Allahabad Bank plans to raise Rs1000 crore via preferential allotment
Allahabad Bank is planning to raise up to Rs1,000 crore through issue of equity shares to government on a preferential basis. The bank has decided to convene an EGM on March 10 to get approval of shareholders for the preferential allotment.
Induslnd Bank announces launch of Chelsea Brand Credit Card
Induslnd Bank has partnered with Chelsea Football Club to launch a Co-Brand Credit Card, the first of its kind in the Indian market. Induslnd Bank strongly believes in providing innovative solutions to its customers. In recent times, football has seen a surge in viewership in the Indian Subcontinent, with Chelsea having a large fan base in India. With this partnership, IndusInd Bank hopes to provide Indian Chelsea fans a strong sense of connect and affilliation with the globally popular football club.
Gateway Distriparks consolidated Q3 net profit at Rs54 crore
After Initial Public Offering by Snowman Logistics Limited ('SLL', a Subsidiary Company till September 08, 2014), the Group’s shareholding in SLL has reduced to 40.41%. Hence, SLL is treated as an Associate Company with effect from September 09, 2014.The excess of the Group share of net assets of SLL over the cost of investment as on September 09, 2014 (the date on which SLL ceased to be a subsidiary), amounting to Rs2,853.75 Lacs, has been treated as Capital Reserve and is netted off against the carrying value of Investment.
HDFC Q3 Profits In-Line with Estimates
Net profit at Rs1425.49 crore vs Rs1277.71 crore (YoY).Total Income at Rs6882.52 crore vs Rs6030.93 crore (YoY)HDFC reported net profit of Rs1425.5 crore, a growth of 11.6% YoY (up 18.4% YoY ex-deferred tax liability).The income from operations increased by 13% YoY, supported by 14% YoY growth in the loan book (including loans sold).Asset quality remains healthy as gross NPAs were at 0.69% similar to that in Q2FY15. The reported spreads expanded to 2.31% from 2.29% in Q2FY15.
Dr Reddys Lab consolidated Q3 net profit at Rs575 crore
Dr Reddy’s Lab has reported a moderate performance in Q3FY2015, as reflected in net sales rising by 8.8% YoY to Rs3843 crore on the back of 21% jump in its Pharma Services and Active Ingredients (PSAI) segments. The company recorded a 9% decline in Russian business, which is facing currency depreciation. Ex-Russian business from Emerging Markets grew by 51%.Revenue from Indian grew by 11% while US business posted a 4% growth during the quarter. Gross profit margin declined by 237Bps YoY to 58.2% but operating profit margin declined by 286Bps YoY to 20.2%
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