Wipro, NTPC, Karnataka Bank in spotlight

Wipro's consolidated net profit declined 3.41% to Rs 2,465.70 crore on 0.07% fall in revenues to Rs 15,114.50 crore in Q2 September 2020 over Q2 September 2019. Sequentially, consolidated net profit rose 3.02% and revenue increased 1.35% in Q2 September 2020 (Q2FY20) over Q1 June 2020 (Q1FY20). The result was announced after market hours yesterday, 13 October 2020.

Meanwhile, the board of IT services company today approved a plan to buyback 23.75 crore shares at Rs 400 per equity share for an aggregate amount not exceeding Rs 9,500 crore. This represents 4.16% of total paid-up equity share capital of the company as on 30 September.

NTPC has decided to raise Rs.4,000 crore on 15 October 2020, through private placement of unsecured non-convertible bonds in the nature of debentures at a coupon of 5.45% p.a. with a door to door maturity of 5 years on 15 October 2025. The proceeds will be utilized for, inter alia, funding of capital expenditure, refinancing of existing loans and other general corporate purposes.

Karnataka Bank reported a 12.78% rise in net profit to Rs 119.44 crore on 1.64% rise in total income to Rs 1,933.52 crore in Q2 September 2020 over Q2 September 2019.

Punjab and Sind Bank said that three NPA accounts worth Rs 133.46 crore declared as fraud and the bank has made 100% provisioning as per the prudential norms

Tata Steel Long Products reported consolidated net profit of Rs 59.06 crore in Q2 September 2020 as compared to net loss of Rs 196.88 crore in Q2 September 2019. Total income rose 52.19% to Rs 1,933.52 crore in Q2 September 2020 over Q2 September 2019.

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