DCB Bank Q4FY19 PAT rises 50%
Shares of DCB Bank gained 1% on Thursday after bank profit in the final quarter of FY19 rose 50% yoy to Rs96cr and NII for the same period under review grew 13.8% at Rs300.9cr.
The bank operating profit stood at Rs185cr vs. Rs142cr for the same period as compared to last year. Non-Interest Income for Q4FY19 stood at Rs99cr vs. Rs85cr for the same period as compared to last year. As compared to Q4 FY 2018, Cost Income Ratio has improved by 5.67% to 53.71% from 59.38%. Return on Equity (Annualised) was at 13.69% in Q4FY2019 vs. 10.20% in Q4FY2018 and 12.64% in Q3FY 2019.
RBL Bank's Q4FY19 Net Profit up by 39% to Rs247.2cr
RBL Bank reported 39% yoy growth in its Q4FY19 profit at Rs247.9cr and the bank NII grew 48% yoy at Rs738.7cr, the company said in a press note to the exchanges on Thursday.
The bank other income climbed 31% yoy at Rs409.2cr, while, net total income rose 41% yoy at Rs1,148cr vs. Rs812.4cr in the same quarter a year ago. NIM improved to 4.23% up from 3.98% in Q4FY18. Cost to income ratio is at 51.2% yoy. Gross NPA ratio at 1.38% vs. 1.40% in Q4FY18); Net NPA ratio at 0.69%. Provision coverage ratio increased to 65.30% vs. 57.57% in Q4FY18 and net stressed assets at 0.73% vs. 0.86% in Q4FY18. Further, return on Assets at 1.30%, up from 1.25% in Q4FY18 and return on equity at 13.41%, up from 10.90% in Q4FY18.
RIL gains 2% ahead of results on reports of Aramco to buy 25% stake in company
Shares of Reliance Industries were trading 2% higher in Thursday noon trade ahead of release of its earnings after media reports suggested that Saudi Aramco is planning to acquire 25% stake in RIL refining and petrochemical business.
The duo is planning to strike an agreement on valuation around June, 2019. As per Times of India report, the deal could fetch $10-15bn, valuing RIL business at $60bn.
Further, Aramco has been trying very hard to entering India since 2016. In June 2017, the oil giant along with the Abu Dhabi National Oil Co. had inked an MoU to develop and build a $44bn integrated refinery and petrochemicals complex at Ratnagiri in Maharashtra.
Mahindra, Ford sign agreement to co-develop a midsize SUV
Mahindra Group and Ford Motor Company took the next step in strengthening their ongoing strategic alliance in India with a definitive agreement to co-develop a midsize sports utility vehicle (SUV). Under the new agreement, Mahindra and Ford will work together to introduce a benchmark product for India and emerging markets.
The new agreement reinforces the steady progress made since the announcement of the strategic alliance between the two companies in September 2017, followed by an announcement on powertrain sharing and connected car solutions in October 2018. The new midsize sports utility vehicle (C-SUV) will have a common Mahindra product platform and powertrain, thus driving engineering and commercial efficiencies.
Cadila Healthcare receives nod for Acetazolamide for Injection
Cadila Healthcare, in its filing to the exchanges, informed that the company has received final approval from the US Food and Drug Administration (USFDA) to market Acetazolamide for Injection USP (US RLD Diamox for Injection), 500 mg per single-dose vial.
"It will be manufactured at the group formulations manufacturing facility at Moraiya, Ahmedabad."
Acetazolamide is a potent carbonic anhydrase inhibitor, effective in the control of fluid secretion (e.g. some types of glaucoma), treatment of certain convulsive disorders (e. g. epilepsy) and promotion of diuresis in instances of abnormal fluid retention (e.g. cardiac edema).
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