India News

Maintain ‘buy’ on Kotak Bank, target Rs 750: Nomura

Kotak’s reported standalone PAT of Rs 570 crore was in line with our expectations, but adjusted for a one-off fee reversal of Rs 60 crore, lending business PAT was higher. The 2QFY16 results indicate that most of the P&L drags from the ING integration are behind us, with sequential growth picking up, margins stabilising and opex normalising lower and even the elevated credit costs for the ING book coming within management guidance.

Indian Railways doubles ticket cancellation charges, no refund after train departs

The Indian Railways has doubled the ticket cancellation charge as it has proposed to change the refund rules to help genuine passengers getting confirmed tickets.

Indian Railways sais that there will be no refund after the departure of train and one has to get the refund four hours before the departure, according to the new refund rules.

State Bank of India net up 25% on other income boost

State Bank of India (SBI) on Friday reported a net profit of Rs 3,879 crore for the three months to September, up 25% from a year earlier, on the back of higher other income, which rose 35.5% year-on-year (y-o-y) to Rs 6,197 crore.

The lender saw an improvement in asset quality with slippages falling 20% sequentially even as chairman Arundhati Bhattacharya was cautiously optimism about a pick-up in the economy saying more projects were beginning to take off.

RCom net rises, but lags expectations

Reliance Communications on Friday recorded an increase of 1.9 per cent in its net profit at Rs 156 crore for the September quarter, as voice business continued to remain under pressure. The revenue and net profit of the Anil Ambani-led company were below Street expectations for the period as its voice call operations slowed down compared with April-June period.

It reported a net profit of Rs 156 crore on a revenue of Rs 5,355 crore during the quarter. The net income was two per cent higher than Rs 153 crore posted in the same period a year ago, but lower than Rs 177 crore net profit seen in previous quarter.

ONGC profit down 11% on crude slumpb

Oil and Natural Gas Corporation (ONGC) on Friday said its standalone net profit for the September quarter dipped 11 per cent on the back of crude price slump.

It reported a net profit of Rs 4,842 crore, against Rs 5,444 crore in the same quarter in 2014-15. However, the profit was ahead of Bloomberg consensus estimate of Rs 4,601 crore. The company also gave subsidy to oil marketing companies (OMCs).

Sebi directs Essar Oil to match Rosneft's price for delisting

The capital markets regulator, Securities and Exchange Board of India (Sebi), has directed Essar Oil to match its delisting price with that being paid by Russian oil giant Rosneft for a 49 per cent stake in the company.

The regulator has also agreed to certain relaxations sought by the company for its delisting bid.

Sunil Hitech bags Rs 183 cr contract for NTPC's power project

Sunil Hitech Engineers Limited (SHEL) has received contract worth Rs 183.03 crores from NTPC Limited for ash dyke package for its Kudgi Super Thermal Power Project, Stage-I (3 x 800MW), in Karnataka. The project is scheduled to be completed within 30 months from the date of letter of award.

Commenting on the order, Sunil Gutte, managing director of Sunil Hitech Engineers Limited, said, “We are happy to receive the contract for ash dyke package at Kudgi Super Thermal Power Project as we are already executing another order at the same site for erection, testing and commissioning of boiler unit III worth Rs 83.71 crores for one of our other client. Another order at same site will lead to better utilisation of resources.”