Q1FY19 PAT was Rs 2.7 bn. Earnings growth was led by strong AUM growth, expansion in reported spreads and improvement in cost-to-income ratio. Asset quality improved as gross stage-3 ratio declined 510bps y-o-y.

Disbursement growth was also strong during the quarter, driven by high disbursement in the CV, pre-owned vehicle and tractor segments. We consider the stock attractive at 3.1x FY20E P/Adj B and maintain our ‘buy’ rating.

At a time when private companies are staring at insolvency, SBI Caps has worked out a bailout package for state-owned Gujarat State Petroleum Corporation (GSPC), where the State Bank of India is one of the lead bankers. In a presentation outlining the mechanism for loan resolution, it has proposed that the SBI offer a debt of Rs 21 billion to refinance Gujarat State Financial Services (GSFS) Ltd’s loan to GSPC.

The stock-broking arm of India’s Axis Bank on Monday began offering commodity derivatives trading on the Multi Commodity Exchange platform, making it the first subsidiary of a bank to offer the service. The Reserve Bank of India had allowed bank subsidiaries to provide commodity broking services in September last year, as the Securities and Exchange Board of India, the capital market regulator, tries to deepen the market.

BSNL has extended its Monsoon Offer validity to provide the complimentary benefits to the customers for a longer period. The state-owned telecom company introduced the offer back in June after Jio came with its Monsoon Double Dhamaka Offer. The BSNL Monsoon Offer entitles the customers who have bought select plans with 2GB additional data per day on top of the allotted data.

Liabilities of big willful defaulters of scam-hit Punjab National Bank (PNB) fell by 1.8 per cent to Rs 15,175 crore by July-end over the previous month, according the State-run bank’s data.

Big willful defaulters are those who took loans of over Rs 25 lakh from the bank.

Such borrowers had an outstanding of Rs 15,355 crore at end of June this year.

Reliance Communications (RJIO) today said it has completed the sale of its fibre assets and related infrastructure assets, worth Rs 3,000 crore, to Mukesh Ambani-backed Reliance Jio Infocomm (RJIO).

“With successful completion of the fibre monetisation transaction, 1,78,000 kilometers fibre stand transferred to RJIO,” Reliance Communications said in a BSE filing.

RIL share price: Shares of billionaire Mukesh Ambani-led Reliance Industries rose over 1% in morning deals on Monday after the company raised its stake in Genesis Colors Ltd by over 3%. Reliance Industries share price edged higher by 1.12% to a new 52-week high of Rs 1,291.80 on the National Stock Exchange. On the BSE, the company’s share price went up by 1.08% to hit a fresh record high of Rs 1,291.85 per share.

Larsen & Toubro (L&T) today said its construction arm has won an order worth Rs 1,394 crore for the execution of the Kundalia Irrigation Project – Right Bank in Madhya Pradesh (MP). “The water and effluent treatment business of L&T Construction has won an EPC order worth Rs 1,394 crore from the Water Resources Department, Government of Madhya Pradesh, for the execution of the Kundalia Irrigation Project – Right Bank,” the engineering and construction major said in a BSE filing.

NEW DELHI: In an effort to provide emergency medical treatment to security forces deployed in remote areas like Siachen Glacier, Indian Space Research Organisation (ISRO) has recently signed an agreement with the defence ministry for setting up telemedicine nodes. The space agency will establish 53 more nodes in the first phase to existing 20 set up for the Army, Navy and Air Force across the country.

In Monterey, Calif., late on Friday, Mercedes-Benz unveiled its latest concept car, the EQ Silver Arrow. It’s an homage to the brand’s original W 125 race car, which in 1937 set the record for fastest land-speed vehicle on a public road by traveling nearly 270 miles per hour. That record was only broken late last year by the Koenigsegg Agera.

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