Professional Documents
Culture Documents
Husains
MARKET WRAP
The Sensex recovered more than half of losses, before closing down 561.22 points or 1.61
percent at 34,195.94 while the Nifty ended tad below 10,500 amid global rout. The 50-share
NSE index fell 168.20 points or 1.58 percent to close at 10,498.30.
Lupin and Tata Motors were biggest losers among Nifty 50 stocks, falling more than 5 percent
post weak earnings.NBFCs rebounded in late trade, with the Bajaj Finance rising nearly 4
percent.
The market recovered sharply from day's low, led by private banks like ICICI Bank (up 2 percent)
and Axis Bank (up 1.4 percent). Bajaj Finance, Eicher Motors, ICICI Bank, Indiabulls Housing and
Tata Steel trade in the green.
Profit growth, which was largely driven by other income & operating income, was capped by
higher provisions. The public sector lender has reported loan growth at 17 percent compared to
year-ago. The bank showed a good improvement on asset quality front as gross non-performing
assets were lower at 12.11 percent compared to 13.31 percent in previous quarter. Net NPAs
were also lower at 7.55 percent from 8.44 percent on sequential basis.
In absolute terms, gross NPAs were down by 0.2 percent sequentially at Rs 57,519.4 crore and
net NPAs fell by 1.4 percent to Rs 34,075.7 crore for quarter ended December 2017.But
provisions for bad loans remained at elevated levels, surging 80 percent quarter-on-quarter and
74 percent year-on-year to Rs 4,466.7 crore in Q3.
Provision coverage ratio at 60.78 percent in Q3 improved from 59.20 percent in previous
quarter.PNB said the bank has provided Rs 854 crore out of Rs 1,112 crore for accounts under
RBI's first list and Rs 75 crore out of Rs 875 crore for accounts under RBI's second list. Other
income or non-interest income grew by 44 percent year-on-year to Rs 3,082.02 crore and
operating profit increased 53 percent to Rs 4,245.19 crore in Q3.
Meanwhile, the state-run lender informed exchanges that board of the directors today accorded
approval for capital infusion by Government of India upto Rs 5,473 crore.
The Pune-based forging major Bharat Forge has inaugurated a research and development centre
in the UK which will be developing components and sub-systems for electric vehicles.
This facility, which is based in the MIRA Technology Park, will complement the capabilities and
knowledge established over the past two years in Kalyani Centre for Technology and Innovation
& Kalyani Centre for Manufacturing Innovation in Pune focused on delivering solutions for
electric vehicles.
Amit Kalyani, executive director, Bharat Forge said, “Several large global OEMs and Tier 1
companies are already present at MIRA Technology Park for development and testing of vehicles
and systems in the EV space. The infrastructure and knowledge available would only help hasten
the development for BFL and reduce out time to entry in this very important market space”.
The electric mobility research and development centre will be able to tap into the extensive
testing facilities at MIRA Technology Park as well as the pool of engineering talents in the
Midlands.