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Ujjivan SFB to raise Rs 600 cr in equity; expects to report profits in Q4

Ujjivan Small Finance Bank (SFB) will in three to six months raise up to Rs 600 crore in fresh equity capital from institutional investors for increasing public holding to 25 per cent and support business growth.

The board of directors has approved the issuance of equity shares up to Rs 600 crore—that includes premium through Qualified Institutional Placement subject to the approval of the shareholders, the company told the BSE

Its Capital Adequacy Ratio stood at 19.1 per cent with Tier-1 capital at 17.7 per cent at end of December 2021.

Union Bank Q3 net up 49.3%; provisions & contingencies fall sharply

Union Bank of India’s net profit rose by 49.3 per cent year on year at Rs 1,085 crore for the third quarter ended December 2021 (Q3FY22) on improvement in interest margins and sharp fall in provisions and contingencies.

The net profit was Rs 726 crore in Q3FY21. However, profit declined from Rs 1,526 crore in the second quarter ended September 2021 (Q2FY22). The Mumbai-based public sector lender's stock closed 0.83 per cent lower at Rs 47.6per share on BSE. The bank's Net Interest Income (NII) rose by 8.9 per cent to Rs 7,174 crore in Q3FY22 as against Rs 6,590 crore in Q3FY21. Sequentially, NII rose by 5.05 per cent from Rs 6,829 crore in Q2FY22, according to the analyst's presentation.

Reliance Industries seeks minimum $14 for gas from CBM block

Reliance Industries Ltd is seeking a minimum of USD 14 for selling natural gas being produced from coal seams in a block in Madhya Pradesh as it looks to cash in on the recent spike in energy prices globally

Reliance sought bids from users for the sale of 0.65 million standard cubic meters per day of gas from its coal-bed methane (CBM) block SP-(West)- CBM-2001/1 for a one-year period beginning April 1, 2022, according to a Notice Inviting Offer (NIO) published by the firm. Bids have been sought at a premium over the base of 14 per cent of the Brent crude oil price.

JSW Group joins World Business Council for Sustainable Development

JSW Group, one of the country's leading business houses, has joined over 200 forward-thinking companies as the newest member of the World Business Council for Sustainable Development (WBCSD).

JSW will be represented in WBCSD by Seshagiri Rao, Joint Managing Director and Group CFO, who also sits on the board of directors of JSW Steel.

Punjab and Sind Bank post Rs 301 cr net profit in Q3 versus year-ago loss

Punjab & Sind Bank (P&S Bank) posted a net profit of Rs 301 crore for the third quarter ended December 2021 (Q3FY22) as against net loss of Rs 2,376 crore a year ago quarter Q3FY21.

Its net profit was Rs 218 crore in the second quarter ended September 2021 (Q2FY22). The Delhi-based public sector lender's stock was trading at 1.15 per cent higher at Rs 17.2 per share on BSE. The bank's Net Interest Income (NII) increased by 23.05 per cent to Rs 758 crore in Q3FY22 as against Rs 616 crore in the quarter ended December 2020 (Q3FY21). Sequentially, NII was up 22.85 per cent from Rs 617 crore in Q2FY22.

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