The News International Team
Indiabulls Housing Finance reported a 21 percent growth at Rs 448.3 crore in net profit for the September quarter versus Rs 370.38 crore in the same period last year. Its core net interest income (NII) increased 14.3 percent to Rs 737.4 crore, while total income rose to Rs 1,518 crore from Rs 1,400 crore.
Gagan Banga, Vice Chairman & Managing Director of the company expects the company’s gross NPLs to remain between 70 and 90 basis points and net NPLs to hover in 30-50 bps range. “We continue to remain liquid. We have over Rs 7,000 crore of cash which comes in extremely handy whenever the liquidity in the market dries up and this came to our advantage extremely useful last year between July and September. Going forward this will continue to remain an area of emphasis,” he added.
Speaking about the company’s operating performance, he said that one of the key developments in the quarter was that the company’s credit rating got upgraded to AAA. Also, it has invested in strengthening the overall board of directors, he said.
12:30pm JSW Steel
Shares of JSW Steel fell over 2 percent in the backdrop of the CBI registering a Preliminary Enquiry (PE) against unknown officials of the company over alleged diversion of forest land for a mining project in Jharkhand.
The CBI had yesterday registered a PE against unknown officials of JSW Steel Private Limited and the Ministry of Environment and Forests over alleged diversion of forest land
for a mining project in Jharkhand.
Sources in the CBI said the clearance for the project for mining in Ankua reserve forest was given in 2013.
The allegation made by the CBI in the PE was that unknown officials of JSW and the Ministry of Environment and Forests entered into a criminal conspiracy for getting approval for this mining activity, reports PTI.
A JSW spokesperson, when asked to comment on the CBI move, had said yesterday, “We are not aware of any such move nor have we received any official communication to this effect.”
12:00pm Market Check
The market gave up some early gains to trade marginally in the green. Banks continued to gain today while energy and metal stocks lost ground.
The Sensex advanced 44.15 points to 26797.05 and the Nifty rose 14.50 points to 8006.20. About 1215 shares have advanced, 1216 shares declined, and 128 shares are unchanged.
Lupin traded more than 1.5 percent lower ahead of it’s second quarter earnings today. A CNBC-TV18 poll expects a 23 percent revenue growth and a 36 percent rise in profitability. However, Ranbaxy gained 1.5 percent as analysts expect a 3 percent revenue growth led by the launch of Diovan generic during the quarter.
Tech Mahindra, Force Motors, SBI, RS Software, DLF, Reliance Industries, TCS and Infosys were the most active shares on exchanges.
Software solutions provider Tech Mahindra climbed over a percent ahead of earnings (on Wednesday). Analysts expect the company to report a 15.5 percent growth in profit while dollar revenue may report a 3.83 percent sequential growth at USD 888 million during the quarter.