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DAILY CORPORATE NEWS
IndusInd Bank drops on marginal deterioration in Q3 asset quality
Shares of IndusInd Bank dropped over 3% to Rs905 on NSE post Q3FY16 results despite strong growth in profits led by marginal deterioration in asset quality.
Indusind Bank reported strong growth in profits (up 30% YoY to Rs581 crore) led by a strong 36% growth in the net interest income.
L&T arm bags new order worth Rs1,247 cr
Larsen & Toubro (L&T) said that its construction arm has won orders worth Rs1, 247 crore across business verticals.
'The construction arm of L&T has won orders worth Rs1, 247 crore in the buildings and factories and power transmission and distribution businesses,' the engineering and construction.
AB Nuvo fixes 21st Jan as record date for business transfer
Aditya Birla Nuvo (ABNL) Fixes 21st Jan as the record date for business transfer
ABNL has fixed 21st Jan as the record date for share swap and business transfer of Madura lifestyle to Pantaloons, whereby each shareholder on that date holding 5 share in ABNL would get 26 shares in Pantaloons Fashion Ltd, which will be rechristened into Madura Fashion and Lifestyle Ltd.
Federal Bank Q3 net profit down 38.52% (YoY)
Federal Bank has reported weak set of numbers for Q3FY16 as net profits dipped 38.5% Yoy (Rs162.7 crore) mainly due to higher provisions (Rs75 crore Vs Rs0.8 cr in Q3FY15). The net interest income growth was also lower than expected as it grew by 3.1%. The non-interest income declined by 16.6% YoY and therefore impacted earnings.
IFCI cuts lending rate to 11.7%
Infrastructure term-lender IFCI said it has cut its benchmark lending rate by 0.3% point to 11.70%.
The new rates will come to effect from January 18.
BUY VOLTAS FUT ABOVE 273.50 T1 274.80 T2 276.10 SL 271.50
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