YES BANK’S JUNE QUARTER PROFIT RISES 30.5% TO ₹1,260.36 CRORE
NEW DELHI: Private sector lender Yes Bank’s net profit jumped 30.5% to ₹1,260.36 crore for the quarter ended on June 30, 2018, on the account of higher income. The bank had reported a net profit of ₹965.52 crore in the same quarter of last fiscal. Total income of the bank jumped to ₹8,272.18 crore in the April-june quarter, up 42.96% from ₹5,785.96 crore in the same quarter of 2017-18, the private bank said in a regulatory filing. Provisions for bad loans and contingencies, however, more than doubled to ₹625.65 crore in the June quarter from ₹285.78 crore in the year ago period. Gross non-performing assets of the bank rose to 1.31% of gross advances as on June 30, 2018, against 0.97% as on June 30, 2017.
Dr Reddy’s Q1 profit up nearly 8fold to ₹456.1 cr
NEW DELHI: Pharma major Dr Reddy’s Laboratories on Wednesday reported nearly eight-fold jump in consolidated net profit to ₹456.1 crore for the first quarter of 2018-19 year mainly on account of robust sales. The company had posted a net profit of ₹59.1 crore for the corresponding period of the previous fiscal, Dr Reddy’s Laboratories said in a filing to BSE. Consolidated revenue of the company stood at ₹3,720.7 crore in the April-june quarter this year against ₹3,315.9 crore for the same period year ago. Dr Reddy’s co-chairman and CEO GV Prasad said the first quarter results were boosted by the launch of ‘gsuboxone’.
Govt plans HUDCO, NBCC, NTPC share sale
NEW DELHI: The government is planning to sell up to 10% stake each in real estate firms HUDCO and NBCC as also 3% in NTPC through an offer for sale, which could fetch about ₹5,900 crore to the exchequer. The finance ministry will soon float request for proposals to appoint merchant bankers for managing the stake sale of HUDCO and NBCC, a person familiar with the matter said. “The Cabinet has cleared up to 10% stake sale in NBCC and HUDCO through OFS. Whether it would be sold in one go or not would be decided based on investor response,” the person told PTI.
Rupee ends at 1week high of 68.66 on dollar selloff
MUMBAI: The rupee rose by 13 paise to close at a fresh one-week high of 68.66 against the US dollar as steady unwinding of the greenback by exporters and banks helped the local unit to extend gains for the second day. A rally in domestic stock markets coupled with positive trade-related headlines provided an additional boost and largely weighed on the trading front despite rise in crude prices. Forex sentiment witnessed a revival of enthusiasm as currency traders took comfort in the encouraging meeting outcome after US President Donald Trump obtained concessions from the EU to avert a transatlantic trade war.
Blackstone is said to pick banks for $1 bn India REIT
MUMBAI: Blackstone Group LP, the world’s largest alternative asset manager, has picked banks for India’s first real estate investment trust listing, people with knowledge of the matter said. The US company and local partner Embassy Group selected firms including Bank of America Corp., Morgan Stanley, Kotak Mahindra Bank Ltd. and Jpmorgan Chase & Co., said the people. The REIT listing would raise about $1 billion, the people said.
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