South Indian Bank books Q3 loss at Rs 92 cr over Covid-related slippages
South Indian Bank (SIB) reported a net loss of Rs 92 crore in the quarter ended December 2020, compared to Rs 91 crore during the same period a year ago. "The quarterly loss was mainly on account of credit cost on the higher proforma slippages during the third quarter, as a result of additional stress in the economy due to Covid pandemic," said Murali Ramakrishnan, MD & CEO of the Bank, adding that there was one time additional employee provision requirement on account of the wage settlement that was finalised during the quarter.
Bandhan Bank's Q3 net profit down 13.5% on higher Covid provisioning
Kolkata-based private sector lender Bandhan Bank’s net profit dropped 13.5 per cent to Rs 632.6 crore for the quarter ended December(Q3), compared to Rs 731 crore in the corresponding period a year ago due to rise in covid provisions. Sequentially, net profit declined by 31 per cent. Net interest income (NII) of the lender grew at a robust pace of 34.5 per cent year-on-year to Rs 2,071.7 crore in Q3FY21, compared to Rs 1,540 crore. The non-interest income saw a 55 per cent growth to Rs 553 crore, taking the total income of the lender to Rs 2,625 crore in Q3FY21, up 38.3 per cent. Net interest margin of the lender was up 4 basis points year-onyear to 8.3 per cent.
Govt expects global oil majors will join race for $6.5-bn BPCL sale
India expects global oil majors to team up with investment funds that are already in the race for the nation’s biggest asset sale -- state-owned refiner Bharat Petroleum Corp. “When the price bidding comes up, I am hopeful some of the major players will come through this fund route,” Oil Minister Dharmendra Pradhan said in an interview with Bloomberg Television on Thursday. Billionaire Anil Agarwal’s Vedanta group has confirmed it submitted an initial bid for Bharat Petroleum, while newspaper reports have said two U.S. funds -- Apollo Global and I Squared Capital -- have also shown interest.
Jindal Steel to enter container making biz to address domestic shortages
Naveen Jindal-led Jindal Steel & Power (JSPL) will enter the container manufacturing business and plans to set up a facility either in Odisha or Chattisgarh. “The decision has been taken just last week. For us, it is a downstream product and we already make the kind of speciality steel needed for manufacturing containers. We also have the technology and hence foray into this segment will not be difficult,” V. R. Sharma, managing director at Jindal Steel & Power told. India has no container manufacturers.
Exports, richer sales mix drive Bajaj Auto's Q3 earnings to record high
Bajaj Auto's net profit increased 23 per cent in the quarter endeed December, 2020 (Q3) compared to a year ago period. The earnings during the three-month period were fuelled by a higher contribution of pricier models in the overall sales mix coupled with a better realisation and strong volume run in the export markets, the company said. Exports accounted for a little more than half of the total number of vehicles sold by the firm during the quarter. The company maintains a cautious outlook amid persistent rise in commodity prices and weak demand in the domestic market. The maker of Pulsar and Discover brands reported a record net profit of Rs 1,556 crore compared to Rs 1,262 crore a year ago. Net revenue increased 17 per cent to Rs 8,910 crore compared to Rs 7,640 crore a year ago. The Ebitda margins, a key measure of profitability, also rose year-on-year to 19.8 per cent from 18.4 per cent.
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