Bajaj Auto Q2 topline; profit beats estimate
Bajaj Auto has announced the following Q2 results for the quarter ended September 30, 2015 (YoY). The Company has posted a net profit of Rs933.06 crore Vs Rs590.90 crore.
Total Income has increased to Rs6250.42 crore Vs Rs6076.70 crore.
Bharti Airtel completes tower asset sale in 8 countries
Bharti Airtel raises $1.7 billion (~ Rs10,800 crore) via selling its African tower assets in seven countries. Over the last 12 months the company has been looking to divest its African tower assets and pare down its debt. It has been successful in reaching agreement in 7 countries; while for 4 countries the agreement has lapsed; and talks are on for rest 2 countries. This is in line with the company’s strategy of monetizing the tower assets and making Africa business a self sustainable business.
Torrent Pharma gets nod for generic version of Nexium
Torrent Pharma gets approval for generic version of Nexium. It’s sentimentally positive for the company as it’s a 3-4 player market currently so the profitability of the product is expected to be better.At 11.26 am, Torrent Pharma is trading at 1591.25, up by 4.03%.
Yes Bank cuts interest rate on savings account
Yes Bank has reduced the maximum interest rate it offers on savings bank accounts by 100 basis points (bps) for resident and non-resident customers. The bank will now offer an annual interest rate of 6% on resident and non-resident savings bank accounts with a balance of over Rs1 lakh as compared with the 7% rate it offered earlier. This will reduce the interest outgo for the bank and hence margin accretive.
RBI bans FII purchases in Shriram Transport Finance
Foreign investors have been restricted by the Reserve Bank of India ( RBI) to buy further shares in Shriram Transport Finance Company as their holding has gone beyond the permitted limit.
The foreign shareholding through foreign institutional investors ( FIIs) / registered foreign portfolios investors (RFPIs) in Shriram Transport Finance has crossed threshold ban limit of its paid-up capital.