Kotak Mahindra Bank’s Q4FY18 PAT at Rs 1,120 crore was marginally lower than our estimate as it took a one-time hit of Rs 82 crore on employee expenses and did not avail RBI dispensation on amortization of mark-to-market losses. Loan growth at 25% YoY gained momentum and management continues to guide for 20% YoY growth in FY19.

Like many public-sector banks (PSBs) that have announced their March 2018 (Q4) results so far, Punjab National Bank (PNB) too is expected to report losses but of a higher magnitude. Besides higher slippages (loans turning bad) due to the Reserve Bank of India’s (RBI) new non-performing assets (NPAs or bad loans) rules and mark-to-market (MTM) provisioning for depreciation in value of government bonds due to higher yields, provisioning for the Rs 135 billion fraud reported in February is expected to have led to the poor performance in Q4.

India’s inflation accelerated more than estimated in April, providing ammunition to hawks in the central bank to tighten monetary policy and fueling a selloff in bonds.

Consumer prices rose 4.6 percent in April from a year earlier, the statistics ministry said in a statement in New Delhi on Monday, higher than the 4.4 percent median estimate in a Bloomberg survey of economists. It was the first pick-up in inflation in four months.

Facebook said today it has suspended "around 200" apps on its platform as part of an investigation into misuse of private user data.

The investigation was launched after revelations that political consulting firm Cambridge Analytica hijacked data on some 87 million Facebook users as it worked on Donald Trump's 2016 campaign.

The embattled rupee suffered yet another blow today -- falling by 18 paise to end at a fresh 16-month low of 67.51 against the US currency on heavy dollar purchases and sustained fund outflows from equities.

This is the lowest closing for the rupee since January 31, 2017, when it had ended at 67.87. A handful of cautious bias kept forex trading mood at extreme level despite a better start.

Calcutta: Ford India's exports are almost double its domestic sales.

The US-based company closed calendar year 2017 with exports of 1,75,196 units compared with 1,51,638 units in 2016.

The company's domestic sales is almost half of its exports at 87,588 units for 2017 compared with 86,460 units a year ago.

Mumbai: HDFC Bank is looking to double the penetration of credit cards among its customer base over the next three years.

The lender, which is already the country's largest issuer had around 1.06 crore outstanding credit cards as of March this year. This comprises close to 25 per cent of its base of four crore customers.

New Delhi: State run oil marketing companies on Monday raised petrol and diesel prices by 17 paise and 21 paise per litre respectively, after retail automobile fuel prices remained unchanged since 24 April.

This comes in the backdrop of voting for Karnataka assembly elections getting over on Saturday. Indian Oil Corporation chairman Sanjiv Singh had earlier said that his firm had decided to “temporarily moderate” prices.

New Delhi: Most of the $1.5 billion allocated by Suzuki Motor Corp. for its research and development (R&D) activities will be spent on its most profitable unit Maruti Suzuki and help the Indian firm maintain its 50% market share amid increasing competition from European and Korean manufacturers.

Mumbai: Smaller developers won nearly half of all road-building contracts given out by the National Highways Authority of India in 2017-18, NHAI data compiled by investment bank Equirus Securities showed.

The biggest contract winners were large companies such as Dilip Buildcon Ltd (Rs18,770 crore), IRB Infrastructure Developers Ltd (Rs8,900 crore) and Ashoka Buildcon Ltd (Rs5,500 crore).

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