Top headlines: HDFC Q4 PBT down 27%, LG Polymers faces court heat

Business Standard brings to you the top headlines of the day.

HDFC Ltd, a key financial institution and player in the home loan space, has reported a 27.05 per cent drop in profit before tax, to Rs 2,692.44 crore for the quarter ended March 31, 2020. Around 40 per cent travel and tourism companies may shut down in the next 3 to 6 months, said a report. The Andhra Pradesh High Court has ordered the seizure of the premises of LG Polymers plant in Visakhapatnam, where there was a gas leakage, and also barred entry into the plant by all except the committees appointed by the state government. Here are the top events which made it to the headlines today

1. HDFC Q4 standalone PBT down 27% to Rs 2,692 cr, revenue up marginally

HDFC Ltd, a key financial institution and player in the home loan space, has reported a 27.05 per cent drop in profit before tax, to Rs 2,692.44 crore for the quarter ended March 31, 2020, from Rs 3,690.89 crore in the same quarter a year ago. Sequentially, the PBT was down 70.55 per cent, with the company having delivered a pre-tax profit of Rs 9,142.99 crore in the quarter ended December 31, 2019.

2. 40% tourism firms staring at complete shutdown risk in next 6 mnths: Report

Around 40 per cent travel and tourism companies may shut down in the next 3 to 6 months, said a report on Monday when domestic flights resumed in the country after a weeks-long lockdown to contain the coronavirus. The report said that 81 per cent travel and tourism companies have lost their revenue up to 100 per cent while 15 per cent of the companies have witnessed it slide up to 75 per cent. Read on...

3. Sieze LG Polymers premises, Andhra HC orders over Vizag gas leak case

The Andhra Pradesh High Court has ordered the seizure of the premises of LG Polymers plant in Visakhapatnam, where there was a gas leakage, and also barred entry into the plant by all except the committees appointed by the state government. The court had, in its order on May 22, ordered the companys directors not to leave the country without courts permission and instructed the authorities not to release their surrendered passports without its permission. Read more...

4. Rajasthan govt withdraws order increasing daily working limit to 12 hours

The Rajasthan government has withdran an order issued last month to temporarily increase the daily working period in manufacturing units from 8 to 12 hours, becoming the second state after Uttar Pradesh to drop such a decision. Read more...

5.Crisis-hit IL&FS plans to divest its 26% stake in OTPC, invites bidding

Moving ahead with its asset monetisation process, IL&FS has invited expressions of interest (EoI) to divest the 26 per cent stake the crisis-hit company holds through IFIN and IEDCL. Through IEDCL, IL&FS holds 12.03 per cent and through IFIN, the group holds 13.97 per cent. Read on...