News Wrap: Week's Trending Stocks; Q3 Earnings; Investment By Cipla; Myanmar Govt's Digital Currency Plans; U.S. SEC On Grayscale's Spot Bitcoin ETF & More...
February 5, 2022:
Earnings In Focus:
SBI Posts Its Highest Quarterly Net Profit At Rs 8,432 Cr
The State Bank of India reported its highest quarterly net profit at Rs 8,432 crore for the December quarter, up 62% year-on-year.
SBI’s net interest income (NII), the difference between the interest revenue and interest expenditure, increased 6.48% YoY to Rs 30,687.2 crore in Q3FY22 versus Rs 28819.9 crore in Q3FY21.
The Gross NPA ratio of the bank in Q3FY22 stood at 4.50 percent compared with 4.90 percent inQ2FY22.
The net NPA ratio stood at 1.34% compared with 1.52% in the September 2021 quarter.
On the asset quality front, gross non-performing assets ( NPAs) declined to 4.5% of gross advances as of December 31, 2021, from 4.77% a year ago.
Total income increased to Rs 78,352 crore in Q3FY22 compared with Rs 75,981 crore in Q3FY21.
Bank Of Baroda Q3 Net Profit Increases To Rs 2,197.03 Cr; NII Jumps To Rs 8,552.03 Cr
Bank of Baroda posted a 107% rise in net profit at Rs 2,197.03 crore for the quarter ended December 31, 2021, compared with Rs 1,061.11 crore a year ago.
Net interest income (NII) jumped 14.38% YoY to Rs 8,552.03 crore.
Net interest margin (NIM) stood at 3.13%, increasing 36 basis points (bps) YoY.
Provisions and contingencies declined 27.33% in Q3FY22 from Rs 2,507.04 crore in Q3FY21.
Other income, consisting of fees, trading profit and miscellaneous income, decreased 13.45% YoY to Rs 2,519.26 crore.
On the asset quality front, gross non-performing assets (NPAs) decreased to Rs 55,997 crore in Q3FY22 from Rs 63,182 crore in Q3FY21.
Gross NPAs ratio, bad debts as a percentage of gross advances, stood at 7.25 percent in Q3 FY22, down 86 bps from Q2FY22 and 123 bps Q3FY21.
The net NPA ratio was 2.25 percent in Q3 FY22 from 2.83 percent in Q2FY22 and 2.39 percent in Q3FY21.
Write-offs for the quarter stood at Rs 3694 crore compared with Rs 5213 crore sequentially and Rs 4,708 crore YoY.
Paytm's Consolidated Revenue Increases, But Consolidated Loss Also Widens
Fintech company Paytm posted a consolidated loss of Rs 778.5 crore for the quarter ended 31 December, 2021, compared with the Rs 535.5 crore loss posted a year.
The loss in the second quarter stood at Rs 473.5 crore.
Consolidated revenue from operations increased by 89% to Rs 1,456.1 crore against Rs 772 crore posted a year ago.
Revenue from payment services to consumers increased to ₹ 406 crore, while payments services to merchants increased over two-fold to Rs 586 crore.
Paytm disbursed 44.1 lakh loans amounting to Rs 2,181 crore during the quarter against 8.8 lakh loans worth Rs 468 crore a year ago.
Cipla To Acquire 32.49% Stake In AMP Energy Green Eleven
Indian multinational pharmaceutical company Cipla has agreed to acquire a 32.49% stake in AMP Energy Green Eleven to establish a captive solar power project in Maharashtra.
The company's regulatory filing revealed it has entered into a shareholder's pact along with the power purchase agreement to acquire up to 32.49% stake on a fully diluted basis in AMP Energy Green Eleven.
Cipla Global CFO Kedar Upadhye Steps Down
Cipla in its regulatory filing informed that Global Chief Financial Officer Kedar Upadhy quit the company, citing professional aspirations beyond the pharmaceutical or healthcare sector as the reason. Upadhye will serve his full notice period of three months up to the close of business hours of May 3, 2022.
Harsha Engineers International Files IPO Papers With SEBI To Raise Rs 755 Cr
Harsha Engineers International Files Preliminary Prospectus With SEBI To Raise Rs 755 crore Via IPO.
The Public Issue Consists Of A Fresh Issue Of Equity Shares Worth Rs 455 Cr, and An Offer For Sale (OFS) Aggregating Up To Rs 300 Cr By Existing Shareholders.
Proceeds from the share sale will be utilized in the following way:
₹270 crore for part repayment/prepayment of loans;
₹77.95 crore for funding capital expenditure requirements towards the purchase of machinery;
Up to ₹7 crore towards infrastructure repairs and renovation of the existing production facilities and general corporate proposes.
More To Know:
Movie theatre company PVR inked a pact with real estate firm M3M India to build an 8-screen multiplex at 65th Avenue, the biggest luxurious retail project in Gurugram.
Indian Institute of Management (IIM) Ahmedabad will set up India’s first research chair in Environmental, Social, and Governance (ESG) in partnership with the National Investment and Infrastructure Fund Limited (NIIF) – a government-run collaborative investment platform for Indian and foreign investors.
Jaipur, Rajasthan to get the world's third-largest cricket stadium. Chief Minister Ashok Gehlot and BCCI president Sourav Ganguly virtually laid the foundation stone of the project.
The U.S. Securities and Exchange Commission (SEC) postponed a decision on a proposal to list and trade a spot bitcoin exchange-traded fund (ETF) by Grayscale Bitcoin Trust. Instead of outrightly rejecting the ETF on Intercontinental Exchange Inc's (ICE.N) NYSE Arca exchange, SEC has requested public input on the proposal.
Myanmar’s military government is mulling over setting up digital currency to aid domestic payments and improve the economy within the year.
According to a top spokesman of the State Administration Council, the government is still deciding how to proceed further.
Peruvian President Pedro Castillo sacked newly appointed Prime Minister Hector Valer Pinto just after three days of appointment.
PM Pinto was accused of domestic violence by his wife and daughter in 2016.