Banks Board Bureau has recommended names of S Janakiraman and Ashwini Kumar Tewari to take over as managing directors at SBI. Janakiraman is currently deputy MD (finance) at SBI, while Tewari heads SBI Cards. Dinesh Kumar Khara, MD, has been recommended to take over as chairman at SBI this week. Arijit Basu, MD, is expected to superannuate this month. The Bureau has also recommended Prakash Kumar Kandpal and Alok Kumar Choudhary as reserve list candidates for the two posts.
HDFC Sept. Quarter Update: Individual loan approvals rose 31% year-on-year, total loan disbursals to individual borrowers rose 11% and loan applications gained 12%. The month of September has seen the highest recoveries since the onset of the Covid-19 pandemic. HDFC assigned loans worth Rs 3,026 crore to HDFC Bank as compared with Rs 7,160 crore assigned in the same period last year. Gross income down 70% to Rs 323 crore.
HDFC Bank Sept. Quarter Update: Advances up 16% at Rs 10.37 lakh crore, on a year on year basis. Deposits up 20% at Rs 12.29 lakh crore. CASA Ratio at 42% versus 39.3% (40.1% as of June 30). Bank purchased loans aggregating Rs 3,026 crore through the direct assignment route under the home loan arrangement with HDFC.
Tata Motors Sept. Quarter Update: Jaguar Land Rover’s cash and short-term deposits rose by 300 million pounds to about 3 billion pounds as of end-September, primarily reflecting positive free cash flow for the three-month period. Company says its performance in China, the first region to come out of lockdown, has been particularly encouraging. JLR sales were down 12% to 113,569 units on a year on year basis, but sequentially it rose by 53%. Jaguar sales down 27% at 27,347 units and Land Rover sales down 6% at 86,222 units. Company stated in a press release that it is seeing strong improvement versus the preceding quarter in other key markets, with sales up more than 50% worldwide.
IndusInd Bank Sept. Quarter Update: Net Advances up 2% at Rs 200,242 crore, on a year on year basis. Deposits up 10% at Rs 228,460 crore and CASA Ratio at 40.4% versus 41.4% (40.1% as of June 30).Retail Deposits and Deposits from Small Business Customers amounted to Rs.75,610 crore versus Rs 67,138 crore as of June 30.
Usha Martin: CBI filed a FIR on Oct.2 against the company, its managing director Rajeev Jhawar and certain other individuals, for alleged offences under the Prevention of Corruption Act, 1988 and the Indian Penal Code, 1860. CBI officials visited company’s Delhi office on Oct.3 in connection with the above. The matter is under investigation and the company says it will fully cooperate with the CBI and other law enforcement agencies, under appropriate legal advice.
Britannia Industries: Board approved issue of one debenture of face value of Rs 29 each, to the members of the company for every one equity share held by the shareholders by utilizing the general reserve of the company and payment of dividend of Rs 12.5 per share. Company stated that excess funds can be optimally utilized to reward its members in such difficult and unprecedented times by way of distribution.
CreditAccess Grameen has launched QIP Issue at Rs 707.69 per share on Oct. 5. QIP floor price is at a discount of 5.3% to the closing prices on Oct. 5. As per SEBI regulation, company may offer a discount of not more than 5% on the floor price. Panel is scheduled to meet on Oct. 8 to consider the date of closing QIP and issue price for sale.
Majesco to consider share buyback on Oct. 8.
Infibeam Avenues has entered into definitive agreement with Jio Platforms its affiliates, to license, customise, maintain and access the company’s enterprise e-commerce software and payments platform for their business use.
Sobha Sept. Quarter Update: Total new sales down 14% at 891,700 square feet, on a year on year basis. Sales value (Sobha) down 5.4% at Rs 530.9 crore. Average price realization up 17.5% at Rs 7,737 per square feet. No new launches were there in the quarter.
Gujarat Pipavav Port Sept. Quarter Update: Container cargo volume down 25% at 168,000 TEUs.
Indo Rama Synthetics: Promoter Urmila Lohia to sell up to 1.76 crore shares (6.72% stake) at a floor Price of Rs 24 per share for Rs 42.12 crore via offer for sale. Floor price is at a discount of 3.6% to closing prices as on Oct. 5. OFS For Non-Retail Investors on Oct. 6, for Retail Investors on Oct. 7 and promoters stake to come down from 81.72% to 75%.
Escorts has completed acquisition of 2 crore shares of Kubota Agricultural Machinery from Kubota Corporation, Japan ,constituting 40% of the share capital at Rs 45 per equity share for an aggregate value of Rs 90 crore. In relation to their existing joint venture in India (i.e. Escorts Kubota India where Kubota Corporation and Eicher Motors hold 60% and 40%, respectively, of the share capital, the company. The company and Kubota Corporation have entered into a new shareholders' agreement having customary terms and conditions for a shareholding of this nature.
PVR: Board issued NCDs worth Rs 50 crore.
Sterlite Tech has appointed Mihir Modi as the CFO with effect from Oct. 5. Mihir is the ex-CFO of Zee Entertainment Enterprises.
VA Tech Wabag: MD Rajiv Mittal stated that company’s recent fund raising would be used to meet its working capital needs, as the company doesn’t want to increase debt and has to cater to an order book of Rs 11,100 crore. Company had issued 75 lakh shares worth Rs 120 crore on a preferential basis to investors including Rekha Rakesh Jhujjhunwala. (Bloomberg News)
Sanofi India: Board has appointed Vaibhav Karandikar as the CFO with effect from Oct.6
Gujarat State Fertilizers to manufacture calcium nitrate with an initial capacity of 10,000 MTPA and expects to add Rs 20 crore to the toppling and 7-8% in profit addition. Capacity is expected to expand to 30,000 MTPA in next 12 months.
Orissa Minerals Development has been is now admitted to Corporate Insolvency Resolution Process under the Insolvency and Bankruptcy Code, 2016, as per NCLT Kolkata’s order.
Deepak Fertilizers And Petrochemicals: Wholly owned arm Smartchem Tech raised Rs 105 crore via debentures from International Finance Corporation.
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