CORPORATE NEWS By CapitalStars 16/July/2019

Federal Bank's PAT grows 46.25% to Rs384.21cr

Federal Bank announced the Unaudited Financial Results for the quarter ended 30th June 2019.

The key highlights of the results on a yoy basis are as follows:

Net Profit records a growth of 46.25% to reach Rs384.21cr 

Net interest income grows by 17.77% to reach Rs1,154.18cr 

Total Business increases by 18.99% to reach Rs2, 44,569.79cr

Total Deposits increases by 19.14% to reach Rs1, 32,537.46cr 

Net Advances increases by 18.81% to reach Rs1, 12,032.33cr

ROA & ROE of the Bank for the quarter stood at 0.98% and 11.44% respectively

Net Interest Margin as on 30th June 2019 stood at 3.15%, while the Cost to income ratio of the Bank has been contained at 49.36% clocking a reduction of 244 bps yoy

CASA deposits of the Bank is at Rs41, 675.84cr

Gross NPA of the Bank as at the end of the quarter stood at Rs3, 394.69cr or 2.99%. The Net NPA as on 30th June 2019 stood at Rs1, 672.82cr or 1.49%.

The Provision Coverage Ratio is 67.41%.

Cummins India stock down ~2% as MD resigns

Shares of Cummins India Ltd. are trading lower by ~2% as the Managing Director of the company, Sandeep Sinha, has submitted his resignation. 

The company in its filing on the NSE today said, "In terms of Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, this is to inform you that Mr. Sandeep Sinha (DIN 02400175), Managing Director of the Company has tendered his resignation vide letter dated July 15, 2019 to pursue a career outside of the Company."

Vakrangee to set-up EV charging infrastructure across India

Vakrangee said in the filing that the Company has decided to set-up the Electric Vehicle (EV) Charging Infrastructure facility through Nextgen Vakrangee Kendra Outlets.

Vakrangee has 3,504 Nextgen Vakrangee Kendra's spread across 19 states, 366 districts and 2,186 postal codes. More than 68% of outlets are from Tier 5 and tier 6 cities. Our planned target is to reach at least 75,000 by FY21-22 and 3 lakh outlets by FY24-25.

HDFC AMC Q1FY20 net profit at Rs291.7cr

For Q1FY20, HDFC AMC's net profit at RsRs291.7cr was higher by 42% on the back of an increase in assets under management vs. Rs205.26cr in the corresponding quarter previous year. Its total income came in at Rs552.75cr vs. Rs501.19cr in Q1FY19. 

The company's AUM was higher 18% yoy to Rs3,56,700cr. AUM in actively managed equity oriented funds i.e. equity oriented total AUM excluding arbitrage funds and index funds grew to Rs1,68,900cr as on June 30, 2019 with a market share of 16.2%.

TV18 Broadcast net profit at Rs18.6cr in Q1FY20 vs. loss of Rs12.48cr in Jun'18

Shares of TV18 Broadcast are trading flat with a positive bias as the company posted a consolidated net profit of Rs18.6cr in Q1FY20 as against a loss of Rs12.48cr in the same period last fiscal.

The company revenue from operations during the quarter grew by 10% to Rs1, 198cr as compared to Rs1, 088cr in corresponding period last year.

Expenses rose 23% yoy to Rs310cr in the June 2019 quarter vs. Rs252cr in the quarter ended Jun'18 as the marketing, distribution, and promotional expenses almost doubled.

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