CORPORATE NEWS – 10 Jan 2017

corporate-news

IndusInd Bank posts healthy Q3 results

IndusInd Bank has posted good set of numbers for Q3FY17 despite the demonetization drive. The net interest income grew by 34.5% YoY to Rs1578.4 crore, while the non interest income was up by 21.2% YoY to Rs1016.8 crore.

Asset quality remained largely stable as G NPA during the quarter increased by 4 BPS on a sequential basis which is commendable considering the current scenario. We have a positive view on the stock and would come out with detailed note post management interaction.
Net Profit up 29.2% at Rs750.6 crore Vs Rs581 crore (YoY)
Total Income up 22.86% at Rs4716.13 crore vs Rs3838.55 crore (YoY)
NII up 34.5% at Rs1578.4 crore Vs Rs1173.4 crore (YoY)
Gross NPA up 8.1% at Rs971.6 crore Vs Rs899 crore
Net NPA up 8.5% at Rs400.7 crore Vs Rs369.2 Cr (QoQ)

BHEL bags an order from Power Grid Corp 

Bharat Heavy Electricals ( BHEL) said that it has bagged an order from PowerGrid Corporation of India for the augmentation of three extra voltage substations in Karnataka on turnkey basis valued at Rs96 crore.
The augmentation of substation facilities is linked with the transmission system being set up for evacuation of solar power. The augmentation shall play a key role for transfer of renewable energy power from ultra-mega solar power park of 2,000 megawatts capacity, phase II to be set up at Tumkur, Pavgada district on 10,000 acres of land.

BEL gains as foreign brokerage assigns outperformer rating

Bharat Electronics Ltd (BEL) surged be 5% to Rs1526.9, on reports that a foreign brokerage firm has assigned outperformer rating on the stock with target price at Rs1, 800 per share
Credit Suisse has initiated coverage on Bharat Electronics (BEL) with an outperform rating and target price of Rs1, 800 based on steady growth visibility. It says valuations look reasonable in the context of global defence and Indian cap goods peers.

RBI imposes penalty of Rs3 crore on Lakshmi Vilas Bank

Lakshmi Vilas Bank – The Reserve Bank has imposed a penalty of Rs3 crore on Lakshmi Vilas Bank for contravention of instructions relating to opening and operation of current accounts, extending bill discounting facilities to non-constituents and walk-in customers and non-adherence to KYC norms – Sentimentally negative.
Alkem gets USFDA approval for finasteride tablets

Alkem Lab gets USFDA approval for finasteride tablets used for the treatment of benign prostatic hyperplasia (enlarged prostate) and pattern hair loss – Positive for Alkem.

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