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Bank of India Q2 profit Rs 266 crore as bad loan provisions fall

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Bank of India. (Photo: Facebook/@BankOfIndia)

State-run Bank of India posted Q2 profit of over Rs 266 crore against a loss of Rs 1,156 crore in the year-ago period while its asset quality partly improved.

Bank of India reported a net profit of Rs 266.37 crore in the second quarter as against a net loss of Rs 1,156.25 crore in Q2 September 2018, its regulatory filing said. Provisions towards bad loans halved to Rs 1,452.09 crore in the July-September quarter from Rs 3,343.27 crore in the year-ago quarter.

The bank’s provisions and contingencies fell 38.61 per cent to Rs 2,052.27 crore in Q2 September 2019 over Q2 September 2018. Of this, provisions for NPAs fell 48.64 per cent to Rs 1,452.09 crore in Q2 September 2019 over Q2 September 2018.

Gross NPAs came down from Rs 62,068 crore in June 2019 to Rs 61,476 crore in September 2019 and slippages reduced both on QoQ and YoY basis as from Rs 3683 crore during Q1, it came down to Rs 3,166 crore during Q2 of FY 2019. There was marginal upside to gross NPA as Bank’s gross NPA ratio improved from 16.50 per cent in June 2019 to 16.31 per cent in September 2019. The Provision Coverage Ratio improved from 69.12 per cent in September 2018 and 77.12 per cent in September 2019. Net NPAs too declined to 5.77 per cent at September-end from 7.64 per cent in the year-ago period.

The bank’s operating profit went up from Rs 1,647 crore in September 2018 to Rs 2,460 crore in September 2019, registering an increase of 49.36 per cent.

The bank’s net interest income rose by 31.9 per cent from Rs 2,927 crore in September 2018 to Rs 3,860 crore in September 2019. The Non-Interest Income increased by 28.8 per cent from at Rs 1,030 crore in September 2018 to Rs 1,327 crore in September 2019.

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Business

Zomato shares decline 9%, market cap falls below 1L cr

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Shares of online food aggregator Zomato declined 9 per cent intraday on Friday.

Analysts are linking the decline with unsupportive valuations. Over the past one-month period, Zomato shares fell nearly 18 per cent.

Listed in July 2021, Zomato shares are, however, up more than 50 per cent from its IPO issue price of Rs 76. On Friday’s closing, it was at Rs 114 per share.

“The costs have escalated due to the tax imposed on the aggregator, along with the fact that the lockdown is also not currently happening, which also appears to be a weakness,” said Ravi Singhal, Vice Chairman at GCL Securities.

With Friday’s losses, the company’s market capitalisation fell below the 1 lakh crore-mark, NSE data showed.

According to Ravi Singh, Vice President and Head of Research, Share India Securities: “The technical setup in Zomato stock is in bearish formation on intraday and daily which may drag the stock up to Rs 112-110 levels in the near term.

“The valuations of the company are also not supporting the growth. Zomato is facing tough competition from Swiggy in many ways, mainly having a thinner Metro restaurant network and density versus Swiggy. We recommend investors to maintain the sell position in the stock.”

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Decline in equities continue for 4th straight sessions

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The 30-scrip Sensitive Index (Sensex) and broader 50-scrip Nifty on the National Stock Exchange (NSE) extended their losses from the previous three consecutive sessions and declined on Friday.

At 10.25 a.m., Sensex traded at 58,593 points, down 0.9 per cent from the previous close of 59,464 points. It opened at 59,039 points.

Nifty traded at 17,599 points, down 0.9 per cent from the previous close of 17,757 points. It opened at 17,613 points.

Bajaj Finserv, Tech Mahindra, Coal India, Adani Ports, Bharti Airtel were some of the top losers, NSE data showed.

Top gainers during the early trade were Hindustan Unilever, Tata Consumers, Bajaj Auto, Hero MotoCorp, and Power Grid Corporation.

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Business

Decline in equities continue for 4th straight sessions

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The 30-scrip Sensitive Index (Sensex) and broader 50-scrip Nifty on the National Stock Exchange (NSE) extended their losses from the previous three consecutive sessions and declined on Friday.

At 10.25 a.m., Sensex traded at 58,593 points, down 0.9 per cent from the previous close of 59,464 points. It opened at 59,039 points.

Nifty traded at 17,599 points, down 0.9 per cent from the previous close of 17,757 points. It opened at 17,613 points.

Bajaj Finserv, Tech Mahindra, Coal India, Adani Ports, Bharti Airtel were some of the top losers, NSE data showed.

Top gainers during the early trade were Hindustan Unilever, Tata Consumers, Bajaj Auto, Hero MotoCorp, and Power Grid Corporation.

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