Axis Bank's net profit rose 35.5% to Rs 432.38 crore on 0.9% increase in total income to Rs 13820.62 crore in Q2 September 2017 over Q2 September 2016. The result was announced after trading hours yesterday, 17 October 2017.
The bank's gross non-performing assets (NPAs) stood at Rs 27402.32 crore as on 30 September 2017 as against Rs 22030.87 crore as on 30 June 2017 and Rs 16378.65 crore as on 30 September 2016. The ratio of gross NPAs to gross advances stood at 5.9% as on 30 September 2017 as against 5.03% as on 30 June 2017 and 4.17% as on 30 September 2016. The ratio of net NPAs to net advances stood at 3.12% as on 30 September 2017 as against 2.3% as on 30 June 2017 and 2.02% as on 30 September 2016.
The bank's provisions and contingencies fell 13.3% to Rs 3140.41 crore in Q2 September 2017 over Q2 September 2016.
On a consolidated basis, IT major Wipro's net profit rose 5.13% to Rs 2189.60 crore on 1.48% decline in net sales to Rs 13423.40 crore in Q2 September 2017 over Q1 June 2017. The result was announced after trading hours yesterday, 17 October 2017. The results are as per International Financial Reporting Standards (IFRS).
Wipro said that it expects revenues from its IT services business to be in the range of $2.014 billion to $2.054 billion in Q3 December 2017.
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Wipro's chief executive officer and member of the board, Abidali Z. Neemuchwala said that the company surpassed the milestone of $2 billion in quarterly revenues for IT services on the back of rigorous execution of its strategy. The company's unique digital capabilities powered growth in top clients and positions it well to drive its clients' digital transformation.
Wipro's chief financial officer, Jatin Dalal, said that productivity gains generated by the company's HOLMES automation suite and operational efficiencies overcame the incremental impact of wage hikes and expanded IT services margin to 17.3%.
Power Grid Corporation of India (PGCIL) said it has been declared as the successful bidder under tariff-based competitive bidding to establish 'Eastern Region Strengthening Scheme (ERSS-XXI)' on build, own operate and maintain (BOOM) basis. The letter of intent (Lol) has been received on 17 October 2017. The transmission system traverses in the state of Bihar and includes establishment of three new 400 kilovolt (kV) substations and associated 400 kV transmission lines. The announcement was made after trading hours yesterday, 17 October 2017.
UltraTech Cement is scheduled to announce September 2017 quarter earnings today, 18 October 2017.
Shares of MAS Financial Services will debut on the stock exchanges today, 18 October 2017. The company had issued shares at Rs 459 per share. The IPO was subscribed 128 times.
Blue Dart Express' net profit fell 3.29% to Rs 41.39 crore on 5.73% increase in total income to Rs 708.64 crore in Q2 September 2017 over Q2 September 2016. The result was announced after trading hours yesterday, 17 October 2017.
Bajaj Holdings & Investment's net profit jumped 268.96% to Rs 732.16 crore on 148.83% increase in total income to Rs 782.80 crore in Q2 September 2017 over Q2 September 2016. The result was announced after trading hours yesterday, 17 October 2017.
CRISIL's net profit fell 0.77% to Rs 69.42 crore on 2.98% increase in total income to Rs 413.68 crore in Q2 September 2017 over Q2 September 2016. The result was announced after trading hours yesterday, 17 October 2017.
Shares of Claris Lifesciences will be in focus. The Reserve Bank of India has today notified that Foreign Institutional Investors (FIIs)/Foreign Portfolios Investors (FPIs) investment limit under Portfolio Investment Scheme in Claris Lifesciences has increased from 24% to 49% of its paid up capital.
Further, it is notified that the NRI investment limit under Portfolio Investment Scheme in the company has increased from 10% to 24% of its paid up capital. Further, owing to the increase in the investment limit, it is notified that the aggregate shareholding by FIIs/FPIs in Claris Lifesciences has gone below the prescribed FIIs/FPIs investment limit for the company. Hence, the restrictions placed on the purchase of shares of the above company by FIIs/FPIs are withdrawn with immediate effect.
The board of Sutlej Textiles and Industries has approved investment of up to $5 million in an incorporated wholly owned subsidiary in the USA. The board also approved acquisition of the design, sale and distribution business of American Silk Mills, LLC along with its logo, archives, design, customer contracts and some specific assets. The acquisition shall be made through step down subsidiary of the WOS in the USA. The announcement was made after trading hours yesterday, 17 October 2017.
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