Bajaj Finance Q3 net profit up 33% (YoY)
Bajaj Finance reported strong growth in profits to Rs258.4crore (up 33.1% YoY) driven by robust growth in the net interest income (up 33.4% YoY). Generally, Q3 is seasonally a stronger quarter for Bajaj Finance due to credit offtake in festive season (total AUMs up by 37% (YoY) to Rs30822 crore) and strong growth in SME segment (SME AUM up 46% YoY). The newly started rural lending also saw a strong traction (AUM up by 682%, though on a small base). Asset quality remained stable as gross and net NPAs were at 1.5% and 0.49% respectively.
Yes Bank Q3 no.s marginally better; net profit up 30%
Yes Bank reported net profit of Rs540 crore (up 30% YoY) largely contributed by a strong growth in net interest income (up 37% YoY). The non interest income also showed strong growth of 38% (YoY) which supported growth in profits. Asset quality showed marginal deterioration on QoQ basis (net addition of Rs56 crore in gross NPA), though its asset quality remain among the best in the industry.
LIC Housing Q3 net profit up 5% (YoY)
LIC Housing Finance reported net profit growth of 5% YoY (Rs344.3 crore) mainly due to deferred tax liability of Rs34 crore (ex DTL profit growth was at 16% YoY).The net interest income grew at healthy rate of 20% YoY driven by expansion in margins and pick up in loan growth. Non interest income increased by 5.5% YoY (8.6% QoQ).The operating profit growth was healthy ~18% YoY. The provisions were at Rs6.8 cr Vs -7.5 crore in Q3FY14.
CESC announces synchronisation of 300 MW Haldia Unit
CESC announced that the first 300 MW Thermal Power Unit of 2 x 300MW project at Haldia, West Bengal being executed by Haldia Energy, a 100% CESC subsidiary, has been synchronized and the power generated at the station is now flowing to Kolkata through a 84km long transmission line.
Tata Sons wins RBI approval to buy DoCoMo stake in JV
RBI has allowed conglomerate Tata Sons Ltd to buy Japanese telecom firm NTT DoCoMo Inc's stake in their struggling Indian venture, paving the way for the completion of the long-delayed $1.1 billion deal.
The RBI approval, also confirmed by a source directly involved in the process, is part of the government's bid to simplify and scrap some of the more obscure rules that have curbed foreign investment.DoCoMo said in July last year that it would sell its stake in Tata Teleservices. The seventh-biggest mobile phone carrier in India has been losing money in a hugely crowded market for years.
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