NSE Index Stock Info: As on Apr 26, 2017,04:15:00 PM
Axis Bank Q4 net plunges 43% but beats estimates
Country's third-biggest private sector lender Axis Bank Ltd on Wednesday reported a fall of 43.1 per cent in its net profit after tax at Rs 1,225.10 crore for the Jan-Mar quarter ended March 31, 2017, on the back of higher provisions, but beats analysts estimates led by higher-than-expected NII, other income and strong recoveries. The bank had posted a net profit of Rs 2,154.28 crore in corresponding quarter of previous fiscal, Axis Bank Ltd said in a filing to Bombay Stock Exchange on April 26, 2017. Total income of the bank, however, rose by 4.3 per cent to Rs 14,181.31 crore in Q4 FY17 from Rs 13,592.97 crore during Q4 FY16. Net interest income (NII), the difference between interest earned on loans and interest paid on deposits, rose 3.9 per cent at Rs 4,728.6 crore versus Rs 4,552.59 crore in the year ago period. Non-interest income jumped 11.8 per cent to Rs 3,013.16 crore from Rs 2,694.01 crore in the same period a year ago. Asset quality for the bank worsened, during the quarter under review, as it’s gross non-performing assets increased to 5.04 per cent of total loans, compared with 1.67 per cent in the year-ago quarter. Net NPA of the bank, too, rose to 2.11 per cent against 0.70 per cent in corresponding period last year. However, in the quarter, provisions (other than tax) and contingencies fell sharply to Rs 2,581.25 crore from Rs 3,795.80 crore in previous quarter and jumped from Rs 1,168.33 crore in corresponding quarter of last fiscal. The Board of Directors of the bank has recommended a dividend of Rs 5 per equity share of face value of Rs 2 per equity share for the year ended March 31, 2017, subject to shareholders’ approval at the next AGM. Meanwhile, shares of bank closed at Rs 517.30 apiece, up 0.42 per cent, from previous close on BSE.
Mentha oil futures gain 0.89% on upsurge in demand
Mentha oil futures were trading higher during evening trade in the domestic market on Wednesday as investors and speculators extended their positions in the agri-commodity amid uptick in physical demand for mentha oil from major consuming industries in the domestic spot market. Further, widening of positions by traders in the spot market was led by a surge in physical demand for mentha oil from consuming industries at the domestic spot market against insufficient stocks position on restricted supplies from producing regions, supported mentha oil prices at futures trade. At the MCX, mentha oil futures for April 2017 contract is trading at Rs 936.80 per kg, up by 0.89 per cent, after opening at Rs 927.20, against the previous closing price of Rs 928.50. It touched the intra-day high of Rs 937.50 (at 17:36 hours).
Muted physical demand bites cardamom
Cardamom futures were trading lower during evening trade in the domestic market on Wednesday as investors and speculators exited their positions in the agri-commodity on muted physical demand for cardamom in the domestic spot market. Further, sufficient supplies on higher physical arrivals from the major cardamom producing regions, influenced the downward trend in the domestic cardamom prices. At the MCX, cardamom futures for May 2017 contract is trading at Rs 1206.10 per kg, down by 0.11 per cent, after opening at Rs 1201, against a previous close of Rs 1207.40. It touched the intra-day low of Rs 1187.10 (at 17:32 hours).
Zydus gets USFDA nod for Cholestyramine for oral suspension
Pharma major Cadila Healthcare Ltd on Wednesday said Zydus got final approval from the US health regulator to market Cholestyramine for Oral Suspension USP, 4 grams per scoopful. “Zydus receives final approval from the USFDA for Cholestyramine for Oral Suspension USP,” Cadila Healthcare Ltd said in a filing to the Bombay Stock Exchange on April 26, 2017. The company further said that, it is indicated as an adjunctive therapy to the diet for the reduction of elevated serum cholesterol in patients with primary hypercholesterolemia who do not respond adequately to diet. The said drug will be produced at the group’s formulations manufacturing facility at Baddi, it said. The group now has over 110 approvals and has so far filed more than 300 ANDAs since the commencement of the filing process in FY 2003-04, it added. Meanwhile, shares of the company closed at Rs 453.35 apiece, down 0.86 per cent, from previous close on BSE.
Sterlite Technologies Q4 cons net rises 16% at Rs 64 cr
Sterlite Technologies, a global technology leader in smarter digital infrastructure, on Wednesday reported a 16 per cent growth in its consolidated net profit at Rs 64 crore during the three months ended March 31, 2017. “The company had posted consolidated net profit of Rs 55 crore in the corresponding period of previous fiscal, said Sterlite Technologies in a filing to Bombay Stock Exchange. The consolidated total revenue of company rose by 15 per cent to Rs 707 crore during Q4 FY17, compared to Rs 614 crore in Q4 FY16. During the quarter under review, the operating profit (EBITDA) of the company grew by 19 per cent to Rs 166 crore from Rs 139 crore in the year ago quarter. The company also said that its board has recommended a final dividend of Rs 0.75 per equity share of Rs 2 each of the company for approval by the shareholders of the company. Meanwhile, shares of company closed trade at Rs 150.40 apiece, down 1.44 per cent, on the BSE.