State Bank of India (SBI) reported a net profit for the second straight quarter with the improvement in asset quality. The state-owned lender’s net profit during the December-end quarter stood at Rs 3,955 crores as compared to a loss of Rs 2,416 crore a year ago. India’s largest lender in its exchange filing said that the net interest income or core income of the bank increased by 21 per cent year-on-year to Rs 22,691 crores. The bank’s also reported the other income at Rs 8,035.23 crores. The provisions and contingencies by the State Bank Of India stood at Rs 13,971 crores during the October-December quarter, higher than the Rs 10,185 crores in provisions reported by the bank in the previous quarter. Chairman Rajnish Kumar at a press conference said that the bank had an exposure of Rs 900 crore to IL&am

Indiabulls Housing Finance Ltd. reported their quarterly financial performance for the October-December period with the net profit decline of 13.7 per cent year-on-year to Rs 985.51 crores. According to the regulatory filing, the company’s profit growth stood at 8.9 per cent as adjusted from the sale of the stake in OakNorth Bank to GIC of Singapore a year ago. Indiabulls Housing Finance, reported the revenue at Rs 4,236.8 crores, posting a 23.9 per cent surge on a yearly basis during the quarter ended in December. Gagan Banga, Vice Chairman and Managing Director said, “We are on track to deliver 15-16 per cent profit after tax growth in the ongoing financial year. For the next financial year, PAT will grow at between 17 per cent and 19 per cent.” The company also reported the gross bad loans at the end

The Federal Reserve in its Federal Open Market Committee statement dated January 30 said, “the committee will be patient as it determines what future adjustments to the target range for the federal funds rate may be appropriate to support these outcomes,” while keeping the current lending rate unchanged. The Federal Reserve chaired by Jerome H. Powell stated: “the committee continues to view sustained expansion of economic activity, strong labor market conditions, and inflation near the committee's symmetric 2 per cent objective as the most likely outcomes.” However, despite the FOMC expectation towards the continuous expansion of the economy and jobs, the committee decided to maintain the target range for the federal funds rate at 2-1/4 to 2-1/2 per cent. The Federal Reserve is also preparing for t

ICICI Bank Ltd reported their third quarter financial result with a net profit at Rs. 1,604.91 crores, posting a 2.75% decline as compared to the net profit of Rs. 1,650.24 crores during the previous year similar quarter. The quarterly profit fell short due to the higher provisioning. The bank announced that the provisions during the quarter increased 18.90% to Rs. 4,244.15 crores as compared to Rs. 3,569.56 crores in the same quarter a year ago. The provision during the second quarter of the current fiscal stood at Rs. 3,994.29 crores. Net interest income or the core income the bank earns by the difference between interest earned on loans and that paid on deposits surged 20.51% to Rs. 6,875.25 crores from Rs 5,705.27 crores in the corresponding period last year. Gross non-performing assets (NPAs), as a per

Indian Oil Corp (IOC), the public sector oil and gas company announced a 91 per cent decline in its net profit to Rs 716.82 crores as a result of the plunge in global crude prices, government’s mandate to absorb losses and declining refinery margin. The oil company has reported a net profit of Rs. 7,883 crore a year earlier. IOC, Bharat Petroleum Corp Ltd and Hindustan Petroleum Corp Ltd, the three state-owned oil and gas companies were required to take a price cut in October, hurting their margins as the government tried to reduce the impact of high crude oil prices on consumers. According to the company’s statement, the Average Gross Refining Margin for the period April- December 2018 stood at $ 5.83 per barrel as compared to $ 8.28 per barrel in April- December 2017. Indian Oil during the October-Dec

The board of directors of ICICI bank, based on the report of Head of Enquiry (HOE) has decided to terminate former Managing Director and CEO Chanda Kochhar from the bank. The bank released a statement: “Ms Chanda Kochhar was in violation of the ICICI Bank Code of Conduct, its framework for dealing with conflict of interest and fiduciary duties, and in terms of applicable Indian laws, rules and regulations.” Former Supreme Court judge B. N. Srikrishna, who was tasked to undertake a comprehensive enquiry on allegations against Chanda Kochhar, concluded that she lacked diligence with respect to annual disclosures, the ICICI Bank Code of Conduct and applicable Indian laws, rules and regulations on her interests towards avoidance of conflict of interest. The report also claimed that “the Bank’s processes we

Tata Steel Ltd. has given a new life to one of the largest steelworks of the United Kingdom (UK) situated at Port Talbot in Wales with the investment of millions of pounds in order to restart the blast furnace. Tata Steel Ltd called the relaunch project of the Blast Furnace 5 as the biggest single investment made by the company in its European operations in over five years in order to strengthen its long-term strategic operations in the UK. Hans Fischer, Chief Executive Officer of Tata Steel's European operations said, "This project demonstrates our commitment to building a stronger and more sustainable steelmaking business in the UK, now and in the future." Talking about the impact of Brexit on the company's operations, Fischer stated that the company is hoping for a last-minute deal in order to avoid a ha

The Indian IT major, HCL Technologies reported a 19% increase in consolidated net profit in its quarterly financial result at Rs. 2,611 crores during the quarter ended on December 31, 2018. HCL Tech had earlier reported a net profit of Rs. 2,194 crores during the same quarter a year ago. HCL Technologies total revenue during the quarter under review surged by 22.6% to Rs. 15,699 crores as compared to Rs. 12,808 crores in the December end quarter of 2017. In dollar terms for Q3 FY19, the company reported a net profit of $364 million, posting a 7% growth whereas registered a revenue growth of 10.8% to $2.2 billion against the same period a year ago. C Vijayakumar, president and CEO of HCL Technologies said in the statement, "Our revenues grew 5.6% sequentially in constant currency terms. We crossed $1.5 billion