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Kotak Mahindra Bank Q2 net surges 51% to ₹1,724 cr; asset quality weakens
Posted on 22nd October 2019
Mumbai: Kotak Mahindra Bank said on Tuesday its profit after tax totalled ₹1,724 crore during the second quarter of the current financial year, up 51 per cent from ₹1,142 crore in Q2 FY19.

Net interest income for Q2FY20 increased to ₹3,350 crore from ₹2,676 crore in Q2 FY19, up by 25 per cent. Net interest margin, a key indicator of a bank's profitability, rose to 4.61% from 4.19% last year.


Axis Bank posts standalone net loss of Rs 112 crore in Q2 on one-time tax impact
Posted on 22nd October 2019
Axis Bank on Tuesday reported a net loss of Rs 112.08 crore on a standalone basis for the second quarter ended September of the current fiscal due to a one-time tax impact.

The private sector bank had posted a net profit of Rs 789.61 crore in the corresponding July-September quarter of the previous fiscal.


Jio, Vodafone Idea, Airtel pay govt over Rs 4500 crore in spectrum dues
Posted on 22nd October 2019
Private telecom operators Reliance Jio, Vodafone Idea and Bharti Airtel have paid the Telecom Department over Rs 4,500 crore in spectrum dues in the last three to four days, according to sources.

Sources said that the payments came in before the due date.


SBI branches likely to remain open today despite bank strike
Posted on 22nd October 2019
NEW DELHI : India's largest bank, the State Bank of India (SBI), which has over 22,000 branches spread all over the country, is among the least likely to be affected by today's bank strike.

Thousands of bank employees, under the umbrella of All India Bank Employees' Association (AIBEA) and the Bank Employees Federation of India (BEFI), are sitting on a 24-hour strike today to protest against a host of issues including merger of PSU banks.


Railways to carry Amazon consignments for 3 months
Posted on 22nd October 2019
New Delhi: In a bid to increase revenue through the non-fare sources, the railways has decided to allow carriage to goods of e-commerce giant Amazon on a pilot basis for three months during the non-peak hours, officials said on Monday.

According to Railway Ministry officials, with the pilot project of allowing to carry the e-commerce consignments, the parcel business of Indian Railways will get a major boost.


Greenko Solar, Neerg Energy to be most affected on discom’s non-payment of dues
Posted on 22nd October 2019
Greenko Solar (Mauritius) and Neerg Energy are likely to be affected the most due to continued delay in payments by state-owned Andhra Pradesh electricity distribution company (discom), among the group of renewable companies rated by Fitch Ratings.

Greenko Solar (Mauritius) (US Dollar notes rated BB-) and Neerg Energy (US Dollar notes rated B+) are likely to be affected the most as per the test conducted by Fitch to measure the liquidity strength of its rated renewable companies on the basis of adjusted cash flows from operations (CFOs) against net expenses.


Infosys tumbles 16% as whistleblowers accuse of unethical practices
Posted on 22nd October 2019
Shares of Infosys tanked as much as 16 per cent to Rs 645 apiece on the BSE on Tuesday after the revelation that a group describing itself as ‘whistle-blower staffers’ had accused the management of hiding the true financial picture.

The latest charge is from an anonymous group, calling itself ‘Ethical Employees’. Their letter, dated September 20, was addressed to the board of directors and to the US markets regulator, the Securities and Exchange Commission (SEC).


Rupee gains 24 paise against US dollar in early trade
Posted on 22nd October 2019
The rupee on Tuesday opened 24 paise higher at 70.90 against the US dollar amid rise in Asian equities. The domestic currency on Friday closed almost flat at 71.14 per US dollar amid hardening crude oil prices and lacklustre global cues. Persistent foreign fund inflows propped up the local unit though the gains were capped by crude oil hitting the $60 per barrel mark, forex brokers said.

IRCTC to pay around Rs 1.62 L as compensation after Tejas Express delayed
Posted on 21st October 2019
A delay of more than three hours in the running of Delhi-Lucknow Tejas Express on October 19 has cost IRCTC around Rs 1.62 lakh which the railway subsidiary will pay through its insurance companies as compensation to around 950 passengers, a first in the history of Indian Railways, officials said on Monday.

BSNL CMD PK Purwar expects revival plan to be in public domain within a month
Posted on 21st October 2019
The government’s plan to revive BSNL should be in public domain within a month, the chairman of the troubled telecom firm said on Monday. BSNL Chairman and Managing Director P K Purwar also said that the salary of all employees will be paid before Diwali.

“BSNL has inner strength on the basis of which it is adding new customers. We are a Rs 20,000 crore plus revenue generating organization.


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