Private lender Axis Bank’s profit for the quarter ended December 2018 doubled over the previous year on back of strong growth in non-core income due to recoveries and stake sales.

The bank posted a growth of 131 per cent in net profit to Rs 1,681crore for the December quarter(Q3FY19), against Rs 726 crore a year ago. This was against a profit of Rs 790 crore in previous September(Q2FY19), said the bank in a filing to the exchanges.

NEW DELHI & BENGALURU: Paytm Mall, the ecommerce arm of Paytm Group, is undertaking a significant restructuring of its top and mid-level executive teams, amid speculation that the firm plans to focus on catering to its merchant ecosystem through B2B category and on offline-to-online consumer businesses.

CHANDIGARH/JIND: Officials of State Bank of India(SBI) have alleged that data of the Unique Identification Authority of India (UIDAI) has been misused.

Logins and biometrics of their Aadhaar operators have been misused to generate unauthorised Aadhaar cards, bank officials informed UIDAI. Countering the charge, UIDAI said, “Aadhaar database is fully secured and no security breach, biometric or otherwise, has taken place.”

Markets regulator Sebi Monday slapped a fine of Rs 3.40 crore on Exelon Infrastructure and 27 other entities, including promoters and directors, for indulging in fraudulent trading and violating insider trading norms.

Of the total penalty, the firm has been fined Rs 1.19 crore and the 27 entities have been penalised in the range of Rs 1 lakh to Rs 25 lakh.

MUMBAI: The equity markets started the week on a negative note extending their fall for the second consecutive day following fresh selling in financial and automobile stocks.

The Sensex slumped 368.84 points or 1.02 per cent to end the day at 35,656.70 while the Nifty closed the session at 10,661.55, down 119 points or 1.10 per cent.

NEW DELHI: Former defence minister and leader of the Samata Party George Fernandes, 88, passed away on Tuesday after being unwell for long. He was the defence minister of India during the Kargil war in 1999 and was part of the cabinet of the first non-Congress government which served the country for a full five-year term.

With consumer sentiment expected to remain subdued, analysts have trimmed earnings estimates of Maruti Suzuki for the next couple of years.

“We cut our MSIL earnings estimates by 5% over FY20-21 mainly driven by cut in our Ebitda margin forecast, factoring in higher discounts than earlier but maintaining our volume estimates,” analysts at Kotak Institutional Equities said.

ITC’s Q3FY19 revenue (grew 14.9% y-o-y), Ebitda (grew 10.8% y-o-y) and adjusted PAT (grew 13.8% y-o-y) came in line with estimates. Despite a 7-year high cig. volume growth of ~7.5% y-o-y, stock saw a negative reaction due to another single-digit cig Ebit growth (8.8% y-o-y) vs ~10-11% expectation. Price hikes in cigarette and tax increase in interim budget remain key monitorables. Maintain Buy on favourable risk-reward.

India is moving fast on adoption of 5G technology but an effective deployment will require huge investment in fiberisation, the telecom regulatory authority of India (Trai) chairman RS Sharma said.

"We have to figure out the use cases in our country and many players are working on it.

Piramal Enterprises, with Dutch partner APG Asset Management, has an exposure of Rs 225 crore to Essel Infraprojects, the infrastructure arm of Essel Group. Issues related to the debt burden of some Essel Group companies triggered a sharp fall in the share price of Zee and Dish TV.

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