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Axis Bank Q2 profit up 83% to Rs 7.9 bn on higher interest income
Posted on 2nd November 2018
Axis Bank Ltd, India's third-biggest private sector lender by assets, on Friday posted a better-than-expected 82.6 percent jump in second-quarter profit, boosted by higher interest income and as asset quality improved.

Net profit came in at 7.90 billion rupees ($108.95 million) for the three months ended Sept. 30, compared with 4.32 billion rupees a year ago, above analysts' estimates of a net profit of 7.41 billion rupees, according to Refinitiv data.

The bank also appointed Amitabh Chaudhry as managing director-designate effective November 19 to ensure "smooth transition" as Chief Executive Officer Shikha Sharma steps down at the end of December after being at the helm of Axis Bank for nine years.

Axis also said Deputy managing director V. Srinivasan will not seek re-appointment at the end of his current tenure on Decemeber 20.

Net interest income rose 15 percent to 52.32 billion rupees, backed by a 11 percent growth in loans.

Gross non-performing loans as a percentage of total loans stood at 5.96 percent at end-Sept, compared with 6.52 percent in the previous quarter and 5.90 percent in the same period last year.

Provisions fell 6.8 percent to 29.27 billion rupees in the quarter, while bad loan additions slowed sharply to 27.77 billion rupees.

Shares of Axis Bank closed up 1.4 percent ahead of the results.

Related Companies: Axis Bank   

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Sensex, Nifty end higher for 2nd session on strong fund inflow, firm rupee
Posted on 17th November 2018
The BSE Sensex on Friday continued its rising streak for the second day to end at near a four-week high of 35,436.33, fuelled by gains in Reliance Industries, Bharti Airtel and other bluechips amid continued foreign fund inflows and strengthening rupee.

A higher opening in European shares too influenced sentiments here.


India set to buy Seahawk helicopters from US for $2 billion
Posted on 17th November 2018
Washington: India has sought from the US 24 multi-role MH-60 ‘Romeo’ anti-submarine helicopters for its Navy at an estimated cost of $2 billion, according to defence industry sources.

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Posted on 17th November 2018
The Supreme Court on Friday stayed the Competition Commission of India’s order that imposed over Rs 420-crore penalty on the country’s second-largest car maker Hyundai Motors India for anti-trade practices including lack of standardisation of spare parts and allowing original equipment suppliers (OESs) to sell spare parts in the open market without any restrictions.

Analyst Corner: Retain ‘buy’ on Ashok Leyland, target price Rs 135
Posted on 17th November 2018
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GVK Power gets approval to raise Rs 8,000 crore for debt repayment
Posted on 17th November 2018
GVK Power and Infrastructure (GVKPIL) has received the shareholders’ approval to raise up to Rs 8,000 crore.

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