Axis Bank, the country’s third largest private sector bank, has reported a 18 per cent rise in net profit to Rs 1,611 crore in the July-September quarter, as compared to Rs 1,362 crore in the same quarter of the previous financial year, helped by higher net interest income and other income.

The net profit was in line with Street estimates. A Bloomberg consensus estimate was Rs 1,610 crore. However, it was three per cent lower than the Rs 1,667 crore in the June-ended quarter.

Benchmark indices were trading firm even as IT majors TCS and HCL Tech witnessed selling pressure after they reported lower-than-expected revenues for the quarter ended September 30, 2014.

At 9.30 AM, the Sensex is up 50 points at 26,061 and the Nifty is up 9 points at 7,757.

Shares of India’s third-largest private sector lender, Axis Bank, are trading higher by 1% at Rs 389 on the BSE after it reduced its base rate by 10 basis points (bps) to 10.15 per cent on the back of a decline in cost of funds.

The move comes despite the Reserve Bank of India (RBI) deciding to hold interest rates in the past four policy reviews, the last one being in September.

Axis Bank on Tuesday said it has served a notice to Golf Technologies (a Rs 600-crore company engaged in IT services) for failing to repay dues worth Rs 20 crore.

A notice under the Sarfaesi (Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest) Act has been issued against the borrower for having defaulted in meeting its repayment obligations and the bank is taking suitable action in this regard, the private lender said in a statement.

Mumbai: Bank of Baroda on Monday said its board has approved a stock split wherein one existing equity share will be split into five, subject to regulatory approvals. With this, it is now the eighth bank this year to take the route to make its stock more affordable to smaller shareholders.

In its filing to BSE, Bank of Baroda said that in a meeting held on 27 September, the board had considered and given its in-principle approval to the bank for the sub-division of one existing equity share of face value of Rs.10 each fully paid up into five equity shares of face value of Rs.2 each fully paid up.

After a brief opening in red, benchmark indices edged higher on account of gains in IT and pharma names. At 0940 hrs, the Sensex was up 62 points at 26,688 and the Nifty edged higher up 13 points to trade at 7,981.

In line with weak Asian cues, the benchmark indices started on a flat note with a negative bias. The one weighing on the indices were ICICI Bank, L&T, ITC and ONGC in opening deals.

NEW DELHI: Export-Import Bank of China (China Exim Bank) and China Development Bank Corporation (CDB) today signed various agreements with SBI, ICICI Bank BSE 0.00 % and Axis Bank BSE -1.54 % to facilitate trade between the two countries.

SBI signed an agreement with China Exim Bank for a Line of Credit of $ 1.8 billion for imports of raw material, energy, equipment, mechanical and electronic products, among others from China.

Mumbai: Days after United Bank of India declared Kingfisher Airlines Ltd (KFA), promoter Vijay Mallya and three other directors wilful defaulters, the country’s largest bank State Bank of India on Tuesday said it has also sent a notice to tag them as “wilful defaulters”.

“We have already sent a notice to KFA (to declare it as a wilful defaulter). There is a mandatory time that needs to be given to them to respond and that time is currently on,” said Arundhati Bhattacharya, chairperson of SBI.

MUMBAI: The pressure on Vijay Mallya is likely to intensify as private sector lenders Axis Bank and Federal Bank may begin the process of declaring him a 'willful defaulter', putting them in a position to seize assets pledged as collateral and invoking personal guarantees.

This comes after state-owned United Bank declared Mallya and three directors of Kingfisher Airlines as willful defaulters on Monday.

NEW DELHI: Maruti Suzuki India Ltd (MSIL) has appointed two local investment bankers — Kotak Mahindra Capital and Axis Capital as the company seeks to persuade minority investors to back a controversial plan that calls for the carmaker's proposed Gujarat factory to be set up by parent Suzuki Motor Corp.

Maruti Suzuki's manufacturing will be contracted to the plant in a practice that some experts say is unusual for the industry. The move has been opposed by some shareholders who believe it will undermine the Indian unit and divert income to the parent.

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