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Tuesday, November 06, 2018

FinMin eyes Rs 8,000 cr through CPSE ETF, issue likely by Nov-end
The Finance Ministry is eyeing about Rs 8,000 cr through the launch of follow-on public offer of CPSE exchange-traded fund (ETF) by the end of this month, an official said. This would be the fourth tranche of the CPSE ETF, which comprises shares of 10 bluechip companies. In the earlier three tranches of the ETF, the government had raised Rs 11,500 cr. The ministry is in the process of rejigging the companies in the ETF and will include four new CPSEs after removing three of the existing companies -- GAIL, Engineers India Ltd (EIL) and Container Corporation of India. "We are planning the fourth tranche of the CPSE ETF by November end. The issue will have a green-shoe option for retaining over-subscription. The target is to raise around Rs 8,000 cr," an official told PTI.

Rated Indian companies, banks can withstand sharp rupee depreciation: S&P
S&P Global Ratings Monday said most of its rated Indian companies and banks can withstand the recent sharp depreciation in the rupee, but a deep and sustained decline could squeeze their margins. S&P Global Ratings, in a report, said most emerging market issuers are buffered against further currency depreciation and do not face immediate downgrade risk from currency depreciation. In India, most rated Indian corporates and banks can withstand the recent sharp depreciation in the rupee since their overseas borrowings either have dollar-linked earnings or are hedged, S&P said. Indian rupee has fallen over 12% this year and is currently hovering around 73 to a US dollar.

SBI net profit slips 69% to Rs 576 cr in Q2
The country's largest lender SBI Monday reported 69% decline in consolidated net profit to Rs 576.46 cr in the second quarter ended September 30. The bank's net profit was Rs 1,840.43 cr in the July-September quarter of previous fiscal. The bank had reported a net loss of Rs 4,875.85 cr in the first quarter of the current fiscal due to higher provisioning for bad loans. Its total income (consolidated) rose to Rs 79,302.72 cr in the quarter under review, compared to Rs 74,948.51 cr in the year-ago period, State Bank of India (SBI) said in a regulatory filing. On asset quality, the gross non-performing assets (NPA) of the bank rose to 9.95% of the gross advances as on September 30, 2018 from 9.83% a year ago.

Balaji Amines H1 FY19 profit rises 25%
Balaji Amines Ltd has announced its first half results ending 30th September, for FY19. On a year-to-year basis, the profits have increased by 24.81%, from Rs. 51.92 cr to Rs. 64.80 cr, while its sales have increased by 18.80% to Rs. 476.72 cr in H1FY19. The PBT for the period was at Rs. 93.66 cr as compared to Rs. 80.87 cr reported during the same period previous year which is an increase of 15.83% on y-o-y basis. “The company has been able to sustain its profit growth trajectory at 25% for the first half of this year also. Our exports business has been better, growing at 36% as compared to our overall growth of 18% for the first half of this financial year. We would be able to meet our growth targets for the year, which in these difficult market conditions would seem as an achievement.” commented Mr. D Ram Reddy, Managing Director of Balaji Amines Limited.

Reliance Home Finance Q2 net up 31% at Rs 75 cr
Reliance Home Finance, a Reliance Capital subsidiary, has posted a 31% rise in net profit at Rs 75 cr for the quarter ended September. It had reported a profit of Rs 57 cr in the corresponding period last year. Total income increased to Rs 464 cr in the quarter, against Rs 427 cr in the same period last year, a company statement said. The company's assets under management moved up by 17% to Rs 16,464 cr. The disbursement for the September quarter also went up by 29% at Rs 2,582 cr, the release said. The capital adequacy ratio stood at 20%, with tier I capital at 13.1% and gross NPA ratio remained stable at 0.8% as of September.

Asci scans 295 advertisements in July, finds 265 misleading
Advertising sector watchdog Asci processed complaints against 295 advertisements, 265 of which were regarded misleading in July this year, including those of Danone, Dabur Vatika shampoo, Dove body lotion, Good Knight among others. Advertising Standards Council of India (Asci) investigated complaints against 295 advertisements, of which, for 79 advertisements, the advertisers promptly ensured corrective action as soon as the complaints were received. The Consumer Complaints Council (CCC) of Asci upheld complaints against 176 advertisements from a total of 216 advertisements evaluated by them. It pulled up French dairy major Danone for its Protinex ad and said the claims were misleading by ambiguity, implication and omission.

DHFL repays commercial paper worth Rs 1,775 crore
Housing finance company DHFL yesterday said it has repaid commercial paper (CP) worth Rs 1,775 crore. DHFL since September 21, 2018, has repaid commercial paper holders Rs 9,465 crore including buyback worth Rs 3,240 crore, the company said in a statement. It further said that the company has either repaid or offered to buy back all commercial papers, including Rs 1,775 crore CP, maturing till November 15, 2018.  "Over the years, DHFL has maintained a strong asset quality and has been well-matched in case of the ALM position. Despite the market scenario, DHFL has been committed towards honouring all the financial obligations without any delays," DHFL Managing Director Kapil Wadhawan said.

Ice Make H1FY19 Net rises 23.12% to Rs 2.63 cr
Ice Make Refrigeration Ltd (Ice Make) has announced its financial results (Standalone & Consolidated) for the first half year ended September 30, 2018. The Company’s net profit for H1FY19 rose by Rs 23.12% to Rs 2.63 cr compared to Rs 2.14 cr posted in H1FY18 (Standalone). The Company’s total revenue grew by 40.40% to Rs. 56.38 cr as compared to Rs 40.26 crs reported in the corresponding period of H1FY18 (Standalone). Chandrakant P. Patel, Chairman and Managing Director, Ice Make Refrigeration Limited, commenting of the robust financial performance said, “The Company continues to deliver strong financial performance on account of positive business environment driven by overall economic growth of Indian Economy. Conversely, advancements in technology and rise in the number of quick service restaurants are expected to provide numerous opportunities for our market growth.”

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