Rs 815, then gained further ground and touched an all time high level of Rs 819.10, up 2.23 per cent over the previous closing price.
At the end of Tuesday’s trading session, the stock was quoted at Rs 809.60, up 1.05 per cent. Following the uptrend, the market capitalisation of the company stood at Rs 1,00,648.87 crore.
A parliamentary panel has called Reserve Bank governor Urjit Patel (in pic) on May 17 to answer queries on a spate of banking scams unearthed in the last few months and mounting bad loans in the system, sources said on Tuesday.
The standing committee on finance, headed by senior Congress leader M Veerappa Moily, at its meeting here raised several queries related to the banking sector with financial services secretary Rajiv Kumar.
Auto, IT and FMCG are among the sectors that outperformed the Nifty over the past two months when the domestic market entered into a correction phase after hitting an all-time high in January-end. Realty, PSU banking and metals were among bad performers, down 5-8 per cent during the same period. The Indian market went on a tailspin after the benchmark BSE Sensex touched an all-time high of 36,443 points and NSE Nifty 11,161 points in January-end. The indices drifted down over 10 per cent from the peak following the global equity meltdown.
Even as an unusual spurt in cash demand in Uttar Pradesh, Madhya Pradesh, Andhra Pradesh and poll-bound Karnataka led to ATMs going dry in several parts, the government said there is a pause in printing of Rs 2,000 notes for now.
“Rs 2000 note is not being printed for the past few days. What was required we have printed and put it in the system,” Department of Economic Affairs secretary Subhas Garg said on Tuesday. He, however, quickly added that this does not affect the overall supply of Rs 2,000 notes.
The NCLT on Tuesday approved the resolution plan submitted by Vedanta for Electrosteel Steels, making it first among the 12 large stressed accounts identified by RBI last year to get resolved under the Insolvency and Bankruptcy Code (IBC).
The rupee extended its losing run for the second straight day, falling by another 15 paise to end at a near 7-month low of 65.64 against the US dollar amid persistent capital outflows and a fresh ripple of geopolitical tensions.
Headwinds in the form of consistent widening in the trade deficit accompanied by portfolio outflows amid unsupportive global factors kept overall sentiment highly bearish.
Country's trade deficit hit USD 13.69 billion in March, climbing from USD 11.98 billion in February.