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Tuesday, May 15, 2018

Govt initiates action for removal of Allahabad CEO, 2 PNB directors
The government yesterday said it has initiated action for removal of Allahabad Bank CEO Usha Ananthasubramanian and two executive directors of Punjab National Bank following the CBI's first chargesheet in the USD 2 billion fraud at PNB detailing their role.  The PNB board today divested its two executive directors, K V Brahmaji Rao and Sanjiv Sharan, of all financial and executive powers, Financial Services Secretary Rajiv Kumar said.   Similar action is likely to be taken by the board of Allahabad Bank against its CEO and MD Ananthasubramanian, who was the managing director of PNB till May 5 last year.

HUL Q4 net profit rises 14% to Rs 1,351 cr
FMCG major Hindustan Unilever Ltd (HUL) yesterday reported 14.2% increase in its standalone net profit to Rs 1,351 crore for the fourth quarter ended March 31, mainly on the back of volume growth. The company had posted a net profit of Rs 1,183 crore in January-March period a year ago, HUL said in a BSE filing. HUL's net sales during the quarter under review stood at Rs 9,003 crore, up 2.62%, as against Rs 8,773 crore in the corresponding period of the last fiscal, it added.
    
Kalpataru bags CREDAI-MCHI Golden Pillar Award
Kalpataru Ltd has won the prestigious CREDAI-MCHI Golden Pillar Award for the Best CSR Programme of the Year. The award recognizes Kalpataru’s contribution to further educational opportunities for children from society’s less privileged sections, and its signature employee volunteering initiative – ‘Sparsh’. To support education of less privileged first generation learners, Kalpataru has set up Community Learning Centres and Study Classes. Kalpataru’s intervention programmes in the education space have benefited more than 5000 children to date.

Exim Bank extends USD 500 mn to Tanzania for water projects
Export-Import Bank of India (Exim Bank) yesterday said it has extended a line of credit (LOC) of USD 500 million to the Tanzania government for water supply scheme in 23 towns of the country. With this, Exim Bank, so far, has extended six LOCs to Tanzania taking the total value of LOCs extended to USD 1.1 billion.

India smartphone shipment grows 11% in Q1 to 30 mn units: IDC
Smartphone shipments in India grew by 11% to 30 million units in the first three months of this year -- a record high for the first quarter, as per research firm IDC. In contrast, about 27 million smartphones were shipped in India in the first quarter of 2017. As per the latest IDC data, Xiaomi maintained its lead in the smartphone market for the second consecutive quarter with 30.3% share, followed by Samsung (25.1%), Oppo (7.4%), vivo (6.7%) and Transsion (4.6%). However, the smartphone market remained almost flat compared to the previous quarter, it added.

Reliance Naval shares slump  after Vijaya Bank tags firm as NPA
Shares of Reliance Naval & Engineering slumped nearly 14% yesterday after state-owned Vijaya Bank classified the firm as non-performing asset. The stock dived 13.43% to end at Rs 14.50 on BSE. Intra-day, it plunged 16.41% to Rs 14 -- its 52-week low. At NSE, shares of the company tanked 13.73% to close at Rs 14.45. Its market valuation also declined by Rs 165.49 crore to Rs 1,069.51 crore. On the equity volume front, 27.11 lakh shares of the company were traded on BSE and over one crore shares changed hands at NSE during the day.

Debt-ridden Videocon group to benefit from rising oil prices
The rising Crude prices has come as a blessing to the debt-stricken Videocon Group. The group which has a debt of over Rs 20,000 crore, has oil blocks worth over Rs 2, 00,000 crore spread in Brazil and Indonesia. The Videocon group which earlier also had faced financial problems, was then bailed out on account of its rich oil blocks. Earlier, the consumer electronics major Videocon International had indicated that the company requires time to monetize its oil assets and doesn’t seek any hair-cuts on the interest or principal amount. Late last month, the Videocon Group approached the principal bench of NCLT requesting it to direct all insolvency case, filed by its lenders against seven group companies at different courts of Mumbai bench, to be heard together. The group has requested the principal bench sitting here to consolidate all multiple insolvency cases filed by lenders at three different courts of National Company Law Tribunal (NCLT) Mumbai and hear together.

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