Companies and Markets

Companies & Markets

South Indian Bank Q3 net rises 3% to Rs 115 crore

Private sector South Indian Bank on Tuesday posted a 3.25 per cent rise in net profit at Rs 115 crore for the third quarter ended December 2017. The bank had posted a net profit of Rs 111.38 crore in the year-ago quarter.

Total income decreased to Rs 1,735.77 crore during the quarter against Rs 1,737.47 crore in the year-ago period, the banks said in a stock exchange filing.

The gross non-performing assets (NPAs) of the bank declined to 3.4 per cent of the total advances from 3.98 per cent.

Losses of public sector general insurers widen

Intense competition continues to extract a heavy toll on public sector non-life insurance companies. Offering insurance at unviable rates for large chunky corporate businesses has resulted in underwriting losses widening for them.

Single spot price for gold soon

There will soon be a single spot price for gold for the entire country. At present, spot prices differ from metro to metro and lack of transparency in supply-demand results in suppliers levying premiums. A uniform spot price could be a reality as setting up of a spot exchange is a major initiative of the ‘gold policy,’ which is expected to be unveiled by March, said a source privy to the development. The spot exchange will aim at establishing one spot rate, especially with the goods and services tax bringing in a uniform tax structure.

South Africa’s Life Healthcare mulls stake sale in Max chain

Life Healthcare Group Holdings, the second-largest private hospital owner in South Africa, is considering a sale of its stake in Max Healthcare, people with knowledge of the matter said.

The Johannesburg-based company is working with Barclays to explore potential interest in its holding in Max Healthcare, which is one of India’s largest private hospital chains, the people said.

IOB defends decision to set off losses from share premium a/c

Indian Overseas Bank, 91 per cent owned by Government of India and LIC, maintained that the decision to set off part of the accumulated losses with the balance in the share premium account will be in the interest of the shareholders. The bank, which has received the government nod for capital infusion of Rs 1,100 crore, will now have a ‘right-sized balance sheet’.

IDFC Bank eyes Capital First; shares fly

After calling off its merger plans with Shriram Group, IDFC Bank is believed to be in exploratory talks to acquire Capital First, a non-banking finance company. Speculation is also rife that there is a possibility of IDFC Group looking at merging IDFC Ltd and IDFC Bank. Both businesses had demerged earlier on October 5, 2015.

Amid rumours ahead of IDFC Bank board meeting on January 19, its share price on Monday surged 8.76 per cent on BSE. IDFC Ltd rose 3.34 per cent.

Agreeable to consolidation of both arbitrations:Vodafone to HC

The Vodafone Group today told the Delhi High Court that it was agreeable to consolidation of the two international arbitrations it has initiated against India in connection with a tax demand of Rs 11,000 crore under a retrospective law of 2012.

Vodafone has initiated arbitration proceedings under the India-United Kingdom and India-Netherlands Bilateral Investment Protection Agreement (BIPA) in connection with the tax demand raised against the company in relation to its USD 11 billion deal acquiring the stake of Hutchison Telecom.

Get ready for a roller-coaster ride

The new year ﷓ 2018 began on a quiet note with the market struggling for the first three days. The last two days of the week saw a strong rally, which not only wiped out the losses but also helped in registering new life-time highs for the benchmark indices. The BSE Sensex gained 97.02 points, or 0.28 per cent, to close at 34,153.85 points. The Nifty gained 28.15 points, or 0.27 per cent, to close at 10,558.85 points. In smaller indices, the BSE Mid-cap gained 1.37 per cent while the BSE Small-cap gained 2.41 per cent.

Change in reporting methodology may hit MF performance

Mutual funds are faced with a tougher performance yardstick from next month, after the Sebi has asked them to adopt the Total Returns Index (TRI) method to compare a scheme’s performance with its benchmark index.