IDFC First Bank: ICRA has downgraded the long-term rating of IDFC First Bank Limited's NCD programme to AA from AA+ with a stable outlook. The rating downgrade considers IDFC First Bank Limited’s weak earnings profile, given the elevated cost-to-income ratio, ICRA said.
Tech Mahindra reported 0.6 per cent sequential fall in consolidated revenue at Rs 8,892 crore (10.4 per cent up year-on-year, or YoY) for Q4, against consensus estimates of Rs 9,036 crore. Net profit declined by 5.9 per cent quarter-on-quarter (QoQ) to Rs 1,132 crore, which was below estimates.
The Reserve Bank of India (RBI) board on Tuesday suggested not extending a credit line to struggling non-banking financial companies (NBFCs) because it felt there was no systemic liquidity issue but there were solvency concerns in some large entities.
Earnings today: As many as 138 companies are expected to release their March quarter results later in the day. Some of the prominent names include Bank of Baroda, Ashoka Buildcon and Cipla.
Cochin Shipyard: State-owned Cochin Shipyard Friday reported a 6.41 per cent rise in its standalone net profit at Rs 97.50 crore for the fourth quarter ended March 31, 2019. Its total income on standalone basis for the said quarter rose 33.48 per cent to Rs 852.58 crore as against Rs 638.69 crore in the same period of the previous fiscal.
Somany Ceramics: Somany’s topline (revenue) de-grew by 4.1 per cent YoY to Rs 518.8 crore while the EBITDA margin expanded 210 bps YoY to 13.6 per cent in Q4FY19. Net profit de-grew 16.9 per cent YoY to Rs 24.1 crore. The company's board has also recommended a final dividend of Rs 2/share in FY19.
VA Tech Wabag: The company's Q4 revenue declined 34.5 per cent YoY to Rs 679.3 crore. Absolute EBITDA declined 56.9 per cent YoY to Rs 40.9 crore. EBIDTA margins came in at 6 per cent vs. 9.1 per cent YoY. Wabag’s net profit declined 31.7 per cent YoY to Rs 40.8 crore.
The realty major DLF on Tuesday reported a 76 per cent jump in its consolidated net profit at Rs 436.56 crore for the quarter ended March on higher sales. Total income rose to Rs 2,660.95 crore in the fourth quarter of 2018-19 fiscal from Rs 1,845.92 crore in the corresponding period of the previous year.
According to a news
report by The Economic Times, Tata Power Renewable Energy has emerged winner in an auction conducted by Gujarat for 1000 MW of projects to be built at Dholera solar park.
Jindal Steel and Power Ltd (JSPL) said its consolidated net loss widened to Rs 2,713.34 crore during the quarter ended March 31, 2019. The company had posted a Rs 426.35-crore net loss in the year-ago-quarter, JSPL said in a BSE filing.