Major energy deals to be finalised in Modi's Saudi visit Ford Q3 profit falls nearly 60%
portfolio buys and will be looking to grow its loan-book organically, he said.
Ghosh did not reply to a question on by when and how would he meet the RBI'S requirement to get the stake down to 40 percent, because of which the bank is under restrictions.
For the reporting quarter, net interest income printed at Rs 1,529 crore and net interest margin slid 2 percentage points to 8.15 percent.
Samdani attributed a part of the NIM slide to the low margin housing loans, and also to carrying of excess liquidity to the tune of Rs 7,000 crore ahead of the merger to meet regulatory requirements like paying off some debts.
Non-interest income came in at Rs 361 crore, while the share of the low-cost current and savings account balances slid to 33 percent of deposits due to the inclusion of Gruh's deposit base.
From an asset quality perspective, gross-non performing assets came in at 1.76 percent for the quarter on fresh slippages of Rs 183 crore and the bank management said there is no stress situation which has built up.
NEW DELHI: India and Saudi Arabia will be seeking to finalise major deals in the energy sector, including the West Coast Refinery Project and for India's Strategic Petroleum Reserve (SPR) Programme, during Prime Minister Narendra Modi's upcoming official visit to Riyadh on October 28-29.
Modi, who is visiting Saudi Arabia on the invite of King Salman Bin Abdulaziz Al Saud, will attend the Future Investment Initiative (FII) summit on October 29, and deliver the keynote address at the third session.
He will also hold bilateral talks with the King and Crown Prince Mohammad bin Salman.
Both sides are expected to finalise the West Coast Refinery Project, a $44 billion project in Maharashtra, in which Saudi Aramco is to hold considerable stake.
Global majors Saudi Aramco and Abu Dhabi National Oil Company (Adnoc) had formed a joint venture with Indian state-run oil marketing companies - Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) - to hold 50 per cent stake in the Ratnagiri Refinery and Petrochemicals
Corp Ltd (RRPCL), known as the West Coast refinery project.
This mega deal comes on the heels of the deal announced in August this year between Reliance and Saudi Aramco, according to which RIL would sell 20 per cent stake in its refining and petrochemicals business to Aramco for $15 billion. According to the terms of the deal, Saudi Aramco will supply 500,000 barrels per day of crude oil to RIL'S twin refineries in Jamnagar. A deal is also likely on the Indian Strategic Petroleum Reserve (SPR) Programme - three massive underground storage facilities that India is building to ensure energy security.
The proposal had been discussed during Crown Prince Mohammad bin Salman's visit to India in February this year.
DEARBORN (US): Ford Motor Co.'s third-quarter net income tumbled nearly 60 per cent as the company booked 1.5 billion in charges mainly for restructuring, and Chinese and U.S. sales fell.
The Dearborn, Michigan, automaker knocked a half-billion dollars off its full-year pretax earnings guidance. Ford now says it will make 6.5 billion to 7 billion, or 1.20 to 1.32 per share.
Ford's net income from July through September was 425 million, or 11 cents per share. Excluding restructuring charges, the company made 34 cents per share. That soundly beat Wall Street estimates that averaged 26 cents per share.
Revenue fell 2% to 36.99 billion, partly because the company bungled the launch of the new Ford Explorer SUV. Sales of the highly profitable Explorer were down 48% for the quarter as quality problems forced the company to hold shipments to dealers. Ford's revenue also beat Wall Street estimates of 36.87 billion, according to data provider Factset.
Included in the restructuring charges was 800 million to reduce the value of assets in India, where the company formed a joint venture with Mahindra, as well as ending its Chariot ride-hailing service.