Punjab National Bank's Q4FY19 net loss at Rs4,750cr
Punjab National Bank (PNB) posted a loss of Rs4,750cr for the March quarter, bettering its performance from a year ago when it reported a loss of 13,417cr.
Its total income during the March quarter of 2018-19 rose to Rs14,725.13cr from Rs12,945.68cr in the year-ago period, it said in a regulatory filing.
The bank provisions declined to Rs7,611cr in Jan-Mar, from Rs12,970cr.
On assets front, it has witnessed improvement as the gross non-performing assets (NPAs) which were brought down to 15.50% of gross advances at end of March 2019, as against 18.38% at the end of March 2018.
IFC to invest $35 mn in Manappuram Finance
IFC, a part of the World Bank Group, will invest $35 million in Manappuram Finance Limited (MFL) to help low-income households and small enterprises get access to loans against their gold assets.
This is IFC first investment in a gold-loan NBFC in India and aligned with its strategic objective of increasing the resilience of the country financial sector while improving financial inclusion. Gold loan companies offer loans to financially-excluded customers and MSMEs by enabling them to monetize their gold without the need for documentary proof of income.
According to the World Gold Council, India has 23,000 tons of gold with an estimated market value of $1 trillion. However, the current market size of formal gold loans is a mere $19.6 billion, which leaves the field open to pawn-brokers and usurious money lenders in rural areas. The Government of India encourages formal financial institutions to enter the market not only to bring large stocks of idle gold into the mainstream for productive use, but also to stem the rising indebtedness and exploitation.
Bharti Airtel deposits Rs644cr bank guarantee in TDSAT for Tata Tele merger
Bharti Airtel has submitted a bank guarantee of Rs644cr in Telecom Disputes Settlement and Appellate Tribunal (TDSAT) to conclude the merger of Tata Teleservices' consumer business with the telecom company, a PTI report stated.
As per media report, on May 2, TDSAT had granted a partial stay on an Rs8,300cr demand raised by the telecom department from Bharti Airtel for approving its merger with the consumer business of Tata Teleservices Ltd (TTSL).
Colgate-Palmolive (India) PAT up 4.67%
Colgate-Palmolive (India) Limited's net profit after tax for the quarter rose by 4.67% at Rs197.6cr as against Rs188.8cr for the same quarter of the previous year.
The net sales of the company stood at Rs1, 146.6cr for the fourth quarter of the financial year 2018-19, an increase of 6% over the same quarter of the previous year led by domestic volume growth of 5% (overall volume growth of 3%).
Manpasand Beverages Milind Babar resigns from the post of director
Shares of Manpasand Beverages were trading 20% lower on Tuesday after its director Milind Babar resigned from the post of director with effect from May 27.
"This resignation is mainly due to a press release issued by GST department. The said director also confirmed in the mail that there were no other material reasons other than provided in the letter of resignation," the company said in a press note after markets hours to the exchanges on Monday.
Notably, the stock hit 20% lower circuit for the second consecutive session due to reports regarding GST fraud case.
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