CORPORATE NEWS By CapitalStars 13/August/2019

Yes Bank issues clarification regarding QIP

Shares of Yes Bank ended ~11% down in today's trade. The bank issued a clarification on the NSE today just before the closure of market hours. It stated, "It has been brought to the notice of Yes Bank management today that there are some rumors regarding the recently launched QIP on August 08, 2019. Through this intimation, we would like to confirm to the market participants, that the Board's Capital Raising Committee ("CRC") will consider and approve, amongst other things, the issue price for Equity Shares in respect of the QIP on August 14, 2019 (as was earlier communicated vide exchange release dated August 08, 2019). This intimation is intended to put to rest unnecessary speculation/ rumors being spread regarding the QIP."

Ipca Laboratories Q1 cons. net profit jumps 89%; stock down 3%

Ipca Laboratories Limited today announced its consolidated financial results for the first quarter ended June 30, 2019, of the financial year 2019-20. The company's Q1FY20 consolidated net profit was up 89% at Rs129.43cr vs. Rs68.55cr in the year-ago period. Total income also rose 23% at Rs1,098.53cr vs. Rs889.75cr.

Indiabulls Housing Finance jumps 11% post clarification

Shares of Indiabulls Housing Finance surged 11% after clarifying on the news item which appeared in the "economictimes.indiatimes.com" on August 09, 2019 captioned "Indiabulls founder to cede control after Lakshmi Vilas Bank merger". The company said that it has already applied for the approval of various regulators, including Reserve Bank of India, for the proposed merger of Indiabulls Housing Finance Limited along with its wholly-owned subsidiary company i.e. Indiabulls Commercial Credit Limited with The Lakshmi Vilas Bank Limited. 

Reliance Capital down 6% on reports of plans to sell stake in home finance biz, take legal action against PwC

Media reports suggested that Reliance Capital is in talks with at least four companies to sell its stake in housing finance subsidiary Reliance Home Finance, which is under debt of around Rs11,500cr. According to reports, Reliance Capital is in talks with Varde Partners, AION Capital, Cerberus Management and Altico Capital India. From these, two companies are at an advanced stage of discussions with Reliance Capital.

Reliance Industries extends gain after Aramco deal

Shares of Reliance Industries Ltd (RIL) extended rally for the third straight day today. The company Chairman and Managing Director, Mukesh Ambani said that Saudi Aramco has agreed to a non-binding Letter of Intent (LOI) regarding a proposed investment in the Oil to Chemicals (O2C) division comprising the Refining, Petrochemicals and fuels marketing businesses of RIL, the company said on Monday at 42nd AGM. The deal with Aramco, which values the business at $75bn including debt, also includes an agreement for Aramco to sell up to 500,000 barrels per day (bpd) to Reliance's Jamnagar refinery in Gujarat.

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CORPORATE NEWS 09/August/2019

MRF zooms ~5% as cons. PAT rises 3% yoy to Rs273.3cr in Q1FY20

Shares of tyre major MRF are trading ~5% higher after reporting Q1 results for the quarter ended June 2019.

The company's consolidated net profit rose 3% yoy to Rs273.3cr against Rs260.7cr.

Its revenue grew 16.5% yoy at Rs4, 471cr vs. Rs3, 836.3cr.

EBITDA rose 6.3% yoy at Rs612.3cr and EBDITA margin was at 13.7%.

Alembic Pharma gets USFDA tentative approval for Bimatoprost Ophthalmic Solution, 0.01%

Alembic Pharmaceuticals Limited announced that the Company has received tentative approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) for Bimatoprost Ophthalmic Solution, 0.01%. The tentatively approved ANDA is therapeutically equivalent to the reference listed drug product (RLD), LUMIGAN ophthalmic solution 0.01%, of Allergan Inc. Bimatoprost Ophthalmic Solution, 0.01% is indicated for the reduction of elevated intraocular pressure in patients with open angle glaucoma or ocular hypertension.

Bimatoprost Ophthalmic Solution, 0.01% has an estimated market size of $704mn for twelve months ending December 2018 according to IQVIA.

Mahanagar Gas reports ~33% yoy jump in PAT for Q1FY20

Shares of Mahanagar Gas are down ~3% after opening up 2% in early trade. The company posted its Q1FY20 results on Thursday.

Mahanagar Gas' net profit rose 32.66% yoy to Rs170.24cr in the quarter under review.

Revenue went up on 22.55% yoy at Rs777.83cr for the June quarter.

The board in its meeting also approved the appointment of Dr. Ashutosh Karnatak as an additional Director (Non-Executive & Non Independent) and Chairman of the Company effective from August 01, 2019.

Britannia Ind. adjusted PAT up 3% yoy to Rs267cr in Q1FY20

Britannia Industries Ltd. (BIL), India leading Food Company, reported its Q1FY20 results today. The company's consolidated revenue rose 6% yoy for the quarter to Rs2, 677cr.

Adjusted Net Profit increased by 3% yoy to Rs267cr (Reported Net profit at Rs251cr).On the cost front, the company witnessed moderate inflation in the prices of key raw materials for the bakery business. However, the inordinate rise in milk prices impacted profitability of the company's Dairy business adversely.

Cadila Healthcare's Q1FY20 PAT falls 34% yoy in Q1FY20 to Rs303cr

Zydus Cadila announced its Q1FY20 results today.For the first quarter ended June 30, 2019, the company's consolidated net profit was down 34% yoy at Rs303.6cr against Rs 460.5cr.

Its revenue was up 20.8% yoy at Rs3, 496.3cr against Rs2, 893.7cr.

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CORPORATE NEWS By CapitalStars 08/August/2019

Thermax stock gains ~3% after net profit up 29% in Q1

For the first quarter of FY19-20, at the consolidated level, Thermax's profit after tax for the quarter was higher by 29% at Rs63cr vs. Rs49cr in Q1FY19. Revenue was up 34% at Rs1, 392cr as compared to Rs1, 035cr in the corresponding quarter last year.

As on June 30, 2019, Thermax Group's order balance was down 18% at Rs5, 250cr vs. Rs6, 420cr in FY19. Order booking for the quarter was 26% lower at Rs1, 217cr on account of slowdown in investment sentiment witnessed in both domestic and international markets.

Cipla down 3% after muted Q1 nos, brokerage downgrades

Shares of Cipla fell 3% intraday and is currently trading 4% down after the pharma major reported weak numbers for the June quarter yesterday.

The pharma company's revenue declined in India and South Africa, which account for ~50% of its sales.Further, media reports stated that international brokerage firm CLSA downgraded Cipla to "sell" from "outperform" and cut the target price on the stock to Rs460 from Rs600.

CLSA also cut EPS (earning per share) estimates over FY20-22 by 9-14% owing to the absence of a near-term catalyst.

Maruti Suzuki cuts production by 25% yoy for 6th month in a row in July

Maruti Suzuki India cut its production in July by by 25.15% yoy, making it the sixth month in a row that the country's largest car maker reduced its output.

The company produced a total of 1, 33,625 units in July, compared with 1, 78,533 units in the year-ago month, according to the co's filing on the BSE.

Passenger vehicles' production last month stood at 1, 30,541 units as against 1,75,456 units in July 2018, a decline of 25.6% yoy.

Siemens stock soars 4.5% after Q3FY19 profit up by 21.4%

For the third quarter of Financial Year 2019 ended June 30, 2019, Siemens Ltd. registered profit after tax at Rs248cr, with an increase of 21.4 % over the same quarter last year. Revenue stood at Rs3, 110cr, a 4.9% increase over the same quarter in the preceding year.The company new orders stood at Rs3, 023, registering a 6.4% increase over the same quarter last year.

Sunil Mathur, Managing Director and Chief Executive Officer, Siemens Ltd., said, We have delivered very solid results in the third quarter although we see a slowdown in capex related ordering by our customers, both public and private, and across our market verticals. Liquidity is becoming a concern in the industry, with payments being delayed and inventory offtake slowing down. In this scenario, our focus continues driving our short term and digitalization businesses with a clear focus on profitable growth and working capital management.

Tata Steel divests 70% in Thailand arm to Synergy Metals & Mining Fund

Tata Steel's board on Wednesday approved of signing of a memorandum of understanding (MoU) with Dubai-based Synergy Metals and Mining Fund to divest 70% of its stake in Tata Steel Thailand. 

Synergy Metals and Mining Fund is a private equity fund focussed on investments in the metals, mining, and natural resources sectors.The approval comes a day after Tata Steel announced that it will no longer be selling its South East Asian units including NatSteel and Tata Steel Thailand to China's Hesteel with which it had signed definitive agreements in January for the same.

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CORPORATE NEWS By CapitalStars 07/August/2019

Lupin up 2.5% as net profit jumps ~50% yoy in Q1FY20

Shares of Lupin Ltd. are currently up 2.5% on reporting Q1FY20 results.

In the quarter ended June 2019, sales came in at Rs4, 355cr compared to Rs4, 326cr in Q4FY19 (up 0.7% qoq) and Rs3, 775cr in Q1FY19 (up 15.4% yoy). 

EBITDA for the quarter was Rs932cr compared to Rs711cr in Q1FY19 up 31.1% yoy.

Consequently, net profits for the quarter came in at Rs303.1cr vs. Rs202.8cr in Q1FY19, up 49.5% yoy.

The co's investment in Research and Development for the quarter was Rs378.5cr, which accounts for 8.7% of sales.

SBI to reduce MCLR by 15bps from August 10 

Country largest lender State Bank of India (SBI) has announced the reduction in its MCLR by 15bps across all tenors The 1-year MCLR would come down to 8.25% p.a from 8.40% p.a. with effect from August 10, 2019. This is the fourth consecutive cut in MCLR in FY 2019-20.

With today MCLR cut, home loans have become cheaper by 35bps since April 10, 2019. Also, SBI is offering a Repo Linked Home Loan Product w.e.f July 1, 2019.

With today cut in the Policy rate, SBI effective Repo Linked Lending Rate (RLLR) for CC/ OD customers will stand revised to 7.65% w.e.f. September 01, 2019.

Cadila down 1% after USFDA classifies Moraiya unit as OAI

The company's filing on NSE read, "We wish to inform you that the Company has received a letter from the USFDA classifying the inspection conducted at the Company's Moraiya facility located at Ahmedabad, Gujarat from April, 22 2019 to May 3, 2019 as 'Official Action Indicated' (OAI). The Company believes that this classification will not have any impact on the current supplies or revenues of this facility."

The company is in the process of sending further updates of its corrective actions to the USFDA and remains hopeful of a positive outcome, it added.

Rain Industries closes Netherlands plant on eroding profits

Shares of Rain Industries rose 1% in the late morning trade on the BSE. The company said in the press release that Rain Carbon Inc., a leading global producer of carbon-based products, has approved the shutdown of its Uithoorn resins production facility in the Netherlands by the end of March 2020.

"In light of eroding profitability for hydrocarbon and C9 aromatic resins, particularly for printing inks and adhesives, our subsidiary RUTGERS Resins B.V. will cease production in Uithoorn by the end of the first quarter next year," said Rain Carbon President Gerry Sweeney.

Voltas net profit at Rs166cr in Q1FY20

Voltas Limited, the global air conditioning and engineering services provider of the Tata Group, today announced the Consolidated Financial Results (including the Consolidated Segment Report) for the quarter ended 30th June 2019.

The company's profit after tax was Rs166cr as compared to Rs187cr last year. The Consolidated Gross Sales / Income from Operations for the quarter ended June 30, 2019 was higher by 24%, at Rs2, 647cr as compared to Rs2, 134cr in the corresponding quarter last year.

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Market Live By CapitalStars 07/August/2019

Nifty likely to open flat-to-lower.

The Nifty50 is expected to open flat-to-lower on Wednesday tracking Asian markets which were trading with positive bias. The rebound in sentiment came after the People Bank of China took stepped in to stabilise the yuan with a firmer-than-expected fixing. The yuan had fallen sharply on Monday, going past the symbolic 7-per-dollar level, and prompting Washington to label Beijing a currency manipulator in a major escalation of the year-long trade dispute between the world two largest economies, said a Reuters report. Overnight, U.S. stocks jumped more than 1 percent. The Dow Jones Industrial Average rose 311.78 points to 26,029.52, the S&P 500 gained 37.03 points to 2,881.77 and the Nasdaq Composite added 107.23 points to 7,833.27. Trends on SGX Nifty indicate a negative opening for the broader index in India, with a 0.47 percent loss or 51.5 points. Nifty futures were trading around 10,911-level on the Singaporean Exchange.

Global Market:

Asian Markets: Asian markets are lower today as Chinese and Hong Kong shares fall. The Shanghai Composite is off 0.24% while the Hang Seng is down 0.82%. The Nikkei 225 is not trading.

US Markets: North and South American markets finished broadly higher today with shares in Brazil leading the region. The Bovespa is up 2.06% while U.S.'s S&P 500 is up 1.30% and Mexico's IPC is up 0.73%.

European Markets: European markets finished lower today with shares in Germany leading the region. The DAX is down 0.78% while London's FTSE 100 is off 0.72% and France's CAC 40 is lower by 0.13%.

Major Headlines of the day:

Rupee stands at 70.96 per dollar.

IRB Infra gets Rs4,000cr investment by GIC affiliates for road biz As part of the transaction, IRB Infra will transfer 9 of its BOT assets into a private Infrastructure Investment Trust in which IRB will hold controlling stake of 51%.

Reliance Industries and BP expand partnership to sell transport fuels in India This is a further development of RIL and BP longstanding partnership, which began in 2011 and expanded in 2017 including an agreement to seek options to work together to develop differentiated fuels and mobility businesses.

Earnings Reaction To Watch

ADANI PORTS

ADANI POWER

AUROPHARMA

BAJAJ ELECTRIC

BALRAMPUR CHINI

CIPLA

CUMMINS

HCLTECH

HPCL

M&M

PETRONET

RAMCOCEM

TATASTEEL

VOLTAS

SIEMENS

Trend in FII flows:- The FIIs were Net Value of Rs -2107.93 segment while the DIIs were Net Value of 2289.05. the provisional figures.

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CORPORATE NEWS By CapitalStars 06/August/2019

Indigo co-founder refutes reports of truce with Rahul Bhatia

Interglobe Aviation is trading flat after falling sharply in opening trade after co-founder Rakesh Gangwal said that reports regarding truce within the company were untrue.

In a letter dated August 5 filed by the co. on the exchanges, Gangwal told the board of IndiGo's parent InterGlobe Aviation that issues between him and Bhatia are yet to be resolved.Gangwal said he did not back a proposal by the airline to expand its board of directors to 10.

Last month, Rakesh Gangwal accused Rahul Bhatia of violating corporate governance rules at InterGlobe, calling for Sebi to intervene.

InterGlobe has lost nearly $1bn in market value on July 10 after the rout broke out, however, shares have recovered most of those losses since then with Indigo posting stellar results for the quarter ended June 2019.

RBI Monetary Policy Preview: Expecting a 25bps rate cut

Since the last policy, data and trends emerging indicate that inflation continues to be stable and is trending on the lower side. Further, growth has been muted on account of visible consumption slowdown as well as subdued investment outlook. Despite a late start, we have seen that the monsoon has reasonably caught up, which should give a boost to agriculture and lead to the revival to some extent of consumption in rural India. Globally, we have seen negative yields in certain countries and overall interest rates are stable or dropping and growth has slowed.

Against this backdrop, the central bank is likely to cut the repo rate by 25 bps. It will be important to study the policy narrative to get a direction of likely future action by the RBI, liquidity measures, any other structural changes etc. Suffice it to say that inflation will be the central theme balanced with the need to boost growth.

Pidilite Industries' net profit rises 22.5% yoy to Rs294cr in Q1FY20

Shares of Pidilite Industries are trading higher by ~3% after the co. released its Q1FY20 results

The co.'s consolidated net profit rose 22.5% yoy to Rs294cr in the quarter vs, Rs240cr in Q1FY19.

Revenue rose 10% yoy to Rs2, 056cr in Q1FY20, mainly driven by Consumer and Bazaar Products (+9% yoy rise).

Torrent Power rises 4% on reporting 22% yoy jump in PAT for Q1FY20

Torrent Power is trading up over 4% after posting its Q1 results yesterday.

The company reported a 22% rise in consolidated net profit at Rs276.59cr for June quarter compared with year-ago period, mainly on the back of higher revenues.

The company's consolidated net profit for June quarter last year was at Rs227.32cr.

The company's total income in the quarter rose to Rs3, 790.61cr from Rs3, 580.42cr a year ago.

The shareholders also approved a proposal to raise up to Rs1, 500cr through issuance of non-convertible debentures on private placement basis.

DHFL jumps 10% after announcing draft resolution plan

Shares of DHFL surged 10% on the BSE in the noon trade.

The company said in a press note that the Special Committee has a draft proposal on resolution plan formulated by the company in consultation with the committee and its financial advisors viz., Ernst &Young; and also approved the submission of the said resolution plan to the lenders of the company.

PNB Housing Finance raises fresh USD75mn ECB from SMBC Singapore

PNB Housing Finance Limited, one of the leading housing finance companies, has raised fresh USD75mn ECB from Sumitomo Mitsui Banking Corporation (SMBC) Singapore.

The ECB (External Commercial Borrowing) is under the Reserve Bank automatic route of approval and the proceeds will be used by the Company as per the applicable RBI guidelines.

Sanjaya Gupta, Managing Director, PNB Housing Financial Ltd said, As we have mentioned a few days back, this is the second ECB borrowing of the Company for the FY2019-20.

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CORPORATE NEWS By CapitalStars 05/August/2019

Bata India net profit up 22.5% in Q1FY20

Bata India, the nation leading footwear manufacturer and retailer, reported an increase in its net profit by 22.5% to Rs100.97cr in the quarter ended June 2019 as against Rs82.41cr during the previous quarter ended June 2018.

The company sales also rose 10.62% to Rs882.76cr in the quarter ended June 2019 as against Rs798cr during the previous quarter ended June 2018.

The growth is attributed to the successful execution of Sweeping Angela Off Her Feet strategy. This involves innovative campaigns which have helped to sustain profitable growth across categories and mindful up-gradation of stores to provide a world-class shopping experience to our loyal customers while keeping costs under control. Retail channel continued to grow at a steady pace and supported by double-digit growth in E-Commerce & Non-retail channel as well.

Natco Pharma reports successful completion of USFDA inspection; stock trades flat 

Natco Pharma shares are trading flat in afternoon trade.

The company announced the successful closure of inspection with the receipt of Establishment Inspection Report (EIR) from the US Food and Drug Administration (FDA) for the inspection conducted at its drug formulations facility in Kothur Village, Telangana.

The inspection was conducted over May 30-June 5.

BHEL commissions additional 116MW pumping unit in Telangana

Bharat Heavy Electricals Limited (BHEL) has successfully commissioned one more pumping unit (Unit 5) of 116MW of the 7x116 MW Kaleshwaram Lift Irrigation Scheme (LIS) Package-6 in Telangana.

BHEL has earlier commissioned 4 Units of the same project in April and May 2019. Significantly, the pump for each unit is designed to lift 89.16 cumecs (cubic metres per second) of water by 105.5 metres.

Being developed by the Irrigation & CAD (I&CAD) department of the Government of Telangana, the Greenfield lift irrigation project (formerly known as Pranhita Chevella) is located in Peddapalli district of Telangana.

Nestle up 3% on plans to set up 9th factory in India at Sanand, Gujarat

Nestle India on Friday post market hours said that it would set up its ninth factory in the country at Sanand, Gujarat, with an initial investment of ~Rs700cr over two years.

The company posted its results for the quarter ended June last week, i.e., Q1CY19. It reported a net profit of Rs437.84cr, up 10.8% from Rs395.03cr posted in the corresponding quarter last fiscal.

Revenue from operations grew 11.2% to Rs3, 000.85cr.

RIL subsidiary RIIHL to acquire software firm Fynd

Reliance Industrial Investments and Holdings Limited (RIIHL), a wholly-owned subsidiary of Reliance Industries Limited (RIL) has entered into an agreement for acquisition of equity shares of Shopsense Retail Technologies Pvt. Ltd. for a cash consideration not exceeding Rs295.25cr.

RIL on Friday in a press release post market hours said, "RIIHL has an option to further invest an amount of up to Rs100cr which is likely to be completed by December 2021. The total investment will translate into ~87.6% of equity share capital in Fynd on a fully diluted and converted basis."

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CORPORATE NEWS By CapitalStars 02/August/2019

Exide Industries net profit at Rs224cr in Q1

Exide Industries Limited, on Friday, reported that its Q1FY20 net profit has risen by 7% to Rs224.29cr from Rs209.92cr for the corresponding quarter ended June 30, 2018.

However, revenue stood flat in Q1 at Rs2, 779.25cr as against Rs2, 772.46cr for the corresponding quarter ended June 30, 2018.

EBITDA came up by 4% at Rs407.7cr in Q1.

G Chatterjee, MD & CEO said that demand of Automotive Batteries remains under pressure while growth in UPS, Telecom, as well as other Infrastructure segments, continued during the first quarter.

HDFC spurts 2.5% after Q1 net profit jumps 46% 

Shares of Housing Development Finance Corporation (HDFC) soared 2.5% in the afternoon session after the company has reported 46% jump in its Q1FY20 net profit at Rs3, 203cr as against Rs2, 190cr in the same quarter last year.

Revenue was up 30.6% at Rs12, 990cr in Q1FY20 as against Rs9, 947.35cr for the corresponding quarter ended June 30, 2018.

NII in Q1 stood at Rs2, 739cr, as per the filing. The company's loan book grew 11.2% at Rs4.16 lakh cr. Gross NPAs were up marginally at 1.29% against 1.22% on a qoq basis.

Power Grid PAT at Rs2428cr in Q1FY20

Power Grid Corporation posted its standalone net profit for the first quarter at Rs2,428cr, which was up by 8% against Rs2,241.7cr in Q1FY19.

Revenue from operations rose by 8% to Rs8,804cr in Q1FY20 as against Rs8,130.7cr for the corresponding quarter ended June 30, 2018.

EBITDA was up 13.9% at Rs7,897cr in Q1.

Zydus completes Phase-III trials of Saroglitazar Magnesium in Type-2 Diabetes MellitusZydus completes Phase-III trials of Saroglitazar Magnesium in Type-2 Diabetes Mellitus

Zydus Cadila announced that it has completed Phase 3 Clinical Trial in India of Saroglitazar Mg for treating Type 2 Diabetes. The trial was a multi-centric, randomized, double blind study to evaluate the safety and efficacy of 2mg and 4mg of Saroglitazar compared to Pioglitazone 45mg in patients with Type 2 Diabetes Mellitus. The Phase 3 trial enrolled 1140 subjects and studied the patients over a period of 56 weeks. 

The primary outcome of the trial was a change from baseline in glycosylated haemoglobin (HbAlc) for Saroglitazar 4 mg, 2 mg and Pioglitazone 30 mg at 24 weeks. The study also measured glycosylated haemoglobin (HbAlc) and other secondary outcome measures including fasting plasma glucose, Triglyceride (TG) cholesterol, Low Density Lipoprotein (LDL) cholesterol, Very Low Density Lipoprotein (VLDL) cholesterol, High Density Lipoprotein (HDL) cholesterol, Total Cholesterol (TC) cholesterol, Non HDL cholesterol, Apolipoprotein (Apo) Al, Apo B between Saroglitazar 4 mg, 2 mg and Pioglitazone 30 mg at Week 12, Week 24, and Week 56.

Marico rises 3% on healthy Q1 numbers

Marico is trading up 1.5% after posting health Q1 earnings yesterday.

Revenue from operations grew 7% yoy to Rs2,166cr with an underlying domestic volume growth of 6% and constant currency growth of 7% in the international business.There was a one-time trade inventory correction in the Gulf business. Adjusting for the same, constant currency growth in the International business stood at 9%.Easing raw material costs in the domestic and key overseas markets led to gross margin expansion of 524bps on a yoy basis.

EBITDA margin expanded 324 bps, as the Company stepped up A&P spends by 32% to support its core and new franchises.

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Opening Bell By CapitalStars 02/August/2019

CS NIFTY FUTURES (AUG) OVERVIEW

TREND BEARISH

RES 2: 11300

RES 1: 11150

SUP 1: 10900

SUP 2: 10800

CS BANK NIFTY FUTURES (AUG) OVERVIEW

TREND BEARISH 

RES 2: 29000

RES 1: 28800

SUP 1: 28300

SUP 2: 28100

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CORPORATE NEWS By CapitalStars 31/July/2019

Apollo Tyres net profit declines 44% yoy in Q1FY20

Apollo Tyres' share price jumped 4% after the co. announced its Q1FY19 numbers. 

The company's Q1FY20 net profit has declined by 44% to Rs141.6cr from Rs251.8cr for the corresponding quarter ended June 30, 2018.

The income from operations rose by 1% to Rs4331.3cr in Q1FY20 as against Rs4299.3cr for the corresponding quarter ended June 30, 2018.

EBITDA margin stood at 11% vs. 12.5% yoy basis.

Coffee Day appoints S. V. Ranganath as interim chairman

Coffee Day Enterprises said in the press note that the board has appointed SV Ranganath as the new Interim Chairman. The company has also appointed Nitin Bagmane as an Interim Chief Operating Officer.

Constitution of an executive committee comprising S. V. Ranganath (Non-Executive Independent Director), Nitin Bagmane (COO) and R. Ram Mohan (CFO) to exercise the powers previously vested with the Chief Executive Officer of the Company and the Administrative Committee constituted by the Board in 2015. The Board will, in due course, prepare a detailed charter of authorities vested in the Executive Committee and approve the same. The Executive Committee will, inter alia, explore opportunities to deleverage the Coffee Day Group, the company said in the stock exchange.

RBI eases ECB norms for corporates, NBFCs

The Reserve Bank of India (RBI) on July 30 relaxed the end-use stipulations under external commercial borrowings framework for corporates and non-banking financial companies (NBFCs).

"Based on the feedback from stakeholders and with a view to further liberalise the ECB framework, it has been decided, in consultation with the Government of India, to relax the end-use restrictions relating to external commercial borrowings for working capital requirements, general corporate purposes and repayment of rupee loans," RBI said in a press release yesterday.

PNB Housing Finance PAT up 11% yoy to Rs285cr in quarter ended Jun'19

Performance highlights for Q1FY20 vs. Q1FY19:

Its Net Interest Income registered a growth of 45% to Rs625.5cr from Rs432.8cr.

Profit after Tax grew by 11% to Rs284.5cr from Rs255.8cr.

The spread on loans for Q120 stood at 2.53% compared to 2.11% for Q1FY19. 

Net Interest Margin for Q1FY20 stood at 3.14% compared to 2.74% for Q1FY9.

Return on Asset is at 1.37% on an average gearing of 9.4x against 1.54% on an average gearing of 8.7x during Q1 FY18-19 resulting in a Return on Equity of 14.8% for Q1 FY19-20 vis a vis 15.8%for Q1 FY18-19.

Gross Non-Performing Assets (GNPA) stood at 0.85% of the loan assets as on 30th June, 2019, against 0.43% as on 30th June, 2018.

Net NPA stood at 0.67% of the loan assets as on 30th June, 2019 against 0.33% as on 30th June, 2018.

ICRA expects some weakening in Retail-NBFC asset quality in the current fiscal

The assets under management (AUM) of retail non-banking finance companies grew at a much slower pace of ~9.5% (over September 2018) during H2FY2019 vis a vis ~13% during H2FY2018 (over September 2017) due to tightening of liquidity. Typically, though Retail-NBFC growth in H2 is higher than H1, in FY2019, it was lower than H1 growth of 11.5%. Therefore, overall credit growth of 22% during FY2019 was largely supported by the H1 performance. The Retail-NBFC AUM stood at Rs9.1 trillion as on March 31, 2019.

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