Engineering major Larsen & Toubro (L&T) on Saturday said market regulator, SEBI, has barred the company from carrying out its Rs 9,000 crore share buyback offer. SEBI in its letter said the proposed buyback would violate the Companies Act and SEBI norms since the ratio of the company’s total secured and unsecured debts would be more than twice the paid-up capital and free reserves of the company. L&T had proposed to buy back up to 6.1 crore shares from shareholders at a price of Rs 1,475 per equity share, aggregating to Rs 9,000 crore.
HDFC Bank on Saturday reported a 20.31% year-on-year growth in net profit at Rs 5,585.85 crore for the third quarter ended December as compared to Rs 4,642.60 crore in the year-ago period. Net interest income (NII) of the lender jumped 21.93% y-o-y to Rs 12,576.75 crore during the quarter. NII is the difference between interest earned on loans and that paid on deposits. Gross non-performing assets (NPAs), as a percentage of total advances, rose marginally to 1.38% in the December quarter, against 1.33% in the September quarter and 1.29% a year ago.
Larsen & Toubro Technology Services (LTTS) on Thursday reported a 47% rise in its consolidated net profit to Rs 185.6 crore for the December 2018 quarter. The net profit for the year-ago period stood at Rs 126.3 crore. Revenues grew 36% to Rs 1,316.9 crore in the December 2018 quarter as against Rs 969.1 crore a year ago. During the quarter under review, LTTS won eight multi-million dollar deals across segments. L&T Technology Services (LTTS) is an engineering services company based in Vadodara, Gujarat.
The shares of Sun Pharmaceutical Industries, country’s largest drugmaker, plunged 8.52% to a six-year low on Friday, wiping out Rs 8,735 crore market cap after reports of a fresh whistle-blower complaint surfaced. Sun Pharma pleaded market regulator SEBI to probe the role of some media houses with regard to the allegations raised by the whistle-blower. The complaint alleged transactions worth over Rs 5,800 crore, during 2014 to 2017, were entered into between Aditya Medisales (AML) and Suraksha Realty, a firm controlled by Sudhir Valia, a senior executive and close relative of Sun Pharma promoter Dilip Shanghvi.
The board of Wipro Ltd on Friday approved a 1:3 issue of bonus equity shares. However the company did not specify the record date. The company also declared an interim dividend of Rs 1 per equity share. This is the second bonus issue by the IT major in 2 years. In 2017, Wipro had announced a 1:1 bonus issue and also carried out an Rs 11,000 crore share buyback programme. Wipro also reported a 30% jump in third-quarter profit on Friday at Rs 2,510 crore from Rs 1,931 crore in the year-ago period.
Religare Enterprises has paid Rs 2 lakh to settle the alleged insider trading charges by SEBI. SEBI had initiated adjudication proceedings against Religare and sent a notice in July 2018 for failure to disclose the information with regard to trading in the scrip of Religare Enterprises by its chairman Sunil Godhwani to the exchanges within stipulated time and, hence, alleged to have violated the PIT (Prohibition of insider trading) norms. The company approached SEBI with a settlement plea. Under the settlement regulations, an entity is allowed to settle charges by paying a penalty without admission or denial of guilt.
Shares of India’s top two telcos Bharti Airtel and Vodafone Idea tanked on Friday after rival Reliance Jio Infocomm's said that it remained focused on increasing the subscriber base. The comments stoked fears that pricing pressures in the sector may be far from over. Reliance Jio's "relentless" focus is on digitizing India, with the vision of connecting the country at the highest quality and the most affordable price", CMD of Reliance Industries Mukesh Ambani was quoted as saying in the company's earnings press release.
The board of state-owned lender UCO Bank approved to raise Rs 1000 equity capital through qualified institutional placement. Additionally, the lender is also planning to raise tier-II capital up to Rs 500 crore. The Central government had infused Rs 3,076 crore of capital into UCO bank by way of preferential allotment on December 31, 2018. The government holds 90.8% stake in the lender as on December 31, 2018.
Reliance Industries reported posted an 8.8% growth in net profit at Rs 10,251 crore in the third quarter. Analysts expect the stock to outperform in the coming months. In the near term, the stock’s outperformance will depend on the company’s CapEx plans, improvement in gross refining margin, and pricing pressure in the telecom sector. The refining segment accounted for nearly 30% of the total operating profit in the first nine months of FY19, while petrochemicals contributed about 50%. RIL has made close to Rs 1 lakh crore of capital expenditure in the first nine months.
Shares of Sun Pharmaceutical Industries, India’s largest drug maker, plunged 13% to hit a six-year low of Rs 370.20 after report of fresh allegation of corporate malpractices surfaced. An investigative report by Moneylife magazine stated a fresh complaint by a whistleblower has been filed against the company with SEBI. “Sun Pharma has been facing issues on corporate governance for the past few months. There has been a new whistleblower complaint filed with Sebi. The company had met FIIs in December to explain its stand,” said Sameer Kalra, Equity Research Analyst and Founder, Target Investing.