The company on Friday reported a 25 per cent year-on-year (YoY) decline
in consolidated profit after tax (PAT) at Rs 2,567.07 crore for the first quarter ended June 30 amid challenges of the coronavirus pandemic. Its consolidated revenue from operations stood at Rs 10,478.46 crore in April-June 2020, down 17 per cent as compared with Rs 12,657.90 crore in the year-ago period, it said.
Over 12.5 billion new YES Bank shares issued in the follow-on public offering will commence trading from today. Market players said the new shares, issued at Rs 12 apiece, are likely to exert downward pressure on the stock. Already, the stock has lost nearly 30 per cent in the last four trading sessions.
Private sector lender ICICI Bank has posted 14 per cent rise in profit before tax (PBT) at Rs 3,183 crore in the quarter ended June 2020 (Q1FY21) on robust growth in net interest income and monetisation of stake in subsidiaries. It had posted a PBT of Rs 2,793 crore in quarter ended June 2019 (Q1FY20). READ MORE
JSW Steel: Sajjan Jindal-led JSW Steel reported a consolidated loss before tax of Rs 643 crore in the June 2020 quarter, in stark contrast to a profit before tax of Rs 1,770 crore in the June 2019 quarter, with the pandemic disrupting operations for close to a month. Consolidated revenue for the period slumped 41 per cent year-on-year to Rs 11,454 crore.
Bad loans in the banking system could soar to almost 15% of total loans by March 2021 as the coronavirus crisis leads to rising levels of household and corporate debt, the Financial Stability and Development Council said in a report published on Friday. READ MORE
Cipla: Cipla Ltd has received Indian regulatory approval to sell anti-viral drug favipiravir to treat Covid-19, the drugmaker said on Friday, as coronavirus infections in the world's third worst-hit nation show no sign of abating.
Earnings today: Besides Tech Mahindra, other companies that are scheduled to announce their June quarter results include Escorts, Bharti Infratel, Marico, Pfizer, and United Spirits, among others.
Asian Paints on Friday reported 67.32 per cent decline in consolidated net profit to Rs 219.61 crore for the first quarter ended June 30, due to complete washout of business in April.
Zee Entertainment Enterprise Ltd (ZEEL)
on Saturday reported a consolidated net loss of Rs 765.82 crore for the January-March quarter of FY 2019-20. The company had logged a net profit of Rs 292.53 crore in the January-March quarter a year ago, it said in a BSE filing.
Net profit of Supreme Industries declined 53.48 per cent to Rs 40.53 crore in the quarter ended June 2020 as against Rs 87.12 crore during the previous quarter ended June 2019.
Hero MotoCorp: The company has increased its equity share in Ather Energy to 34.58 per cent. Prior to the investment, Hero MotoCorp’s shareholding in Ather Energy was 31.27 per cent, the company said in an exchange filing.