Axis Bank: Axis Bank is scheduled to report its June quarter earnings for financial year 2020-21 (Q1FY21) on Tuesday, July 21. Owing to the Rs 7,730.02 crore provisions set aside in the March quarter of FY20, analysts expect lower sequential provisioning in the quarter under review. Besides, loan growth may be tepid due to loss of business amid Covid-19 induced nationwide lockdown.
Earnings today: Besides HUL and Axis Bank, 59 other companies are scheduled to announce their June quarter results today. The list includes names such as Bajaj Finance, Crisil, IndiaMART InterMESH, Polycab, and SBI Life.
InterGlobe Aviation: IndiGo, the largest airline in India, will shed 10 per cent of its workforce as the airline scrambles to control the impact of the pandemic.
Cement maker ACC on Monday reported a 40.53 per cent decline in its consolidated net profit to Rs 270.95 crore for the quarter ending June, impacted mainly by a decline in sales during the lockdown. The company, which follows a January-December financial year, had posted a profit of Rs 455.68 crore in the same quarter a year ago, it said in a BSE filing.
SBI Cards and Payment Services Ltd posted a 1 per cent drop in its profit before tax (PBT) at Rs 528 crore in the quarter ended June 2020 (Q1FY21). The PBT was Rs 533 crore in quarter ended June 2019 (Q1FY20). The net profit for the period under review rose 13.8 per cent to Rs 393 crore from Rs 346 crore in Q1FY20.
Lenders to Kishore Biyani-led Future Retail (FRL) are considering converting part of its debt into equity before a possible sale to a rival. The final decision on the debt restructuring of the company could be taken within a month, as the company will be unable to service its debt once the moratorium on loan repayment ends in August-end, according to this report
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.