IDBI Bank’s Q4 net loss widens to ₹5,663 crore
MUMBAI: State-owned IDBI Bank on Friday reported widened net loss at Rs 5,662.76 crore in the quarter ending March 2018 due to higher provisioning for non-performing assets (NPAS).
The bank had reported a net loss of Rs 3,199.77 crore in the corresponding January-march quarter of 2016-17.
The bank's income during January-march 2018 was Rs 7,913.82 crore, marginally up from Rs 7,703.19 crore in the year-ago period, it said in a regulatory filing.
IDBI Bank's gross NPA soared to 27.95 per cent of its loans at March 2018-end compared to 21.25 per cent at the end of March 2017.
Similarly, the net NPAS were 16.69 per cent compared to 13.21 per cent.
In absolute terms, gross bad loans stood at Rs 55,588.26 crore, up from Rs 44,752.59 crore on March 31, 2017.
The filing said the provisioning for NPAS were raised to Rs 10,773.30 crore in the fourth quarter of the fiscal ended March 2018, up from Rs 6,054.39 crore parked aside in the year ago period.
Shares of IDBI Bank on Friday fell by 3.13 per cent to settle at Rs 65.10 on BSE. During the day, it lost 4.98 per cent to Rs 63.85.
On NSE, shares of the company dropped 3.12 per cent to close at Rs 65. NEW DELHI: Japanese auto majors Toyota and Suzuki on Friday announced expanding scope of their collaboration, including plans for Toyota Kirloskar Motor to manufacture models developed by Suzuki for sale in India through their respective brand networks.
Moreover, the two firms are looking at cooperation in exports of models developed by Suzuki, including those produced by Toyota Kirloskar Motor (TKM) — the Indian arm of Toyota, from India to Africa and other markets through their respective global sales networks, the two companies said.
Besides, Toyota and Suzuki which had in March concluded a basic agreement for supplying hybrid and other vehicles to each other for the Indian market, will also discuss Toyota and Denso Corporation providing technological support for a compact, ultrahigh-efficiency powertrain to be developed by Suzuki. "Toyota Motor Corporation (Toyota) and Suzuki Motor Corporation (Suzuki) have agreed on Friday to start discussing new joint projects in the fields of technological development, vehicle production, and market development," the statement said.
The two companies have also been broadening the scope of their partnership considerations to include joint efforts related to production and market development, it added.
The discussion topics include "TKM to produce models developed by Suzuki for sale in India through each of the Toyota and Suzuki brand network", it said. The discussions also cover "supply of models developed by Suzuki, including those to be produced by TKM from India to African and other markets by Toyota and Suzuki, employing each of the Toyota and Suzuki sales networks to sell such vehicles, and advancing cooperation in the domains of logistics and services". MUMBAI: Continuing its protest against the $16-billion Flipkart-walmart deal, the Confederation of All India Traders (CAIT) on Friday wrote to commerce minister Suresh Prabhu expressing concerns that Walmart might adopt predatory pricing and deep discounting, which will kill the trade.
In its second letter to Prabhu, the traders' lobby referred to Walmart as "the US version of The East India Company", and also asked for a thorough investigation of the Walmart-flipkart deal.
"Walmart is nothing but a US version of The East India Company which conquered the country," CAIT said in the letter, adding, "It is highly regretted that some of the people for just merely earning the profit have sold major chunk of e-commerce to Walmart."
CAIT also feared that Walmart will penetrate the retail trade through e-commerce, and indulge in predatory pricing, and deep discounting, thereby creating an uneven playing field for others. "It will source globally the cheapest material and will dump in the country to wipe out the competition. As of now, no rule or law exists which can put restrictions on such practises of any company," the letter said.
Apprehending that the deal is bound to circumvent established laws and FDI policy of the government, the body asked the minister for a thorough investigation.
"The ultimate object of Walmart is to enter the retail trade of the country," it said, adding, "In the absence of any policy on e-commerce or retail trade, it would be easy for the Walmart to reach out to retail market, which otherwise it can not enter due to FDI policy."
It further said that since the matter also relates to data security, controlling entire chain from inventory to end-consumer which will turn out to be a monopoly, a peculiar situation will arise which could be to the disadvantage to brick and mortar shops and economy.
The world's biggest brickand-mortar retailer, Walmart, on May 9 said it has agreed to purchase around 77 per cent stake in India's largest e-tailer, Flipkart, for $16 billion.