NBFC crisis will lead to correction in valuations: KKR India
KKR India's chief executive officer Sanjay Nayar yesterday said the ongoing troubles at non-bank lenders will lead to a correction in their valuations and the private equity firm is keen to up its funding to them. Nayar, whose company also operates as a non-banking financial company (NBFC) in the country, said it will take up to four months for the liquidity related issues in the sector to settle down. "Structurally, there will be a correction (in valuations), which is good in the long term," Nayar told reporters on the sidelines of a conference organised by industry body CII. Return on equity cannot be created by overleveraging with the business having a thin net interest margin (NIM), he said, wondering how such firms trade at four times the book value. He said the leverage ratios have to become "a lot more prudent" over time and added that liabilities have to be funded long term.
Vodafone posts EUR 7.8 bn loss for H1 2018
British telecom major Vodafone posted a loss of 7.8 billion euros for the first half of 2018 due to a loss of 3.4 billion euros on the disposal of its Indian arm and impairment charges related to investments in Spain and Romania. The company had posted a profit of 1.2 billion euros in the same period of 2017. "Six months ended September 30, 2018, includes 3.5 billion euro of impairment charges in respect of the Group's investments in Spain, Romania and Vodafone Idea and a 3.4 billion euro loss on the disposal of Vodafone India," Vodafone said in a statement.
Allahabad Bank Q2 loss at Rs 1,823 cr on high NPA provisioning
State-owned Allahabad Bank yesterday reported a net loss of Rs 1,822.71 crore in the September quarter of 2018-19 financial year, on higher provisioning for bad loans. The bank had posted a net profit of Rs 70.20 crore in the July-September quarter of 2017-18. However, as compared to the June quarter this fiscal, the bank narrowed the losses from Rs 1,944.37 crore. Total income also fell to Rs 4,410.72 crore during the reported quarter as against Rs 5,067.78 crore in the same period of 2017-18, Allahabad Bank said in a BSE filing.
Hyperx launches FURY RGB SSD in India
HyperX, the gaming division of Kingston Technology Company, Inc., yesterday, launched itsfirst SSD in India with RGB – HyperX FURY RGB SSD. This performance rich SSD is designed for a better gaming experience while brightening and enhancing the rigs with more color and LED lighting. It utilizes 3D NAND technology for better power efficiency and durability, delivering high read and write speeds, 10 times faster than a 7200RPM hard drive1. “HyperX strives to create innovative high-quality storage solutions that suit the needs of a variety of users,” said Vishal Parekh, Marketing Director, HyperX India. “HyperX FURY RGB SSD features 3D NAND technologyand high-quality lighting that will definitely offer exceptional performance to the end users.”
Share India Securities H1FY19 net profit rises 30%
Share India Securities Ltd. has reported a strong financial performance for the (first half year of FY19 or FY19H1) six months period ended on 30 September 2018. The Company net profit for H1FY19 rose 30% to Rs 8.42 crore compared to Rs. 6.48 crore posted in H1FY18. The company’s total revenue grew 37.78% to Rs 80.26 crores compared to Rs 58.25 crore posted in the corresponding period of H1FY18. Sachin Gupta, Whole Time Director and CEO, Share India Securities Ltd. said, “The Company’s recent strategic foray into the synergistic business arenas of Merchant Banking, Portfolio Management Services, NBFC and proposed merger with Mumbai based Total Securities expected to make the company among top players nationally and also help us consolidate our business and avenues. With all these recent developments, our presence in the financial sector has expanded considerably.”
RITES Q2 net profit up 59% to Rs 117 cr
Railway consultancy firm RITES Ltd yesterday reported a 59% jump in its standalone net profit to Rs 116.75 crore for the quarter ended September 30, mainly on the back of growth in its consultancy business. The company had clocked a standalone profit of Rs 73.24 crore for the corresponding quarter in the year-ago period, it said in a filing to the BSE. Its total revenue rose to Rs 473.23 crore during the quarter under review, against Rs 245.13 crore a year ago. The total expenditure rose to Rs 299.02 crore, from Rs 161.11 crore in the year-ago period.
GIC Re profit plunges 64% to Rs 514 cr in Q2
State-run General Insurance Corporation of India (GIC Re) yesterday reported a decline of 64% in net profit at Rs 513.84 crore for the second quarter ended September 2018. The insurer had registered a net profit of Rs 1,419.11 crore in the July-September period of 2017-18. Total income however grew to Rs 12,879.70 crore from Rs 10,714.69 crore in the September quarter of 2017-18, GIC Re said in a regulatory filing. The company wrote a gross premium of Rs 8,325.95 crore during the reported period, up from Rs 7,209.61 crore in the same quarter a year ago. GIC Re said its solvency ratio stood at 1.73% as on September 30, 2018 which is above the minimum required solvency ratio of 1.50. Total assets increased 11% to Rs 1.19 lakh crore at September end from Rs 1.07 lakh crore in the year-ago same period, it said.
EUME appoints Hardik Pandya as the brand ambassador
EUME has launched a first of its kind built – in massager backpack to revolutionize the luggage segment in India. With a path – breaking concept and stunning design, the brand has married style with functionality. The brand is being endorsed by ace cricketer and youth icon, Hardik Pandya. On the occasion the inventors, Naina & Sanjay Parekh commented, “We are extremely delighted to launch this one-of-a-kind backpack with a trend setter like Hardik Pandya who has a strong connect with the millennial. The backpack will serve as a hybrid between a 24-hour bag and a weekend bag and is versatile with a high longevity. EUME fits everything you need, and more…Like everything we do, it is a product we intend to constantly refine and you will see the design evolve over time. For now we have tested this bag day in day out and we love it, so do our first customers.”
Ashok Leyland Q2 net jumps 37.49% to Rs 459.57 cr
Hinduja Group flagship Ashok Leyland yesterday reported 37.49% jump in standalone net profit at Rs 459.57 crore for the September quarter fuelled by higher revenue. The company had posted a net profit of Rs 334.25 crore during the same period of the previous fiscal, Ashok Leyland said in a stock exchange filing. The company also announced resignation of its CEO & MD Vinod K Dasari with effect from March 31, 2019. "After a successful stint of almost 14 years with Ashok Leyland, first as a Chief Operating Officer (COO) and then as CEO and MD, Vinod K. Dasari has decided to pursue his personal interests and seek new learning. Respecting his personal decision, the board in its meeting today accepted his resignation," Ashok Leyland said.
Canara HSBC OBC Life Insurance forays into health space
Private life insurer Canara HSBC Oriental Bank of Commerce Life Insurance yesterday said it has forayed into the health insurance segment. The company launched - Health First Plan, which provides fixed benefit critical illness cover at affordable premiums, an official release said.