Kotak Mahindra Bank reported a 13.9 per cent rise in its March 2019 quarter (Q4) consolidated net profit, on account of higher interest and fee income.

Profit after tax (PAT) at the consolidated level rose to Rs 2,038 crore in the fourth quarter from Rs 1,730 crore in the year-ago period (Q4 FY18). Total consolidated income rose 27 per cent year-on-year (YoY) to Rs 13,823 crore, said the bank in a filing to the exchanges on Tuesday.

New Delhi: A series of top-level promotions last week has ended the suspense over allocation of new portfolios at State Bank of India. In one of the biggest human resource (HR) rejigs in recent years, India’s largest lender has promoted eight top officials as deputy managing directors (DMDs) and 21 as chief general mangers (CGMs).

The internal promotions fills a vacuum created at the bank’s top-deck after the government, in September last year, appointed 10 senior executives from SBI as managing directors and chief executive officers in other state-owned banks. Half of them were DMDs at the bank.

The BSE benchmark Sensex on Tuesday plunged over 150 points to slip below the 39,000-mark in early trade amid capital outflows by foreign funds and mixed global cues.

However, a strengthening rupee and global crude oil prices restricted further losses in equity markets, brokers said. The 30-share index dropped 154.60 points, or 0.40%, to 38,912.73 in early morning trade, after touching a high of 39,068.67.

Microsoft Corp. unveiled a partnership with VMware Inc. in a bid to bring more customers to its Azure cloud-computing service, emulating a pact that has benefited rival Amazon.com Inc.

The agreement will let VMware customers move their technology systems to Microsoft’s Azure cloud-computing services, the companies said Monday in a statement.

After a gap of almost three years, Wipro Consumer care, part of Azim Premji’s Wipro Group, on Monday struck a new deal in the consumer goods space. The company said that it has acquired Philippines-based personal care company Splash Corporation for an undisclosed amount.

The transaction strengthens Wipro’s consumer care portfolio in personal care and completes its south-east Asian footprint.

While most brokerages have cut FY20 earnings estimates by up to 13% for Maruti Suzuki (MSIL), owing to its poor fourth quarter results and its plan to stop production of diesel vehicles starting next fiscal, there are other factors, too, which will keep the company’s volumes under pressure.

High base effect in the first quarter of FY19, no proposed launches and challenges posed by new launches by competitors are some of the factors which will keep the company’s volumes under pressure in the coming quarters.

With investigations into Nirav Modi scam in full swing, Punjab National Bank (PNB) has unearthed yet another default from its London branch. The bank has moved the Debt Recovery Tribunal (DRT) against Tarapur Textiles Park for defaulting an amount worth $13 million.

YES Bank shares tanked 30 per cent to Rs 167 on the National Stock Exchange (NSE) in early morning trade after the bank reported a whopping Rs 1,506 crore net loss for the March quarter (Q4FY19) as provisions soared over nine times. The private sector bank posted its first-ever quarterly loss during the quarter. It had posted a profit of Rs 1,179 crore in the year-ago period.

E-commerce payment company Paytm today announced the launch of recurring payments service for online merchants to allow them to automate the collection of payments for subscription services they offer to their customers. The company claimed to process over 400 million monthly transactions through its payment gateway for merchants. Paytm Payment Gateway competes with PayU, Razorpay, JusPay, Instamojo, BillDesk, CCAvenue etc., in India.

Samsung on Saturday announced an offer in collaboration with HDFC Bank on its latest flagship series, the Samsung Galaxy S10. Buyers can get up to ₹14,000 cashback on purchase of Samsung Galaxy S10 devices.

The Samsung Galaxy S10e is available at an effective price of ₹46,900, thanks to an instant cashback of ₹5,000 as well as a cashback of ₹4,000 if the purchase is made using HDFC debit or credit card.

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